"January, 2015" Archive - Page 20

In remand matters, Dept not entitled to hold deposit made by Assessee during investigation as pre-deposit

Supreme Inds. Ltd. Vs. Commissioner of Central Excise, Nashik [(2015) 1 TMI 122 - CESTAT Mumbai]

The Hon’ble CESTAT, Mumbai relied upon the judgment of the Hon’ble High Court in the case of Nelco Ltd. [(2002) 144 E.L.T. 56 (Bom.)] which was further affirmed by the Hon’ble Apex Court in [(2002) 144 E.L.T. A104 (S.C.)], holding that in case of remand matter, the Department was not entitled to hold on to the amount deposited by th...

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Posted Under: Excise Duty |

Job worker eligible to avail Cenvat credit of differential duty paid under cover of supplementary invoice

Jagatjit Industries Ltd. Vs. Commissioner of Central Excise, Chandigarh [2015-TIOL-28-CESTAT-DEL]

Jagatjit Industries Ltd. (the Appellant) was the job worker of Glaxo Smith Kline Consumer Health Care Ltd (Glaxo) and availed Cenvat credit of duty paid by Glaxo, the Principal manufacturer. The Appellant was clearing their final product manufactured on job work basis on payment of duty by utilizing Cenvat credit availed by them....

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Posted Under: Excise Duty |

Assessee can choose most beneficial Exemption Notification where two or more Exemption Notifications are available

Bharat Vijay Mills Vs. Commissioner of Central Excise, Ahmedabad-III [(2014) 51 taxmann.com 266 (Ahmedabad - CESTAT)]

Where two Exemption Notifications, one granting absolute unconditional exemption and other granting unconditional partial exemption, is available to the Assessee, the Assessee has an option to opt the Exemption Notification which is more beneficial to him. ...

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Posted Under: Excise Duty |

‘Drawback’ akin to ‘Rebate’, therefore pre-deposit mandatory for filing Appeal only at first stage

The Central Board of Excise and Customs (the Board) vide Circular No.993/17/2014-CX dated January 5, 2015 has issued a clarification on the matter of mandatory pre-deposit of duty and penalty for filing an appeal as was specified in Circular No. 984/08/2014-CX dated September 16, 2014....

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Posted Under: Excise Duty |

No penalty imposable U/s. 77 / 78 of Finance Act,1994 when penalty U/s. 76 thereof was waived on the ground of reasonable cause

In the instant case, Garodia Special Steels Ltd. (the Appellant) paid Service tax under the category of Goods Transport Agency on Reverse Charge basis. However, during the audit of their unit, the reconciliation of ledger accounts with the Service Tax Returns revealed...

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Posted Under: Excise Duty |

Amount paid subsequent to Adjudication Order cannot be hit by Doctrine of Unjust Enrichment

Raasi Refractories Ltd. Vs. Commissioner of Central Excise, Customs And Service Tax Hyderabad-III [2015 (1) TMI 283 - CESTAT BANGALORE]

The Hon’ble CESTAT, Bangalore relying on the case of Gujarat State Fertilizers & Chemicals Ltd. Vs. Commissioner of Central Excise, Vadodara [2006 (205) ELT 458 (Tri.-Mumbai)], held that the amount paid subsequent to the Order of the Adjudication Authority cannot be hit by the doctrine of unjust enrichment, and as such, the Appellant is...

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Posted Under: Excise Duty |

If Demand is due to retrospective amendment, no malafide attributable to Assessee, hence extended period cannot be invoked

Commissioner of Central Excise, Raipur Vs. Lloyd Tar Products [(2014) 52 taxmann.com 433 (New Delhi - CESTAT)]

In view of judgment in L.H. Sugar case, since recipient of GTA services were liable to file return under Section 71Aof the Finance Act and Section 73 thereof, as amended by the Finance Act, 2003, did not refer to Section 71A of the Finance Act, hence, the Assessee was not covered by Section 73 of the Finance Act and the SCN is bad;...

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Posted Under: Excise Duty |

Khud Ko Kar Buland- Birla Sun Life Insurance

As Tax Season approaches, most are looking for the right investment. This year, Birla Sun Life Insurance moves away from the pure number game to tell the story of a single parent and his son who has just been diagnosed with autism. Through a heart-warming narrative, Birla Sun Life highlights how security in the form […]...

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Posted Under: Excise Duty |

No Penalty u/s. 271(1)(c) for not offering capital gains on S. 50C stamp duty value

C.I.T. Vs Madan Teatres Ltd. (Calcutta High Court)

The fact remains that the actual amount received was offered for taxation. It is only on the basis of the deemed consideration that the proceedings under s. 271(1)((c) started. The Revenue has failed to produce any iota of evidence that the assessee actually received one paise more than the amount shown to have been received by him....

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Management of NPA- Importance of Human Resources

Management of non-performing asset (NPA) is one of the foremost challenges of the banks and financial institutions. Most of the time while finding solutions to this issue, the more important aspect of human resources is being side tracked and concentration is more on the technology, rules and regulations and systems and procedures. ...

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Posted Under: Excise Duty |