Jurisprudentiol – Monday's cases

By Vijay Kumar

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

Customs - Imports on the basis of forged import licences - Duty penalty rightly demanded : High Court

ALL these four appeals are filed by the importers who got the goods cleared on the basis of licences purchased by them through one, Gautam Chaterjee and these licences had ultimately turned out to be forged and fabricated licences purported to be issued in the names of different licence holders. Therefore, the Department initiated the proceedings against Gautam Chaterjee and his other associates including initiation of proceedings of levy of duty with interest and penalty against the appellants.

Income Tax

Income tax - Whether conversion of interest dues into preference share capital is deemed payment of interest, and same is not hit by explanation 3C to Sec 43B - Yes, rules ITAT

THE issue before the Tribunal is - Whether conversion of interest dues into preference share capital can be deemed as payment of interests, and is thus not hit by the explanation 3C to section 43B of the Act. NO is the Tribunal's answer.

Central Excise

Central Excise - Export of exempted goods - CENVAT Credit and consequent refund entitled : CESTAT

THE respondents M/s Gujarat Ambuja Exports Ltd. are engaged in manufacture of De-oiled cakes of Soya bean, Rapeseed and Castor falling under Chapter 15 of Central Excise Tariff Act, 1985. They filed refund claims for different periods under Rule 5 of CENVAT Credit Rules, 2004 and also under the provisions of Notification No.41 /2007-ST, dt.6.10.07 .

See our columns Monday for the Judgements