Agricultural land classification requires cumulative factual indicators, while industrial-purpose land and absent agricultural use defeat reinvestment...
Composite residential flat exemption upheld where supplementary agreement merged adjoining units and additional evidence supported the taxpayer's inve...
Urgent interim relief exception permits commercial suit without pre-institution mediation where immediate disclosure and asset protection are genuinel...
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The CESTAT disposed of the appeal with the following key holdings: Undervaluation relating to stock transfer to their own unit and sale to sister unit was held not sustainable as it was a revenue-neutral situation. Demand of Rs.1,94,02,717/- and Rs.52,28,055/- set aside. Demand of Rs.1,15,616/- for short receipt of methanol set aside following the tribunal's earlier ruling allowing transit loss. CENVAT credit of Rs.2,50,647/- for inputs used in research and development allowed as it relates to manufacturing activity. CENVAT credit of Rs.14,86,640/- and Rs.34,88,013/- taken on endorsed invoices/bills of entry allowed following the Allahabad High Court's ruling. Demand of Rs.14,04,491/- for alleged shortage of finished goods set aside due to lack of evidence on clearances, transportation, and recipients. Consequently, no penalty was imposable on the appellant.
The CESTAT disposed of the appeal with the following key holdings: Undervaluation relating to stock transfer to their own unit and sale to sister unit was held not sustainable as it was a revenue-neutral situation. Demand of Rs.1,94,02,717/- and Rs.52,28,055/- set aside. Demand of Rs.1,15,616/- for short receipt of methanol set aside following the tribunal's earlier ruling allowing transit loss. CENVAT credit of Rs.2,50,647/- for inputs used in research and development allowed as it relates to manufacturing activity. CENVAT credit of Rs.14,86,640/- and Rs.34,88,013/- taken on endorsed invoices/bills of entry allowed following the Allahabad High Court's ruling. Demand of Rs.14,04,491/- for alleged shortage of finished goods set aside due to lack of evidence on clearances, transportation, and recipients. Consequently, no penalty was imposable on the appellant.
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