Question involved in the appeal is whether the duty paid by the job worker on goods, received back by the appellant can be availed as Cenvat credit by the appellant. I find that the issue involved in the appeal is clearly covered by the decision of Hon’ble Bombay High court in the case of Nestle India Ltd. (supra). Once the duty has been paid by job worker on goods sent back to appellant, there is no reason to deny benefit of Cenvat credit to the appellant.
Perusing the material available on record including the affidavit filed by the assessee to show that the assessee was under the bonafide belief that the change of address was informed /known to the Department; we are of the view that the assessee was prevented by reasonable cause, therefore, in the interests of justice, we consider it fair and reasonable that the matter should go back to the file of the ld. CIT(A) and accordingly, we set aside the order passed by the ld. CIT(A) to his file to decide the appeal of the assessee afresh and according to law
The issue for consideration before is whether the gift received by the assessee is genuine or not? As per the AO, gift of such a substantial amount was not justified to a nonrelative/ no blood relation and the creditworthiness of the donor is not adequate. The CIT(A) held that, in fact, the Assessing Officer has in his remand report clearly stated that “The donor has confirmed in his statement the fact of giving gift to the appellant during the year under consideration.
At the time of hearing, the ld.counsel for the assessee submits that the assessee has filed certain additional evidences i.e. vouchers relating to expenses, balances sheet for the period from 31.3.1999 to 31.3.2005 and bank statement of the assessee showing receipt of Rs.15,00,000/- from M/s Landline Builder Pvt.Ltd. vide sale agreement dated 23.3.1987 appearing at pages 100 to 215 of the assessee’s paper book. He further submits that the above additional evidence goes to the root of the matter, therefore, the same may be admitted and the issue may be set aside to the file of the AO to examine and decide the same afresh after due verification. On the other hand, the ld.DR while relying on the orders of the AO and the ld.CIT(A) submits that he has no objection, if the issue is set aside to the file of the AO for fresh adjudication
Notification No. 15/2012 – Customs (ADD) By virtue of the present notification, i. 15/2012-Customs (ADD) dated 05-03-2012, the validity date of the earlier notification no.15/2007-Customs dated 20 February, 2007, levying anti-dumping duty on imports of all Fully Drawn or Fully Oriented Yarn/Spin Draw Yarn / Flat Yarn of Polyester, originating in, or exported from, Indonesia, Republic of Korea, Malaysia and Chinese Taipei-have been extended up to 20th August, 2012
Circular DBOD No. CID. BC.84/20.16.042/2011-12, dated 5-3-2012 We advise that, on March 5, 2012, we have issued ‘Certificate of Registration’ to Credit Information Bureau (India) Limited (CIBIL) to carry on the business of credit information. The address of the company is as follows: The Managing Director, Credit Information Bureau (India) Ltd. Hoechst House, 6th Floor […]
The Chief Commissioner of Income Tax, Jaipur invites applications from the Advocates for Empanelment of Senior / Junior Standing Counsel to represent the Income Tax Department before the honorable Rajasthan High Court.
Notification No.105 (RE-2010)/2009-2014 In respect of exports to Iran, export proceeds realized even in Indian rupees will be eligible to avail export benefits and incentives.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby amends Notification No. 87(Re-2010)/2009-14 dated 05.12.2011 as follows.
The Union Finance Minister Shri Pranab Mukherjee said that setting up of Infrastructure Debt Fund through public private partnership would meet the long term need of infrastructure sector funding. The Finance Minister Shri Mukherjee said that he is confident that the establishment of Infrastructure Debt Fund through PPP model would be a guiding principle for our future activities. The Finance Minister said that funs to the tune of 1Trillion US$ would be required for Infrastructure Sector Funding in next five years, out of which 50 percent would come from private sector through PPP model.
