SIGN IN SUBSCRIBE

News Update

Cus - When there is nothing on record to show that appellant had connived with other three persons to import AA batteries under the guise of declaring goods as Calcium Carbonate, penalty imposed on appellant are set aside: HCCongress fields Rahul Gandhi from Rae Bareli and Kishori Lal Sharma from AmethiCus - The penalty imposed on assessee was set aside by Tribunal against which revenue is in appeal is far below the threshold limit fixed under Notification issued by CBDT, thus on the ground of monetary policy, revenue cannot proceed with this appeal: HCGST -Since both the SCNs and orders pertain to same tax period raising identical demand by two different officers of same jurisdiction, proceedings on SCNs are clubbed and shall be re-adjudicated by one proper officer: HCFormer Jharkhand HC Chief Justice, Justice Sanjaya Kumar Mishra appointed as President of GST TribunalSale of building constructed on leasehold land - GST implicationI-T - If assessee is not charging VAT paid on purchase of goods & services to its P&L account i.e., not claiming it as expenditure, there is no requirement to treat refund of such VAT as income: ITATBengal Governor restricts entry of State FM and local police into Raj BhawanI-T - Interest received u/s 28 of Land Acquisition Act 1894 awarded by Court is capital receipt being integral part of enhanced compensation and is exempt u/s 10(37): ITATCops flatten camps of protesting students at Columbia UnivI-T - No additions are permitted on account of bogus purchases, if evidence submitted on purchase going into export and further details provided of sellers remaining uncontroverted: ITATTurkey stops all trades with Israel over GazaI-T- Provisions of Section 56(2)(vii)(a) cannot be invoked, where a necessary condition of the money received without consideration by assessee, has not been fulfilled: ITATGirl students advised by Pak college to keep away from political eventsI-T- As per settled position in law, cooperative housing society can claim deduction u/s 80P, if interest is earned on deposit of own funds in nationalised banks: ITATApple reports lower revenue despite good start of the yearI-T- Since difference in valuation is minor, considering specific exclusion provision benefit is granted to assessee : ITATHome-grown tech of thermal camera transferred to IndustryI-T - Presumption u/s 292C would apply only to person proceeded u/s 153A and not for assessee u/s 153C: ITATECI asks parties to cease registering voters for beneficiary-oriented schemes under guise of surveys
 
CX - Appellant supplying standby transformer to client when one initially sold is received for repairs - after repairs, standby transformer is received back in factory and appellant takes credit of duty paid thereon while initially clearing same - Revenue objecting to taking such credit - stay granted: CESTAT

By TIOL News Service

MUMBAI, APR 28, 2014: THE applicant manufactures transformers and clears the same on payment of duty. Sometimes, the transformers which were supplied to the customer are returned for repairs. In that situation, the applicant is providing a standby transformer for the period of repair of the transformer sold to the customer. The transformer which was sent as a standby for a short period is cleared on payment of duty and after the repair, the repaired transformer is cleared; the standby transformer is returned to the factory and on which the applicants are taking credit of the duty initially paid on the same.

Revenue is not at all happy with this standby business and is of the view that the applicant is not entitled to take credit on the said standby transformer which is returned as same is not an input and the credit cannot be taken on the strength of the applicant's own invoice which is not a proper document under the CENVAT Rules.

The lower authorities denied the credit and hence the appellant is before the CESTAT with a stay application.

They submit that their case is covered by Rule 16 of CER, 2002 and place reliance on the decision in Bunty Foods (India) Pvt. Ltd. - 2008-TIOL-516-CESTAT-MUM.

The Bench in a crisp order observed -

"4. Considering the submissions made by the applicant and relying on the above cited judgment, the applicant has made out a case for 100% waiver of pre-deposit. Accordingly, I waive the pre-deposit of entire amount of duty, interest and penalty and stay recovery thereof during the pendency of the appeal."

(See 2014-TIOL-653-CESTAT-MUM)


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST