Jurisprudentiol – Thursday's cases

By Vijay Kumar

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

DFRC - fact that an input was not notified under SION on date of export cannot be a ground to deny duty free import of that input under DFRC: High Court

ONCE the DGFT notifies an input under the SION as an input used in the export product, then there is no reason as to why DFRC cannot be issued in respect of that input, even if the product was exported prior to the issuance of the public notice by the DGFT. In other words, for issuing DFRC what is relevant is that the inputs must be notified under the SION and not the date on which it is notified.

Income Tax

Whether when assessee who deals in shares, sublets property taken on lease, income from same is to be treated as business income and not income from house property - Assessee's appeal partly allowed: ITAT

THE issue before the Tribunal is - Whether when assessee sublets a property taken on lease from the lessor, the income from the same cannot be considered as income from house property – Whether where the sub-letting of property is not the business of the assessee, the income will be taxable on such income under the head income from other sources instead of business income. Assessee's appeal partly allowed.=

Central Excise

Modvat - Time Limit to File Declaration - limit under Rule 57G cannot be applied to 57H ( 1B ): High Court

ANY law or stipulation prescribing a period of limitation to do or not to do a thing after the expiry of period so stipulated has the consequence of creation and destruction of rights, and therefore, must be specifically enacted and prescribed therefor. It is not for the Courts to import any specific period of limitation or implication where there is really none, though Courts may always hold when any such exercise of power had the effect of disturbing rights of a citizen that it should be exercised within a reasonable period .

See our columns Tomorrow for the Judgements