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Archive: 03 February 2016

Posts in 03 February 2016

Interest earned on deposits received by assessee from customers does not form part of assessable value where prices of goods are market driven and not determined on cost plus basis

February 3, 2016 585 Views 0 comment Print

Hon’ble Supreme Court after considering every aspect of the issue examined by the Tribunal has observed that the price of motorcycle manufactured by the Respondent were market driven and the Respondent did not follow cost of production plus reasonable profit pricing policy.

When two or more values of contemporaneous imports are available, the lowest of such value has to be adopted

February 3, 2016 3221 Views 0 comment Print

Rico Gems Corporation and others (“the Appellants”) imported certain goods which were thereafter sold to Telebrand India Pvt. Ltd., whRico Gems Corporation and others (“the Appellants”) imported certain goods which were thereafter sold to Telebrand India Pvt. Ltd., who is engaged in business of selling of goods through telemarketing.

Demurrage charges paid in respect of post importation activity not includable in assessable value for levy of Customs duty

February 3, 2016 2030 Views 1 comment Print

Supreme Court held that the demurrage charges are paid after the goods reached at Indian ports and therefore, it is post-importation event and cannot form part of transaction value. Thus, the Respondent isn’t liable to pay Customs duty on these demurrage charges.

Provision of unjust enrichment not applicable in case of inadvertent excess payment of interest

February 3, 2016 1411 Views 0 comment Print

CESTAT, Mumbai held that the provision of unjust enrichment wouldn’t be applicable as the excess amount paid by mistake was in the nature of deposit and not duty. It was further held that the Chartered Accountant’s certificate produced by the Appellant showing excess paid interest not passed on

S. 10A / 10B Restriction on transfer of technical manpower under Circular Nos.14 and 12 of 2014

February 3, 2016 5514 Views 0 comment Print

The Central Board of Direct Taxes (CBDT) had issued a Circular No.12 of 2014, dt.18.7.2014, by way of clarification regarding allowability of deduction under section 10A / 10AA, on transfer of technical man-power in the case of software industry [366 ITR (St) 1 : 106 DTR (St) 28]. Vide paragraph (4) of the aforesaid Circular No.12 / 2014, it has been clarified that mere transfer or redeployment of technical man-power from an existing unit to a new SEZ unit

Export Incentive: Can Assessee Opt-in and Opt-out at will?

February 3, 2016 607 Views 0 comment Print

The provisions of Section 10A and Section 10B of the IT Act, 1961, provide incentive deduction in respect of profits and gains derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years, beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture and produce such articles or things or computer software.

How to lead a happy and purposeful life – Practical Vedanta

February 3, 2016 1776 Views 1 comment Print

1. Who Am I To realize, who am I and why I am here. I am not a body but I am a silent and peaceful Atman residing within the body.

Refund of Excise duty on purchase of cars by physically handicapped persons- reg

February 3, 2016 2331 Views 2 comments Print

Circular No. 1015/03/2016-CX References have been received in the Board from intended beneficiaries that there have been instances where refund applications filed beyond one year from purchase of vehicle, have been rejected as they were hit by limitation under Section 11B of the Central Excise Act, 1944. Reason for such delay has been claimed in some cases as delay in procuring certificate from the line Ministry as prescribed in the notification, confirming the said goods are capable of being used by the physically handicapped persons.

Procedure for export of sesame seeds to the European Union countries

February 3, 2016 2503 Views 0 comment Print

The new entries at Sl. No. 68A and 68B shall be inserted in Chapter 12 of schedule 2 of ITC (HS) Classification of Export & Import Items as follows

SCOMET Export permission for ‘Stock & Sale’ purposes and for export of spare parts

February 3, 2016 616 Views 0 comment Print

The provision of SCOMET export permission for ‘stock & sale’ purpose will facilitate bulk export which may eater to orders of multiple end users from the ‘stock point’ subject to subsequent permission of the licensing authority for re-transfer to definite end user.

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