Jitender's Expert Profile

Queries Replied : 2549

Myself JITENDER, graduated from Delhi University in first class and become a CHARTERED ACCOUNTANT in Nov-08.

I am currently working with Max Healthcare.

I am also a part of self study group known as "karwan" for young CAs on emerging issues like IFRSs, GST, etc.

I believe in the saying that " knowledge is not the power. It can be a power only & only when u put knowledge into the action".

I have the interest in Cricket, Chess and Politics too.

Thanks for vivsiting my profile.

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Rahul Dayma says : Trading in Manufacturing Unit
Hello Sir, I had a small query. There is a manufacturing unit which purchases colour coated coils from various companies and then by processing them in a roll forming machines converts the coil in colour coated sheet and sells them after paying the required excise duty. Now the company also sells colour coated coils to other companies who have such similar machine or may require the coil for some other purpose. Now my question is does the company have to levy excise duty on the profit made on such trading of coil, even though no manufacturing is being done by it. Or is it ok for the company to sell the coil without levying excise duty on the profit and just passing on the excise duty that was actually received on the purchase of such coil i.e. in a way similar to what a First stage dealer does. Thank you for your advice in advance. Regards, Rahul Dayma

Ajay Agrawal says : Input Credit
Jitenderji, Thanks for your expert comments. I would be nice if you could further clarify as to under which clause or sub clause or heading it is so mentioned. Thanks once again. Regards Ajay Agrawal

Rajesh says : Tax Audit Doubt!!!
Sir thanks for the reply...Anyway can you quote any section or case law for this so that i can ask my superior to look into the matter. With regards, Rajesh.