JAIDEEP SONPAL (a) (51 Points)
16 December 2011QUERY
A manufacturer who is having a proprietary concern whose turn over in first 6 months is 1 crore & after that it is dissolved. After dissolution of proprietary concern a partnership firm is formed in the same name & it has a t/o of 60lacs for next 6 months.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 16 December 2011
it would be clubbed
read the lines in notification 8/2003
by a manufacturer by one or more factories
by a factory by one or more manufacturers
so the gross turnover for the year would get clubbed for excise purpose as the factory remains same.
CA Garav Gulati
(Management Consultant)
(106 Points)
Replied 17 December 2011
As per the above mentioned notification which if tariff notification 8/2003, Total turnover of both the manufacturer is to be clubbed as notification uses the word one or more manufacturer in point no. vi) of the said notification.
Hence will be liable to excise.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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