Jurisprudentiol - Wednesday's

By Vijay Kumar

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

Valuation-Physician sample-To be valued on pro rata basis - Tribunal's earlier Decision not appealed by Revenue-Matter attained finality-Supreme Court

IT is evident from the impugned order passed by the Customs, Excise and Service Tax Appellate Tribunal, Mumbai that while holding that samples have to be valued on pro rata basis, the Tribunal has relied on its earlier decision in the case of Sun Pharmaceuticals Industries & Ors. vs. CCE, Surat. Admittedly, the said decision of the Tribunal has not been challenged by the Revenue and as such, has attained finality.

Income Tax

Sec 32(1)(ii) - AO treats various approvals, licences obtained from Govt agencies as intangible assets and allows depreciation - invocation of revisionary powers u/s 263 - merely because AO has not examined claims in details, its order does not become erroneous: ITAT

THE issue before the Tribunal is - Whether a host of approvals and grant of licences from Government agencies constitutes goodwill - Whether AO's decision to grant depreciation on such intangible assets is erroneous and calls for invocation of revisionary powers u/s 263 by the CIT. And the verdict goes in favour of the assessee.

Central Excise

Term ‘export' used in Rule 5 of CENVAT Credit Rules, 2004 stands for ‘export', which is ‘physical export' out of country; No refund of accumulated CENVAT Credit on inputs used in or in relation to manufacture of ‘pre-fabricated buildings' supplied to SEZ units : CESTAT

RULE 5 of CCR, 2004 - Term ‘export' used in Rule 5 of the CENVAT Credit Rules, 2004 stands for ‘export', which is ‘physical export' out of the country, envisaged under the Customs Act - anybody other than SEZ unit can not be allowed to claim any benefit under the SEZ Act/Rules - Respondent cannot be held to be entitled to refund of accumulated CENVAT Credit on the inputs used in or in relation to the manufacture of the ‘pre-fabricated buildings' supplied by them to the SEZ units-Revenue appeals allowed.

See our columns Tomorrow for the judgements