Notification No. 13/2012-Customs (N.T.) for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s A & N Impex, House No.995, Sanjay Gandhi Colony, Sector-32A, Ludhiana issued vide, DRI F.No. 856(08)LDH/2010/II/2646-2663 dated the 28th December, 2011, by the Joint Director, Directorate of Revenue Intelligence, Ludhiana Regional Unit, Ludhiana.
Notification No. 12/2012 – Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, vide number G.S.R. 193(E), dated the 2nd April, 1997,
In the first three minutes, reward has been awarded @ 19.4% that is nearly the maximum possible rate. The said reward was on the principal amount of customs duty of Rs.1.21 crores and, therefore, the Reward Committee was competent to award a lower amount/percentage on the penalty and fine amount but this is not the reason and ground given in the last two minutes of the Reward Committee.
As per the provisions of section 61 of MVAT Act, 2002 the dealers covered under this section are liable to submit Audit Report in Form 704. Alongwith Form 704, details of the customer-wise sales and customer-wise purchases are also submitted in annexure Jl and J2 with other requisite details. However, for the dealers who are not required to file Audit Report in Form 704 there was no provision to seek the information about the customer-wise sales and purchases and also other details. The information about the latter category of dealers were not available with the department. As a result of this, it was difficult to cross check the input tax credit in respect of the dealers claiming refunds. In order to mitigate this problem and to ensure speedy processing of refund claims and to expedite the cross check of input claims, it is felt necessary to prescribe information similar to Form 704 for dealers not liable to file Audit Report. Accordingly amendments have been made to rule 17 and rule 18.
Notification No.S.O. 367(E), dated 27-2-2012 In exercise of the powers conferred by sub-clause (iv) of clause (m) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), the Central Government hereby specifies the The National Small Industries Corporation Limited (NSIC), having its registered office at NSIC Bhavan, Okhla Industrial Estate, New Delhi-110020 as financial institution for the limited purpose of disposing of their non-performing financial assets through any securitisation company or reconstruction company.
Prakash Leasing Ltd. v. DCIT – The lease rentals is not the real income of the assessee. The lease rental consists of financing charge as well as capital recovery. The amount received towards capital recovery constitute the capital expenditure, whereas the financing charge represents the revenue receipt, which is the real income. It is as per the Accounting Standards prescribed by the ICAI. Therefore, the assessee under the Act has to offer to tax only the real income and not the total receipt. He is not liable to pay any tax under the Act on the capital recovery.
Merely because the vehicles were used by the lessees in their business, the assessee cannot be denied the depreciation @ 40%. In fact, it is not in dispute that in respect of all these vehicles, the assessee has acknowledged the receipt of lease rent and has shown the same in his profit and loss account. It is thereafter he is claiming depreciation. If the authorities were of the view that the assessee has failed to prove his ownership over those vehicles, then, if depreciation is to be disallowed then they also should not have taken that lease rental agreement for the purpose of making the assessment. Under these circumstances, it is also not in dispute that for the subsequent years, the assessee had been granted the benefit of depreciation. Therefore, the order to be passed by the authorities should be consistent.
Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee is directed to pay a sum of Rs. 75,00,000/- on or before 15th March 2012 and with regard to the balance outstanding demand assessee should furnish proper surety to the Assessing Officer. The Registry is directed to post the appeal for final hearing on 23rd April 2012. Since the date is announced in the open court the issuance of notice to the parties is dispensed with.
In the case on hand it is to be noticed that it is a case of income escaping the assessment. It may not be a tax of avoidance but it would be a case of a return, which is filed with all the material escaping the attention of the Assessing Authority.
Company Secretaries Examinations December, 2011 Result Would Be Declared On 25th February, 2012 At 11.00 A.M. The Results Alongwith Individual Candidate’s Subjectwise Break-Up Of Marks Will Be Available On The Institute’s Website.
