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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
 
Stamp Paper for LUT?

JANUARY 30, 2017

By G B Khade, Consultant, Kothrud, Pune

1. Manufacturer exporters are required to furnish LUT (Letter of Undertaking) to Jurisdictional Asst. Commissioner of Central Excise as per rule 19 of Central Excise Rules, 2002. As per language it should a simple undertaking on letterhead of exporter. But, Excise Authorities insist for giving such undertaking on Rs. 500/- stamp paper. A clarification should be given to Dept. officials to accept the undertaking on letterhead which will suffice the purpose.

Pre-deposit - too high.

2. As per Sec. 35F of Central Excise Act,1944, an appellant is required to pay 7.5% or 10% of duty involved as pre-deposit while filing an appeal. This amount is too high for a small or medium scale units. There are plenty of unwarranted cases confirmed by adjudicating authority which are not sustainable in appeal. But,the appellant is compelled to pay the pre deposit. This amount is from working capital which gets blocked for years together during pendency of appeal. There are the instances wherein the party cannot afford to pay pre-deposit. In such circumstances, the assessee will be deprived of justice.

Suggestion: Old provisions of sec.35F to decide the Stay Applications on merit need to be restored.

(DISCLAIMER : The views expressed are strictly of the author and Taxindiaonline.com doesn't necessarily subscribe to the same. Taxindiaonline.com Pvt. Ltd. is not responsible or liable for any loss or damage caused to anyone due to any interpretation, error, omission in the articles being hosted on the site)

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