Categories: Corporate and Professional Updates

Corporate and Professional Updates Nov 2015

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Corporate and Professional Updates

Indirect Taxes:

Cenvat Credit – Storage of input outside the factory – Removal of goods without necessary permission under Rule 8 of CENVAT Credit Rules 2004 – demand of duty with interest and confiscation upheld – penalty waived-(M/s Kalpena Industries, Shri Narendra Surana, Shri Prakash Sahoo And Shri Manoj Jain Versus Commissioner, Central Excise & Service Tax, Vapi, CESTAT AHMEDABAD).

Refund of duty paid earlier on export of goods – same tractors were admittedly brought back in the factory of the appellant and after testing etc. were cleared for export under Bond and by virtue of Rule 6(6)(v) of Cenvat Credit Rules the provisions of sub-rule (i), (ii), (iii) & (iv) of Rule 6 are inapplicable- (M/s Mahindra & Mahindra Ltd. Versus Commissioner of Central Excise, Mumbai-V, CESTAT MUMBAI).

Direct taxes:

Addition made of the closing balance of the sundry creditors – when the purchases from the parties were accepted and the sales made out of those purchases were not doubted, the payments outstanding in the name of those parties were accepted in the subsequent year than there was no reason to doubt the genuineness of the outstanding balance– (M/s Hind Globe Links Versus Income Tax Officer, Ward-28 (4) , New Delhi, ITAT DELHI).

Company Law:

Winding up Petition of unpaid dues of salary – Employee can locus to file Company Petition in respect of unpaid wages and emoluments, same as creditor of Company and opinion of High Court in case of Pawan Kumar Khullar overturned – (Jonathan Allen Versus Zoom Developers Private Limited, MADHYA PRADESH HIGH COURT).

Query: My query is regarding Form AOC-4, while filing the same at point (IV) (details related to principal products or services of the company). I am specifying the NIC code 2008 which I specified in Form MGT 9 but it is showing error so please advise the solution.

Answer: While filling AOC-4 you are required to fill NPCS Code in column (IV) for (detail of related Principal products or services of the company) firstly fill 4 digit code and related turnover from such activity then fill 8 digit code under the head from 4 digit NPC S code which contributes highest turnover. You can get NPCS code by clicking here simply.

For query or help, contact: singh@carajput.com or call at 9555555480

Tags: Refund of duty paid earlier on export of goodsRule 8 of CENVAT CreditWinding up Petition of unpaid dues of salary

9 years ago

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.