CCE v. Markfed Vanaspati & Allied Industries

M/S Snowtex Investment Limited vs. Principal Commissioner of Income Tax, Central -2, Kolkata

The appeal is dismissed in terms of the signed reportable

Bench: HON'BLE THE CHIEF JUSTICE

…uding stocks and shares is settled otherwise than by the actual delivery or transfer of the commodity or scrips. The impact of the amendment by the Finance Act, 2005 was that an eligible transaction on a recognised stock 4 (2015) 1 SCC 1 5 (2019) 4 SCC 184 7 exchange in respect of trading in derivatives was deemed not to be a speculative transaction. With effect from 1 April 2006, trading in derivatives was by a deeming fiction not regarded as a speculative transaction when it was carried out on a recognized stock exchange. 15 The circular of the CBDT dated 27 February 2006 indicated that this a…

Commissioner of Income Tax vs. Agricultural Market Committee

Bench: V.V.S.RAO,RAMESH RANGANATHAN

Hindustan Poles Corporation vs. Commissioner of Central Excise, Calcutta

Appeals are allowed and show cause

…sed in the sections. It would not be applicable in cases where only processing activity is carried out. Further, such production activity must be by an industrial undertaking. In CCE vs. Markfed Vanaspati & Allied Industries reported in (2003) 4 SCC 184, this Court clearly held that the burden to prove that there is manufacture is on the Revenue. In that case, the question arose was whether the goods became excisable merely because it fell within a Tariff Item. "Spent earth" was "earth" on which duty had been paid. It remained earth even after the processing. Thus, if duty was to be le…