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Archive: 05 December 2015

Posts in 05 December 2015

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 24, 2024 7251 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 5202 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

SEBI Listing Regulations: Record date/dividend/shareholding right

December 5, 2015 9546 Views 1 comment Print

Analysis of Regulation 42 to 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) related to Record Date or Date of closure of transfer books, Dividends and Voting by shareholders.

Supply to high seas vessel is liable to VAT if any territorial nexus exist in State

December 5, 2015 2174 Views 0 comment Print

In the instant case, Raj Shipping (the Petitioner) was engaged in Bunker Supplies which mainly consisted of supply of High Speed Diesel Oil (HSD) to various incoming and outgoing vessels within or beyond the port limits of Mumbai port.

No VAT on free supply of medicines – State Govt. not competent to levy tax on the basis of MRP or any other notional value

December 5, 2015 2665 Views 0 comment Print

Mapra Laboratories Pvt. Ltd. and others (the Petitioners) were engaged in manufacture and sale of medicines and had been regularly filing returns to the concerned Authorities. The Petitioners were claiming an exemption in respect of free of cost supply of medicines to its dealer under a scheme

Transaction value cannot be rejected on the basis of a quotation which gives domestic retail sale price

December 5, 2015 403 Views 0 comment Print

If this were to be accepted, it would cause unimaginable distortion in interpreting the Valuation Law. Hence, confirming demand merely on the basis of quotation, without considering other facts is not sustainable.

Post-importation services could not be added to value of goods imported

December 5, 2015 1262 Views 0 comment Print

Same Engines India Pvt. Ltd. (the Respondent) had imported components of Tractors from Foreign party and filed Bill of Entry stating the price at which the goods were imported and seeking to pay the Customs duty thereon.

Interest, depreciation and profit margin not to be considered for arriving at production cost

December 5, 2015 1656 Views 0 comment Print

Nirma Ltd. & Ors. (the Respondent) was engaged in the manufacture of Linear Alkyl Benzene (LAB) which was cleared by the Respondent to its sister units located in different places and was also used captively in the same factory where the said LAB is manufactured.

Question of foreign exchange realization not arises on export of free replacement of defective goods

December 5, 2015 547 Views 0 comment Print

When export of goods and payment of duty on exported goods is not in question, minor deviations from the fulfillment of the procedural requirements should not be taken into considerations for deciding the fate of a claim.

No penalty on reversal of cenvat credit towards exempted goods after audit objection but before issuance of SCN

December 5, 2015 1873 Views 0 comment Print

In the instant case, Man Structural Pvt. Ltd. (the Appellant) was engaged in manufacturing of dutiable as well as exempted final products. The Appellant has availed Cenvat credit on input/input services but was not maintaining separate accounts for inputs for manufacturing dutiable

No service Tax on Vocational courses

December 5, 2015 5578 Views 0 comment Print

Courses in : (i) Mass Communication, (ii) International Business Management, (iii) Telecom Management, (iv) Information Technology, (v) Management Studies, (vi) Geo-informatics and (vii) Operational Management are ‘vocational courses’ and therefore, exempt from Service tax

Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer's margin/handling charges is not liable to Service tax

December 5, 2015 4424 Views 0 comment Print

In the instant case, Chowgule Industries (P.) Ltd. (the Appellant) was a holder of Service Tax Registration under the category of ‘authorized service station’ for Maruti Udyog Ltd. (Maruti). The Appellant had purchased the vehicles from the Maruti and sold to their customers.

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