CENEX UPDATE – 06.07.2020

CX - Marking made on Jute bags in compliance with law & for purpose of identification, monitoring & control by Govt agencies, cannot be treated as brand names - benefit under Notfn No 30/2004-CE is available to their manufacturers: CESTAT

ST - Assessee cannot avail CENVAT credit pertaining to trading activities & such amount is liable to be reversed with interest - waiver of penalty u/s 80 of FA 1994 is allowed where reasonable cause exists for non-payment of service tax before initiation of proceedings: CESTAT

Cus - It is settled law that valuation is to be done as per provisions of Section 14 of Customs Act r/w Customs Valuation Rules 2007 - NIDB data cannot be adopted as substitute: CESTAT