Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt :: TDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« General »
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India
 Tax Benefits from Different Types of Loans under the Income Tax Act, 1961
 Do you have any question about tax filings? Now, chat online with income tax experts to clear your doubts

SC sets aside tax order favouring bajaj auto
November, 18th 2010

The Supreme Court of India last Friday set aside an order passed by the tax tribunal CESTAT, which had given a favourable order to Bajaj Auto (BSE:532977) in a case of dispute over the under-payment of excise duty to the government.

The court set aside the order passed by CESTAT, which had supported a duty demand from Bajaj Auto for alleged under payments of excise duty.

The apex court also directed the Customs Excise Service Tax Appellate Tribunal (CESTAT) to decide afresh as it had ignored some submissions made by the excise department.

"We allow this appeal and set aside the impugned order passed by the tribunal and remand the matter for fresh consideration of all the issues raised by both the parties," the court said.

Bajaj Auto was buying handle bar body, crank case clutch, and castings used as motor vehicle parts from one Anurag Engineering Co for manufacturing two wheelers.

Anurag was supplying the parts to Bajaj Auto made of aluminium ignots which in turn were supplied by Bajaj Auto.

Thus, they were aiding each other for mutual business interest and trying to keep the production cost at minimum and in that process, the central excise duty was discharged at lower value.

This was objected by the excise department and it issued notice to Bajaj Auto in March 2001 asking it to pay Rs 2.7 million for payment of undervalued excise for the period between June 1998 and September, 1999.

The excise department said that Anurang was receiving Aluminum ignots from Bajaj at an under-valued landed cost by not including expenses on account of sales tax, octroi, freight, insurance, loading and unloading charges and handling charges, and that Bajaj was charging only the basic price of such inputs equal to the basic price.

The official also said that the price charged by Bajaj from Anurag was "depressed price", which ultimately saved the price of their finished procuts.

This was challenged by Bajaj Scooters before CESTAT, which set aside the duty demand after observing that the excise department finding was not based on correct facts.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions