By virtue of powers granted under Section 37(1) of Central Excise Act, 1944, Central Government can make rules to provide for credit of Service Tax leviable under Chapter V of the Finance Act, 1994 (32 of 1994) paid or payable on taxable services used in or in relation to the manufacture of excisable goods.
In the present case, the expenditure is incurred for the purpose of sub-division of the shares. However, we do not see how the observations made by the Apex Court in the ratio laid down in case of General Insurance Corporation (supra) can be distinguished in view of such difference in facts. In case of sub-division of the shares also, there is no increase in the share capital of the company.
S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.91/2012-CUSTOMS (N.T.), dated the 4th October, 2012 vide number S.O. 2360(E), dated the 4th October, 2012, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of
In the case of Harley Street Pharmaceuticals Ltd. (supra) it has been held that provisions of Sec.50C are applicable only for computation of capital gains in real estate transaction in respect of seller only and not for the purchaser. Legal fiction cannot be extended any further and has to be limited to the area for which it is created.
Question whether the place where goods are stored after clearance from the factory on payment of duty can be considered as place of removal for the purpose of Rule 2(l) of Cenvat Credit Rules, 2004 is no longer res integra because of the clarification issued by the CBEC in the matter.
Honourable Madras High Court in case of A.S. Jayakumar (supra) has held that unless there is a proof for extra consideration paid by the purchaser over and above what is stated in the sale deed, section 52(2) of the I T Act cannot be invoked.
So far as pre June 2008 position is concerned, tax withholding obligations under section 194 C in respect of an individual only in cases where the payments were made to a sub contractor for carrying out a part off work, or the work itself, undertaken by the assessee and that too when such individual’s turnover from business or profession exceeded threshold specified in section 44AB.
Assessee participated in the enquiry conducted under Section 131 of the Income Tax Act and had also made a statement confirming the purchase of the land. Subsequent thereto, the assessee had participated in the enquiry and on 15.5.2002, in response to the notice under Section 142(1)
If we consider the facts of the case under consideration, we notice from the admitted facts that the stage of impugned assessment is not an assessment made under section 147/148 of the Act after completion of block assessment but it is a case of original block assessment itself.
The Directorate had been receiving enquiries relating to applicability of Revised Schedule VI in Examinations of the Institute to be held in December 2012. All concerned were informed that the same would be applicable. It is observed that there is some confusion which has aroused due to some clarifications provided earlier.
