Jurisprudentiol – Wednesday's cases

By Vijay Kumar

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

Notification 108/95-CE - since JBIC is not an International Organization exemption not available: CESTAT

LARGER period of limitation cannot be invoked, however, since stay was granted by High Court the period of stay is to be excluded and demand re-computed – Interest payable for delayed payment of duty:

Income Tax

Sec 37 - Whether foreign exchange loss suffered due to devaluation of rupee is notional or actual loss - Whether such loss is allowable only after five tests laid down by Apex Court in Woodward Governor case are satisfied - Yes, rules HC

THE issues before the High Court are - Whether foreign exchange loss suffered due to devaluation of rupee is notional or actual loss and whether such loss is allowable under Sec 37. Another question is - Whether, before such loss is allowed, five tests laid down by the Apex Court in Woodward Governor case must be satisfied. And the High Court says, YES.

Customs

Advance Ruling - Imports for HAL - Exemption Certificate to be signed by an officer not below rank of a Joint Secretary to the Government of India in Ministry of Defence and not an officer of HAL: AAR

THE exemption shall not be available if the duty exemption certificate is signed by the General Manager, Procurement Division, HAL and countersigned by its Managing Director. The exemption shall apply only if the certificate contains the prescribed information and is signed by an officer not below the rank of a Joint Secretary to the Government of India in the Ministry of Defence.

Tomorrow is a Holiday

See our columns Wednesday for the judgements