Summary of IDT Recent Case Laws for May 2012

Summary of IDT Recent Case Laws for May 2012

Indirect Taxes (IDT) Amendment for May 2012 - CA Final Exam

Indirect Taxes (IDT) Amendment for May 2012 - CA Final Exam

Recent Case Laws IDT - UOI v. Ind-Swift Laboratories Ltd. 2011 (SC)

UOI v. Ind-Swift Laboratories Ltd. 2011 (SC)

It is clear & unambiguous that interest ON IRREGULAR CREDIT under Rule 14 of CCR, 2004 is payable when CENVAT Credit is

1. Taken wrongly, OR

2. Utilized wrongly, OR

3. Erroneously refunded

Recent Case Laws IDT - Usha Rectifiers Corpn. (I) Ltd. v. CCEx., New Delhi 2011 (SC)

Usha Rectifiers Corpn. (I) Ltd. v. CCEx., New Delhi 2011 (SC)

Assembling of TESTING EQUIPMENTS, shown as addition in P&M in Balance Sheet & Substantiated in Director's Report, to avoid importing to save foreign exchange, confirmed that such equipments were saleable & marketable, hence liable for Excise Duty.

Recent Case Laws - Excise - Medley Pharmaceuticals Ltd. v. CCE & C., Daman 2011 (SC)

Medley Pharmaceuticals Ltd. v. CCE & C., Daman 2011 (SC)

Prohibition on sale of physician samples under Drug Act did not have any bearing or effect on levy of Excise Duty as both the act operates separately. Hence, physician samples were excisable & liable to Excise Duty.

Recent Case Laws - Excise - Nicholas Piramal India Ltd. v. CCEx., Mumbai 2010 (SC)

Nicholas Piramal India Ltd. v. CCEx., Mumbai 2010 (SC)

Short Shelf-life of any product could not be equated with no shelf-life for the purpose of marketability test. Product with shelf-life of 2 to 3 days was marketable & hence excisable.