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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: empanelment :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
General »
 The most thrilling idea before every Budget: No income tax
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017

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 2018 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