Jurisprudentiol – Tuesday's cases

By Vijay Kumar

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

Fraudulent availment of Cenvat Credit of more than Rs. 2 Crores – it is admitted that the employees of the assessee were preparing excise documents in the Excise Consultant's office and with his help had availed credit fraudulently – Prima facie no case for waiver of penalty – Consultant directed to make pre-deposit: CESTAT

A demand of more than Rs.2.36 Crores was confirmed after denying the Cenvat credit to M/s Supertech Mercantile Co. Pvt. Ltd. and M/s Fastwave Trading Co. Pvt. Ltd. on the ground that the firms have availed CENVAT credit fraudulently on the basis of fake and bogus invoices as well as on the basis of invoices under which the inputs were received but subsequently the inputs were sold in the market in cash without any bill and without reversing any credit ...

Income Tax

Income tax - Whether negative figure of Net Worth is to be ignored for working out capital gains in a slump sale case - ITAT Special Bench answer goes in favour of Revenue

THE issues before the Special Bench are - Whether the negative figure of net worth has to be ignored for working out the capital gains in case of a slump sale and whether the liabilities being reflected in the negative net worth of the assessee has to be added to the sale consideration for determining the capital gains on account of slump sale. And the verdict goes in favour of the Revenue.

Customs

Customs - Summons - Department has the power to summon any person, but an accused cannot be compelled to give evidence against himself: High Court

THE petitioner has stated that he is carrying on business in purchase of Red Sander Wood in the auctions conducted by the various Departments of the State Governments. The Red Sander Wood purchased by the petitioner had been sold to various persons, who purchase the same, process it for its utilisation within the country or for the purpose of export ...

See our columns Tomorrow for the judgements