Article in this issue of "Tax Amicus" discusses how conditions for availing exemption, whether substantial or only procedural/technical, are important for availing the benefit and merely because a procedure is directory, its compliance is not to be dispensed with. DGFT has allowed terminal excise duty refund even to the recipient of deemed export goods while Bombay High Court has held that statutory definition of ‘manufacture’, as interpreted by CESTAT, cannot be modified by a CBEC’s Circular. This issue also covers Gujarat High Court decision holding that interest is not payable in case of voluntary payment of time-barred duty before SCN and a Delhi High Court order holding Rule 5(1) of the Service tax Valuation Rules to be ultra vires specified provisions of Finance Act, 1994. Entry tax has been increased in Bihar on certain products while under Income tax, method of valuation of unquoted shares has been specified.
