Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Forum Articles Highlights TMI Notes SMS News What's New Calendar Imp. Links Database More...
Extracts
Home List
← Previous Next →

M/s. Arjun Strips & Pipes Ltd., Shri Ketan Gupta, Shri Syed Arif, Shri N. Yogesh, Shri Kewar Gupta Versus Commissioner of Central Excise, Customs and Service Tax Bangalore-I

Valuation - Related party transaction - Applicability of provisions of Rule 4 - clearance of waste and scrap, which originates during the manufacture of final product, without payment of duty - extended period invoked - Held that:- Commissioner (A) has only observed that since there was suppression, the extended period is invocable. However, there is no reference to any positive act on the part of the assessee so as to suppress or misstate the value with an intention to evade payment of duty. As .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

enue. - E/MISC/294/2010 in E/813/2007-DB, E/822/2007-DB, E/823/2007-DB, E/824/2007-DB, E/825/2007-DB, E/813/2007-DB, E/822/2007-DB, E/823/2007-DB, E/824/2007-DB, E/825/2007-DB - Final Order No. 20234-20238 / 2016 - Dated:- 10-2-2016 - SMT. ARCHANA WADHWA, JUDICIAL MEMBER AND SHRI ASHOK K. ARYA, TECHNICAL MEMBER For the Petitioner : Shri Raghavendra, Advocate For the Respondent : Mr. Mohd. Yousaf, Addl. Commissioner (AR) ORDER PER : ARCHANA WADHWA All the appeals are being disposed of together as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he appellant for sale of their final product to the related party was marginally less than the value at which the product was sold to the individual buyers. 2.1As a result of investigations, proceedings were initiated against the appellant by way of issuance of show-cause notice dated 13.2.2006 raising demand of duty for the period October 2000 to October 2005, by invoking the provisions of Rule 11 read with Rule 9 of the Valuation Rules. The notice proposed to adopt the assessable value as the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ve contention and confirmed the demand, as proposed in the show-cause notice, even though he observed that Revenue cannot directly adopt Rule 9 and Rule 10, without first exhausting the previous Rules. On appeal, Commissioner (A) observed that Rule 4 is the proper Rule, which is required to be adopted in those cases where the goods are partly sold through related persons and partly through independent wholesale buyers, but still confirmed the demand by making the following observations: 10. In t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nit and price charged is approximately 2% less compared to the price charged to independent buyers from the factory gate. It is argued by the appellant that the price so charged less to the related person is not affected by extraneous considerations does not appeal to reason. Why is price charged to related person less than charged to independent buyer? No reason is advanced by appellant and it cannot be fair price. The original authority has rightly demanded differential duty on that portion of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sale price to individual buyers which has to be adopted even in respect of sales to the trading units, he went ahead and confirmed the demand. We find that the said order of Commissioner (A) is self-contradictory order. On the one hand, he is accepting the appellants stand that Rule 4 is required to be followed and on the other hand, he proceeded to confirm the demand. We also note that the said part of the impugned order of Commissioner (A) does not stand challenged by the Revenue. Otherwise a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

  ↓     Latest Happening     ↓  

Forum: 3B mistake

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Input tax credit

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

Forum: GST on Notional rent

Forum: GST ON SALES PROMOTION

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.

Highlight: Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of residence - disallowance of ad hoc expenditure deleted.

Highlight: Project import - Since the goods were never used for the purpose for which it was imported, the actual user condition has been violated - Redemption fine and penalty imposed.

Highlight: Penalty u/s 112 (a) - CHA - Lack of due diligence and failure to take more precautions can not, by itself, bring in penal consequences

Highlight: Import of services - GST - The fact that those services were received outside India will not change the fact that the services have been paid for by the beneficiary appellant, who is located in India. - Demand confirmed.

Notification: SEZ for IT/ITES at Madhurwada Village, Visakhapatnam District in the State of Andhra Pradesh - denotified.

Highlight: Merely because payment is received in Indian rupee, it cannot be said that payment against export has not been received in convertible foreign exchange.

Highlight: Merely vehicle numbers was not mentioned on the invoices cannot be the reason to deny Cenvat Credit

Highlight: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 - Circular

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

News: Auction for Sale (Re-issue) of Government Stocks

Article: TDS APPLICABILITY ON GOVERNMENT CONTRACTS UNDER GST (Under Section 51 of the CGST Act, 2017)

News: Manmohan takes potshots at note ban, 'hasty' rollout of GST

News: GST on petrol, diesel requires wider discussion: Nitish

Article: WHEN CAN ONE TAKE ITC FOR RCM CASES?

Notification: TDS liability under Section 51 of CGST, 2017 come into force w.e.f. 18-9-2017 - Persons liable to deduct TDS from payment made or credited to the supplier of taxable goods or services specified

Notification: Central Goods and Services Tax (Seventh Amendment) Rules, 2017

Notification: Seeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017

Circular: Filing of Special Leave Petition against Orders of Hon'ble High Courts staying Collection of Tax under GST- reg.

Highlight: Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

Highlight: Deduction u/s 10B - initial AY - Mere authorization to enable the Assessee to import material or export produce in the earlier date would not ipso facto tantamount to commencement of substantial activity of ‘manufacture’/’production’.

Circular: Sub:- Procedure to be followed for Import under DEEC/EPCG Scheme- reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version