Excise & Customs : Exemption to 'formulations' manufactured out of 'streptomycin' does not mean that 'formulations' cannot contain any other 'drug'; therefore, Strepto Penicillin Injection containing 'streptomycin' as well as 'penicillin' is exempt
Saturday 19 December 2015
No need to give hearing chance to tax defaulter before valuation of its property to be auctioned
IT: There is no requirement of giving opportunity of hearing to Judgment Debtor before valuation of property to be auctioned is made and its reserve price is fixed
Consumable product 'Ramdev Hing' sold in Rajasthan attracts VAT at 4%
CST & VAT: Rajasthan VAT - Where on packet of asafoetida (hing) being sold by assessee, it was printed 'Ram Deo Super Compounded Asafoetida Ingredients: Edible Gum, Wheat Flour 30 per cent aprox', said item would fall under Entry No. 82 of Act and was liable to tax at 4 per cent
Sales to related parties in specific period have to be valued on basis of sales made to unrelated pa
Excise & Customs : In case of related parties, value is determined based on sale price of buyers for same period during which goods were sold by assessee to related buyers; hence, in valuing sales for 2004-05, sale price of buyers during 2001-02 cannot be taken
Capital introduced from gifted money held as unexplained as donors didn't have capacity to make gift
IT: Where assessee did not have any close relation with alleged donors and no cogent material had been brought on record to prove their financial capacity, gifts received by assessee in his capital account could not be treated as genuine and would be added to his income under section 68
Excise dues payable by seller of capital goods can't be demanded from purchaser
CENVAT: Central Excise duty equivalent to Cenvat Credit availed by original manufacturer on capital goods could not be demanded from purchaser on its sale when purchaser did not take benefit of Cenvat credit on it
Govt. notifies rules for recruitment of Court Masters in Debt Recovery Tribunals
DEBTS RECOVERY TRIBUNAL/INDIAN ACTS & RULES : Debts Recovery Appellate Tribunal, Delhi (Court Master) Recruitment Rules, 2015
Meaning of 'Keyman Insurance Policy' can't be derived from IRDA circulars for sec. 10(10D) relief
IT : Stipulations in IRDA circulars have no role to play in deciding whether premium on insurance policies paid are covered by scope of 'keyman insurance policy' under section 10(10D)
No reassessment on basis of info supplied by DGIT (Investigation) without any details available on r
IT : In absence of any details available on record, Assessing Officer could not initiate assessment proceedings merely on basis of information supplied by DGIT (Inv.) that assessee had made certain bogus purchases and, to said extent, income had escaped assessment
Shareholder can be arrested if he was found involved in evasion of duty by company
Excise & Customs : If major shareholder of company is found actively involved in evasion of duty by company by unaccounted sales and purchases, his arrest and proceedings for confiscation and penalty against him, are valid
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