Home Highlights August 2013 Year 2013 This

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1. Imposition of personal penalty on two Directors - valuation of goods - In any event, excise is a levy on manufacture and it is found that it is not the case of the...

2. Validity of notification for restricting the import of certain beans, peas and pulses - different interim orders were passed by the different High Courts and the...

3. Valuation - Nature of amount received - the appellant received some amount from the buyers of scrap and some amount from Honda India for the value of the auto parts -...

4. Interest expenses claim against the interest income received - It is the nature of the business and all the expenditure incurred in earning the income is allowable...

5. Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

6. Nature of expenditure - Revenue expenditure or capital expenditure - expenditure incurred by the Appellant for raising floor height of Godown - The expenditure so...

7. Valuation of imported goods - Higher values available on contemporaneous imports NIDB/DGOV data on similar good - The valuation of similar goods depends on factors such...

8. Smuggling (illicit import) or goods of domestic origin - Betel Nuts - Seizure and confiscation of goods - The goods can be used, sold, re-sold etc. without any duty...

9. Nature of expenditure - Revenue expenditure or capital expenditure - The ITAT held that, it is now well settled that revenue expenditure is allowable in entirety in the...

10. Disallowance of construction expenditure incurred after the issue of occupation certificate (OC) - It is seen that the nature of work which was incurred by the assessee...

11. Expenditure incurred on improvement/additions to leasehold property - The expenditure incurred by the assessee on construction of storage structure etc. has to be...

12. Nature of expenses - Litigation expenses - Revenue or capital expenditure - In the present facts, since assessee has no interest in the ownership of the asset but he is...

13. Levy of penalty on Exporter and CHA - consignments of rice were exported to Iran but delivered/diverted/discharged at Jabel Ali Port, Dubai and sold in UAE - M/s. SSIGPL...

14. Capital expenditure or revenue expenditure - the expenditure incurred in regaining this profit company unit is in the nature of a capital expenditure and not the revenue...

15. Wrongful availment of CENVAT Credit - outward freight - sale on FOR basis - place of removal - Since the buyer had a right to reject the goods after receiving them at...