Mumbai Court May 2007 Judgments

Cce Vs. Visaka Industries Ltd.

Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in: (2007)8STR520

1. Heard. The revenue is in appeal against the impugned order which permitted the assessee in payment of service tax out of cenvat credit availed. The department is disputing the same in the present appeal on the ground that cenvat credit can not be adjusted towards payment of service tax. As it stands, the impugned order is in favour of the assessee. The present stay application is not sustainable in view of the fact that the department is under no obligation to make any pre deposit and there is not suitable provision under the Central Excise Act, 1944 for granting stay in favour of the department. Therefore, stay application does not lie. List the appeal for regular hearing....

Atlantic Pharmaceticals Vs. Commissioner of Central Excise

Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in: (2007)(119)ECC433

1. Heard both sides. This appeal is filed against the order-in-original dated 31.1.2004 passed by the Commissioner (Appeals). Central Excise, Mumbai. The appellants herein are manufacturers of concentrated haemodilysis solution BP falling under chapter heading 3003.20 of the Central Excise Tariff Act, 1985 and were claiming SSI exemption under Notification No. 8/02 and were filing appropriate returns.2. On 26.6.2002, during the rainy season 4490 cans were damaged when the flood waters entered their manufacturing premises at Vasai. They were damaged due to water logging and became unfit for human consumption. Out of this lot of 4490 only 3776 could be physically located as per the loss assessor's report. The insurance company's surveyors assessed the loss due to floods and in his presence the damaged goods were destroyed i.e. solution was thrown out and the balance was struck as NIL due to disposal of damaged / destroyed goods on 1.7.2002. The department was also informed about the dam...

Hoechst Marion Roussel Ltd. Vs. Joint Cit, Sr-34

Court: Income Tax Appellate Tribunal ITAT Mumbai

1. These are cross appeals arising out of the orders of the Commissioner (Appeals) for the assessment years 1996-97 and 1997-98.Most of the issues in these appeals are common and we have heard them together and find it convenient to dispose of the same by a consolidated order.2. The first common issue in both the appeals filed by the assessee relates to the disallowance of provision in respect of Early Retirement Scheme. During the previous year relevant to the assessment year 1996-97 the assessee-company formulated a scheme of Early Retirement for employees offering some benefits. There were two types of payments to the employees under the scheme; (i) payment under the approved Voluntary Retirement Scheme which are exempt from income-tax; and (it) the additional benefits offered over and above the scheme, which are liable to income-tax. During the previous year relevant to the assessment year some employees availed of the benefit under this scheme and retired from service to whom pay...

ispat Industries Ltd. Vs. Commissioner of Cen. Excise

Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in: (2007)(119)ECC435

1. M/s. Ispat Metallics (India) Ltd. (hereinafter referred to as IMIL) are engaged in the manufacture of Pig Iron (Hot Metal) falling under Chapter 72 of the Central Excise Tariff Act, 1985. One more unit set up adjacent to IMIL by the name of M/s. Ispat Industries Ltd. (hereinafter referred to as IIL) is engaged in the manufacture of H.R. Coils from Directly Reduced Iron. IMIL was promoted by IIL for setting up a blast furnace for the manufacture of hot metal/pig iron mainly to cater to the needs of IIL for hot metal required in the manufacture of H.R.coils by IIL. IMIL had cleared hot metal/pig iron to IIL on payment of duty at an assessable value calculated @ 115% of cost of production in terms of Rule 8 of Central Excise (Valuation) Rules 2000 by issuing invoices at an estimated price of Rs. 6.500/- P.M.T. and paying differential duty on the revised assessable value. While working out the cost of production, the elements of Bank charges and LC commission on Raw Material, Exchange ...

Mrs. Sharda J. Rukhana Vs. Ito

Court: Income Tax Appellate Tribunal ITAT Mumbai

1. This appeal filed by the revenue is against the order of Commissioner (Appeals) - XX, Mumbai, dated 10-9-2003 relating to assessment year 2001-02 against the order under Section 143(3) of the Income-tax, Act 1961. 1. On the facts and in the circumstances of the case and in law, the learned Commissioner (Appeals) erred in dismissing the appeal and that too without even appreciating fully and properly the facts of the case. 2. On the facts and in the circumstances of the case and in law, the learned Commissioner (Appeals) erred in holding that the assessing officer is justified in rejecting the appellant's claim of exemption of Section 54 of the Income Tax Act, 1961.3. The brief facts of the case are that during the year under consideration, the assessee had sold flat No. 201 in Picasso Co-operative Hsg. Society for a total consideration of Rs. 63 lakhs on 27-11-2000. The assessee had claimed exemption under Section 54 of the Income Tax Act on account of long-term capital gain arisin...

The Dcit Vs. Tata Investment Corporation Ltd.

Court: Income Tax Appellate Tribunal ITAT Mumbai

1. This appeal filed by the revenue are against the order of CIT (A) - XXXIII, Mumbai, dated 28.08.2003 relating to Assessment Years 2000-01 against the order under Section 143(3) of the I.T. Act, 1961. 1. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) erred in deleting the disallowance of Rs. 63. 74 Lakhs made by the Assessing Officer allocating 57.34 of Rs. 111.97 Lakhs out of the payments made to employees for salaries and personnel cost towards the expenditure related to earning of dividends, claimed exempt Under Section 10(33) of the Act, within the meaning of Section 14A of the Act.3. Shri T. Diwakar Prasad, Departmental Representative appeared for the revenue and Shri Shri Dinesh Vyas with P.C. Tripathi, learned Counsel appeared for the assessee and put forward their rival submissions.4. The brief facts of the case are that the assessee company is an investment Company, which is a non-banking company as defined by the Reserve Bank of India, and th...

Kotak Mahindra Old Mutual Life Vs. Ito

Court: Income Tax Appellate Tribunal ITAT Mumbai

1. These appeals are directed at the instance of assessee against the order dated 23-6-2004 and 19-12-2006 passed by the Commissioner (Appeals)-I, Mumbai, arises out of the assessment completed under Sections 143(3) and 271(l)(c) of the Income Tax Act, 1961 for assessment year 2001-02. These were heard together and are being disposed of through this consolidated order for the sake of convenience.2. We have heard the parties and have also perused the materials placed on record and applicable legal position.3. First we shall deal with the quantum appeal filed by the assessee i.e., in ITA No. 8165/Mum./04 for assessment year 2001-02. The Commissioner (Appeals)-I, Mumbai (hereinafter referred to as 'the Commissioner (Appeals)') erred in confirming the order of the Income- j-. tax Officer 3(2)(4), Mumbai (hereinafter referred to as 'assessing officer') thereby assessing income at Rs. 2,40,41,710 as against NIL returned income, on the ground that appellant had not commenced the business of ...

Space Decorators Vs. Commissioner of Central Excise

Court: Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in: (2007)8STR180

1. We have heard both sides on the application for waiver of pre-deposit of Service Tax of Rs. 4,27,000/- (Rupees four lakhs twenty seven thousand only) confirmed as a result of holding that they are Interior Decorators within the meaning of Section 65 (59) of Clause V of the Finance Act, 1994, and penalty of equal amount under Section 78 in addition to penalty of Rs. 100/- per day during which the non-payment continues, under Section 76 of the Finance Act, 1994.2. We find prima facie force in the submissions of the applicants that they cannot be considered Interior Decorator as they are only carrying out Civil and Plumbing work and also manufacturing wooden furniture for which they are registered and prima facie are not rendering any advice, services related to planning, design of spaces.3. We, therefore, waive pre-deposit of duty and penalty and stay recovery thereof pending the appeal....

Bfil Finance Ltd. Vs. Ito

Court: Income Tax Appellate Tribunal ITAT Mumbai

1. The appeals of the assessee are directed against Commissioner (Appeals)'s separate orders dated 22-9-2003 for the assessment years 1996-97 and 1997-98. In both these appeals the assessee is aggrieved by the order of the Commissioner (Appeals) in confirming the interest tax on the overdue interest of Rs. 98,96,440 for the assessment year 1997-98 and Rs. 1,15,79,794 for the assessment year 1996-97 on the lease rental payments and hire purchase instalments.2. Brief facts of the case are that the assessee is a credit institution. Subsequent to the assessments for assessment years 1996-97 and 1997-98,the Assessing Officer noticed from the records that the assessee-company has not offered overdue interest receipts for taxation purposes. Accordingly, notice under Section 10 of the Interest- tax Act, 1974 was issued to the assessee. Subsequently notice under Section 8(1) was also issued in reply to which the assessee submitted that the overdue interest is not liable for inclusion in the ch...

Asstt. Cit Vs. Vijay Talkies

Court: Income Tax Appellate Tribunal ITAT Mumbai

1. The appeal of the revenue and cross objection of the assessee are directed against Commissioner (Appeals)'s order dated.2. Brief facts of the case are that the assessee is a partnership firm consisting of three partners, M/s. Vishwa Bhatt, J.S. Bhavnani and P.S.Bhavnanis, sharing profit in the ratio of 2:1:1 respectively. The business of the partnership firm was of running a theatre. Disputes arose between thepartners giving rise to litigation in respect of the same. On 16-11-1992consent terms were filed in the High Court of Bombay to settle the pending litigation wherein it was agreed that Mrs. Bhatt will take over all the assets, goodwill and the liabilities of the partnership firm of M/s. Vijay Talkies and Rs. 1.5 crores would be paid to the Bhavnanis, the other two partners, each getting Rs. 75 lakhs.The firm was dissolved on 25-11-1993and thereafter accounts of the firm were drawn up to give effect to the consent terms. To carry out the same, the assets of the firm appearing i...