Facts regarding non payment of duty by the appellant or in other words the amount retained of sales tax collected from the customer, came to the notice of the Department only through the audit of the records conducted by the Audit Officer.
Alleged interest income is from the Fixed Deposits, which were made by the assessee in the course of business and in order to comply the statutory requirements of the West Bengal Cooperative Societies Act, 2006. Therefore, the same should be treated as part of the business income and is eligible for deduction under section 80P(2)(a)(i) of the Act and should not be treated as income from other sources.
Compounded rubber formulation 1 (with less than 5 parts of Carbon Black) mentioned in para 5.1 merits classification under CTH 4005 1000 Compounded rubber, unvulcanised, in primary forms or in plates, sheets or strip – compounded with carbon black or silica and is eligible for duty exemption benefit under serial number 503
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