TPO as well as the DRP have not considered the objections raised by the assessee against the comparables selected by the TPO for arriving at the ALP. As seen from the submissions of the assessee, the glaring differences that appears to us are that India Products Ltd., is in the business of processing and trading in spices, whereas the assessee is in the business of trading in Coffee.
Please find enclosed a copy of the gazette notification No. LAD-NRO/GN/2012- 13/17/21502 dated September 26, 2012 pertaining to Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012, for your information and implementation.
Notification No. 58/2012-Customs Machinery, equipment, instruments, components, spares, jigs and fixtures, dies, tools, accessories, computer software, raw materials and consumables required for the purpose of Air-to-Air Missile System (Project ASTRA) of the Ministry of Defence.
Equipment and stores If,- (i) used for the systems and sub-systems of Project ASTRA of the Government of India in the Ministry of Defence;
With the ultimate aim of maximising service tax revenue collection, the government tried to minimise the opportunity of taking CENVAT Credit and for this noble cause, definition of ‘Input Service’ in CENVAT Credit Rules, 2004 (all rules mentioned herebelow refers to rules of CENVAT Credit Rules, 2004) was amended vide Notification No. 3/2011-CE(NT) and after this amendment the some exclusion were made vide Rule 2(l) (C).
Penalty has been imposed under Rule 15 of CENVAT Credit Rules, 2004 read with Section 11AC of Central Excise Act, 1944. On perusal of the records, I find that the appellant has reversed the CENVAT Credit which has been pointed out as erroneously taken in August and September 2008 itself.
The issue is whether giving bullock-carts on consideration amounts to supply of tangible goods service. As per the definition of tangible goods service it includes machinery, equipment and appliances. Bullock-carts prima facie cannot be considered as machinery, equipment or appliances. In view of this, the applicants have made out a case for total waiver for hearing of the appeal.
