ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The SC held that the resultant steam-generating plant, assembled on site from CKD consignments and bought-out items, constitutes an immovable product and therefore does not qualify as "excisable goods" under the Central Excise Act, 1944. Consequently, the value of duty-paid bought-out items delivered directly to the buyer's site cannot be included in the assessable value of the boiler cleared from the factory. The SC further held that the proviso to Section 11A(1) was inapplicable as there was no evidence of wilful misstatement, suppression or intent to evade duty, rendering the show-cause notice issued under the extended period invalid. Appeal allowed; impugned notice quashed.
The SC held that the resultant steam-generating plant, assembled on site from CKD consignments and bought-out items, constitutes an immovable product and therefore does not qualify as "excisable goods" under the Central Excise Act, 1944. Consequently, the value of duty-paid bought-out items delivered directly to the buyer's site cannot be included in the assessable value of the boiler cleared from the factory. The SC further held that the proviso to Section 11A(1) was inapplicable as there was no evidence of wilful misstatement, suppression or intent to evade duty, rendering the show-cause notice issued under the extended period invalid. Appeal allowed; impugned notice quashed.
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