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Classification of the product Sugar Cone placed in Aluminium foil cone - sugar cone placed in the aluminium cone is properly classifiable under Chapter 19, as claimed by the appellant. - Tri Penalty - When the assessing authority, in its discretion has held that no penalty is leviable, by virtue of Section 80 of the Act, the revisionary authority cannot invoke its jurisdiction and impose penalty for the first time. - Tri Refund - Levy of Cess on import of coking and non-coking coal - The petitioners shall be entitled to refund of such duty paid only within three years immediately preceding the date of filing of the petition - HC Clandestine removal - allegation cannot be merely on the basis of presumptions and assumptions. Suspicion however grave cannot replace the proof - decided in favor of assessee by majority decision - Tri Swapping premium - Disallowance u/s 36(1)(viii) - swapping premium is nothing but discounted interest and had originated in the long term finance initially advance - deduction allowed - Tri Addition on account of gift - donors did not appear in response to notices u/s 131 - as all details were furnished and source of source were also explained, there is no reason to uphold the addition of Rs.3 lacs. - Tri Registration under S.12AA denied - membership is open to 'a Hindu having full faith in Hindu Dharma, Samskruti and way of life' - nothing wrong in the said clause - registration to be granted - Tri Agriculture land - AO was not justified in holding that the land in question was a benami asset of the assessee and capital gain., if any, was to be assessed in the hands of the assessee. - Tri Capital gain computation - Joint ownership - the sale proceeds belonged to appellant and other partners, hence, the appellant is entitled to exemption u/s 54E. - Tri Addition made on the basis of statement - It is well settled proposition of law that the retraction should be made at the earliest possible opportunity. - addition confirmed. - Tri Exemption from VAT on milk powder and the vitaminised infant milk foods - Public interest - Doctrine of promissory estoppel - this is not a case where such principle can be applied - HC Refund of excess duty paid - Debit / Credit Note - unjust enrichment - purchaser reversed the credit - Refund allowed - Tri SSI Exemption - notification No. 8/2003 dated 1.3.2003 - Period of limitation - declaration filed as on 14.4.2004 - SCN issued as on 5.4.2006, beyond one year - demand set aside - Tri Cenvat Credit - Input services - prior to date of registration - export of services - refund allowed - Tri Import of vessel for scrapping - who is the importer - on which the vessel is broken up would be the date on which it is taken for breaking i.e. the date of transfer from the Shipping Corporation of India to the respondent and not the date of beaching at Alang and on that date the importer would be Shipping Corporation of India. - HC TDS U/s 194-J OR 194C - AMC - Rendering of services by using technical knowledge or skill is different than charging fees for technical services - TDS to be deducted u/s 194C - Tri Service charges paid on software development to DERPOL - expenses claimed by the assessee are of revenue in nature - Tri Deduction u/s 80C - the payment of LIC premiums made during the previous year out of loan funds are also eligible for deduction u/s 80C - Tri    Left Stop Right
Other Direct Tax Provisions

Interest-tax Act, 1974

No. Title
Short title and extent
 
Definitions
 
Tax authorities
 
Charge of tax
 
Scope of chargeable interest
 
Computation of chargeable interest
 
Return of chargeable interest
 
Assessment
 
Self-assessment.
 
Interest escaping assessment.
 
Time limit for completion of assessments and reassessments.
 
Advance payment of interest-tax
 
Interest for default in furnishing return of chargeable interest.
 
Interest for default in payment of interest-tax in advance
 
Interest for deferment of interest-tax payable in advance
 
Penalty for concealment of chargeable interest
 
Opportunity of being heard
 
Appeals to the Commissioner (Appeals).
 
Transfer of certain pending appeals
 
Appeals to Appellate Tribunal
 
Rectification of mistakes
 
Interest-tax deductible in computing total income under the Income-tax Act
 
Revision of order prejudicial to revenue
 
Revision of orders by Commissioner
 
Application of provisions of Income-tax Act
 
Income-tax papers to be available for the purposes of this Act
 
Failure to comply with notices
 
False statements
 
Wilful attempt to evade tax, etc.
 
Abetment of false returns, etc.
 
Offences by credit institutions
 
Institution of proceedings and composition of offences
 
Power of credit institutions to vary certain agreements
 
Power to make rules
 
Power to exempt
 
Power to remove difficulty
 
Consequential amendments
 
CLARIFICATION ON APPLICABILITY OF INTEREST-TAX
 
 
 
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