SUPREME COURT OF INDIA, CIVIL APPEAL NO. 4277 OF 2002 BHAI JASPAL SINGH AND ANR Vs ASSISTANT COMMISSIONER OF COMMERCIAL TAXES AND ORS

WB Sales Tax Act –In computing the valuation of plant and machinery, only the cost price/purchase price of the equipment invested by the assessee will have to be taken into account. The expression "investment" in plant and machinery is not subject to the impact of depreciation in the value of plant and machinery. Depreciation not to be reduced for calculating 'Investment'.

Liberal construction not required when the notification is not applicable; The principle to be kept in view while interpreting exemption notification is that the meaning of the words given in the exemption notification is to be gathered from the language employed in the notification. There is no requirement of liberal construction as the notification does not apply to the assessee in the first place.

Interest liable to be paid on default of tax: where the tax due on the basis of quarterly return is not paid before the expiry of the last date of filing of such return under the Act, it is not necessary to issue any notice of demand but on the default being committed by the dealer, he becomes liable to pay interest.

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What's New 

a.  CIRCULAR NO. 936/26/2010 –CX - Inclusion of After Sale Service and Pre-delivery Inspection Charges in the assessable value  (Click for detail)

b.  Instruction No. 66 - GUIDELINES ON ENERGY CONSERVATION IN SEZs  (Click for detail)

c.  Instruction No. 67 - Clarification of Rule 47(3) of SEZ Rules, 2006- Duty for sale of power from SEZ to DTA-regarding  (Click for detail)

d.  Instruction No. 68 - Transfer of used Capital Goods by SEZ units  (Click for detail)

e.  17.2 per cent increase in Direct Tax Collection: Revenue Secy  (Click for detail)

f.   Finmin, Reserve Bank close foreign loan window for LLPs  (Click for detail)

g.  IASB issues additions to IFRS 9 for financial liability accounting  (Click for detail)

   

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