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Tax Amicus: February 2014

Article in this issue of Tax Amicus while pointing out some anomalies in the Cenvat credit regime, holds that the approach of the Central Excise Department treating Cenvat credit as largesse to be bestowed upon assessees only if it wishes, points to the mind-set which is one of denial and riddled with suspicion. A benevolent circular issued by the Central Board of Excise & Customs (CBEC) clarifying the judgment of the Supreme Court in the case of Fiat India Ltd. holds that transaction value shall not be rejected in all cases. Issue as to whether discounts, where conditions therefor are not fulfilled, need to be included in the assessable value for payment of excise duty, has been referred to the President, CESTAT for constitution of Three Member Bench, to consider whether the issue needs to be referred to Five Member Bench of the Tribunal. This development is covered in this issue of Tax Amicus.

Under Customs this issue brings to readers news like revision of Drawback rates for specified items and order of CESTAT, Delhi rejecting allegation of undervaluation after holding that reliance on NIDB data was not appropriate. Exemption from service tax to Resident Welfare Associations (RWAs) has been clarified by the CBEC and Madras High Court has held that every incidental expense and reimbursement do not form part of gross value for the purpose of service tax and reports on these are included in this issue of the newsletter.

Amendments to Maharashtra VAT Rules and the amnesty scheme under Delhi VAT have been included. Supreme Court’s decision holding that clubbing of production of two units is not permissible when exemption is unit-specific, has also been covered under Ratio decidendi of VAT section. Orders reported under Income Tax include decision of ITAT, Jaipur holding that market rate for Section 80IA deduction in captive power unit need not be limited to electricity grid rate and order of Delhi ITAT holding sales promotion activity of a liaison office as taxable.

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