Forum for exchange of views between industry groups and Government on tax related issues or tax related disputes
KINDLY see our Breaking news on this topic. A point to be noted is that all the decisions concern Indirect Taxes only.
What caught our attention is this -
6.Valuation of goods sold at a price below the cost of production -
Issue : Hon'ble Supreme Court has in a recent decision in the case of CCE, Mumbai vs. Fiat India (P) Ltd ().held that where products are sold at considerable losses for an unduly long period of time for the purpose of market penetration, the transaction value cannot be accepted for the purpose of levy of excise duty. Pursuant to this decision field authorities are asking assessees to furnish cost data of various products for past years.
Decision : The modality of implementation of the decision of the Hon'ble Supreme Court is under consideration of a committee of Chief Commissioners. The Circular in this regard will be issued by15/01/2014.
Incidentally, the Review petition filed by FIAT was dismissed on 27/11/2012 (). Be that as it may, we are anxious about the "modalities of implementation that is under consideration of (by?) the Committee of Chief Commissioners.