From our Legal Corner – tomorrow’s cases

By Vijay Kumar

Central Excise

Gypsum transported from appellant's yard to buyer's cement factories by contractor hired by buyer - Only amounts which buyer is liable to pay to assessee are includible in transaction value : CESTAT

Income Tax

Deduction for VRS from total income - Advance Tax - Amendment by Finance Act 2001 - Assessee cannot be penalised for not foreseeing amendment in provisions - Interest u/s 234B and 234C set aside : Madras HC

IN the case of taxation statutes the Government often opts for retrospective amendments. There are innumerable examples. And such amendments necessarily cause pain to taxpayers who are penalised despite acting bonafidely under the given circumstances. This is what happened in the case of M/s Revathi Equipment Ltd but High Court came to its rescue by setting aside the penalty and interest u/s 234B and 234C.

See our columns tomorrow for the judgements