Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Additions towards receipt of excise duty - non-crediting of ...


Court Rules Excise Duty Receivable Not Income, No Tax Imposition Needed u/s 43B.

January 21, 2017

Case Laws     Income Tax     HC

Additions towards receipt of excise duty - non-crediting of 'Excise Duty Receivable' to the P & L Account - avoiding the provisions of Section 43B - the excise duty, recovered by it, would not constitute any income to the assessee itself in order to invite the imposition of any tax - HC

View Source

 


 

You may also like:

  1. Disallowance of excise duty - an item of section 43B - Since the excise authority held that CENVAT credit on fuel used for generation of electricity supplied to the...

  2. Since Appellant were paying the duty utilizing the CENVAT Credit they cannot be charged for contravention of the provisions of Rule 4, 8(1), 8(3) & 8(3A) of the Central...

  3. Section 43B of the Income Tax Act disallows certain deductions for unpaid statutory dues like interest, tax, duty, etc. The key points are: Unpaid interest on loans from...

  4. The ITAT allowed the assessee's appeal, holding that contributions made to the unrecognized provident fund and unapproved pension fund were eligible for deduction under...

  5. Levy of penalty - Applicability of the substituted rule for imposition of penalty - The Supreme Court sided with the appellant, holding that the substituted rule from...

  6. The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

  7. The Appellate Tribunal addressed two key issues. Firstly, it ruled that disallowance of unpaid interest u/s 43B on a loan from the World Bank, advanced by the State...

  8. Applicability of Section 43B - electricity duty collected by the assessee - The revenue is required to show that the duty, tax, cess or fee (in the present case...

  9. Addition u/s 43B - ED receivable from the DGFT - Whatever receivable from the DGFT, the amount is actually to be paid at the time of the purchases/imports. The appellant...

  10. Safe Harbour Rule - Income-tax (18th Amendment) Rules, 2022 - Amends Rule 10TD - Notification

  11. Interpretation of Section 11D of the Central Excise Act, 1944, regarding the recovery of amounts collected as excise duty but not deposited with the government. The key...

  12. Revocation of registration under Central Excise - Revocation of registration, not provided for in Central Excise Rules, 2002 and only in exercise of power of Central...

  13. Imposition of personal penalty on two Directors - valuation of goods - In any event, excise is a levy on manufacture and it is found that it is not the case of the...

  14. Refund of excess payment of duty - Sale of goods through depot - Valuation - The duty is payable in accordance with the Section 4 of Central Excise Valuation Rules ,...

  15. Income-tax (11th Amendment) Rules, 2019 - Amendments in rule 10CB.

 

Quick Updates:Latest Updates