Home Highlights June 2013 Year 2013 This

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1. Addition u/s 40A (3) - expenses incurred by the assessee for the purchase of raw hides and skins in cash - Notices to sellers sent u/s 133(6) of the Act have returned...

2. Amend notification No 27/2011-Customs to reduce the export duty on EI tanned leather and Hides, skins and leathers, tanned and untanned, all sorts.

3. Enhancement in composition rates - Dealing in hides and skins - Tax liability - assessee was not properly advised when he questioned the notifications before the High Court - SC

4. Customs duty rates have been revised for various agricultural products, aquafarming and marine exports, critical minerals, steel sector, copper, chemicals and plastics,...

5. Classification - Rice Bran Oil which is fit for human consumption can only be a different and distinct commodity from the other two commodities viz., RB Fatty Acid and...

6. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

7. Reversal of CENVAT Credit - damage of raw material - demand invoking extended period of limitation confirmed - HC

8. Reassessment - levy of entry tax - Once it was held that basis for reassessment was change of opinion, such reassessment was impermissible under law - HC

9. Deduction u/s 10B - activity of conversion of raw gherkins to bottled pickle - amount to ' manufacture' or not - the original commodity of vegetable gherkins transform...

10. Additional commodities as Eligible Liquid Assets for Commodity Derivatives Segment

11. Reduction of Input Tax Credit - purchases of hides and skins resold in the course of inter-State trade and commerce - denial of reimbursement as per section 15(b) of the...

12. Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture -...

13. Rate of Sales Tax / VAT - manufactured smokeless soft fuel i.e. smokeless coke out of coal is distinct commodity and also understood in common parlance different from coal - HC

14. Reassessment proceedings after information received from Director of Investigation regarding bogus/accommodation entries - HC

15. Classification of goods - masks and sanitizers - classified as ‘Essential Commodity’ under the Essential Commodity Act, 1955 or not - seeking reduction of rate of GST...