Jurisprudentiol-Monday's cases

By Vijay Kumar

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

Income tax - Whether benefit of deduction u/s 32AB can be extended to term loans taken against trucks and tankers - YES: HC

THE issue before the bench is - Whether the benefit of the deduction u/s 32AB cannot be extended to term loans taken against trucks and tankers. And the verdict goes against the Revenue.

Customs

Cus - Export of non-basmati rice- Redemption fine imposable in lieu of confiscation is limited by the ceiling of market price of the confiscated goods - Tribunal could not have reduced the value declared and legalized a patent illegality - Appeal dismissed: High Court

THE appellant filed a shipping bill for the export of a consignment of 125.00 MT of "Indian Pusa 1121 Parboiled Rice", which was valued at Rs.67.82 lacs (FOB). When the customs department carried out an inspection and examination it was revealed that the goods were non-basmati rice and were not of the description contained in the shipping bill.

Central Excise

CENVAT - Although Steatite Ceramics, CTH 6804, are capital goods and appellants are entitled to take only 50% credit in first year, they have taken full credit - since they are entitled to balance credit in subsequent year, at the most, interest for intervening period is payable: CESTAT

THE appellant is a manufacturer of enamel, paints, thinner and varnish. They procured Steatite Ceramics, used in the manufacture of paints, and took CENVAT Credit of duty paid on these goods.