Jurisprudentiol– MONDAY's cases
Legal Corner Icon — the image was hosted by the publisher and was not captured.Income Tax
Jurisdiction to complete block assessment under section 158BC is conferred on A.O. only on physical handing over of all books of account, documents and assets requisitioned under section 132A– High Court decision binding on Tribunal: ITAT SB
WITHOUT delivery of the requisitioned material, the statutory mandatory requirement of section 132A of the Act is not met with. As specifically held in "Chandra Prakash Agrawal", the provisions of Chapter XIV-B of the Act, i.e., assessment of search cases, would come into play only when the requisitioned material is actually received by the A.O. pursuant to the requisition made under section 132A. Jurisdiction to complete block assessment under section 158BC is conferred on the A.O. only on the physical handing over of all the books of account/documents/assets requisitioned under section 132A, to the income tax authorities concerned.
Central Excise
Suo motu taking of credit when duty inadvertently paid twice over - Proper course of action is filing a refund claim – Tribunal
THE charges in the show cause notice, as has been reproduced above, it can be seen that what has been demanded from the appellant is not the refund wrongly claimed by him, but the amount of credit which was taken on letter which is not a duty paying document. To my mind lower authorities have held correctly that the appellant is in eligible to avail the credit in RG 23 Part-II on its own.
Customs
Goods stolen from 100% EOU – Remission of ‘Customs' Duty – since matter referred to Larger Bench , Tribunal grants Stay.
THE Tribunal in CCE, Belapur vs. C.G.International Pvt. Ltd. (100% EOU) while rejecting the appeal of the Revenue held that there was no cause to effect recovery of duty in terms of Section 72 of Customs Act when a consignment of Diamond Studded Jewellery destined for export from 100% EOU was waylaid and robbed by an armed gang.
Until Monday with more DDT
Have a nice weekend.
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