Objects of general public utility : Where assessee was carrying on micro finance business in a commercial manner so as to earn profit and there was no iota of charity carried on by it, its case was hit by proviso to section 2(15) and it was not entitled to exemption under section 11 –  64 taxmann.com 255 (Chennai – Trib.)
BUSINESS EXPENDITURE – ALLOW ABILITY OF
Personal Expenses/Medical expenses : Expenditure incurred on medical treatment of eyes is personal in nature - 64 taxmann.com 177 (Bombay)
CENTRAL EXCISE ACT
VALUATION UNDER CENTRAL EXCISE – TRANSACTION VALUE – DISCOUNTS/INTEREST ON RECEIVABLES
Where an assessee offers cash discount for immediate payment, it is clear that interest on receivables relating to credit period offered is also inbuilt into price and therefore, assessee is entitled to deduction in respect of interest on receivables inbuilt into price –  64 taxmann.com 244 (SC)
VALUATION UNDER CENTRAL EXCISE – TRANSACTION VALUE – EXCLUSION OF COST OF TRANSPORT/TRANSIT INSURANCE
Supreme Court remands back issue of ‘exclusion of transit insurance in computing excisable value’, as certain invoices allegedly on record were not considered by Tribunal in passing final order –  64 taxmann.com 128 (SC)
EXEMPTION FROM EXCISE DUTY – IN RESPECT OF SPECIFIED GOODS
Where assessee, a manufacturer of cement [final product], also manufactured clinker (intermediate product) and consumed same in same factory for manufacture of cement and during period 2004 to 2011 it cleared cement to SEZ units/developers without payment of duty, assessee was eligible for exemption from excise duty on clinker –  64 taxmann.com 241 (Chennai – CESTAT)
CENVAT CREDIT RULES
CENVAT CREDIT – CAPITAL GOODS
Subsequent amendment cannot, in any manner, be interpreted to take away right of assessee to take credit of capital goods already received prior to amendment; hence, credit of capital goods received prior to amendment cannot be denied relying upon such amendment –  64 taxmann.com 246 (Gujarat)
Report of the Committee on Revisiting and Revitalizing Public Private Partnership Model of Infrastructure – PRESS RELEASE, DATED 28-12-2015
SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2015 – Amendment in Rule 3 – NOTIFICATION NO. SO 3516(E) [F.NO.2/10/2015-RE], DATED 23-12-2015
SEBI (Substantial Acquisition of Shares and Takeovers) (Fourth Amendment) Regulations, 2015 – Amendment in Regulation 10 – NOTIFICATION NO.SEBI/LAD/NRO/GN/2015-16/026, DATED 22-12-2015
LEGAL UPDATES IN INCOME TAX EXCISE AND OTHERS
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