HC
directs reversal of input credit against clearance of aluminium castings under
claim of duty remission by buyer for use in specific industrial process, in
terms of Chapter X r/w Rule 57C of Central Excise Rules 1944; Notes
Adjudicating Authority’s finding that assessee was reversing credit initially
but resorted to jugglery subsequently, and since goods cleared under Chapter X
procedure had not suffered any duty payment, MODVAT credit was reversible;
Rejects assessee’s contention that choice of buyer to either claim MODVAT
credit of duty paid or claim remission doesn’t make the goods exempt or
chargeable to nil rate of duty; Relies on Kirloskar Oil Engines decision
wherein it was held that MODVAT Credit in respect of inputs, which have been
used in manufacture of final product that is fully exempted from whole of
excise duty, is not available; States that since assessee had cleared goods
without payment of duty, the case was covered by aforesaid decision, thus
credit taken on aluminium ingots (inputs) was incorrect : Bombay HC
Subscribe to:
Post Comments (Atom)
Requirement to dematerialize shares of private limited companies
The Ministry of Corporate Affairs in October 2023 had mandated private companies and their shareholders to dematerialize their shareholding...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
1. Introduction: Every trust/charitable society/ NGO that wishes to claim the tax exemption benefits has to file Form 10A to seek fresh re...
-
· Mumbai ITAT in the case of Mukesh Harilal Mehta held that Exemption U/S 54 cannot be denied merely due to mistake by the developer.
-
Filing income tax returns (ITR) within the specified timelines under the Income-tax Act is not just a legal obligation but also crucial fo...
-
NECESSITY : Sometimes, in view of the expansion of the business, multiple increase in turnover and need for getting finances from the ...
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
This Tax Alert summarizes a recent instruction issued by the SEZ Division, Department of Commerce, clarifying various concerns relating t...
-
Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
-
This Tax Alert summarizes a recent judgement of the Delhi High Court (HC) [1] dealing with the issue of denial of input tax credit (ITC) ...
No comments:
Post a Comment