CENEX UPDATE - 08.04.2020

CX - Valuation - West Bengal Incentive Scheme, 1999 - VAT collected from customers but not deposited, forms an additional consideration for sale: CESTAT CX - CENVAT credit is available in respect of iron and steel items like Angles, Channels, Sheets, Plates etc. used as structural support: CESTAT ST - It is trite law that penalty u/s 78 of Finance Act 1994 cannot be imposed if no contumacious conduct or deliberate contravention of law is attributed to assessee: CESTAT ST - Credit availed on inputs, inputs services and capital goods service used for construction of Mall, which was ultimately let out and tax paid under R.I.P service, is not deniable: CESTAT Cus - O-i-O revoking Customs Broker's license is bad in law where such license is already revoked & security deposit is already forfeited through an earlier order: CESTAT