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Notification No. 01/2012-Central Excise (N.T.) These rules may be called the CENVAT Credit (First Amendment) Rules, 2012. (2) They shall come into force from the date of publication in the Official Gazette. In the CENVAT Credit Rules, 2004, in rule 12, for the words For the wordsnotwithstanding anything contained in these rules the words notwithstanding anything contained in these rules but subject to the proviso to clause (i) of sub rule (1) of the rule 3 shall be substituted.
Optsoe Consultant Private Limited Vs. ITO (ITAT Mumbai)- The dispute is regarding allow ability of expenditure amounting to Rs. 40,20,822/- on account of payments made to the directors as sub-contract charges. The assessee co had been incorporated for undertaking contracts for providing various liaisoning activities in the telecom sector. It had entered into a contract with Chinese company, M/s. ZTE Corporation for providing such services as per which it had received contract charges of Rs. 41,18,969/-.
Notification No. 04/2012 – Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.64/95-Central Excise, dated the 16th March, 1995 which was published in the Gazette of India, Extraordinary, vide number G.S.R.256(E), dated the 16th March, 1995, namely:-
Notification No. 06 /2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/96-Customs, dated the 23rd July, 1996, published in the Gazette of India, Extraordinary, vide number G.S.R. 291(E), dated the 23rd July, 1996, namely:-
HV Transmissions Ltd. Vs. ITO (ITAT Mumbai) – Section 147 applies both to section 143(1) as well as section 143(3) and, therefore, except to the extent that a reassessment notice issued u/s 148 in a case where the original assessment was made u/s 143(1) cannot be challenged on the ground of a mere change of opinion, still it is open to an assessee to challenge the notice on the ground that there is no reason to believe that income chargeable to tax has escaped assessment.
CIT vs. Virtual Soft Systems Ltd (Delhi High Court) – Lease rental in monetary terms is a sum total of the financing charge and the amount embedded in it in the form of the capital sum. What the assessee needs to do, while offering for tax income derived from lease is, to separate the financing charge from the amount recovered towards capital, that is, the capital recovery amount. The financing change is determined by applying the IRR to the net investment made in the asset.
Software used by the assessee cannot be considered independent, but, only as a part of the service rendered by the assessee to its clients with regard to the development of BSC. By means of the Balance Score Card system developed by the assessee, the clients were getting an advantage which went much beyond the period of agreement between the assessee and its clients.
Candidates may please note that despatch of Physical Admit Cards is being discontinued with effect from MAY 2012 exam onwards. Admit Cards will be hosted on the website www.icai.nic. in normally 21 days prior to the commencement of the examination.
For a new export product ‘Ball Pen Tips of Nickel Silver Wire of 1.60mm diameter’ is notified. SION C-864, C-1802, C-1888 and C-1937 are made harmonious by using uniform description of Tungsten Carbide Balls only and wastage is reduced from 2% to 1%.
CIT vs Kalpataru Colours and Chemicals (SC) – Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals and confirming the decision of Special bench of ITAT Mumbai in the case of Topman Exports vs. ITO held as follows:- Objective of DEPB scheme is to neutralize the incidence of customs duty on the import content of the export products. Hence, it has direct nexus with the cost of the imports made by an exporter for manufacturing the export products.
