Genuine expenses couldn't be disallowed just because signature of one person was found on all vouche

IT : When record justified weaving charges claimed by assessee, same could not be disallowed on specious plea that one person, who represented all weavers, signed vouchers for all persons

Automobile cess and EC/SHEC thereon held as excise duty; eligible for export rebate

Central Excise : Since provisions of Central Excise Act relating to 'levy and collection' and 'refund' of duty are made applicable to Automobile Cess, hence : (a) 'Automobile Cess and EC/SHEC thereon' is 'duty of excise' in terms of section 3 of the Central Excise Act, 1944; and (b) 'refund' as defined in section 11B ibid would include 'rebate' is accordingly, eligible for rebate under rule 18 of the Central Excise Rules, 2002

Car AC kits and gas compressor to be classified separately if both aren't sold as single unit

Central Excise : Where 'Car AC kits' and 'gas compressors' are sold separately by different invoice or by separate pricing, then, Kit would be covered by Entry 8 and compressor would be charged as per Entry 1 of Notification No. 166/86-C.E

Sec. 36(1)(vii) allows deduction of only actual bad debts and not doubtful debts

IT: Section 36(1)(vii) deals with only actual claim of deduction; provision for bad and doubtful debts cannot be allowed under this section

Mis-declaration of description of goods attracts penalty even in case of exempted goods

Excise & Customs : Medical diagnostic equipment for automatic analysis of blood samples, even if incorporates principles of photometry, is to be classified as 'auto analyses', and not as 'photometer'

Penalty to be imposed on failure of assessee to supply goods mentioned in tax invoice

Excise & Customs : Where appellant-company did not supply goods/inputs as mentioned in tax invoice, while recipients of goods/inputs reversed Cenvat Credit on these transactions, assessee-appellant company, and not its director, was to be penalized

Additions rightly made on basis of admission of accommodation entry that radically changed character

IT : Where assessee claimed a sum to have been derived from share business but in course of search proceedings admitted that it included accommodation entries, levy of penalty was justified

CBDT releases Explanatory Notes to provisions of the Finance Act, 2015

IT/ILT : Finance Act, 2015 – Explanatory Notes to the Provisions of Said Act

Export price can't be said to be overvalued because of huge profits earned by exporters

Excise & Customs : Where assessee had purchased goods in India at Rs. 640 and exported same at Rs. 741.60, then, without challenging genuineness of said transactions, export price could not be regarded as overvalued merely because of huge profit made by domestic seller

No disallowance of interest just because assessee had own funds if borrowed funds were used for busi

IT: Where Assessing Officer treated purchases of cotton made by assessee, a hospital, as unverifiable and disallowed same, since books of account of assessee being not rejected and consumption of cotton having comparatively decreased, disallowance required to be restricted to 15 per cent of purchases

Buy-back price to be disclosed even if promoter is exempt from public announcement under takeover co

SEBI : Where appellant-promotor bought back its shares from State Financial Institution, no public announcement is required as same is being protected under regulation 3 of SEBI (Substantial acquisition of shares and takeover regulations, 1997), however, rate at which shares were bought back had to be disclosed.

Customs duty was payable on reduced price if reduction was made prior to import

Excise & Customs : Where purchase price fixed in first contract has been genuinely revised and lowered in second amending contract entered into prior to import, customs duty is payable as per reduced price