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By Vijay Kumar

Income Tax

Is value of DEPB licence attributable to 'direct cost' of trading exports? - Is it eligible for deduction u/s 80HHC of Income Tax Act? - Tribunal clears clouds over the issue

IT is not only the Ministry of Commerce which is struggling to sculpt a perfect substitute for the most popular exports incentive scheme of DEPB, even the Income Tax Department has been breaking its head against multiple possibilities as to how to treat the value of DEPB. And the very same question came before the Tribunal in a recent case. The merchant exporter had computed its Sec 80HHC benefits by taking into consideration the DEPB income whereas the A.O. did not consider DEPB income as eligible for deduction u/s. 80HHC of the Act. Let's take a quick stroll through the various arguments and the recent judicial pronouncements which enabled the Tribunal to form a concrete opinion on this contentious issue.

Central Excise

Show cause notice issued for recovery of erroneous refund without reviewing order of refund is valid: Tribunal

TIOL often advises the netizens to make their offspring take up legal profession. With a promising number of disputes on various issues traveling up and down the judicial hierarchy, and judgments by single member, two members, benches of different sizes often with diagonally opposite views, the field is interesting and has enormous potential. Let us go into the details of a case where the dispute relates to the duty payable and the refund pertaining to the assessments of around 22 years back – latest order to be passed by the CESTAT in 2007.

Welding Electrodes used for maintenance are eligible inputs for Cenvat Credit: Tribunal

MULTIPLE endings refer to a case in entertainment where the story could end in different ways, depending on the actions of the characters. Audience interactivity is usually an important factor in determining which ending to use. Usually, more than two possible endings exist; if there are two endings, the situation is more commonly described as an alternate ending.

See our columns Tomorrow for the judgements