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Tax Amicus: March 2014

Concept of Input Service Distributor (ISD) and the recent amendment in the Cenvat Credit Rules is the topic of discussion this month in Tax Amicus. According to the author of the article, a plain reading of the amended rule can lead to an unfair situation and hence the trade has to take up this anomaly for redressal. This issue carries a summary of landmark judgment of the Supreme Court of India holding that portion of sales tax retained by the assessee, under an incentive scheme, is not the tax actually paid by him and hence same would be includible in the assessable value for the purpose of Central Excise duty. This issue also covers order passed by CESTAT, Ahmedabad wherein it has been held that Cenvat credit of differential duty paid on imported goods on account of fraud/ suppression would be available.

Under Customs Law, order of the Delhi High Court allowing refund of Terminal Excise Duty (TED) on supplies to EOU in a case where such refund was denied on the basis of a clarification that refund should be availed under Cenvat Credit Rules rather than FTP, has been included in this issue of this newsletter. Bombay High Court has advanced a prima facie view that production of documentary evidence to prove sale of goods, for benefit of Notification No. 12/2003-ST, need not necessarily be in the form of invoices alone in a case involving sale of goods under composite contract. Under Ratio decidendi involving VAT laws, this issue covers, among others, recent order of Allahabad High Court ruling that there is no sale when stent or valve is implanted in a patient during a surgical procedure. The Income Tax column brings to readers ruling of the Advance Ruling Authority holding that a subsidiary dependent on parent for optimal functioning constitutes Permanent Establishment in India.

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