Formula under Rule 8D for common interest exp. is inconsistent with legislative intent: HC

IT : Variable 'A' prescribed in the formula in Rule 8D(2)(ii) (to make disallowance in case of common interest expenditure) would exclude both interest attributable to tax exempt income as well as taxable income.

HC set aside unreasoned order of CESTAT passed without even recording revenue's contentions

Service Tax/Excise/Customs : Where Tribunal held assessee's contentions to be correct without assigning any reasons and, without even recording revenue's contentions, dismissed revenue's appeals, said order was liable to be set aside and matter remanded back for consideration afresh

No denial of Sec. 80-IA relief just because power is captively consumed by assessee in its business

IT : Benefit under section 80-IA cannot be denied to assessee, merely because power generated by its power undertaking was consumed at home or by other business of assessee and was not sold to outsiders

No CVD on DTA clearances by EOU if excise duty is exempt in India

Excise & Customs : For computing excise duty equal to customs duty on DTA clearances by EOU, CVD component of notional customs duty would be taken as Nil, if excise duty in India is exempt on 'no-cenvat condition'

No CVD on DTA clearances by EOU if excise duty in India on it is exempt

Excise & Customs : For computing excise duty equal to customs duty on DTA clearances by EOU, CVD component of notional customs duty would be taken as Nil, if excise duty in India is exempt on 'no-cenvat condition'