Jurisprudentiol – Wednesday's cases

By Vijay Kumar

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

Appellant paid duty on imports made by their clients - Clients also issued notice - Amount paid by appellant should be refunded: CESTAT

IT can be seen from the show cause notices issued to the two customers of the appellant, revenue authorities have considered M/s. Reliance Communications Ltd. and M/s. Raymond Ltd. as importers and have secured the interest of the revenue by directing those two customers to deposit the differential duty of amount on allegation of mis-declaration of value by them. The said show cause notice also admits that the appellant has deposited an amount of Rs.5,21,98,021/-.

Income Tax

Whether loans received as brokerage against sale of property by assessee, a real estate agent, from companies in which assessee held shares, are liable to be held as deemed dividend - YES, rules Delhi HC

THE issue before the Bench is - Whether loans and advances received as brokerage commission against sale of property by the assessee, in the business of real estate, from companies in which he held shares, is liable to be treated as deemed dividend or Whether payments towards share application money made by companies in which assessee held shares of companies in which he had a substantial interest is liable to be treated as deemed dividend. YES is the High Court's answer.

Central Excise

‘Panel for Air-conditioners' supplied to Research Institutions registered with Department of Scientific and Industrial Research are entitled for exemption under notification no. 10/97-CE – Revenue appeal rejected: CESTAT

THE short question involved in this case is, whether the respondent are entitled for exemption under Notification no. 10/97-CE dated 01.03.1997 in respect of ‘panel for air conditioners' supplied by them to their buyer which is registered with the Department of Scientific and Industrial Research or not?

See our columns Tomorrow for the judgements