Having regard to the nature of the asset, if the AO is of the opinion, that valuation of the capital asset is required, but such reference can be made only to ascertain the fair market value, therefore, the applicability of section 55A(b)(ii) is also limited one. We have read section 50C alongwith these connected sections and then arrived at a conclusion that the AO is empowered to refer for valuation of a capital asset under specific circumstances as prescribed under this section provision of section 50C where he has found that the consideration received is less than the stamp duty.
Apparently the Superintendent took objection for the debit of interest in the cenvat credit and thereafter the appellants made the cash payment. Under these circumstances it has to be held that the payments made by the appellant were under protest only and therefore the time limit under Section 11B would not be applicable.
The Ministry of Finance has issued Notification No. 43/2012-St, dated 2-7-2012 which states that the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the two kinds of services provided by Indian Railways namely Service of transportation of passengers (with or without accompanied belongings) in 1st class or in Air Conditioned Coach and services by way of transportation of goods, from the whole of service tax leviable thereon under section 66-B of the Finance Act 1994. The exemption would be effective upto 30th September 2012.
