Highlights / Annotations:
Income Tax: Penalty u/s.271(1)(C) - paints were his “personal effects” - the plea of the assessee that receipts from sale of paintings were not offered to tax on a bona fide belief is acceptable. - as there was neither concealment of particulars of income or furnishing of inaccurate particulars of income, no penalty - Tri
Income Tax: Exemption u/s 11 - merely because the payments are made outside India, it cannot be said that the charitable activities were also conducted outside the country - the word ‘applied’ does not mean ‘spent’ and even if the income has been earmarked and allocated for the purpose of carrying out the objects of the institution, it might be deemed to be applied for that purpose - Tri
Income Tax: As long as the objects of the trust are charitable in character and as long as the purpose or purposes mentioned in Form 10 are for achieving the objects of the trust, merely because of non-furnishing of the details, as how the said amount is proposed to be spent in future, the assessee cannot be denied the exemption as is admissible u/s 11(2) - Tri
Income Tax: Valuation of closing stock - notwithstanding the fact that the opinion of the Chartered Accountants of India was expressed in the 'guidance note", which had not attend a mandatory status, would not be a ground to discard the books of accounts of the Assessee or the method of accounting followed - No addition on account of unutilized CENVAT Credit was called for - Tri
Income Tax: Taxability of Income from assets held by Trust - The circumstances highlighted by the Assessing Officer to show that the transaction as a colorable device cannot take precedence over earlier judicial scrutiny and a specific tripartite Agreement. - Tri
Service Tax: Activity of painting, pasting, displaying and/or maintaining the same on side panel of buses on behalf of the client - Demand of service tax with interest and penalty confirmed - Tri
Service Tax: Refund claim - if the service tax liability is discharged on which education cess is paid on the goods exported, the benefit of refund of such education cess paid should not be denied when the export of goods is not in dispute. - Tri
Service Tax: Valuation - there remains no doubt that the value of photographic paper and consumables cannot be included in the value of photography service to levy service tax. - Tri
Central Excise: Removal of semi-finished goods for certain purposes without obtaining requisite permission under Rule 16B of the Central Excise Rules, 2002 - application was filed and the Commissioner did not act upon the same immediately - Objection of the revenue cannot sustain - Tri
Central Excise: Denial of refund claim - Unjust enrichment - returned of excess duty through debit / credit Notes - appellant admittedly accounted for the said amount as ‘receivable’ in the balance sheet, it is a sufficient evidence to hold that incidence of duty has not been passed on - Tri
Central Excise: Job Work - claim of full exemption under notification no. 214/86CE whereas the principal manufacturer availing the area based exemption from duty under notification no. 50/03 - the extended limitation period under proviso to section 11A(1) would not be invokable and the duty demand would be sustainable only for the normal limitation period - Tri
Customs: 100% EOU - Clandestine manufacture and clearance of goods - DTA Clearances - The so called job workers in their statements clearly stated that they did not carry out any job work on behalf of M/s Loomcraft and M/s Fabricart. - Prima facie case against the appellant. - Tri
Customs: Valuation of goods - valuation Integrated Circuits and transistors imported - Assessable value cannot be determined on the basis of quotation. Quotations are merely indicative price having no relevance as to the Country of Origin, which is admittedly not mentioned on the quotation - Tri
VAT and Sales Tax: Purchase of goods for use in works contract from other state - interstate movement of goods against Form-C - Denial of exemption claim - Notification dated 28.04.1993 - Revision petition filed by the revenue dismissed - HC
VAT and Sales Tax: Sale of goods in the SEZ - works contract - Appellate authority has failed to appreciate the fact that it is not possible to abide by sub-rule (2A) of rule 42 of the rules having regard to the nature of the contract which is a works contract wherein the goods which are sold to the buyer, are used in the execution of the works contract and it is only after execution that the invoices are raised. - Demand set aside - HC
RBI Reference Rate for US $
Fifth Bi-monthly Monetary Policy Statement, 2015-16 by Dr. Raghuram G. Rajan, Governor
Finance Ministry expects the economy to grow in the vicinity of 7.5% during the current Financial Year 2015-16
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
Auction for Sale (Re-Issue) of Government Stock
DVAT - Appointment of Sh.S.S.Yadav, IAS, Commissioner, Value Added Tax
Cus (NT) - Fixation of Tariff Value Notification amending Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001
Cus (NT) - Appoints the Additional Director General (Adjudication), Directorate of Revenue Intelligence, Mumbai
Cus (NT) - Appoints the Commissioner of Customs, New Delhi
Cus (NT) - Appoints the Commissioner of Customs (Import), Raigad Maharashtra
Cus (NT) - Appoints the Joint or Additional Commissioner of Customs, Kandla
Cus (NT) - Appoints the Joint/Additional Commissioner of Customs, Mumbai
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2015 (12) TMI 48 - KARNATAKA HIGH COURT
The Commissioner of Income Tax, The Deputy Commissioner of Income Tax Versus M/s Associated Electronics & Electrical Industries (Bangalore) Pvt. Ltd.
Income Tax: Taxability of income - provisions of Block assessment could not be invoked as per ITAT? - sum paid by “Sharp Corporation, Japan” to the assessee for transfer of the right to use the trade mark “SHARP” which consisted of both goodwill as well as the right to use associate with 14 items out of 21 items did not attract capital gains tax - Held that:- From the record it is clear that the return of income for the relevant assessment year 1996-97 was f.....
2015 (12) TMI 47 - ITAT MUMBAI
Inventurus Knowledge Services Pvt. Ltd. C/o Seren Properties Pvt. Ltd. Versus Income Tax Officer-5 (2) (1) , Mumbai
Income Tax: Disallowance of loss on eligible derivate transactions in foreign exchange - Held that:- The assessee company has entered into derivative transactions in foreign currency through recognised stock exchange and has complied with the other conditions as stipulated in Section 43(5) read with proviso(d) and explanation 1 to the said Section 43(5) of the Act for which cogent material is brought on record.
The contract for derivatives in foreign curr.....
2015 (12) TMI 46 - ITAT AMRITSAR
M/s Aaren Exports Versus The Deputy Commissioner of Income-tax, Range-II, Jalandha and Vica-Versa
Income Tax: Addition on account of Gross Profit - CIT(A) confirmed part addition - Held that:- As find that assessee had not maintained complete books of account and vouchers. The Assessing Officer had pointed out various discrepancies in the books of account and calculation of opening and closing stocks. The argument of learned AR the mere absence of stock register cannot lead to rejection of books of accounts is though correct but here is a case where not .....
2015 (12) TMI 45 - ITAT JAIPUR
Income Tax Officer, Ward 6 (1) , Jaipur Versus Tara Chand Jain and Vica-Versa
Income Tax: Addition under the head long term capital gain - valuation of land - confirming the addition by applying provisions of Section 50C(1) - Held that:- Section 50C is applicable to transfer of capital asset only in respect of land or building or both and is not applicable to right in land. In the present case, the assessee has only transferred the right in land for a valuable consideration, therefore, in the opinion of the Bench, the long term capita.....
2015 (12) TMI 44 - ITAT CHENNAI
The Assistant Commissioner of Income Tax Corporate Circle 4 (1) , Chennai Versus M/s. Mansi Finance Chennai Ltd.
Income Tax: Sale of agricultural land - CIT(A) allowing the claim of the assessee that the land sold was agricultural land and profit on sale of land was not liable for tax - intention of the assessees at the time of acquiring the land or interval action by the assessee between the period from purchase and sale of the land - Held that:- dverting to the facts of the present case, the land in question is classified in the Revenue records as agricultural land a.....
2015 (12) TMI 43 - ITAT KOLKATA
Suvaprasanna Bhatacharya Versus ACIT, Ci rcle-55, Kolkata
Income Tax: Penalty u/s.271(1)(C) - receipts on sale of paintings was not disclosed as “income” in the return of income filed - Held that:- In the penalty proceedings, the Assessee pointed out that the sale of paintings was not done by him as an adventure in the nature of trade. The paintings were kept for years over because of his aesthetic sense. It gave him tremendous pleasure and pride of profession. The paintings were therefore his “personal effects”. T.....
2015 (12) TMI 42 - ITAT BANGALORE
Dy. Director of Income Tax (Exemptions) , Circle 17 (2) , Bangalore Versus Ohio University Christ College, Academy for Management Education
Income Tax: Disallowance of faculty teaching charges payable to Ohio University - CIT(A) deleted the addition - Held that:- The services have been rendered by the faculty members from Ohio University as the classes were taken in Bangalore. The services have been utilized for the purposes of the Trust’s objectives in India, viz. of imparting higher education in India. Ohio University has also offered the income earned by it from the assessee trust to tax in I.....
2015 (12) TMI 41 - ITAT AHMEDABAD
The ACIT, Circle-1, Surat Versus M/s Kiran Industries Pvt. Ltd. And Vica-Versa
Income Tax: Valuation of closing stock - Scope of section 145A - inclusion of Excise duty and VAT to the value of closing stock, in a case where the Assessee is following exclusion method of accounting of Excise and VAT for valuation of stock - Held that:- Merely because the Central Government has not notified in the Official Gazette "accounting standards" to be followed by any class of assessees or in respect of any class of income, it cannot be stated that.....
2015 (12) TMI 40 - ITAT KOLKATA
ACIT, Cir-54, Kolkata Versus Sri Pawan Kumar Jhunjhunwala and Vica-Versa
Income Tax: Taxability of advance received from clients in the year of receipt even though the assignments were completed in the subsequent year - Held that:- We find that the assessee being an individual engaged in the legal profession had to receive certain advances from clients for taking care of certain expenses to be incurred for and on behalf of the client and the same is reflected in the balance sheet as a liability. The said liability takes the chara.....
2015 (12) TMI 39 - ITAT MUMBAI
DCIT, Mumbai Versus J.B. Eng. Works
Income Tax: Sale of land treated as Long Term Capital by CIT(A) - as per revenue the land was never shown in the block of assets - Held that:- Treatment of the assets in the purchaser's account, does not have any material bearing on taxability of the receipt in the hands of the assessee, since purchaser's treatment of the transaction in its accounts is not determinative of the true nature of the transaction. Further, with regard to contention of the AO that .....
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2015 (11) TMI 1189 - ITAT KOLKATA
WTO Ward-7 (4) , Kolkata Versus S. Jafkay (India) Limited
Wealth tax: Violation of the provision of the Rule 46A of IT Rule, 1962 - Non confrontation of contract notes evidencing sale of shares by the Assessee through a broker at Mumbai - Held that:- conclusions of the CWT(A) are not based only on the evidence regarding share transactions carried out by the Assessee at Mumbai. The payment of salary to Mr.Mukherjee and his correspondence and reports on various business information obtained from Mumbai and sent to Ko.....
2015 (11) TMI 1115 - ITAT KOLKATA
D. CW. T, Circle-3, Kolkata Versus M/s. Calstar Steel Ltd.
Wealth tax: Exemption u/s. 2(ea) of the WT Act - whether the Learned CITA is justified in deleting the value of factory shed and godown of ₹ 8,64,76,000/- for wealth tax purposes - Held that:- assessee had derived rental income by letting out its godown cum factory shed to M/s Hindustan Lever Ltd for more than 300 days in the previous year. Any property used for residential or commercial purposes would apparently come under the definition of assets as .....
2015 (11) TMI 1050 - ITAT AHMEDABAD
ACIT (OSD) , Cir. 9 Ahmedabad Versus Shri Vijay H. Shah, C/o. M/s. Shah Enterprise
Wealth tax: Deletion in net wealth - Agriculture land or urban land - Held that:- Finding of the ld.CWT(A) would indicate that the ld.First Appellate Authority has relied upon the reasoning given by his predecessor. That reasoning has already been set aside by the Tribunal for re-adjudication. Therefore, we allow the appeal of the Revenue and set aside the impugned order. The issue is restored to the file of ld.CWT(A) for re-adjudication - Decision in assess.....
2015 (11) TMI 980 - ITAT BANGALORE
M.R. Pattabhiram (HUF) Versus The Asst. Commissioner of Wealth-tax, Circle-6 (1) , Bangalore
Wealth tax: Addition in the value of wealth - whether the CWT(A), right in holding the impugned lands are urban lands and the BIAPPA is municipality or notified area as defined in section 2(14)(iii) of the Act - Held that:- respectfully following the co-ordinate bench decisions in assessee own case in [2015 (11) TMI 951 - ITAT BANGLORE]and also coordinate bench decision, we hold that the impugned lands are not urban lands within the meaning of section 2(ea) .....
2015 (11) TMI 951 - ITAT BANGLORE
Asst. Commissioner of Wealthtax Versus M/s. M.R. Padmavathy Trust, Smt. M.R. Padmavathy (Indl.) , M.R. Jayaram (HUF) , M.R. Anandaram (HUF) , M.R. Anandaram (Indl.) M.R. Janakiram (HUF) , - Shri M.R. Janakiram (Indl) , M.R. Kondandaram (HUF) , Shri M.R. Kodandaram (Indl.) , M.R. Sampangiramaiah (HUF) , M.R. Sampangiramaiah (Indl.) , M.R. Seetharam (HUF) And Shri M.R. Seetharam (Indl.) And Vice-Versa
Wealth tax: Lands pertaining to the assessee - whether are capital assets u/s 2(14) of the Income Tax Act? - whether the lands were capital assets in terms of the distance from the municipality and also the nature of the land and the activities carried on by the assessee on the said land? - Held that:- Since the Tribunal, in the assessee’s own case in income-tax proceedings with regard to the same subject matter, has taken the stand and held the land to be .....
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2015 (12) TMI 22 - CESTAT MUMBAI
Pioneer Publicity Corporation Pvt. Ltd. Versus Commissioner of Service Tax, Mumbai
Service Tax: Demand of differential service tax - activity of painting, pasting, displaying and/or maintaining the same on side panel of buses on behalf of the client namely M/s. LIC and M/s. New India Insurance Co. Ltd - Held that:- Appellant has not discharged the differential service tax liability on an amount received from M/s LIC and M/s New India Insurance Co. Ltd. towards painting charges and display charges. Appellant had never disputed the fact that .....
2015 (12) TMI 21 - CESTAT MUMBAI
Tumkar Minerals Pvt Ltd, Prime Minerals Pvt. Ltd., Fomento (Karnataka) Mining Co. Pvt. Ltd., Sociedade de Fomento Industrial Pvt. Ltd., Sesa Goa Ltd., Sesa Resources Ltd., Dinar Tarcar Resources (India) Pvt. Ltd., Minescape Minerals Pvt. Ltd. Versus CCE Goa
Service Tax: Refund claim - whether the appellants herein are eligible for the refund of education cess paid on the service tax in respect of port related services technical testing and analyzing services - Held that:- first appellate authority set aside the order-in-original which granted refund to the appellant by relying on the judgement of the Tribunal in the case of Balasore Alloys Ltd. (2010 (7) TMI 327 - CESTAT, KOLKATA ) which is in favour of the Reve.....
2015 (12) TMI 20 - CESTAT NEW DELHI
M/s. Ahluwalia Construction Group Versus Commissioner of Service Tax, Delhi-I
Service Tax: Waiver of pre deposit - Abatement claim - Commercial or Industrial Construction Service - Held that:- Even CICS is a limb of works contract service and the service tax liability under the compositional scheme under works contract service and with 67% abatement under CICS is approximately the same. We, however, are in agreement with the appellant that even when the value of free supplies was not included in the assessment value, it was entitled to.....
2015 (12) TMI 19 - CESTAT NEW DELHI
C.C.E., Indore Versus M/s. Photo Fast Colour Lab
Service Tax: Valuation - Non inclusion of value of the photographic service provided by the respondent the value of photographic paper and processing chemicals - Held that:- In the case of State of Karnataka etc Vs. Pro Lab and Others etc. (2015 (2) TMI 388 - SUPREME COURT OF INDIA) the Supreme Court discussed the trajectory of the issue regarding the vivisectability of works contracts - payment of service tax and VAT are mutually exclusive, there remains no .....
2015 (12) TMI 18 - CESTAT NEW DELHI
New Delhi Municipal Corporation Versus Commissioner of Service Tax, Delhi
Service Tax: Waiver of pre deposit - Demand of service tax - renting of immovable property service - Held that:- There is no constitutional provision brought to our notice which provides immunity to the appellant from the service tax liability for rendering taxable service. It is also a fact that the levy of service tax on rental income under renting of immovable property service was set aside by the Delhi High Court in 2009 in the case of Home Solution Retai.....
2015 (12) TMI 17 - CESTAT MUMBAI
M/s. JSW Steel Ltd, Ispat Industries Ltd Versus Commissioner of Central Excise, Raigad
Service Tax: Denial of refund claim - PORT services and CHA services - appellant had not complied with the conditions of notification and they file to furnish evidences of actual payment of service tax - Held that:- finding recorded by the lower authorities of the documents are improper, the document in appeal, on perusal, found to be correct and in accordance with the provisions of Service Tax Rules. We find that the invoices contain service tax registration.....
2015 (12) TMI 16 - CESTAT NEW DELHI
M/s. Classic Constructions Versus Commissioner of Service Tax, Delhi-I
Service Tax: Waiver of pre deposit - benefit of abatement - service of laying pipelines - installation or commissioning service - Held that:- No hearing was held in respect of the Show Cause Notice dated 15.10.2012 and therefore prima facie the demand of ₹ 14,81,645/- has been confirmed in violation of principles of natural justice which warrants full waiver and stay in respect thereof. As regards the remaining demand of ₹ 52,72,521/-, we find tha.....
2015 (12) TMI 15 - CESTAT BANGALORE
M/s Practice Strategic Communication India Pvt. Ltd Versus Commissioner of Service Tax Bangalore
Service Tax: Condonation of delay - Power of Commissioner to condone delay beyond the period of 1 month - Held that:- As per the postal document, the impugned order stands delivered to the appellant on 12.1.2013. Not only the signature of the recipient person stands appended on the said postal receipt but the seal of the company is also put on the same, showing thereby the said order stands received by an authorized person of the company. On the contrary, the.....
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2015 (12) TMI 10 - CESTAT NEW DELHI
M/s. Neha Herbals Pvt. Ltd., Shri Vikas Gupta Versus CCE, Delhi-I
Central Excise: Classification of goods - Classification of henna powder retail packs - Invocation of extended period of limitation - Held that:- By section 67 (d) of Finance Act, 2006 heading 140410 alongwith its sub-heading 14041011 to 14041090 were deleted. Deletion of the sub-heading 14041011 and 14041019 which included the sub-heading 14041011 to 14041090 pertaining to henna leaves and henna powder respectively would imply that heena powder and leaves were.....
2015 (12) TMI 9 - CESTAT MUMBAI
M/s Deepak Fertilizers & Petrochemicals Corpn. Ltd. Versus Commissioner of Central Excise, Belapur.
Central Excise: Denial of CENVAT Credit - Capital goods - Invocation of extended period of limitation - Held that:- view taken by Commissioner (Appeals) in holding that extended period of limitation is invocable appears to be erroneous. I find that the appellant have duly informed the Revenue authorities at the time of fabrication and/or taking of credit by way of letter as well as by way of Annexure to its returns and as such there is no case of suppression of .....
2015 (12) TMI 8 - CESTAT KOLKATA
MESCO EQUIPMENTS (P) LTD. Versus COMMISSIONER OF C. EX., KOLKATA-II
Central Excise: Waiver of pre deposit - exemption under Notification No. 6/2006-C.E., dated 1-3-2006 - Held that:- In the said Notification, exemption is allowed to machinery or equipment to leaf cutting machines used in plantation sector. In the present case, we find that the claim of the applicant is that the machines manufactured by them are used for tea leaf cutting and also used in the plantation sector. In support, they have adduced evidences from the resp.....
2015 (12) TMI 7 - CESTAT NEW DELHI
COMMISSIONER OF CENTRAL EXCISE, CHANDIGARH Versus MODI METALS UDYOG
Central Excise: Removal of semi-finished goods for certain purposes without obtaining requisite permission under Rule 16B of the Central Excise Rules, 2002 - Held that:- application was filed and the Commissioner did not act upon the same immediately and the appellant cleared the goods during the pendency of decision on the said application. In any case the permission having been granted by the Commissioner in the relevant period, the Revenue’s objection that th.....
2015 (12) TMI 6 - CESTAT NEW DELHI
COMMISSIONER OF C. EX., DELHI-IV Versus MAHINDRA STILLER AUTO TRUCKS LTD.
Central Excise: CENVAT Credit - Bogus invoices - Issue of invoices without actual receipt of goods - Held that:- Revenue in their grounds of appeal have reiterated their stands that the Cenvat credit was wrongly passed to the respondent. However, they have not referred to any evidence on record, which was the main reason for the appellant authority to set aside the demand. They have simply reiterated that the respondent had paid back the Cenvat credit during inv.....
2015 (12) TMI 5 - CESTAT NEW DELHI
COMMISSIONER, C. EX. & S.T., CHANDIGARH Versus NACHIKETA PAPERS LTD.
Central Excise: Demand of interest u/s 11AB - If the duty was short paid or not paid by reason of fraud, collusion, or any wilful misstatement or suppression of facts or contravention of various provisions of the Act - Held that:- These ingredients are not available in the present case, therefore, interest is not payable for the period October 1999 to December 1999. We find that the Revenue has not disputed this fact in the grounds of appeal. - reason to interfere the impugned order passed by the Commissioner (Appeals) - Decided against Revenue.
2015 (11) TMI 1478 - CESTAT NEW DELHI
M/s Vinod Kumar Jain, M/s Kanpur Kashmir Roadway, Devendra Kumar Jain, Shankar Lal Gupta Versus C.C.E. & S.T. Jammu & Kashmir
Central Excise: Waiver of pre deposit - area based exemption - Refund under notification no. 56/02-CE - The allegation against VKM is that during the period from December 2004 to November 2006, they did not manufacture any goods in their factory and only showed production in their records and thus have wrongly claimed the refund under notification no. 56/02-CE by the way of credit entries in PLA - Held that:- It is also seen that while the present Show Cause Not.....
2015 (11) TMI 1477 - CESTAT NEW DELHI
Rathi Ispat Ltd., Shri Arun Rathi And Shri Ravinder Jain Versus CCE-Ghaziabad
Central Excise: Waiver of pre deposit - Duty demand - Clandestine removal of goods - Shortage of goods found - violation of the principles of natural justice - copies of all the RUDs and NRUDs had not been supplied with the SCN - Held that:- As regards the supply of RUDs and NRUDs, there is no dispute that the same are very large in number and probably for this reason only, the appellants were asked to collect the same from the office of Delhi Zonal Unit of DGCE.....
More Central Excise Cases
2015 (12) TMI 4 - CESTAT MUMBAI
Shri Parminder Singh Sabharwal Versus Commissioner of Customs (Export) , Nhava Sheva
Customs: Detention of assets - violation of principles of natural justice and fair play. - Allegation of Smuggling of consignment seized including Luxury Car, Luxury Wrist Watches, Assorted jewellery, pieces of fur of wild animals and cash - whether the impugned order extending the time limit under Section 110(2) is legal and proper and whether the officers of DRI had sufficient time and opportunity for investigating into the details of the assets detaine.....
2015 (12) TMI 3 - CESTAT MUMBAI
Loomcraft Fabrics Pvt. Ltd, Vatan Textiles Ltd., Rafeeq Ahmed Khan, Fabricart Furnishings Pvt. Ltd., Zeheer Ansari & Shafeeq Ahmed Khan Versus Commissioner of Customs & Central Exicse, Aurangabad
Customs: Waiver of pre deposit - 100% EOU - Clandestine manufacture and clearance of goods - DTA Clearances - Clearance of goods in the name of fictitious units - exemption on capital goods under Notification No. 53/97-Cus - Held that:- on the basis of evidences unearthed by the investigation, it is revealed that the Applicant M/s Vatan Textiles Ltd have manufactured final products i.e. fabric and cleared clandestinely in the domestic market without payme.....
2015 (12) TMI 2 - CESTAT MUMBAI
M/s. Trans Sea Services Pvt. Ltd. Versus Commissioner of Customs (General) Mumbai.
Customs: Suspension of CHA license - Denial of duty free benefit - Misdeclaration - absence of the ITC (HS) Code number relating to Cocoa powder in the amendment sheets issued by DGFT against the original DFIA Licences - Held that:- It is quite obvious from the remarks of the Assessing Officer (AC)that the assessment was done in full consciousness of the facts of the case. We fail to see how the extended period can be invoked even under the Customs Act fo.....
2015 (12) TMI 1 - CESTAT MUMBAI
Shri Mangilal Ranka, Shri Harish Turakhia & Shri Jayesh Turakhia Versus Commissioner of Customs (Import) , Mumbai
Customs: Valuation of goods - valuation of 10 varieties of Integrated Circuits and 6 varieties of transistors imported under Bill of Entry dated 8.9.2003 - Held that:- Assessable value cannot be determined on the basis of quotation. Quotations are merely indicative price having no relevance as to the Country of Origin, which is admittedly not mentioned on the quotation. With respect to the IC No. 0800HCN, (Sr. No. 2 of Annexure-B to show-cause notice), th.....
2015 (11) TMI 1505 - CESTAT KOLKATA
M/s. Tata Chemicals Ltd. Versus Commissioner of Customs (Port) , Kolkata
Customs: Claim of exemption from CVD - import of ‘Red Fine Standard Grade Murate of Potash (MOP) - whether the appellant are eligible to the benefit of Notification No.12/2012-CE dated 17.03.2012 - Held that:- We do not find that the benefit of excise Notification No.12/2012-CE dated 17.03.2012 has been denied to the appellant, recording any observation that the appellant are not eligible to the benefit of both the Notifications simultaneously - it is cle.....
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2015 (11) TMI 1497 - RAJASTHAN HIGH COURT
C.T.O., Jodhpur Versus M/s Chagni Ram Gehlot, Jodhpur
VAT and Sales Tax: Purchase of goods for use in works contract from other state - interstate movement of goods against Form-C - Denial of exemption claim - Notification dated 28.04.1993 - Held that:- Assessee is a contractor and carrying on the constructions works and he purchased the goods in the course of inter-State trade, the CST would be payable in the appropriate State, i.e. U.P. wherefrom the movement of the goods commenced and for this reason, the contracto.....
2015 (11) TMI 1496 - GUJARAT HIGH COURT
State of Gujarat Versus Shandong Tiejun Electric Power Engineering Company Ltd.
VAT and Sales Tax: Sale of goods in the SEZ - works contract - Exemption under section 5A of Gujarat VAT despite of failure to obtain endorsement of custom authority on the bill as required by Rule 42(2A) - levy of interest and penalty - Held that:- Having regard to the nature of the contract between the petitioner and the Adani Power Limited, which is in the nature of a works contract, when construction materials are purchased by the assessee, they are purchased f.....
2015 (11) TMI 1495 - ORISSA HIGH COURT
Chandrika Sao Versus Sales Tax Officer, Balasore Range, Balasore and another
VAT and Sales Tax: Challenge to assessment order - Bar of limitation - violation of the principles of natural justice - Held that:- there is no explanation for the delay of more than four months caused in issuing the assessment order to the petitioner except stating that due to clerical mistake there has been a delay of four months. Nothing has been stated in detail as to when the order of assessment has been handed over to the dispatch section and who is responsib.....
2015 (11) TMI 1494 - BOMBAY HIGH COURT
Commissioner of Sales Tax, Maharashtra State, Bombay Versus Berar Metal Processing Industries Pvt. Ltd., Berar Metal Processing Industries Pvt. Ltd. Versus State of Maharashtra and others
VAT and Sales Tax: Whether, on the facts and in the circumstances of the case and on a true and correct interpretation of sub-entry (xv) of entry 6 of Schedule B appended to the Bombay Sales Tax Act, 1959, was the Tribunal justified in law in holding that 'welding electrodes' continue to be 'wire rods' or 'wires' even after they were coated with lime, sand and binding glue - Held that:- statement of case and the reasons recorded by the Tribunal. Instead of repeatin.....
2015 (11) TMI 1429 - DELHI HIGH COURT
Shruti Fasteners Ltd. Versus Commissioner of Value Added Tax
VAT and Sales Tax: Validity of reassessment proceedings - Whether the Tribunal was justified in upholding the reassessment orders when before issuing the notice in form ST-15, no reasons have been indicated/recorded by the Ld. VATO on the order sheet - Held that:- VATO was authorised to reopen the assessment, it is plain that the jurisdictional requirement under Section 24 (1) of the DSTA that reasons must be recorded by the VATO himself, as the officer issuing the.....
More VAT and Sales Tax Cases
2015 (11) TMI 1493 - SECURITIES APPELLATE TRIBUNAL MUMBAI
Mr. Gopalakrishnan Raman and Others Versus Securities and Exchange Board of India,
Corporate Laws: Obligation cast on the promoter/promoter group to make yearly disclosure under Regulation 8(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and regulation 30(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 - whether the obligation to make yearly disclosure is on the promoter group or the obligation is on every promoter.....
2015 (11) TMI 1426 - SUPREME COURT
A.R. Dahiya Versus SEBI
Corporate Laws: Buy back arrangement - collaboration for profitable implementation - Appellant contended that as his buy-back from HSIDC, was a transfer of shares from a State level financial institution to a co-promoter of the Target Company, it was exempt under Regulation 10 - Tribunal dismissed the contention stating that the exemption under Regulation 10 was only with respect to making a public announcement and does not permit the Appellant from not disclosi.....
2015 (11) TMI 1387 - SUPREME COURT
Chairman SEBI Versus Roofit Industries Ltd.
Corporate Laws: Reduction the penalty payable by the Respondent, Roofit Industries Ltd., under Section 15A of the Securities And Exchange Board of India Act, 1992 (SEBI Act) from ₹ 1 crore to ₹ 60,000 - Held that:- On an analysis of the language in the 1961 Act, it is clear that the Legislature intended for non-compliance with the obligation of making a Return to be considered an infraction as long as the default continued. The facts before us are si.....
2015 (11) TMI 1317 - CALCUTTA HIGH COURT
Mehras Books Private Limited Versus Random House Publishers India Private Limited.
Corporate Laws: Winding up petition - settlement of accounts - whether having regard to the emails exchanged it cannot be said that the company is not indebted to the petitioner? - Held that:- Both the agreements namely, the Distributorship Agreement 2009 and the Distributorship Agreement- Princeton 2011 clearly state that the company is a non-exclusive distributor of the petitioners. The company accepts that the said agreements are on a principal to principal b.....
2015 (11) TMI 1220 - SUPREME COURT
Securities & Exchange Board of India Versus ICAP India Pvt. Ltd.
Corporate Laws: Interpretation of the term `annual turnover' - stand of the appellants is that the SAT has mis-interpreted the Explanation to paragraph 3 to hold that the "turnover" for purpose of fee will not be the value of the stocks under transaction but only the value of brokerage earned by the stock brokers like the respondent - Held that:- On a careful analysis of the Explanation occurring after paragraph 3 of Schedule III and the definition of `annual tu.....
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2015 (11) TMI 192 - SIKKIM HIGH COURT
Eastern Institute For Integrated Learning In Management University Through Its Acting Vice Chancellor, Shri R.P. Sharma Versus The Joint Director Directorate of Enforcement, The Enforcement Officer Directorate of Enforcement, The Registrar/Administrative Officer Adjudicating Authority
FEMA: Offences under the Prevention of Money-Laundering Act, 2002 corresponding to Sections 420/467/ 120B of the Indian Penal Code - Held that:- Case has been registered in the Court of the Chief Judicial Magistrate, South and West at Namchi, against 11 (eleven) persons connected with the Petitioner-University in various capacities based on a charge-sheet submitted by the Sikkim Police for offences under Sections 420/467/471/ 201/120B IPC. - On a caref.....
2015 (11) TMI 131 - GUJARAT HIGH COURT
AFROZ MOHMAD HASANFATTA Versus DEPUTY DIRECTOR & 1
FEMA: Bail application - Arrest made without the mentioning of name in FIR - arrest of the applicant without a warrant in a non-cognizable offence - applicant is alleged to have received ₹ 7 crores from one Natural Trading Company and ₹ 6.31 crores from one M/s Gangeshwar Mercantile Pvt. Ltd. without satisfactory explanation - revention of Money Laundering Act, 2002 - Held that:- Applicant, at this stage, has failed to satisfactorily establ.....
2015 (11) TMI 77 - MADRAS HIGH COURT
Kamal Batcha Versus Deputy Director of Enforcement, The Foreign Exchange Management Appellate Board
FEMA: Confiscation of amount seized from appellant premises - amount was obtained by any unfair means - offence under Section 9(1)(b) of the Act - Held that:- It is apparent that the alleged confessional statement dated 30.04.1991, said to have been recorded from the appellant by the Officers of the Directorate of Enforcement has not been corroborated by any independent witness. Further, neither Mohamed Hilal of Kuwait, nor Jahubar Nissar, from whose r.....
2015 (11) TMI 28 - PUNJAB & HARYANA HIGH COURT
Tilak Raj Versus Joint Director of Enforcement Directorate, Jalandhar
FEMA: Tribunal while directing the petitioner(s) to deposit 15% of the amount of penalty imposed and to furnish reliable security for the balance amount of 85% as a pre-deposit for hearing of the appeal has noticed that the petitioner (s) has an arguable case and it would cause hardship in case the waiver is not allowed, but no case of complete waiver was made out. - petitioner(s) has been required to pre-deposit 15% of the penalty amount as a conditio.....
2015 (10) TMI 264 - MADRAS HIGH COURT
Shri A.N. Dyaneswaran, Shri C. Sampath Kumar Versus The Special Director of Enforcement, The Appellate Tribunal For Foreign Exchange
FEMA: Otherwise acquired foreign currencies - Proceedings under FERA, 1973 - holding the currency as owner thereof and handing a part of for safe custody with the appellant's mother and wife - ownership of foreign currencies - validity of statement before income tax authorities - Held that:- FERA and the Income Tax Act are two separate and independent Acts operating in two different fields. Therefore, we do not think that the appellants can take adva.....
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2015 (11) TMI 1316 - SUPREME COURT
UNION OF INDIA & ORS. Versus MAJOR GENERAL SHRI KANT SHARMA & ANR.
Allied Laws: Jurisdiction of the High Court under Article 226 of the Constitution of India regarding matters related to Armed Forces. - Held that:- The High Court (Delhi High Court) while entertaining the writ petition under Article 226 of the Constitution bypassed the machinery created under Sections 30 and 31 of Act. However, we find that Andhra Pradesh High Court and the Allahabad High Court had not entertained the petitions under Article 226 and directed .....
2015 (11) TMI 1315 - SUPREME COURT
HARSHAD GOVARDHAN SONDAGAR Versus INTERNATIONAL ASSETS RECONSTRUCTION CO. LTD & ORS
Allied Laws: Whether the provisions of the SARFAESI Act have in any way affected the right of a lessee to remain in possession of the secured asset during the period of a lease. - whether the provisions of the SARFAESI Act have the effect of terminating these valid leases made by the borrower or the mortgagor made in accordance with the provisions of the Transfer of Property Act. - whether there is any provision in Section 13 of the SARFAESI Act which is inco.....
2015 (11) TMI 1289 - SUPREME COURT
RAJENDRA SHANKAR SHUKLA & ORS. ETC Versus STATE OF CHHATTISGARH & ORS. ETC.
Allied Laws: Validity of the Town Development Scheme, namely, ‘Kamal Vihar Township Development Scheme - Held that:- The Scheme was finalised on 26.5.2010, by which date, no land had been acquired by Respondent No. 2- RDA nor any piece of land vested in it. Plots are being earmarked only on paper and such ‘on paper’ allotment of plots have been done by Respondent No. 2- RDA. Therefore, we are of the opinion that due to the change in the scope of the project,.....
2015 (11) TMI 1288 - SUPREME COURT
JAL MAHAL RESORTS PVT. LTD. Versus K.P. SHARMA & ORS.
Allied Laws: SLP against the order of HC where the High Court was pleased to cancel an Environment and Monument Improvement/Preservation and Tourism Development Project at Jaipur by declaring it as illegal which was awarded to the petitioner/appellant Jal Mahal Resorts Private Limited via global tender floated in 2003 and finally granted in 2005 after all requisite approvals as per the petitioner/appellant under the Environmental Law including Environment Imp.....
2015 (11) TMI 1287 - SUPREME COURT
T.N. Generation & Distbn. Corpn. Ltd. Versus PPN power Gen. Co. Pvt. Ltd.
Allied Laws: Generation of Electricity - Power Purchase Agreement (PPA) - Whether the appellant was entitled to avail rebate of 2.5 % on the part payment of the monthly invoice within 5 business days from the date of the presentation of the monthly invoice. - Held that:- the appellant has illegally arrogated to itself the right to adjudicate by unilaterally assuming the jurisdiction not available to it. It was required to comply with Article 10 of the PPA wh.....
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Jiva Seva is Shiva Seva :
Service to humanity is Service to God
May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.
- Swami Vivekananda, CW, 5:137