A manufacturer manufactures a product ‘C’, which is chargeable to excise duty. He avails MODVAT credit of the duty paid on the inputs, which are used in or in relation to the manufacture of product ‘C’. The product is an intermediate product and is consumed captively in the factory for manufacture of the final product. The final product is wholly exempt from the payment of duty under the Central Excise Act, 1944. While determining the assessable value under Rule 6(b)(ii) of the Central Excise (Valuation) Rules, 1975 the manufacturer does not include the element of duty paid on the inputs. The reasoning advanced by the manufacturer is that since credit has been taken of the duty paid on the said inputs, the cost of manufacture automatically stands reduced to the extent. Explain with reference to decided case law if any, whether the stand taken by the manufacturer in not including the duty paid on the inputs for purposes of valuation is correct?

Suppose we have collected CST at the time of O.G.S.. Whether this can be claimed as a Credeit against Input VAT? What could be the consequencies if reverse situation? Can CST collected can be claimed as a Set off against CST paid?

what deductions are availble if a housing loan has been taken on joint names?
can they avail deduction U/S 24 and SEc 80 separately?

Please clarify
thanks
Srilakshmi

I would like to know when does the section 187 C gets attracted in detail if possible

Our company have a caterer who provides meals, snacks etc for a rate per item.
For snacks the rate is Rs. 6.00 per unit + VAt + service tax. The M.R.P.( as mentioned on the cover of the pack)of the said item is Rs.4.00.
If the M.R.P. includes sales tax, doesen't charging tax by the caterer result in cascading effect.

Is Service tax paid on Terminal Handling Charges (THC) & Documentation Charges (DOC)in case of Export Freight is cenvatable? Can we avail the Cedit of the same?

Pls Suggest with appropriate sections /rules.

Regards,

Prem

hi,

I am a final student in chennai undergoing articles... i had to take a lot of leave in my second year due to sickness, abount 120 days without exam leave.. can anyone tell me how my extension will be computed

According to Circular issued by CBDT if any person dealing in shares and activity reflects the nature of activity is not a investment income arises such activity will be treated business income not a capital gain. my query is can a practising member of ICAI can carryout sale or purchase of shares. whether code of conduct attract on member that member cannot engaged in business activity other than profession activity please clarified

What is circular trading? pls give an example if possible

What is price rigging???

Suppose , a man takes takes a loan from the outsider for the trading of shares, they agreed on the following terms....

monthly installment as a repayment of the principal amount i.e., fixed.
And he agreed that he will share only 10% of the only profit and not the loss made by the other as a commission not the interest.
Is this commission will be allowable expense under the capital gains or not....??????