Since common input services were used for both taxable output and trading, assessee was required to reverse proportionate credit attributable to trading along with interest. Penalty under Rule 15(3) to be confined to proportionate irregular credit finally determined.
CESTAT Hyderabad held that a service tax demand cannot be dismissed merely because payment was made in advance and remanded the matter for verification of the period of service receipt.
CESTAT ruled that transaction value supported by final invoice and BRC must be accepted for export duty finalization, overriding CRCL report on moisture content. set aside a Customs order, confirming that the actual transaction value realized for iron ore exports must be used for final duty assessment.
The CESTAT Hyderabad dismissed an appeal by Essel Mining and Industries, ruling that the Free On Board (FOB) value for iron ore exports cannot be treated as a cum-duty price for calculating export duty.
CESTAT Hyderabad held that non-filing of Ex-Bond BoE for clearance from customs bonded warehouse to SEZ is merely procedural lapse hence confiscation u/s. 113(i) not justifiable since there is no malafide intent. Accordingly, appeals are partly allowed.
CESTAT Hyderabad held that benefit of concessional rate vide notification no. 62/2004-Cus dated 12.05.2004 is denied on import of rectangular shape gold bars as manufacturers or refiners serial numbers not found engraved on the gold bars.
CESTAT Hyderabad ruled that depreciation on capital goods under EOU scheme is admissible only until date of de-bonding, not until date of duty payment.
CESTAT Hyderabad held that exemption notification no. 57/2000 issued u/s. 25 of the Customs Act, 1962 prevails over CBEC circular and hence since exemption notification does not stipulate that only imported gold should be used to manufacture goods for export there is no such requirement.
CESTAT Hyderabad ruled that a company can transfer and utilize CENVAT credit between its Central Excise and service tax accounts, citing judicial precedent from the Gujarat High Court.
CESTAT Hyderabad held that section 17(4) of the Customs Act is not made for reopening or reviewing any issued final assessment order. Thus, adjudicating authority not empowered to review his final assessment order without statutory appeal.
