The Learned Commissioner vide Order dated 17.12.2013 holding that since the capital goods for R&D work cannot be treated having been used in or in relation to manufacture of the final product, has denied the Capital Goods Cenvat Credit amounting to Rs. 9,97,38,882/- confirmed its demand along with interest thereon under section 11AB and has … Continue reading Capital goods brought to the factory for R&D work would be eligible for CENVAT Credit, their use in the factory of manufacture for any purpose whether in or in relation to manufacture or for any other purpose including R&D would be enough for permitting the Cenvat Credit.

In the month of November 2014, vide public Notice No. 76, Directorate General of Foreign Trade had made e-application for Import Export Code (“IEC”) mandatory from 1st January 2015 onwards. However, owing to some reasons vide Public Notice No. 80; the same was kept in abeyance till further notified date. Now, vide Public Notice No. … Continue reading Application for Import Export Code registration to be filed online (mandatory) from 1st February 2015

The Central Board of Excise and Customs (CBEC) has issued an instruction in respect of issuance of summons in the Central Excise and Service tax matters wherein summons have been issued by the field formations to the officials of the companies to enforce recovery of dues, which are under dispute.  CBEC has emphasized that the … Continue reading Summons to be issued when it is absolutely required [Instruction F. No. 207/07/2014-CX-6 dated January 20, 2015 ]

The Commissioner of Service Tax, Goa passed an order-in-original and confirmed the service tax liability on the Appellant. The Appellant preferred an appeal before the Hon’ble CESTAT by making a pre-deposit (7.5 per cent of the tax demand confirmed by the learned Commissioner). Despite such compliance, the Deputy Director, DGCEI, Goa wrote a letter to … Continue reading There was no need for freezing the bank account once appeal has been filed by paying pre-deposit amount in terms of amended Section 35F of the Central Excise Act, 1944

With the increasing demand and requirement of securitisation process for various receivables Securities and Exchange Board of India (“SEBI”) in its Board Meeting held on 21st January, 2015 has approved amendments in Securities and Exchange Board of India (Public offer and Listing of Securitised Debt Instruments) Regulations, 2008, where they rationalised and clarified the roles … Continue reading SEBI EASES AND STANDARDIZES REGULATIONS FOR LISTING OF SECURITISED DEBT INSTRUMENT