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 Ishan Systems Pvt. Ltd., Shri Rukum Singh Yadav, Director Versus CCE & ST, Noida

100% EOU - import of equipment availing benefit of N/N. 153/93-CUS dated 13/08/1993 - appellant has failed to fulfill their export obligation under Notification - auction - sole contention of the appellant is that as they could not repay the loan of the Vijaya Bank and bank took over the possessing property which has been auctioned - Held that: - the auction took place on 05/12/2011, whereas the appellant intimated to the Department that proceedings are going with the Debt Recovery Tribunal only .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ments in question are held liable for confiscation as these equipments did not use for intended purpose - As goods has been confiscated, the same is the property of the Revenue and the goods can be redeemed on payment of redemption fine as imposed in the impugned order. - Penalties - Held that: - the appellants has failed to discharge their export obligation in terms of N/N. 153/93-CUS dated 13/08/1993, in that circumstances, the penalties are imposable on the appellants - the penalties impo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

taf, Authorized Representative (DR) for the Respondent ORDER Per. Ashok Jindal The appellants are in appeal against the impugned order wherein duty has been demanded and goods in question has been confiscated which were allowed to be redeemed on payment of redemption fine and penalties are also imposed on both the appellants. 2. The brief facts of the case are that the main appellant was granted a licence for setting up a 100% EOU for providing infrastructure facility for STP unit under the Soft .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

an of ₹ 40 crores from Vijaya Bank for construction of building for housing STP units. Building was constructed. Imported equipments were also installed but the appellant could not start the project and did not discharge their export obligation. As appellant could not pay the installments of loan taken from the Vijaya Bank, the bank declared the appellant as NPA and the proceedings under Securitization Act were initiated against the appellant. The appellant from time to time intimated to 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

e penalty on both the appellants. The matter was adjudicated and duty of ₹ 27,74,835/- alongwith interest was demanded and the goods were held to be liable for confiscation with an option to redeem the same on payment of redemption fine of ₹ 20 lakhs and equivalent amount of penalty was imposed on the main appellant and a penalty of ₹ 3 lakhs was imposed on Shri Rukum Singh Yadav, Director of the main appellant. Aggrieved from the said order, the appellants are before me. 3. Th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

further sold the property on auction on 05/12/2011. The action of the bank was challenged before Debt Recovery Tribunal and Appellate Debt Recovery Tribunal, but without any success. The appellant informed to the Department on 04/05/2012 about the auction of the property and also on 14/12/2012. Thereafter on 01/07/2013 informing the Department of dismissal of their case from Debt Recovery Tribunal. Further also informed on 09/06/2014 but Department did not take any action. In these circumstance .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cated and till date no action has been taken to reliase the money out of the sale of the goods in question by the Department, being the owner of the property, therefore, the duty is not payable by them. He also relied on the decision of Fortis Hospital Ltd. vs. CC reported in MANU/SC/0417/2015. 4. On the other hand, learned AR opposed the contention of the learned Counsel of the appellants and submits that it is admitted fact that the appellant has imported the equipments in question without pay .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

re Pvt. Ltd. vs. Union of India reported in 1997 (89) E.L.T. 425 (S.C.), therefore, under Section 72 of the Customs Act, 1962, the proceedings were initiated against the appellants and the appellants failed to fulfill their export obligation. In that circumstances duty is rightly demanded from the appellant and penalties were also imposed correctly. 5. Heard the parties considered the submissions. 6. In this case, it is an admitted fact that appellant is 100% EOU and imported the equipments avai .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

could not repay the loan of the Vijaya Bank, therefore, the bank has took over the property and auctioned. 8. I have gone through the records placed before me. In this case, the auction took place on 05/12/2011, whereas the appellant intimated to the Department that proceedings are going with the Debt Recovery Tribunal only on 04/05/2012 which is almost six months after the auction of the land and building with installed of the equipments in question. Admittedly there were lapses on the part 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

case, the appellant could not fulfill their export obligation as the supplier of the machine in that case went in liquidation and the appellant placed an order for supply of machine and installation thereof, as supplier of the machine went in liquidation, therefore, the machine could not be installed. In that case also, the duty was also demanded. Therefore, the decision in the said case is of no help to the appellant. Further, I find that the appellant has also relied on the decision of Fortis .....

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     ↓  

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

Forum: Cess paid instead of SGST

News: RBI Reference Rate for US $

Forum: 3B mistake

Forum: Input credit of gst paid on urd

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector reg.

Forum: transfer of shares

Forum: Input tax credit

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

Forum: GST return filing software online | Easy GST compliance management

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)

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



|| 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