Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
CESTAT allowed the appeal of the manufacturer-exporter under the Target Plus scheme, holding that use of imported inputs under Customs Notification No. 73/2006-Cus through a job worker did not violate condition (3) of the exemption. The Tribunal interpreted "own use" to include manufacture through job-work facilities, relying on a coordinate bench ruling in Silver Line Plastpack and a supporting Public Notice, and noted the absence of any allegation or finding that the goods were sold to the job worker. The impugned demand was set aside, and the duty credit entitlement under the Target Plus scheme was held to be validly availed.
CESTAT allowed the appeal of the manufacturer-exporter under the Target Plus scheme, holding that use of imported inputs under Customs Notification No. 73/2006-Cus through a job worker did not violate condition (3) of the exemption. The Tribunal interpreted "own use" to include manufacture through job-work facilities, relying on a coordinate bench ruling in Silver Line Plastpack and a supporting Public Notice, and noted the absence of any allegation or finding that the goods were sold to the job worker. The impugned demand was set aside, and the duty credit entitlement under the Target Plus scheme was held to be validly availed.
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