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Reopening of assessment - The prime requirement for the validity of a notice issued under section 148 is that the reasons recorded should have a live link or nexus with the material on record. - HC There is no need to discuss provisions of sections 70, 71 & 32(2) elaborately as the CIT erred in coming to the conclusion that current year's depreciation cannot be allowed to be set off against capital gains. - Tri Residential status - foreign going vessel - he was outside Indian territory for 230 days and the requirement of section 6 for being outside India for 182 days, he become 'non-resident'. - Tri Transfer of the merchant banking business - nature of the transfer does not attract the provision of section 50B in relation to slump sale also as there is no transfer of an undertaking by the assessee. - Tri Bad debts / business loss - The loans given to staff has been written off since the same are irrecoverable in view of transfer of the merchant banking business. - deduction allowed - Tri U.P. Value Added Act, 2008 - every dealer holding registration certificate under the erstwhile Act, as a dealer, is deemed to be registered under the new Act - non-obtaining of biometrics data, as in the instant case, will not invalidate the registration certificate. - HC Petitioner is not personally liable to pay the outstanding dues under the U.P. Trade Tax/Sales Tax Act of the Private Limited Company but under CST he is liable to pay the dues - HC Refund claim denied - period of limitation - cause of action arose only on 15/11/06, when they paid for the second time as a result of audit objection - refund claim is withing period - Tri Rejection of Refund claim – appellant filed under protest letter on 7.1.1987. - after two days they filed six nos. classification lists - thus, the under protest letter has no effect in the eye of law - Tri An educational qualification recognized by law will not cease to be recognized by law merely because for practicing in the field to which the qualification relates, a further examination held by a body regulating that field of practice is to be taken. - HC Fulfillment of export obligation – it is not open to the customs authorities to presume that extension of the LOP would be granted by the Development Commissioner to facilitate evasion of duty. - HC Merely because the CIT is having a different view, the same would not entitle him to initiate revision proceedings u/s 263, if the view taken by the assessing officer is one of the possible views. - Tri Repayment of capital balance in cash would not attract the provisions of sec. 269T since it does not constitute loan or deposit. - Tri Penalty u/s 271E - violation of sec. 269T - the interest amount and the principal amount were paid in two different occasions - each amoount less then Rs. 20,000 - No penalty - Tri Disallowance under section 14A required finding of incurring of expenditure and where it was found that for earning exempted income no expenditure had been incurred, disallowance under section 14A could not stand. - Tri Disallowance u/s 40(a)(ia) - non deduction of TDS - If the element of income cannot be established, provisions of section 40(a)(ia) cannot be invoked - Tri Gift of immovable property - assessee's brothers and mother have gifted their 1/8th undivided share - very heavy burden lies on the department to prove that it is not the real one - Tri Addition on account of negative stock - The quantitative details as submitted duly explained that there was no negative stock in any of the month. - Tri    Left Stop Right
Cenvat Credit

Cenvat Credit Rules, 2004

No. Title
Short title, extent and commencement
 
Definitions
 
Cenvat Credit
 
Conditions for allowing CENVAT credit
 
Refund of CENVAT credit
 
Refund of CENVAT credit to units in specified areas
 
Refund of CENVAT credit to service providers providing services taxed on reverse charge basis.-
 
Obligation of manufacturer of dutiable and exempted goods and provider of taxable and exempted services
 
Manner of distribution of credit by input service distributor
 
Distribution of credit on inputs by the office or any other premises of output service provider
 
Storage of input outside the factory of the manufacturer
 
Documents and Accounts
 
Information relating to principal inputs
 
Transfer of CENVAT credit
 
Transfer of CENVAT credit of additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act
 
Transitional Provisions
 
Special dispensation in respect of inputs manufactured in factories located in specified areas of North East region, Kutch district of Gujarat, State of Jammu and Kashmir and State of Sikkim
 
Procedure and facilities for large taxpayer.- Notwithstanding anything contained in these rules, the following procedure shall apply to a large taxpayer,
 
Power to impose restrictions in certain types of cases
 
Power of Central Government to notify goods for deemed CENVAT credit
 
Recovery of CENVAT credit wrongly taken or erroneously refunded
 
Confiscation and penalty
 
General penalty
 
Supplementary provision
 
 
 
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