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)
Identifying a Drafting Error in GST Amnesty Provisions
Provision Regarding Amnesty Scheme Section 128A was introduced into the Central Goods and Services Tax (CGST) Act by the Finance Act, 2024,...
-
In this article, for the benefit of our reader’s we have come up with detailed FAQ on procedures of issuance, requirement of Form 15CA an...
-
1. Situation I. Tax Department Summons An employee received a summons from the tax department demanding an explanation for failing to discl...
-
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...
-
In this post, I will discuss Secretarial Standards related to Proxies under SS – 2. Right to Appoint: A Member entitled to attend and ...
-
Many of us rely on home loans to purchase residential property, but are you fully aware of how tax laws impact your financial strategy? Unde...
-
Summary of the relevant updates is provided below for ease of your reference: A) Proposals relating to GST law, Compliances an...
-
Particulars Singapore Hong Kong Corporate Tax rate 17% 16.5%. Numb...
-
The circular of the Board dt. 28.06.1965 No. 17 (XL-36), provides for inspection fees and fees for certified copies of assessment and...
-
The posting had been move to another website. Please click the link below to get the access of the same. https://taxofindia.wordpress....
No comments:
Post a Comment