Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Compression of natural gas constitutes manufacture under Chapter Note 5 to Chapter 27 only where it is compressed for marketing as compressed natural gas. Compression undertaken solely to facilitate transportation, followed by decompression at customers' premises and sale as natural gas, does not amount to manufacture under section 2(f) of the Central Excise Act, 1944. On that basis, the excise duty demand, interest and penalties on the company, including the penalty imposed on its Chairman-CEO, were set aside.
Compression of natural gas constitutes manufacture under Chapter Note 5 to Chapter 27 only where it is compressed for marketing as compressed natural gas. Compression undertaken solely to facilitate transportation, followed by decompression at customers' premises and sale as natural gas, does not amount to manufacture under section 2(f) of the Central Excise Act, 1944. On that basis, the excise duty demand, interest and penalties on the company, including the penalty imposed on its Chairman-CEO, were set aside.
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