Finance Act, 1998

Mis. Swan Mills Ltd., a textile manufacturer, was served with show‑cause notices for differential excise duty and challenged the assessment before the Commissioner of Central Excise (Appeals). The appellant filed a declaration under Section 89 of the Finance Act, 1998 to avail the Kar Vivad Samadhan Scheme (KVSS) which…

The appellants were assessed for AY 1992-93 and appealed, resulting in partial modifications and a waiver of interest. A demand was re‑computed on 31‑12‑1998 and remained unpaid when the appellants filed a declaration under Section 88 of the Kar Vivad Samadhan Scheme (Finance Act, 1998). The designated authority reject…

The American Hotel & Lodging Association Educational Institute (AH&L) – a US non‑profit educational institution – had enjoyed exemption under Section 10(22) of the Income‑Tax Act until 31‑Mar‑1998. After the Finance Act, 1998 omitted Section 10(22), AH&L applied on 7‑Apr‑1999 for initial approval under the newly insert…

Master Cables Pvt. Ltd., a manufacturer registered under the Kerala General Sales Tax Act, 1963, sought relief under the Kar Vivad Samadhan Scheme, 1998, after a tax inspection uncovered unaccounted sales. The company claimed that Section 90(3) of the Scheme barred the State from reopening its sales‑tax assessment, inv…

M/s NRC Limited imported caprolactam and was assessed additional customs duty on the CIF value as well as on basic, auxiliary duties and landing charges. While the dispute was pending, the Government introduced the Kar Vivad Samadhan Scheme (KVSS) under the Finance Act, 1998, allowing declarants to settle tax arrears b…