CENVAT Credit cannot be denied merely on the ground that HO who raised invoice was not registered under central registration during material period It is to be held that final rejection of centralized registration vide letter dated 26-5-2006 cannot be held to be a justifiable reason for denial of the credit. Apart from the fact that during the said period, the application was pending in the office of Deputy Commissioner, without their being any decision taken by him on the same, 1 find that there is otherwise no dispute about the availability of the credit to the appellant. The substantial benefit, if otherwise available, cannot be denied on the technical and procedural grounds. As such, in the absence of any dispute that the appellant was otherwise entitled to the benefit of Cenvat credit of Service Tax paid on GTA services, so received by them, the denial of the same on the ground that the credit was availed on the basis of invoices raised by their head office is neither justifiable nor warranted.
It was submitted by the learned A.R. that the appellant company being a limited company is not covered by the term association and exemption available is only to the association. However, it was pointed out by the learned counsel that the appellant is registered under Section 25 of the Companies Act, 1956 which provides that the word “limited” can be dispensed with in respect of an association formed as a limited company for promoting commerce, art, science, religion, charity or any other object.
It is not in dispute that under the Companies Act, 1956, both straight line method and written down value method are recognised. Therefore, once the amount of depreciation actually debited to the profit and loss account is certified by the auditors, then, as per the decision of the apex court in the case of Apollo Tyres Ltd. The Assessing Officer thereafter has the limited power of making increases and reductions as provided for in the Explanation to the said section. To put it differently, the Assessing Officer does not have the jurisdiction to go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to Section 115-J.
Unless the Assessing Officer assesses the income with reference to which he had formed a reason to believe within the meaning of Section 147 of the Act, it would not be open to him reassess or assess any other income chargeable to tax which has escaped assessment and comes to his notice in reassessment proceedings. In this case, admittedly the ground on which reassessment notice under Section 148 of the Act was issued was dropped while passing the reassessment order dated 27.03.2006 under Section 143(3) read with Section 147 of the Act. Thus, in view of the decision of this court in the matter of Jet Airways (I.) Ltd. (supra), no occasion to entertain the proposed question of law arises.
The other objection taken by the TPO for rejecting CUP method was that there was difference in the dates of comparable transactions. The ld. DR brought to our notice the transactions entered into by the assessee with its AE on 27.11.2004 which was compared by the assessee with transactions entered with Non-AEs on 10.5.2004 & 12.3.2005. It can be observed that the comparison is made by the assessee with the transactions entered into in the same year with Non-AEs.
It is reiterated that action in instances of violation of discipline and conduct rules would be taken in accordance with the instructions on the subject.
Compounded levy scheme was introduced in the Central Excise Law with the duty of Rs. 10000/- per machine per month in the year 1994. The scheme was simple with reasonable amount of duty, as such a no. of manufacturers of stainless steel patta-patti switched to it. Later on this duty was increased to Rs. 15000/- and then to Rs. 30000/-.
At the time of registration proceedings u/s 12A r.w. section 12AA of the Act, the CIT is statutorily required to examine and satisfy himself as to the genuineness of the activities of the Trust or institution, carried on, in consonance with its objects. The objects of the trust or institution must conform to the definition of ‘Charitable purpose’ as defined u/s 2(15) of the Act.
Since the creation of the multiple Regional Offices in some of the States, the erstwhile used State Codes were changed for 19 Regional Offices. Moreover, after the implementation of the Computerisation Project in the EPFO Offices, the members account number uses the Office code also even when the Region Codes had not changed.
The Authority felt that there is a need for reducing the timeline for giving approvals in order to expedite the product approval process, the Authority shall require certain information from the insurers to plan for resources available, to support planned filings and to ensure fairness across all the insurers while approving the products.
