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Archive: 21 November 2014

Posts in 21 November 2014

Customs Duty exemption on goods required for Intensified Malaria Control Project

November 21, 2014 451 Views 0 comment Print

n exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary

External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds

November 21, 2014 3363 Views 0 comment Print

With a view to providing greater flexibility to the ECB borrowers in structuring draw down of ECB proceeds and utilisation of the same for permitted end uses, it has been decided to permit AD Category -I banks to allow eligible ECB borrowers to park ECB proceeds (both under the automatic and approval routes) in term deposits with AD Category- I banks in India for a maximum period of six months pending utilisation for permitted end uses.

Cenvat credit cannot be denied on the ground that the supplier is not a manufacturer

November 21, 2014 3891 Views 0 comment Print

Cummins Diesel Sales & Services India Limited (the Appellant) is a manufacturer of the dutiable final products. In this respect, the Appellant had procured certain goods from Amul Industries Pvt. Ltd. (Amul) on payment of duty and availed the Cenvat credit on the same.

Taxes paid on or after Match 1, 2013 would be eligible for VCES even if paid before May 10, 2013

November 21, 2014 1430 Views 0 comment Print

Sadguru Construction Co. (the Petitioner)is a partnership firm engaged in the business of construction. On March 8, 2013, preventive officers of the Service Tax Department conducted inquiry at the premises of the Petitioner regarding unpaid Service tax dues.

Mere rectification of defects in vehicles not taxable under Technical Inspection & Certification services

November 21, 2014 1226 Views 0 comment Print

Antony Garages Pvt. Ltd. (the Assessee) was engaged in manufacturing of body building of buses, trucks etc. and also undertook repair, maintenance and servicing of commercial vehicles. Tata Motors Ltd. (TML) sent vehicles, after manufacturing, to the Assessee under a works order

Work in a Professional Manner Without any Fear or Favour – FM to Bankers

November 21, 2014 1172 Views 0 comment Print

Finance Minister asks the Bankers to Work in a Professional Manner Without any Fear or Favour ;FM Directs Bankers to Increase flow of Credit to Various Sectors and take Steps to Reduce their NPA; Says That Global Growth is Patchy but Foreign Investors Showing Keen Interst in Investing in India

Credit Card in the name of RBI : RBI cautions of Fraud

November 21, 2014 4724 Views 0 comment Print

The Reserve Bank has once again cautioned members of public that falling prey to such offers can result in compromising one’s own crucial personal information that may be misused to cause direct financial and other loss to them. They, in their own interest, should refrain from responding to such offers in any manner. Rather, they should immediately lodge a complaint with Cyber Crime branch of the Police, the contact details of which are available in the Reserve Bank’s press release issued earlier (Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad).

Cenvat credit of transferred unit cannot be denied when all assets & liabilities transferred to Assessee

November 21, 2014 889 Views 0 comment Print

Jai Corporation Ltd. (the Appellant) is engaged in the manufacture of synthetic blended/spun yarn falling under Chapter sub heading 55095100 and 55092100 of the Central Excise Tariff Act, 1985.

Appeals filed by Revenue on basis of an invalid Review authorization deserve to be dismissed as not maintainable

November 21, 2014 865 Views 0 comment Print

The present appeal has been preferred by the Revenue before the Hon’ble CESTAT, Ahmadabad in terms of the Review Order No.R-02/2008, dated January 08, 2007 (the Review Order)signed by the Chief Commissioner of Central Excise

Central Excise/Customs – Malarial Control Drugs Exempted

November 21, 2014 1949 Views 0 comment Print

the manufacturer shall produce a certificate from an officer not below the rank of Deputy Secretary to the Government of India in the Ministry of Health and Family Welfare at the time of clearance of the said Goods to the Jurisdictional Assistant Commissioner or Deputy Commissioner of Central Excise to the effect that the said goods are required

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