Jurisprudentiol – Tuesday's cases
Legal Corner Icon — the image was hosted by the publisher and was not captured.Central Excise
Central Excise - CENVAT Credit - Not Entitled on Original Copy of Invoice; Invoice from Manufacturer is a proper document even though goods were cleared through depot - CESTAT
THE Larger Bench of the Tribunal in the case of Avis Electronics Pvt. Ltd, () has held that the Tribunal is not to supplement or add words to the Rules and when a particular thing is directed to be performed in a manner prescribed by Rules, it should be performed in that manner itself and not otherwise and accordingly, has held that CENVAT credit cannot be taken on the basis of original copies of the invoices unless the loss of duplicate copy is reported to the jurisdictional Assistant Commissioner and the necessary permission has been taken for taking CENVAT credit on the basis of the original copies of the invoices.
Income Tax
Whether principal amount written off on account of loan waiver by bank is exigible to tax as revenue receipt - Yes, it depends on purpose for which loan was taken: Delhi HC
THE issues before the Bench are - Whether the principal amount written off on account of loan waiver is exigible to tax as revenue receipt and Whether taxability of loan waiver depends on the purpose for which the loan was taken. And the verdict goes against the assessee as it had taken the loan for the business purpose.
Service Tax
Service Tax - No writ Petition when there is an adequate or suitable alternative remedy. The remedy however should not be a mirage, futile exercise or an appeal from - Caesor to Caesor's wife: High Court
THE petitioner companies/concerns are engaged in ship broking and other activities. It is submitted that as a ship broker the petitioners assists, guides and supports the ship owner and the ship charterer to negotiate a deal and conclude a fixture. Brokerage is paid by the ship owner and sometimes through a charterer. The petitioners also undertake distinct activities like ship agency, services to clients for loading/unloading of cargo, act as port agents, facilitate and procure berth hiring, etc. The petitioners are registered with the Service Tax Department under the category of 'Steamer Agent Service' and have been filing returns and paying service tax.' Steamer Agent Service' was brought into the service tax net by the Finance Act, 1997 with amendment and enactment in form of Clause (i) to Section 65(105) read with Section 65(100).
Until Tomorrow with more DDT
Have a Nice Time.
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