INCOME TAX REPORTS (ITR)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Capital gains --Transfer--Transaction not regarded as transfer--Effect of section 47--Meaning of “sole proprietary concernâ€--Proprietary concern carrying on systematic activity of holding investment--Sale of all its assets and liabilities to a company--Gains not assessable as capital gains--Income-tax Act, 1961, ss. 45, 47--
CIT v. Vikram Vishwanath (Karn) . . . 419
Collection of tax at source --Timber--Meaning of timber obtained “by any mode other than under a forest leaseâ€--Expression includes importers of timber--Section 206C applicable to importers--Income-tax Act, 1961, ss. 44AC, 206C--
Hillwood Furniture P. Ltd. v. ITO (Ker) . . . 399
ITR Volume 374 : Part 1 (Issue dated : 1-6-2015)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Appellate Tribunal --Administration of justice--Expression of opinions must be guided by considerations of justice, fair play and restraint--Adverse remarks against assessee and his representative and imposition of costs--Not justified--Income-tax Act, 1961, s. 254(2)--
Madhukar B. Thakoor v.
ITAT (Bom) . . . 1
Appeal to High Court --Maintainability of appeal--Monetary ceiling limits--Instructions issued by Central Board of Direct Taxes only regulating monetary limits and not restricting right to file an appeal--Scope of section 268A--Instructions mandatory and binding on Revenue--National Litigation Policy, 2011--Instruction No. 3 apply pending cases also--Appeal not falling within exception provided--No cascading effect involved in appeal--Appeal only filed because tax effect above monetary limit--Appeal not maintainable--Instruction No. 1979, dated 27-3-2000--Instruction No. 3 of 2011, dated 9-2-2011--Income-tax Act, 1961, ss. 260A, 268A--
CIT v.
Shyam Biri Works (All) . . . 68
----Maintainability--Rectification of order by Tribunal--Order passed by Tribunal on application under section 254(2)--Not an order passed in appeal--Not appealable--Income-tax Act, 1961, ss. 254(1), (2), 260A--
CIT v.
Saroop Tanneries Ltd. (P&H) . . . 20
Assessment --Gross profit rate--Estimation merely on basis of figure for preceding year--Quantitative tally of all raw materials consumed in making of final marketable product available on record--Commissioner (Appeals) should have addressed himself to issue and rendered clear findings--Matter remanded to Commissioner (Appeals) for fresh examination--Income-tax Act, 1961, s. 145(2)--
R. L. Traders v. ITO (Delhi) . . . 22
Association of persons --Finding that joint venture formed only to secure contract--Each partner’s task distinctly outlined--Entire work split between two partners--Partners completing task through sub-contracts--Partners responsible for satisfaction of contract--Joint venture not to be treated as association of persons liable to tax--Income-tax Act, 1961, s. 2(31)--
CIT v.
Oriental Structural Engineers P. and KMC Construction P. Ltd.--JV (Delhi) . . . 35
Business expenditure --Capital or revenue expenditure--Business of selling mobile hand sets and other electronic items and accessories--Advertisement expenditure--Unless assessee made its products known to market its business would suffer--Expenditure revenue in nature--Income-tax Act, 1961, s. 37--
CIT v.
Spice Distribution Ltd. (Delhi) . . . 30
----Deduction only on actual payment--Loan availed of by assessee for one year--Interest not payable--No question of disallowance of claim--Income-tax Act, 1961, s. 43B--
CIT v.
Hindustan Construction Co. Ltd. (Bom) . . . 101
----Scientific research expenditure--Expenditure recognised by competent authority--Provision not warranting capitalisation of amount in books of account--Allowable--Income-tax Act, 1961, s. 35--
CIT v.
Hindustan Construction Co. Ltd. (Bom) . . . 101
Capital or revenue expenditure --Amount paid to sister concern of assessee for use of intranet facility--Principle of consistency--Department accepting consistently payments made for use of intranet facility as revenue expenditure--Actual payments in respect of service availed of by assessee--Revenue expenditure--Income-tax Act, 1961--
CIT v.
Denso India Ltd. (Delhi) . . . 62
----Business expenditure--Expenditure for technical services--Revenue expenditure--Income-tax Act, 1961, s. 37(1)--
CIT v.
Denso India Ltd. (Delhi) . . . 62
----Expenditure on royalty--Principle of consistency--Department accepting consistently payments towards royalty as revenue expenditure--No new fact or development--Revenue expenditure--Income-tax Act, 1961--
CIT v.
Denso India Ltd. (Delhi) . . . 62
----Expenditure on technical know-how--Depreciation available in respect of that amount--Not a reason to deny--Assessee entitled to deduction--Income-tax Act, 1961, s. 35AB--
CIT v.
Denso India Ltd. (Delhi) . . . 62
Donation to charitable institutions --Special deduction--Renewal of approval denied to institution on ground objects religious in nature--Tribunal finding training, medical care and concession provided to all persons irrespective of their caste, creed or religion--Findings not shown to be illegal or perverse in any manner--Assessee entitled to exemption--Income-tax Act, 1961, s. 80G(5)--
CIT v.
Christian Medical College (P&H) . . . 17
Fringe benefit tax --Employer and employee relationship is a pre-requisite for levy of fringe benefit tax--Subscription to Tata brand equity contribution under contractual agreement between assessee and group companies--No employer-employee relationship exists between them--Assessee not liable to pay fringe benefit tax--Circular No. 8 of 2005, dated 29-8-2005--Income-tax Act, 1961, ss. 115W, 115WA--
CIT (LTU) v.
Tata Consultancy Services Ltd. (Bom) . . . 112
Income --Computation--Expenditure not incurred in relation to total income--Disallowance of expenditure relating to non-taxable income--Assessing Officer has to adopt average value of investment of which income is not part of total income--Matter remanded to Assessing Officer to work out tax effect--Income-tax Rules, 1962 r. 8D--Income-tax Act, 1961, s. 14A--
ACB India Ltd. v.
Asst. CIT (Delhi) . . . 108
Industrial undertaking --Special deduction--Mercantile system of accounting--Profits of business--Transport subsidy--Not direct source of profit--Assessee cannot raise a new plea that it had received part of subsidy and not the whole--Income-tax Act, 1961, s. 80-IB--
Maken Cement Industries v.
CIT (P&H) . . . 25
Non-resident --International transactions--Transfer pricing--Scope of provisions--Computation of arm’s length price--Difference between section 37 and transfer pricing--Methods of computing arm’s length price--Advertisement, marketing and sales promotion expenses--Is international transaction--Transfer pricing applicable--Power of Transfer Pricing Officer to make adjustment in absence of specific reference--Guide lines for making adjustments--Matter remanded--Income-tax Act, 1961, ss. 92, 92B, 92C, 92CA--Income-tax Rules, 1962, r. 10B--
Sony Ericsson Mobile Communications India P. Ltd. v.
CIT (Delhi) . . . 118
Penalty --Concealment of income--Wrong deduction--No concealment of particulars--No inaccuracy in particulars of income--Not to be equated with concealment--Penalty not to be imposed--Income-tax Act, 1961, s. 271(1)(c)--
CIT v.
Hongo India P. Ltd. (All) . . . 48
----Failure to file audit report in time--Assessing Officer failing to record his satisfaction in assessment order--No penalty leviable--Income-tax Act, 1961, s. 271B--
CIT v.
E. C. C. Project Pvt. Ltd. (All) . . . 44
Reassessment --Notice--Change of opinion--Depreciation--Mere description of depreciation claimed as terminal depreciation--Not a ground for reopening assessment on ground that there was no provision to allow terminal depreciation--Nothing to show that Assessing Officer had reason to believe that income had escaped assessment--Reassessment not valid--Income-tax Act, 1961, ss. 32, 147--
CIT v.
Indian Rare Earths Ltd. (Bom) . . . 104
Refund --Interest--Delayed payment of interest--No amount over and above statutory interest payable to assessee--Matter remanded--Income-tax Act, 1961, s. 244A--
CIT v.
Indian Farmer Fertilizer Co-operative Ltd. (Delhi) . . . 56
Search and seizure --Block assessment--Undisclosed income--Assessment of third person--Limitation--Notice issued to assessee after lapse of enormous and unexplained delay--Proceedings vitiated--Income-tax Act, 1961, s. 158BD--
CIT v.
Apna Organics P. Ltd. (Bom) . . . 55
----Block assessment--Undisclosed income--Assessment of third persons--Police recovering cash from possession of three persons--Persons stating cash belonging to assessee who in reply to query stating cash belonging to firm--No search warrant in name of assessee--No assets requisitioned from assessee--No warrant or requisition issued either in name of firm or assessee--No notice could be issued in name of assessee--Block assessment against assessee not valid--Income-tax Act, 1961, ss. 158BC, 158BD--
CIT v.
Anil Kumar Chadha (All) . . . 10
Tea development allowance --Investment of surplus funds in short-term deposits--Interest--Business income--To be taken into account for purposes of benefit--Income-tax Act, 1961, s. 33AB--
Warren Tea Ltd. v.
CIT (Cal) . . . 6
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 2(31) --Association of persons--Finding that joint venture formed only to secure contract--Each partner’s task distinctly outlined--Entire work split between two partners--Partners completing task through sub-contracts--Partners responsible for satisfaction of contract--Joint venture not to be treated as association of persons liable to tax--
CIT v.
Oriental Structural Engineers P. and KMC Construction P. Ltd.--JV (Delhi) . . . 35
S. 14A --Income--Computation--Expenditure not incurred in relation to total income--Disallowance of expenditure relating to non-taxable income--Assessing Officer has to adopt average value of investment of which income is not part of total income--Matter remanded to Assessing Officer to work out tax effect--
ACB India Ltd. v.
Asst. CIT (Delhi) . . . 108
S. 32 --Reassessment--Notice--Change of opinion--Depreciation--Mere description of depreciation claimed as terminal depreciation--Not a ground for reopening assessment on ground that there was no provision to allow terminal depreciation--Nothing to show that Assessing Officer had reason to believe that income had escaped assessment--Reassessment not valid--
CIT v.
Indian Rare Earths Ltd. (Bom) . . . 104
S. 33AB --Tea development allowance--Investment of surplus funds in short-term deposits--Interest--Business income--To be taken into account for purposes of benefit--
Warren Tea Ltd. v.
CIT (Cal) . . . 6
S. 35 --Business expenditure--Scientific research expenditure--Expenditure recognised by competent authority--Provision not warranting capitalisation of amount in books of account--Allowable--
CIT v.
Hindustan Construction Co. Ltd. (Bom) . . . 101
S. 35AB --Capital or revenue expenditure--Expenditure on technical know-how--Depreciation available in respect of that amount--Not a reason to deny--Assessee entitled to deduction--
CIT v.
Denso India Ltd. (Delhi) . . . 62
S. 37 --Business expenditure--Capital or revenue expenditure--Business of selling mobile hand sets and other electronic items and accessories--Advertisement expenditure--Unless assessee made its products known to market its business would suffer--Expenditure revenue in nature--
CIT v.
Spice Distribution Ltd. (Delhi) . . . 30
S. 37(1) --Capital or revenue expenditure--Business expenditure--Expenditure for technical services--Revenue expenditure--
CIT v.
Denso India Ltd. (Delhi) . . . 62
S. 43B --Business expenditure--Deduction only on actual payment--Loan availed of by assessee for one year--Interest not payable--No question of disallowance of claim--
CIT v.
Hindustan Construction Co. Ltd. (Bom) . . . 101
S. 80G(5) --Donation to charitable institutions--Special deduction--Renewal of approval denied to institution on ground objects religious in nature--Tribunal finding training, medical care and concession provided to all persons irrespective of their caste, creed or religion--Findings not shown to be illegal or perverse in any manner--Assessee entitled to exemption--
CIT v.
Christian Medical College (P&H) . . . 17
S. 80-IB --Industrial undertaking--Special deduction--Mercantile system of accounting--Profits of business--Transport subsidy--Not direct source of profit--Assessee cannot raise a new plea that it had received part of subsidy and not the whole--
Maken Cement Industries v.
CIT (P&H) . . . 25
S. 92 --Non-resident--International transactions--Transfer pricing--Scope of provisions--Computation of arm’s length price--Difference between section 37 and transfer pricing--Methods of computing arm’s length price--Advertisement, marketing and sales promotion expenses--Is international transaction--Transfer pricing applicable--Power of Transfer Pricing Officer to make adjustment in absence of specific reference--Guide lines for making adjustments--Matter remanded--
Sony Ericsson Mobile Communications India P. Ltd. v.
CIT (Delhi) . . . 118
S. 92B --Non-resident--International transactions--Transfer pricing--Scope of provisions--Computation of arm’s length price--Difference between section 37 and transfer pricing--Methods of computing arm’s length price--Advertisement, marketing and sales promotion expenses--Is international transaction--Transfer pricing applicable--Power of Transfer Pricing Officer to make adjustment in absence of specific reference--Guide lines for making adjustments--Matter remanded--
Sony Ericsson Mobile Communications India P. Ltd. v.
CIT (Delhi) . . . 118
S. 92C --Non-resident--International transactions--Transfer pricing--Scope of provisions--Computation of arm’s length price--Difference between section 37 and transfer pricing--Methods of computing arm’s length price--Advertisement, marketing and sales promotion expenses--Is international transaction--Transfer pricing applicable--Power of Transfer Pricing Officer to make adjustment in absence of specific reference--Guide lines for making adjustments--Matter remanded--
Sony Ericsson Mobile Communications India P. Ltd. v.
CIT (Delhi) . . . 118
S. 92CA --Non-resident--International transactions--Transfer pricing--Scope of provisions--Computation of arm’s length price--Difference between section 37 and transfer pricing--Methods of computing arm’s length price--Advertisement, marketing and sales promotion expenses--Is international transaction--Transfer pricing applicable--Power of Transfer Pricing Officer to make adjustment in absence of specific reference--Guide lines for making adjustments--Matter remanded--
Sony Ericsson Mobile Communications India P. Ltd. v.
CIT (Delhi) . . . 118
S. 115W --Fringe benefit tax--Employer and employee relationship is a pre-requisite for levy of fringe benefit tax--Subscription to Tata brand equity contribution under contractual agreement between assessee and group companies--No employer-employee relationship exists between them--Assessee not liable to pay fringe benefit tax--Circular No. 8 of 2005, dated 29-8-2005--
CIT (LTU) v.
Tata Consultancy Services Ltd. (Bom) . . . 112
S. 115WA --Fringe benefit tax--Employer and employee relationship is a pre-requisite for levy of fringe benefit tax--Subscription to Tata brand equity contribution under contractual agreement between assessee and group companies--No employer-employee relationship exists between them--Assessee not liable to pay fringe benefit tax--Circular No. 8 of 2005, dated 29-8-2005--
CIT (LTU) v.
Tata Consultancy Services Ltd. (Bom) . . . 112
S. 145(2) --Assessment--Gross profit rate--Estimation merely on basis of figure for preceding year--Quantitative tally of all raw materials consumed in making of final marketable product available on record--Commissioner (Appeals) should have addressed himself to issue and rendered clear findings--Matter remanded to Commissioner (Appeals) for fresh examination--
R. L. Traders v. ITO (Delhi) . . . 22
S. 147 --Reassessment--Notice--Change of opinion--Depreciation--Mere description of depreciation claimed as terminal depreciation--Not a ground for reopening assessment on ground that there was no provision to allow terminal depreciation--Nothing to show that Assessing Officer had reason to believe that income had escaped assessment--Reassessment not valid--
CIT v.
Indian Rare Earths Ltd. (Bom) . . . 104
S. 158BC --Search and seizure--Block assessment--Undisclosed income--Assessment of third persons--Police recovering cash from possession of three persons--Persons stating cash belonging to assessee who in reply to query stating cash belonging to firm--No search warrant in name of assessee--No assets requisitioned from assessee--No warrant or requisition issued either in name of firm or assessee--No notice could be issued in name of assessee--Block assessment against assessee not valid--
CIT v.
Anil Kumar Chadha (All) . . . 10
S. 158BD --Search and seizure--Block assessment--Undisclosed income--Assessment of third person--Limitation--Notice issued to assessee after lapse of enormous and unexplained delay--Proceedings vitiated--
CIT v.
Apna Organics P. Ltd. (Bom) . . . 55
----Search and seizure--Block assessment--Undisclosed income--Assessment of third persons--Police recovering cash from possession of three persons--Persons stating cash belonging to assessee who in reply to query stating cash belonging to firm--No search warrant in name of assessee--No assets requisitioned from assessee--No warrant or requisition issued either in name of firm or assessee--No notice could be issued in name of assessee--Block assessment against assessee not valid--
CIT v.
Anil Kumar Chadha (All) . . . 10
S. 244A --Refund--Interest--Delayed payment of interest--No amount over and above statutory interest payable to assessee--Matter remanded--
CIT v.
Indian Farmer Fertilizer Co-operative Ltd. (Delhi) . . . 56
S. 254(1), (2) --Appeal to High Court--Maintainability--Rectification of order by Tribunal--Order passed by Tribunal on application under section 254(2)--Not an order passed in appeal--Not appealable--
CIT v.
Saroop Tanneries Ltd. (P&H) . . . 20
S. 254(2) --Appeal to Appellate Tribunal--Administration of justice--Expression of opinions must be guided by considerations of justice, fair play and restraint--Adverse remarks against assessee and his representative and imposition of costs--Not justified--
Madhukar B. Thakoor v.
ITAT (Bom) . . . 1
S. 260A --Appeal to High Court--Maintainability--Rectification of order by Tribunal--Order passed by Tribunal on application under section 254(2)--Not an order passed in appeal--Not appealable--
CIT v.
Saroop Tanneries Ltd. (P&H) . . . 20
----Appeal to High Court--Maintainability of appeal--Monetary ceiling limits--Instructions issued by Central Board of Direct Taxes only regulating monetary limits and not restricting right to file an appeal--Scope of section 268A--Instructions mandatory and binding on Revenue--National Litigation Policy, 2011--Instruction No. 3 apply pending cases also--Appeal not falling within exception provided--No cascading effect involved in appeal--Appeal only filed because tax effect above monetary limit--Appeal not maintainable--
CIT v.
Shyam Biri Works (All) . . . 68
S. 268A --Appeal to High Court--Maintainability of appeal--Monetary ceiling limits--Instructions issued by Central Board of Direct Taxes only regulating monetary limits and not restricting right to file an appeal--Scope of section 268A--Instructions mandatory and binding on Revenue--National Litigation Policy, 2011--Instruction No. 3 apply pending cases also--Appeal not falling within exception provided--No cascading effect involved in appeal--Appeal only filed because tax effect above monetary limit--Appeal not maintainable--
CIT v.
Shyam Biri Works (All) . . . 68
S. 271(1)(c) --Penalty--Concealment of income--Wrong deduction--No concealment of particulars--No inaccuracy in particulars of income--Not to be equated with concealment--Penalty not to be imposed--
CIT v.
Hongo India P. Ltd. (All) . . . 48
S. 271B --Penalty--Failure to file audit report in time--Assessing Officer failing to record his satisfaction in assessment order--No penalty leviable--
CIT v.
E. C. C. Project Pvt. Ltd. (All) . . . 44
R. 8D --Income--Computation--Expenditure not incurred in relation to total income--Disallowance of expenditure relating to non-taxable income--Assessing Officer has to adopt average value of investment of which income is not part of total income--Matter remanded to Assessing Officer to work out tax effect--
ACB India Ltd. v.
Asst. CIT (Delhi) . . . 108
R. 10B --Non-resident--International transactions--Transfer pricing--Scope of provisions--Computation of arm’s length price--Difference between section 37 and transfer pricing--Methods of computing arm’s length price--Advertisement, marketing and sales promotion expenses--Is international transaction--Transfer pricing applicable--Power of Transfer Pricing Officer to make adjustment in absence of specific reference--Guide lines for making adjustments--Matter remanded--
Sony Ericsson Mobile Communications India P. Ltd. v.
CIT (Delhi) . . . 118
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
| | Vol. 40, Part 1, dated 1-6-2015 |
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APPELLATE TRIBUNAL ORDERS |
F Determination of arm's length price : Calculation of transfer pricing adjustment to be confined to international transactions and not on total cost of entity : Asst. CIT v. Kehin Panalfa Ltd. (Delhi) p. 492
F Appellate Tribunal cannot comment on choice of comparables on basis of new pleas : Steelcase Asia Pacific Holdings India P. Ltd. v. Deputy CIT (Delhi) p. 519
APPELLATE TRIBUNAL ORDERS |
F Collecting samples from patients for testing desirability of introducing new drug amounts to commercial activity not research, not entitled to benefit of exemption u/s. 12A : Devki Devi Foundation v. DIT (Exemptions) (Delhi) p. 1
F Notice for reassessment served before recording reasons to believe escapement of income, not valid : Asst. CIT v. Blue Star Ltd. (Mumbai) p. 35
F Appellate Tribunal has no jurisdiction to pass stay order for year in respect of which appeal not filed before it : Jay Pee Infratech Ltd. v. CIT (Delhi) p. 46
F Where two months left for completing assessment, not appropriate to grant stay of assessment proceedings : Jay Pee Infratech Ltd. v. CIT (Delhi) p. 46
F Where total amount of purchase consideration capitalised in books of account, refund of purchase price to be considered as akin to original amount : Sandvik Mining and Construction Tools India P. Ltd. v. ITO (Pune) p. 54
F Provisions of section 194L or 194LA not applicable to payment of compensation for removal of encumbrance : ITO (TDS) v. Mumbai Metropolitan Regional Development Authority (Mumbai) p. 60
F Payments for annual maintenance contract relating to minor repairs, replacement of spare parts, oiling and greasing of machinery, payment for work and not technical services : ITO (TDS) v. Mumbai Metropolitan Regional Development Authority (Mumbai) p. 60
F Client code modification executed on same day of transaction, no mala fide intention, deletion of addition sustainable : Asst. CIT v. Kunvarji Finance P. Ltd. (Ahd) p. 64
F Income from undisclosed sources : Statement made at odd hours cannot be considered voluntary : Asst. CIT v. Kunvarji Finance P. Ltd. (Ahd) p. 64
F Revision : Opinion of Assessing Officer cannot be substituted by Commissioner : Khushi Ram and Sons Foods P. Ltd. v. CIT (Chandigarh) p. 92
F International transactions : Functionally dissimilar companies to be excluded in selection of comparables : Nortel Networks India P. Ltd. v. Addl. CIT (Delhi) p. 102
F Working capital adjustment cannot be denied only on ground that assessee had not made claim in transfer pricing study : Nortel Networks India P. Ltd. v. Addl. CIT (Delhi) p. 102
F Assessing Officer had no powers to go beyond directions of Dispute Resolution Panel : Nortel Networks India P. Ltd. v. Addl. CIT (Delhi) p. 102
F Business expenditure : Tax deducted and deposited in later year, disallowance justified : Nortel Networks India P. Ltd. v. Addl. CIT (Delhi) p. 102
F Quantum of management and licence fees to be determined with reference to agreement : TNS India P. Ltd. v. Deputy CIT (Hyd) p. 125
F Other income to be included as part of operating income while computing arm's length price : TNS India P. Ltd. v. Deputy CIT (Hyd) p. 125
F Companies having super normal profit, enormous turnover, brand value and being functionally dissimilar cannot be treated as comparables : TNS India P. Ltd. v. Deputy CIT (Hyd) p. 125
F Revised return : Where assessee's petition pending before Assessing Officer, matter remanded : TNS India P. Ltd. v. Deputy CIT (Hyd) p. 125
F Where software licence fee paid towards operation as well as application software, assessee entitled to higher rate of depreciation at 60 per cent. : TNS India P. Ltd. v. Deputy CIT (Hyd) p. 125
COMPANY LAW INSTITUTE OF INDIA PVT. LTD.
No. 2, Vaithyaram Street,
T.Nagar, Chennai - 600017.
Phone: (044) 24350752 - 55
Fax: (044) 24322015
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Appeals : Exclusion of period on abortive action taken in good faith before wrong forum : Applicability of provisions of Limitation Act to proceedings before quasi-judicial Tribunals : M. P. Steel Corporation v. CCE p. 260
F Service tax : Agent appointed by cement industries for supervising and liaisoning with coal company and railways to ensure coal required loaded according to schedule is not clearing and forwarding agent : Coal Handlers P. Ltd. v. CCE p. 306
F Finding of fact that two kinds of goods were not comparable with each other and the assessee admitting some variations in two types of goods, finding not interfered with : Nirlon Ltd. v. CCE p. 319
F Where entire exercise revenue -neutral and assessee not achieving any purpose in evading payment of duty, extended period of limitation cannot be invoked : Nirlon Ltd. v. CCE p. 319
F Where intellectual content in discs produced by assessee not exploited by way of sale, royalty charges incurred by distributor/copyright holder cannot be loaded on to duplicate compact discs produced by assessee : K. R. C. D. (I) P. Ltd. v. CCE p. 324
F In absence of identical goods samples of similar goods of same period taken to enhance value of imported goods, proper : Commissioner of Customs v. Aryan Electronics p. 334
F Goods used captively in turnkey projects meant for third party cannot be treated as "such goods" sold in loose form and best judgment assessment to be used determine value : UTC Fire and Security India Ltd. v. CCE p. 340
F Valuation of Imported goods : Costs and services actually paid or payable for imported goods pre-import to be included and post-importation costs and services to be excluded : Commissioner of Customs v. Essar Steel Ltd. p. 349
STATUTES AND NOTIFICATIONS |
F Acts :
Finance Act, 2015 p. 165
F Notifications :
Central Excise Act, 1944 : Notification under section 5A(1) : Concessional rate of duty on specified goods : Amendments p. 164
Customs Act, 1962 : Notification under section 25(1) : Effective rates of basic duties for specified goods : Amendments p. 164
Exemption for imports against credit scrip to status holder : Amendments p. 161
Exemption to goods cleared against service export from India scheme p. 162
COMPANY LAW INSTITUTE OF INDIA PVT. LTD.
No. 2, Vaithyaram Street,
T.Nagar, Chennai - 600017.
Phone: (044) 24350752 - 55
Fax: (044) 24322015
info@cliofindia.com
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