: For Finance Professionals & Students

Monthly Archives: September 2016

Valuation of intermediate products used for captive consumption

In the present case, there is no sale of iron ore concentrate by the appellant and clearance to sister unit for further use is subjected to excise duty and valuation for such duty has to be worked out in terms of Rule 8 of Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.

Determination of cost of improvement of old or inherited land/building in absence of documents

The question arises specially where the land and building are old one or inherited and sold.

In general for old contraction or improvements, assessee does not have any evidence or documents to prove the cost of construction improvement.

Income Declaration Scheme, 2016 – extension of last date are desirable

The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199. IDS Rules have been framed. There have been large number of clarifications by way of notifications, circulars and series of FAQ. The last circular seems to be issued on 21.09.2016 , and last series that is sixth series of FAQ have been issued recently ( not found) in search.

© 2014, all rights reserved at