![]() ![]() Deduction u/s.80TTA in respect of Deposits in Savi.Taxation of Portfolio Investments referred to GAAR.Why The Verdict Of The Special Bench In All Cargo.Whether when assessee claims expenses with respect.What Are Non-Monetary Transactions, How Are They A.Sub.: Taxes- Due Date Alert for the month August.Extension Of Due Date For Filing ROI From 31.07.20.Press Release Regarding Exemption From E-Filing Of.ITC Limited which was the rate quantified by the Supreme Court in absence of any statutory provision in the said Act. Therefore, when this Court directed the respondent to pay interest to the appellant in terms of the circular bearing No.802/35/204-CX dated Decemon the pre-deposit of the delayed refund within two months from today it has to be construed that this Court meant the rate of interest which was awarded by the Supreme Court in the case Commissioner of Central Excise vs. At the time a draft copy of the proposed circular was handed over to the Supreme Court there was no rate of interest specified in the proposal and, therefore, the Supreme Court awarded interest 12% per annum. It is in the course of hearing before the Supreme Court that the Learned Solicitor General after taking instructions made a statement that the Central Board of Excise and Customs proposes to issue a circular in connection with the payment of interest on all such pre-deposits. The issue before the Supreme Court was whether the pre-deposit made as a pre-condition for the hearing of appeal under the Central Excise Act, 1944 was, on the assessee being ultimately successful, refundable to the assessee with interest as there was no provision in the Central Excise Act for payment of interest on such refund. ITC Limited (supra) as regards refund of amount deposited under Section 35F was governing the field as the Supreme Court has upheld the direction for payment of interest and quantified it to be 12% per annum. Flint Energies is an equal opportunity provider and employer.The decision of the Supreme Court in the case of Commissioner of Central Excise vs. In 1937, Flint Energies was created to bring people together to meet common needs like reliable electric energy, and our mission remains focused on improving the quality of life in Middle Georgia. We are 100% locally-controlled and democratically governed by nine Directors elected from among the membership. Flint employs 232 employees and serves more than 90,000 electric meters. Issued By: Bill credit for active consumer-members (18,126)Īll refunds ($5+) to inactive members (12,572) will be issued by check.į lint Energies is a not-for-profit electric cooperative owned by its members in parts of 17 central Georgia counties. Years Refunded in Current Disbursement: Remaining portion (85%) of 1994 and all of 1995 “Flint Energies has refunded more than $60 million in capital credits from our beginning in 1937 through 1995 to our members.” Our primary focus is service, not profits,” says Marian McLemore, Vice President of Cooperative Communications. “Our business is different from an investor-owned utility. Flint Energies uses the “first in, first out” (FIFO) method of retiring capital credits, refunding to members whose capital has been invested for the longest time in the cooperative. This invested amount represents the value of a member’s ownership in the cooperative. ![]() Capital credits are only returned if it is financially prudent to do so.Įach member is assigned capital credits based on the electricity purchased during the year. Each year, the Flint Energies Board of Directors determines what portion of capital credits can be retired or returned to the membership. Rather than earning profits from monthly payments, after paying off debts and establishing a reserve for unexpected events, Flint returns the excess revenue to its consumer-members. As a cooperative business, it is self-defeating to make a profit. If someone receives electric service from a cooperative like Flint Energies, he/she owns the company along with everyone else that receives service. If the check would be written for less than $5, the credit will carry over to the next refund. More than 12,500 consumers who are no longer Flint members will receive their checks after September 15. ![]()
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