Home Highlights February 2016 Year 2016 This

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1. Reversal of Input Tax Credit - inputs consumed in dye intermediates (which is also a finished goods), where such goods have been destroyed in fire - - Since the said...

2. Shortage of inputs as well as finished good - without any evidence of removal of inputs and/or finished goods, merely on the basis of the difference between the excise...

3. CENVAT Credit - shortage recorded on the basis of stock taking - whether the cenvat credit in respect of shortage recorded on the basis of stock taking done by the...

4. Clandestine production and removal - excesses and shortages in stock - The quantum of excess and shortages determined by the exercise of stock taking is negligible in...

5. Reversal of cenvat credit after finished goods become exempted goods - Demand of CENVAT Credit on inputs lying in stock and inputs contained in finished goods lying in...

6. CENVAT credit - destruction of raw materials and semi-finished goods by fire - the input or semi-finished goods did not reach the stage of finished goods and the...

7. Clandestine removal - finished goods found short during the stock taking - since these were captively consumed they were exempt from duty under notification 67/95-CE...

8. Benefit of input tax credit (ITC) on Packing material - finished goods were stock transferred - Appellant is not entitled to the benefit of ITC in respect of packing...

9. Textile goods - manufactures have been directed by the commissioner of central excise to declare the stock of the inputs and finished goods and to get registered themselves

10. The annual retable value of the property must be determined based on the expected market rate of rent, not the actual rent received. The matter was restored to the...

11. Denial of credit - Goods received on stock transfer basis - Revenue denied credit on the basis that it was stock transfer and not sale - credit allowed - AT

12. Duty demand - Shortage of stock - Clandestine removal of goods - information received from the Income tax Department cannot be made the sole basis for confirmation of...

13. Profit on sale of deficit stock outside the books - whether the entire deficit stock has to be taken as profit of the assessee or the profit element embedded in the...

14. Duty demand - Clandestine removal of goods - Shortage of goods - appellant is liable for excise duty and it is restricted to actual shortage of 102.476 MTs found short...

15. Loss arising from Inventory write off - disallowance of shortage in the value of inventory - shortfall in inventory - the assessee has engaged the services of a leading...