Mandatory pre-deposit for filing appeals under Service Tax, Excise and Customs The Dilemma Continues
Date: July 23, 2015
mandatory pre-deposit provision under Section 35F of the Central Excise Act, 1944[as applicable for Service Tax vide Section 83 of the Finance Act, 1994 and for Customs vide Section 129E of the Customs Act, 1962] would be applicable to the cases where the lis commenced prior to August 6, 2014
Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test
Date: August 13, 2015
The Hon’ble Supreme Court in the case of Tata Chemicals Ltd. held that the power given to custom authorities u/s 18 of Customs Act,1962 can be exercised only when the proper officer deem it necessary to subject the goods to further tests. Thus, such power cannot be exercised in every case and only exercisable when the officer has put forward any material to challenge the validity of assessment made by the assessee
Royalty paid by distributor to music producer for copyright use is not an additional consideration to assessee a job worker
Date: August 12, 2015
Hon’ble Supreme court in the case of K.R.C.D Pvt. Ltd. held that the royalty paid by the principal manufacturer to some other person for use of any copyright is not includible in the assessable value of the final goods cleared from the factory of job worker as the royalty paid by the principal manufacturer do not flow any additional consideration to the job worker.
Sebi public offer norms bat for retail investors
Date: June 25, 2015
Sebi made two significant changes in rules relating to public offerings. It said that for all offers for sale (OFS), divestment as well as by private sector companies, the notice should be given two banking days before the day of the offer. Earlier, such notice had to come two trading days before the day of the offer.