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Penalty order passed after 6 Months of ITAT confirmation is time barred

July 27, 2015 2496 Views 0 comment Print

The ITAT ,Delhi in the case of. ITO vs. Pandit Vijay Kant Sharma concluded that The limitation period of six months and not one year is applicable in case the penalty order is passed by the AO pursuant to confirmation of penalty by the tribunal

Transfer of beneficially held asset taxable as capital gains and not under other sources

July 27, 2015 1126 Views 0 comment Print

The tribunal in the verdict of Shailendra H. Bhatia vs. ITO concluded that Transfer of possession with the ownership rights confer beneficial ownership which is good enough to hold the asset as capital asset

Mere recording of contrary statements do not establish claim of credit as bogus

July 17, 2015 952 Views 0 comment Print

The appellant challenged the charges particularly by showing various evidences of receipt of goods, Lorry Receipt, Purity Check report, Payment of Labour Bills and other details, which were not disputed by the lower authorities.

Determining nature of deposit of duty – Voluntary or Under Protest is a question of fact

July 17, 2015 1920 Views 0 comment Print

The appellant is urging this Court to dwell deep into the factual material and render findings of fact of which the jurisdiction of this Court does not permit such an inquiry as the high court cannot entertain an appeal which involves only factual issue.

Supervising & Liasioning in relation to loading goods cannot be classified as C & F Agents services

July 17, 2015 1974 Views 0 comment Print

The appellant does not even undertake any loading operation. The primary job of the appellant, as per the contract between the appellant and the Ambuja companies, is of supervising and liasioning with the coal company

Services directly or indirectly used in relation to manufacture of final products are eligible for Cenvat credit

July 16, 2015 2106 Views 0 comment Print

Punjab & Haryana High Court in the case of Bellsonica Auto Components India Private Limited held that services directly or indirectly used in relation to manufacture of final products are eligible for Cenvat credit.

Modvat cannot be denied only the basis of statement recorded without providing assessee opportunity to cross examine evidences

July 10, 2015 718 Views 0 comment Print

In the present case, it was found that the input supplier supplied input accompanied with Central Excise invoice. There is no dispute of genuinity of invoice. It is clearly evident from the statement of input supplied by the transporter. In such a situation

Losses incurred by eligible units u/s 10B not allowed to be set off against income of other units

July 10, 2015 1391 Views 0 comment Print

It was held that the eligible profits are not to be subjected to the adjustment under Section 72 of the Act, and the brought forward loss from the unit eligible for the relief under Section 10B cannot be adjusted against the profits from the other units

Packaging services cannot be considered to be availed directly or indirectly in maintaining/protection of Trade Mark

July 10, 2015 2178 Views 0 comment Print

As far as the invocation of extended period is concerned tribunal observed that improper credit taken which was detected by the department officers only. At no stage of appellant approached the department for any guidance that there was any confusion in admissibility of credit on the impugned services.

No full waiver of pre-deposit unless assessee proves that undue hardship is caused

July 10, 2015 1469 Views 0 comment Print

It is now settled position of law that, while considering the application for waiver of pre-deposit, the Tribunal or the Appellate Authorities are directed to take into consideration three factors namely, prima facie case, undue hardship and the interest of Revenue.

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