Exp. on replacement of machinery part isn't a revenue exp. if it brings an advantage of an enduring

IT: Where assessee was engaged in business of printing and it incurred a sum of Rs. 173.44 lakhs for repairs, renovation, restoration and replacement of major parts of a particular machine and replacement resulted in a new or fresh advantage, said expenditure was neither allowable under section 31(1) nor under section 37(1)

NR couldn’t take shelter of Non-discriminatory clause to bypass conditions for a resident for claimi

IT/ILT : In case of claim of deduction under section 80M, benefit of non-discriminate clause of DTAA is available to foreign national under similar circumstances and, therefore, conditions which are required to be fulfilled by Indian national are also required to be fulfilled by foreign national in order to claim said deduction

Rupee Inches Up; Dollar Selling Watched

The rupee opens higher. The pair is at 54.97/98 versus its last close at 55.10/11.



The pair may trade in a 54.80-55.10 band for the session, says a senior dealer with a state-run bank.



Selling from exporters to continue keeping the rupee biased towards gains, adds the dealer.



Asian currencies trading firmer compared with the dollar.



Month-end dollar demand will be watched, with the pair to take direction from stock moves.



The dollar edged up against the yen on Tuesday after Japan's economy minister clarified earlier remarks about the yen's weakness that had toppled the greenback from a 4-1/2 year high in the previous session.

Source:-in.reuters.com

Coffee Edges Higher As Export Demand Rises

May 20, 2013

Indian coffee prices edged higher at the last week's auction on strong demand from exporters. Of the total 277,339 kg offered for sale, about 119,000 kg were sold, which consisted of 137,880 kg of arabica coffee, and robusta coffee stood at 139,459 kg.



Arabica plantation grades were quoted Rs 50-250 per 50 kg, higher compared with the last auction, while robusta parchment was higher by Rs 100 per 50 kg. Coffee exports were almost steady at 197,304 tonnes from October 1 to



May 17, data from the state-run Coffee Board showed.



India's state-run Coffee Board has cut the country's coffee output estimate to 315,500 tonnes for the crop year to September 2013, down three per cent from an earlier projection.

Source:-www.business-standard.com

Retention money withheld for satisfactory execution of a contract can't be stamped as income of asse

IT : Where assessee was awarded a contract and in terms of contract certain amount was withheld by contractee towards retention money for satisfactory execution of contract by assessee, retention money did not represent assessee's accrued income

HC confirms sec. 69 additions for undisclosed income unearthed as FDRs in name of employees

IT : Where Assessing Officer, finding FDRs in names of assessee's employees to be bogus, made addition in hands of assessee under section 69, Tribunal could not delete said addition without giving any reason

A trust can’t be penalized for being profit oriented; surplus in one year not a ground for its denia

IT : Mere generation of surplus/profit in a particular year cannot be a ground for denial of registration under section 12AA and also grant of approval for exemption under section 80G

Refund of ST paid under protest can be claimed within one year from the date of settlement of disput

ST : Hire Purchase Finance is not covered under service tax levy under Banking and other Financial Services.

RBI/2012-13/502 A. P. (DIR Series) Circular No.104 dated 17-05-2013

RBI : Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses



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DGFT Public Notice No.13/(RE 2013)/2009-14 dated 17-05-2013

DGFT : Format of ANF 3F (for Incremental Export Incentivisation Scheme).



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DGFT Public Notice No.14/(RE 2013)/2009-14 dated 17-05-2013

DGFT : Amendment in Para 2.43.2 (c) of Handbook of Procedure Vol.I, 2009-2014.



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Cenvat credit taken on goods used for private purposes needs to be reversed

ST/ECJ : In case credit is taken on goods and services used for maintenance, etc., of non-cenvatted capital goods used partially for private purposes, department may seek partial reversal of credit taken on such inputs/input services

CBDT notifies ‘Press Trust of India’ as a news agency for purposes of sec. 10(22B)

IT : Section 10(22B) of the Income-Tax Act, 1961 - Exemptions - News Agency - Notified News Agency

Payments to co. for issue of shares under FDI route can be made through bank account opened by NR

FEMA/ILT : Foreign Direct Investment (FDI) in India - Issue of Equity Shares under the FDI Scheme Allowed under the Government Route Against Pre-Operative/Pre-Incorporation Expenses

Tolerable variation between ALP and actual price allowable even if one price is determined by Most A

IT : Option of transaction price as deemed ALP under second proviso to section 92C(2) shall apply not only to a situation where more than one ALP is determined by ALP but also where only one price is determined as ALP

Discrepancy in inventory valuation allowed as deduction as assessee was following same method consis

IT : Diminution in valuation of closing stock on account of impairment and defect is allowable, if same method of valuation is consistently followed

Customs Notification No.29/ 2013 dated 16-05-2013

Indian Customs : Amends Notifications No. 92/2009-Cus,93/2009-Cus, 95/2009-Cus,104/2009-Cus and 23/2013-Cus.



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Customs Notification No 11/2013-Customs (ADD) dated 16-05-2013

Indian Customs : Seeks to impose anti-dumping duty on imports of Peroxosulphate, originating in or exported from People's Republic of China and Japan for a further period of 5 years pursuant to final findings of SSR.



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Central Excise Notification No 17/2013 dated 16-05-2013

Central Excise : Seeks to amends Notifications No. 34/2006-CE, 29/2012-CE, 30/2012-CE,32/2012-CE and 33/2012-CE.



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Pre-deposit order may be modified in view of subsequent decision in favour of assessee

ST : In view of subsequent favourable judgments, pre-deposit order passed may be modified to waive such requirement, as not modifying such order will result in creation of additional work by way of payment of amount under different challans and sanction of refund subsequently

Customs Notification No.28/ 2013 dated 16-05-2013

Indian Customs : Seeks to amend notification No. 12/2012, dated the 17th March, 2012 so as to allow transfer of goods imported for oil exploration from one eligible project to another.



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