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Case Laws
Showing 101 to 120 of 437 Records
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1997 (3) TMI 457 - SUPREME COURT
Whether the banks can enter into buy-back arrangements in units of UTI under 1964 Scheme?
Held that:- Appeal allowed. Infringements of the instructions issued by the RBI under the Banking Regulations Act prohibiting the banks from entering into buy-back arrangements do not invalidate such contracts entered into between the banks and its customers.
The ready-forward contract is severable into two parts, namely, the ready leg and the forward leg. The ready leg of the transaction having been completed, the forward leg, which alone is illegal, has to be ignored.
With the ready leg having been performed the illegality of the forward leg contained in the agreements cannot affect the transfers which had already taken place.
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1997 (3) TMI 454 - HIGH COURT OF DELHI
Winding up - Circumstances in which a company may be wound up ... ... ... ... ..... f years to come out with a scheme as to in what manner it would be able to pay its creditors, however, in spite of the undertaking given by its director to the court that it will pay the creditors in instalments in the manner proposed by the petitioner with effect from April, 1996, no amount whatsoever has been paid to the petitioner. In these circumstances, I am unable to exercise my discretion in favour of the respondent-company. Moreover, there is no reason as to why the discretion should be exercised in favour of the respondent-company when there is sufficient material on record to show that the respondent-company is not in a position to meet its current liabilities. For the view taken by me, I have not considered it necessary to refer to the judgments cited by both the sides. In this view of the matter, I admit this petition and direct the citation to be published in the Hindustan Times (English), Navbharat Times (Hindi) and the Delhi Gazette, returnable on July 8, 1997.
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1997 (3) TMI 452 - SUPREME COURT
SUSPENSION OF LEGAL PROCEEDINGS - RECOVERY OF TAX — SICK INDUSTRIAL COMPANY - CONSENT OF BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION
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1997 (3) TMI 450 - HIGH COURT OF DELHI
Prospectus - Interpretation of provisions relating to ... ... ... ... ..... exceed or abuse its power. It must keep within the limits of the authority committed to it. It must act in good faith and it must act reasonably. It is not the concern of the Court to find out as to whether actuarial method of accounting or any other method would be feasible or possible to adopt by the companies while carrying out the conditions contained in paragraphs (6) and (12) of the directions of 1987. The companies are free to adopt any mode of accounting permissible under the law but it is certain that they will have to follow the entire terms and conditions contained in the impugned directions of 1987, including those contained in paragraphs (6) and (12). It is not possible for the Court to determine as to how percentage of deposit of first instalment should be allowed towards expenses which may consist of commission to agents, office expenses, etc. Emphasis supplied 22. In view of the foregoing discussion, we find no merit in the petition and the same is dismissed.
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1997 (3) TMI 432 - CEGAT, CHENNAI
Switch - Imported goods - Tuner - TV tuner - Interpretation of statute - Exemption notification - Words and Phrases - Classification of goods
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1997 (3) TMI 431 - CEGAT, NEW DELHI
... ...
... ... ..... it was held that ldquo trade discount by whatever name it is described should be deducted from the sale price if such discount as known to the purchaser at or prior to the removal of goods. In the instant case, the price list prepared by the respondent disclosed that the particular percentage of the total price will be allowed as discount if the payment is made in cash or within certain time. It should, therefore, be taken that the purchasers were aware of the said discount allowed depending upon when the payment of the price is made. Therefore, cash discount was admissible irrespective of whether each customer availed of the said discount or not. rdquo Now it is settled position that trade discount need not be uniform if it was known and allowed at the time of clearance of goods. In the facts and circumstances of the case, following the ratio of the aforesaid decision, we accept the plea of the appellants and, accordingly, the appeal is allowed on the issue of cash discount.
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1997 (3) TMI 430 - CEGAT, NEW DELHI
... ...
... ... ..... or held against the assessee but the Collector (Appeals) held in favour of the assessee. The Department being aggrieved has filed these appeals. 3. emsp In the absence of any evidence to show that the amount collected as ldquo Dharmada rdquo is not retained by the respondent and is not spent for charitable purposes, it has to be held that the said amounts cannot be part of the assessable value of the excisable goods. See Mohan and Company, 1987 (30) E.L.T. 624 and Final Order No. 142-143/97-A, dated 24-1-97 in E/2176 and 2177/88-A 1997 (91) E.L.T. 109 (Tribunal) (CCE, Chandigarh v. Electrical Corpn. of India). The appeals are accordingly dismissed.
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1997 (3) TMI 412 - CEGAT, NEW DELHI
Classification ... ... ... ... ..... he width. 6. emsp From the process of manufacture when seen in the light of the relevant tariff entry it is clear that there was a process of manufacture when duty paid strips were subjected to the process to obtain cablewrap and as they were not one of the specified articles of aluminium, they were rightly classifiable under Heading 76.13 and sub-heading 7613.90. 7. emsp The tariff entry as brought into force with effect from 1-3-1988 with regard to aluminium was differently worded and the scope of other articles of aluminium was restricted when compared with the description in the tariff prior to 1-3-1988. 8. emsp Taking all the relevant facts and considerations into account we do not agree with the view taken by the learned Collector of Central Excise (Appeals) for classification of cablewrap under sub-heading 7605.90 and con shy sider that the classification already approved of the goods in question under sub-heading 7613.90 was correct. As a result the appeal is allowed.
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1997 (3) TMI 404 - CEGAT, NEW DELHI
Modvat on inputs - Electrodes of electrolytic cells ... ... ... ... ..... ly decomposed into sodium and chlorine, the former reacts with the mercury to form sodium amalgam and when the latter reacts with water such reaction is more controlled than when sodium metal itself would directly react with water to form sodium hydroxide. Thus, the role of mercury is not confined only to its function as an electrode. It also takes part in the chemical reaction. Hence there is no scope for doubt at all about its entitlement for the benefit under Rule 57A which is admissible to goods used in or in relation to the manufacture of the final product but not used as machinery, machine, apparatus, etc. Though this additional argument may not be available for graphite electrode, it also qualifies for the same benefit for the reasons already considered, namely, its function and use in the manufacture of caustic soda and its not being a machine or machinery or any of the other excluded items. In view of this position, I find no merit in the appeal and dismiss the same.
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1997 (3) TMI 396 - CEGAT, MUMBAI
Modvat - Deemed Credit ... ... ... ... ..... ted by the lower authority and appeal against the finding is resisted by the respondents. 7. emsp We have seen a copy of the Notification No. 208/83. The table to the notification contains the description of inputs in column No. (2) and description of final products in column No.(3). Under the notification, the final products shown in column No. (3) were exempted from duty provided they were made from any goods of the description specified in the corresponding entry in column No. (2). Steel scrap would fall under sub-heading 72.03 and 72.15 of the Tariff. These sub-headings are not found anywhere in column No.(3) of the Notification. This would make it clear that the steel scrap purchased by the respondents was not covered by the exemption notification. It is, therefore, futile for the Department to contend that this scrap was clearly recognisable as non-duty paid. 8. emsp For the reasons indicated above, we decline to interfere with the order impugned and dismiss the appeal.
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1997 (3) TMI 395 - CEGAT, NEW DELHI
Demand - Sale of goods at different prices ... ... ... ... ..... o the show cause notice were during a period of eight months. Out of the clearances effected during this period, the Department was able to pick three clearances where the appellant had col shy lected price higher than the declared price. Prices in each of the cases were different. The Department had no case that each of these three buyers was a class by himself. Having regard to the stray nature of such instances the normal price would continue to be the price declared and approved and therefore there was no justification to put forward any demand on the basis of short payment. Further, gate passes had been submitted along with monthly returns and since it is not disputed that clearances show correct price on which goods were being sold, there was no question of invoking the proviso to Section 11A of the Act. The notice would be barred in respect of two out of the three instances. 4. emsp For the reasons indicated above, we set aside the impugned orders and allow the appeal.
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1997 (3) TMI 394 - CEGAT, NEW DELHI
Demand - Modvat ... ... ... ... ..... should have been paid on the higher value. Appellant resisted the notice. However, the Additional Collector passed the impugned order confirming the demand. Hence, the present ap shy peal. 2. emsp The dispute in this case has been settled by a Larger Bench of the Tribunal in Collector of Central Excise, Coimbatore v. American Auto Service, 1996 (81) E.L.T. 71. Rule 57F(2) of the Rules, as it then stood, required in such circumstances that clearance can be only on payment of appropriate duty of excise as if the inputs had been manufactured in the factory. The Larger Bench held that appropriate duty would be duty equal to the duty paid on the inputs originally at the time of clearance from the manufacturer to the appellant. This would mean that even if the inputs were subsequently sold at higher price, duty need not be paid on the higher value. Hence, the impugned order cannot stand. 3. emsp For the reasons indicated above, the impugned order is set aside and appeal is allowed.
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1997 (3) TMI 393 - CEGAT, NEW DELHI
... ...
... ... ..... much thereafter, the time-limit of one year could have been taken care of and if necessary a request for extension of time-limit ought to have been made. Therefore, there is a technical breach of the provisions. But at the same time, the Collector and the A.C. are empowered to relax the time limit in appropriate cases, and therefore, such a technical breach itself should not be taken a serious note of. The Tribunal has already held in a series of cases that in case of substantive compliance with the provisions, the benefit should not be denied merely because of some error or minor infraction and the substantive benefit should be allowed, if otherwise due. In the present case, there is no dispute that the benefit of Rule 173H was otherwise due and available to the appellants and they had filed the necessary D-3 intimation. In the circumstances, the delay was condonable. I, therefore, set aside the im shy pugned order and accept the appeal with consequential relief if any due.
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1997 (3) TMI 392 - CEGAT, NEW DELHI
... ...
... ... ..... ng refund claim, has become final. That cannot be challenged by challenging the conse shy quential order for refund passed by the Assistant Collector. 3. emsp Shri D.S. Negi, SDR contends that the ground urged in the present appeal is that the Assistant Collector in approving the price lists could not have approved the same retrospectively and therefore, the two orders of approval are void and therefore, the refund claim was not tenable. This ground also could have been raised before the Collector (Appeals) when he was dealing with the appeal filed by the manufacturer against the order passed by the Assistant Collector rejecting the refund claim. As we have indicated earlier, order passed by the Collector (Appeals) has become final and the eligibility of the respondent for refund cannot be challenged thereafter by the department. 4. emsp For the reasons indicated above, we have no ground to interfere and dismiss the appeal. Cross-objection being merely supportive is rejected.
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1997 (3) TMI 365 - COMMISSIONER OF CUSTOMS & CENTRAL EXCISE (APPEALS)
... ...
... ... ..... aken-up the matter with the insurance company but as far as appellant was concerned he had duly exported 721 Cartons of the Handicraft which had left Indian territorial waters and for which appellant had received full payment from the consignee, therefore they were entitled to drawback claim on the entire 721 Cartons of the goods exported. The Apex Court in case of Collector of Customs v. Sun Industries, 1988 (35) E.L.T. 241 (S.C.) had held that export was complete when the ship carrying the export consignment pass out of the territorial water of the India. Thus appellants are entitled to relief in this case. The order of the Adjudicating Authority is set aside and appeal allowed.
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1997 (3) TMI 358 - CEGAT, NEW DELHI
Modvat - Declaration ... ... ... ... ..... pted that roughly shaped forgings are the same as roughly shaped flanges as flanges is only one of the various types of forged product. However, I find that there is no verification from the input supplier as to whether they had supplied only one input viz. roughly shaped flanges to the appellants herein which would have clarified the position and stand of the appellants that there was no difference from roughly shaped forgings and roughly shaped flanges. This assumes significance in the face of the fact that the final product flanges is not disputed by the Department. Therefore, the appellants have offered a plausible and acceptable evidence that what they have received was roughly shaped flanges which were further subjected to the processes of finishing/machining to result in their final product, flanges. In this view of the matter, I hold that there is no ground for denial of Modvat credit to the appellants and accordingly set aside the impugned order and allow the appeal.
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1997 (3) TMI 357 - CEGAT, NEW DELHI
Classification ... ... ... ... ..... n in the invoice. 6. emsp I also find that the appellants placed reliance ori HSN classification and the Notes incorporated under Chapter sub-headings that both chapter Headings 90.26 and 90.28 appeared in the HSN that in the Notes at page 1511 under Section XVIII flowmeter and liquid meter have been defined. It has also been defined that the apparatus which merely indicates the total amount of liquid delivered over a period are classified as supply meters in Heading 90.28. 6. emsp Looking to the catalogue and the Notes in the HSN I find that the product is akin to liquid meter as neither in the catalogue nor in the invoice it has been specified that the product apparatus is capable of measuring the flow of liquid per unit of time. Having regard to these facts I hold that the product is a liquid meter classifiable under Chapter sub-heading 9028.20. In the result the appeal is allowed. Consequential relief, if any, shall be admissible to the appeallants in accordance with law.
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1997 (3) TMI 350 - CEGAT, CALCUTTA
Classification of goods ... ... ... ... ..... Assistant Collector after supplying the full text of the report of the Chemical Examiner on the sample sent by the department. 4. emsp On the question of dispute prior to 11-7-1988 whether the product would fall under Sl. No. 10 or Sl. No. 11 of the Notification 52/86, we observe that the Assistant Collector, by his adjudication order dated 25-11-1988 has not really applied his mind to that question. He has sidetracked the question by changing the classification from Chapter 70 to Chapter 68, That question, therefore, is also to be decided de novo by the adjudicating authority after taking into account the submissions of the appellants herein and after taking into consideration the reports of Chemical Examiner, if necessary on that question. Accordingly, the appeal is allowed by remanding the matter to the adjudicating authority in the above terms. Needless to say that the adjudicating authority would decide the questions in accordance with the principles of natural justice.
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1997 (3) TMI 346 - CEGAT, NEW DELHI
Steel trollies ... ... ... ... ..... se of the items in question for storage or for carrying the parts of scooters to the shop for assembly of scooters does not constitute such use and does not disentitle the trollies for the benefit of exemption. This was the view taken by the Tribunal in Tata Engineering and Locomotive Co. Limited v. Collector of Central Excise, Pune 1994 (70) E.L.T. 75 (T) . It was held therein that material handling equipment cannot be considered to be one of the types mentioned in the exclusion clause of Notification 217/86. Such equipment does not produce or process any goods or cause any change in any substance. The ratio of decision will squarely apply to the present case. The trollies meant for storage and movement of various parts of scooters do not produce or process any goods or bring about any change in any substance in or in relation to the manufacture of the final product. The appeal should succeed on this question. We accordingly set aside the impugned order and allow the appeal.
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1997 (3) TMI 345 - CEGAT, CALCUTTA
... ...
... ... ..... ion that for classification, the burden is on the Revenue. Therefore, if the Revenue wants to classify these goods under Chapter 93, it is for the Revenue to prove that these are not parts of general uses but these are parts used only for ammunition of war. In the absence of any such evidence from the Revenue, we cannot accede to their contention. 5. emsp In view of the aforesaid discussions, the classification of the goods be taken as held above by the authorities below. They would now look into the applicability of Notification No. 175/86 to determine whether the appellants would be fully covered within the said Notification or not. If any duty liability devolves on them as a result of the aforesaid classification, then the appellants would be liable to pay the same because they are not holding any manufacturing licence from the Excise Authorities and therefore, the question of limitation for payment of duty demand would not arise. Appeal is disposed of in the above manner.
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