Legal position as propounded by the Hon’ble Madras High Court in the case of Trishul Investments Ltd (supra) supports the plea of the assessee that interest paid for acquisition of the shares would partake the character of cost of shares and, therefore, assessee had rightly capitalized the interest along with the cost of acquisition for the purpose of computing capital gains.
Admittedly, when the assessee was confronted with the depreciation being claimed on the property, the income from which had been returned under the head income from house property, it immediately realized its mistake of computation of total income and agreed for the addition to its total income.
Assessee could collect various evidences only after passing of the assessment order. According to the assessee, these additional evidences are vital documents which are required to be considered in order to adjudicate the issue in a judicious manner.
Tractors having engine capacity less than 1800 CC are not liable to such cess. Appellants are engaged in manufacture of both type of tractors and were using common inputs without maintaining separate accounts for receipt and consumption of these inputs. Invoking the provisions of Rule 6 (3) (b) of Cenvat Credit Rules, 2004 proceedings were initiated against the appellant to recover 10% of value of the exempted tractors.
It was held that in case of clandestine clearance of goods, wherein the Revenue has discharged the burden of corroborating, establishing clandestine clearance of dutiable items from the appellant’s unit and wherein the appellant is merely contesting the duty demand and penalty on the ground that the detailed further investigation regarding raw materials procurement, transport of such raw materials etc.
It was held that the assessee should produce corroborative evidence to establish that the inputs/Capital goods are used in the process of manufacturing and accordingly the CENVAT credit should be allowed.
It was held that for claiming the exemption of excise duty on ayurvedic product, there is no condition that the product to be sold exclusively in the name mentioned in the textbooks. The mention of the house name/ brand-name cannot lead to the conclusion that these products are not sold in the name specified in Ayurvedic text and accordingly exemption is applicable.
It was held that the activity of placing various food items, prepared by the appellants as well as various bought out readymade items, in a tray either at the time of placing the tray in the trolley or at the time of serving the passengers on board does not amount to manufacture of a new commodity as contemplated under section 2 (f) of Central Excise Act, 1944 and accordingly the excise duty cannot be demanded on the total value of manufactured and bought products placed in the tray.
The assessee submitted that at that time she was having pregnancy of 5 months and due to immense work pressure in the office she could not devote time to see the content of ITR filed by the said ‘Taxspanner’ as she did not understand the form also, hence she just signed the ITR-V and sent it to the Bangalore CPC of Income Tax Department.
Assessee had not invested in Capital Gain Account Scheme before the due date under section 139(1) but complied with the conditions under section 54F(1). The provisions of section 54F are beneficial provisions and are to be considered liberally on the aspect of limitation period. However the investment in residential property is a must which the assessee had complied with evidence.
