The Central Board of Excise and Customs (CBEC or the Board) vide Circular No. 185/4/2015-ST dated June 30, 2015 had laid down the procedure for carrying out detailed scrutiny of Service Tax Returns, to be followed by the Revenue with effect from August 1, 2015. Now, on similar line, the Board has now issued instructions/ guidelines on detailed scrutiny of Central Excise Returns vide Circular No. 1004/11/2015-CX dated July 21, 2015 (the Circular)
It cannot be said that the land owned by the assessee was a vacant land. The character of the land has changed and it was no more plot of the land. Urban land, no doubt, is subject to the tax under the Wealth Tax Act, but, in our opinion, it will cover only the vacant land.
