B.5 – Ranchi Zone – Classification – Classification of Silica Ramming Mass under Chapter Heading 3816 of CETA, 1985. Issue: A large number of units situated in the jurisdiction of the zone are engaged in the process of crushing, screening, grinding and mixing of quartz / quartzite mineral stones (in boulder form) to convert them… Read More »
B4 – Kolkata Zone – Assessment and Valuation – Fixation of special rate representing the actual value addition under Area based Exemption Scheme Issue: It was explained by the sponsoring zone that an assessee was engaged in the manufacture of various food products and cosmetic products under chapter 21 and chapter 33 and availing area… Read More »
B3 – Vadodara Zone-Assessment and Valuation- Whether the Excisable Products like Dish Washing Liquid, Floor Cleaner, Toilet Cleaners Falling under Tariff Items 34022010 and 34022090, Liable for Excise Duty by Assessing Value under Section 4 or Section 4A (MRP based assessment) of Central Excise Act, 1944. Issue: The sponsoring zone explained that a doubt had… Read More »
B2-Jaipur Zone – Assessment and valuation-Retention of Sales Tax Collected from Customers and Inclusion thereof in the Transaction Value: Issue: During the course of audit of certain units, it has been noticed that Government of Rajasthan has declared that the concerned manufacturer shall be eligible for Customized Package (a financial package) under Rajasthan Investment Promotion… Read More »
B1- Hyderabad Zone- Assessment and Valuation-Non-adoption of Section 4A-Valuationof Goods-Clearances made to Depots by Cement Manufacturers:- Issue: Cement in packaged form has been notified under Section 4A of the Central Excise Act, 1944 with effect from 17.3.2012. The assessee affixes a label on the bags removed to its depots clearly stating, “meant for industrial/institutional consumer”.… Read More »
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) Notification No. 24/2015 – Central Excise (N.T.) New Delhi, dated, the 7 th , December, 2015
At present there is no recall policy in the country. Ministry of Road Transport & Highways has initiated steps for bringing mandatory Recall Policy. A holistic approach is proposed in the upcoming draft Road Transport and Safety Bill 2014, the latest version of which is also hosted on the website of Ministry of Road Transport &… Read More »
“once an agreement to sell is executed in favour of one person, the said person gets a right to get the property transferred in his favour by filing a suit for specific performance and therefore, without hesitation we can say that some right, in respect of the said property, belonging to the appellants had been… Read More »
When can the Assessing Officer Reject the books of Accounts of the Assessee under Income Tax Act 1961? As per Section 145(3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) has not been regularly followed by… Read More »
Facts of the Case :- Assessee is a firm engaged in the business of manufacturing grey cloth.On scrutiny of the accounts, ld. AO noticed that assessee has paid interest expenditure of Rs. 31,13,303/-. It has also kept cash balance of Rs. 18,19,967/-. Such interest was paid to the creditors who have supplied yarn to the… Read More »