Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
The appellant's contention regarding shortage of work-in-progress (WIP) due to dust generated during manufacturing was rejected. The logical conclusion was that final goods were manufactured but lesser quantity was recorded in the final products register, and duty was paid on the recorded quantity, while the remaining quantity was removed clandestinely. The shortage was substantial, and the impugned order correctly held the appellant liable for excise duty u/s 11A, invoking extended period of limitation along with interest and penalty u/s 11AC of the Central Excise Act, 1944. However, the imposition of personal penalty on Shri Tekriwal u/r 26 was set aside as confiscation of goods, a prerequisite for invoking Rule 26, was not undertaken by the Commissioner. The appeal was disposed of accordingly.
The appellant's contention regarding shortage of work-in-progress (WIP) due to dust generated during manufacturing was rejected. The logical conclusion was that final goods were manufactured but lesser quantity was recorded in the final products register, and duty was paid on the recorded quantity, while the remaining quantity was removed clandestinely. The shortage was substantial, and the impugned order correctly held the appellant liable for excise duty u/s 11A, invoking extended period of limitation along with interest and penalty u/s 11AC of the Central Excise Act, 1944. However, the imposition of personal penalty on Shri Tekriwal u/r 26 was set aside as confiscation of goods, a prerequisite for invoking Rule 26, was not undertaken by the Commissioner. The appeal was disposed of accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
