Demand of duty on operational loss in excess of 0.5% - ...

Central Excise

June 28, 2016

Demand of duty on operational loss in excess of 0.5% - permissible limit - business of refining and marketing of Petroleum products - difference between physical stock and the book sock is called operational loss. - no upper limit fixed for operational losses - Demand of duty not correct - AT

View Source

← Previous Next →

Demand of duty on operational loss in excess of 0.5% - ...

Central Excise

June 28, 2016

You may also like:

Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

Revised return filed beyond the permissible date - Set off of brought forward business loss and unabsorbed depreciation of amalgamating company - revised return...

Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under...

Applicable GST rate on refined beet and cane sugar - would attract GST @ 5%.

Derivative trading loss as business loss - when undisputedly assessee has entered into transaction of derivatives after 01.04.2006 in a recognised stock exchange as per...

Principles of natural justice - allegation is that SCN issued with a pre- determined and closed mind - it prima-facie appears that the SCN fell into the category of...

Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

Refund claim - excess duty paid at 5% instead of 1% - the appellant is liable to pay Basic Customs duty at the rate of 1% and have paid the excess duty. Therefore, the...

Duty demand - collection excess duty from customers on sale of import goods - duty under Section 11D of the Central Excise Act cannot be demanded on imported custom...

When the speculative transactions were covered under sec.43(5) of the Act and the loss incurred in those transactions was liable to treated as speculative loss and not...

Remission of duty - storage loss and remission of excise duty leviable on 895 quintals of sugar beyond the permissible limit of 0.5 is not condonable - HC

Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

Reversal of Input Tax Credit - loss arising from manufacturing process - The reversal of ITC involving Section 17(5)(h) by the Revenue, in cases of loss by consumption...

ALP of the international transaction of payment of Fees for Management services - 5% mark-up under Cost plus method - Even if, we proceed with the assumption that the...

100% EOU - Denial of benefit of exemption - violation of input output norms - excess generation of waste and scrap - The Tribunal, citing precedent and the...

Quick Updates: