Jurisprudentiol – Thursday's cases

By Vijay Kumar

Legal Corner Icon — the image was hosted by the publisher and was not captured.Central Excise

Central Excise – Uttarakhand exemption – No exemption if expansion is undertaken prior to 7.1.2003, but completed after that date: High Court

THE object for granting exemptions is for alluring industrialization within the territory of the State of Uttarakhand . The incentives under reference are for establishing new industrial units and for substantial expansion of existing industrial units. The exemption under the aforesaid notifications was permissible only for such industrial units, which had undertaken substantial expansion after 07.01.2003.

Income Tax

Income tax - long-term capital gains on sale of shares, other than bonus shares - assessee's claim to benefit of indexation is in consonance with proviso to Sec 112(1): Bombay HC

THE issue before the Bench is that whether assessee's claim of computation of long term capital gains on sale of shares, other than the bonus shares, after giving the benefit of indexation is in harmony with the proviso to Sec 112(1) of the I-T Act.

Customs

Customs – T V Broadcast and studio equipment are capital goods eligible for import under REP licence in terms of Para 177 of EXIM policy 1988-91 though imported at a later date - Customs authorities directed to return ITC bonds executed by petitioners duly cancelled: Bombay High Court

THE petitioner was engaged in the business of producing advertising films, T.V. serials and documentaries and imported T.V. broadcast and studio equipments as permissible Non-OGL capital goods against a REP licence. The licence purchased by the petitioner specifically carried a flexibility endorsement under Para 177 of EXIM Policy for April 1988 - March 1991 permitting import of goods.

See our columns Tomorrow for the judgements