Expenses for overseas film shooting treated as services availed outside India, so no reverse charge service tax liability; cenvat reversals and penalt...
Electricity consumptionbased clandestine production estimates under the repealed Central Excise Act found insufficient; demand quashed and appeals all...
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Share premium received by a company with no real business activity and later traced into loans, advances and immovable property can be treated as benami property in converted form, because share premium is movable property capable of transformation into other assets or proceeds. The Tribunal sustained attachment to the extent of the bogus share premium and its converted form, but held that the specifically identified immovable property was wrongly attached because it was not shown to have been acquired by the company. A misdescription in the show cause notice did not invalidate the proceedings where the notice had clearly targeted the bogus share premium and its subsequent utilisation. The impugned order was modified to release the wrongly attached property while permitting attachment of the benami funds and their transformed assets.
Share premium received by a company with no real business activity and later traced into loans, advances and immovable property can be treated as benami property in converted form, because share premium is movable property capable of transformation into other assets or proceeds. The Tribunal sustained attachment to the extent of the bogus share premium and its converted form, but held that the specifically identified immovable property was wrongly attached because it was not shown to have been acquired by the company. A misdescription in the show cause notice did not invalidate the proceedings where the notice had clearly targeted the bogus share premium and its subsequent utilisation. The impugned order was modified to release the wrongly attached property while permitting attachment of the benami funds and their transformed assets.
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