Home Highlights July 2012 Year 2012 This

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1. Denial of benefit of Project Import Concession under CTH 9801 - import of raw materials in excess quantity - import of raw material after finished goods (transformers)...

2. Shortage in the stock of Cenvat credit availed of raw materials - physical verification of stock - clandestine clearance - Levy of penalty u/s 11AC confirmed - AT

3. Seeking to release the raw materials, goods, stock and finished goods seized and detained by the official respondents - A mere lock and seal of the premises is not...

4. Excess stock found during survey - search conducted u/s 133A - the excess stock found during search is nothing but business stock carried on by assessee which is not...

5. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

6. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

7. Valuation of Excess stock found during search - argument of the AO for not allowing deduction of GP embedded in the estimated market value, is devoid of any merit - AT

8. Excess availment of CENVAT credit - There is no provision for one to one correlation in CENVAT credit scheme - there is no other evidence on record like investigation...

9. Deduction u/s 80IB - manufacturing of Engineered Floor Board - it is found that raw material has under gone a major change and value addition - deduction allowed - AT

10. Clandestine manufacture - tobacco snuff - It is found that to manufacture snuff of huge quantity, other raw material/packing material also required but no such evidence...