Jurisprudentiol– Tomorrow's cases
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CENVAT credit – exports – refunds - 100% EOU is entitled to take Cenvat credit on inputs procured indigenously and when they were not in a position to utilize the same, they are entitled for benefit of refund: High Court
THIS is a Revenue appeal against the CESTAT order reported in (2008-TIOL-424-CESTAT-BANG).
The CESTAT, having regard to the undisputed fact that the respondent is 100% Export Oriented Unit ('EOU') in respect of which, benefit of CENVAT Credit Rules, 2004 is available for the inputs which will be used for manufactured goods of 100% export.
Income Tax
capital gains - assessee granted additional floor space by municipality because of existing land holding - since there is no cost of acquisition nor asset falls in category of assets specified in Sec 55(2), no capital gains tax can be imposed: ITAT
THE charge and the computation of income constitute an integrated code in the Income Tax Act. And for the capital gains tax, a golden principle was decided by the Apex Court in the B C Srinivasa Shetty case () where it was held that if the cost of acquisition of an asset cannot be ascertained, the computation mechanism fails. Thus, no tax is leviable.
Service Tax
Dispute between PSU and Central Excise department – Tribunal tells Revenue to obtain 'authentic' information from Union Cabinet Secretariat as to whether COD has been constituted
SINCE neither the appellant nor the Respondent Department was in a position to confirm the factual position, the Bench observed –
If such Committee is in place, its clearance would be required for us to proceed with this appeal.
If it is not, we are of the view that this appeal can proceed without what is called ‘COD clearance'.
Hence it has become imperative or us to make sure whether the aforesaid Committee is in place or not.
Until tomorrow with more DDT
Have a nice Day.
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