Even though the assessment order mentions date of receipt of profit on sale of shares as 4.2.2004 and the amount is claimed to have been received from the company M/s DN Kansal & Securities (P) Ltd., the AO or the ld. CIT(A) did not analyse the nature of transaction as to how it is loan or advance nor ascertained accumulated profits of the said company until the date of transaction.
There is no dispute that the appellants were eligible for CENVAT credit for the amount paid as Service Tax and, therefore, this is a situation which was revenue neutral and by not paying the Service Tax immediately, appellants have lost more than Rs.26,00,000/- paid by them as interest which would not have become payable if Service Tax was paid promptly and taken as credit.
We find from the Central Excise Registration and the other documents furnished by the applicant that the Registration by Central Excise Department has been given by including PAN Number of SAIL. There is no dispute that the applicant is an unit of M/s SAIL and the other units are also part of M/s SAIL. Thus, we find that the service is being provided to self,
While considering the scope of Survey and Exploration of Mineral, Oil and Gas Service, we limited the scope to the five elements of exploration and did not consider the drilling of exploratory wells as part of that service, it has to be treated as part of Mining Service since any service in relation to Mining would come in this category.
The expression, including the provisions of sub-section (4) of section 129A is by way of clarification and has been so said expressly to remove any doubt about the applicability of the provision relating to cross objections to the applications made under section 129D(4) or else it may be said that provisions relating to appeals to the Tribunal have been made applicable and not the cross objections.
A reading of Section 32(2) thus makes it clear that if the unabsorbed depreciation allowance could not be wholly set off under clause (i) and clause (ii), the amount of depreciation not so set off can be set off from income from other head, if any, available for that assessment year. The language of Section 32(2) is very clear and there is hardly anything contained in Section 72(2) to prevent such set off of carried forward depreciation being given to the assessee under the head of income from business or income from other sources.
Ld. A.R has not been able to point out any provisions to the effect that Cenvat credit cannot be taken on machine procured prior to the date of issue of registration certificate. The argument of the lower authorities seems to be that the credit entries in the register for taking credit should not have been earlier than the date of granting of registration.
When the bona fideof the transaction and the actual sale consideration received by the assessee has not been suspected, then for the purpose of computation of capital gains, the full value of consideration can not be substituted by market price or value of the capital asset as on the date of transfer.
Firstly, there is a legal infirmity that tax is demanded under a category of service different from the one for which demand was initially issued. There is also the issue that Clearing and Forwarding Service could be rendered using a godown made available by the service recipient. In this case the service recipient has taken godown on rent from the service provider itself.
The AO examined the details of legal and professional charges paid by the company and noticed that the claim of Rs.5 lacs paid to M/s Kotak Mahindra Capital Company Ltd towards placement fees and earned dividend income which was claimed exempt u/s 10(34) of the Act. The company did not make any disallowance for the purposes of section 14A of the Act.
