IT: Where mere fact that assessee initiated production in 1999 prior to its registration as STPI in 2002, would not disentitle it from claiming benefit under section 10A
Monday 16 December 2013
Private Cos, Dealer Network Facilitated Growth Of Bt Cotton In India: Study
A chain of farmers, technical personnel from private seed companies and network of retailers, dealers and distributors facilitated the swift and sometimes controversial growth of Bt technology among cotton farmers of India.
According to a survey conducted among 2,400 cotton farmers spread across Maharashtra, Andhra Pradesh and Punjab, the financial support system extended to cotton growers by cooperative banks and ginners also helped in adoption of this technology.
Bt cotton was commercialised in India in 2002 and since then adoption of the technology has grown at a rapid pace across the country, so much so that almost 93% of the total cotton sown in the country is now Bt cotton.
In 2012-13, cotton was sown in around 11.61 million hectares, while this year it is almost at the same level or slightly on the higher side because of good southwest monsoon. Cotton production in 2012-13 was estimated to be around 34 million bales (1 bale=170 kilograms), while in 2013-14 cotton year it is expected to be around 35 million bales. Cotton year runs from October to September.
“The demonstration by private seed companies in the fields of progressive farmers and mobilisation of farmers to these demonstrations was the most convincing and appealing methods that triggered a large scale adoption of Bt cotton in the villages,” the study said.
It said that Bt cotton technology has attracted young farmers to cotton farming in the country. "Bt cotton technology attracted young farmers to cotton farming, with more than 50% of the surveyed farmers coming from the lower middle age group in Maharashtra, Andhra Pradesh and Punjab," the report said.
Bt cotton farmers reported an average net profit of Rs 41,837 per hectare at the national level. The highest profit was in the Punjab at Rs 53,139 per hectare followed by Rs 39,786 in Andhra Pradesh and Rs 32,885 per hectare in Maharashtra, the report said.
In the states surveyed a substantial decrease of 82.8% in insecticide sprays was realised, while achieving 99.3% control of the American bollworm pest, it added.
Farmers in Maharashtra reported 78% reduction in insecticide sprays, 82% in Andhra Pradesh and 98% in Punjab, the report said.
Source:- business-standard.com
Discount paid by telecom co's on sale of recharge coupons would constitute commission liable for sec
IT : Discount paid to distributor by cellular operator for selling mobile recharge coupons constitutes commission payment liable for TDS
Value of domestic clearance may differ from value of export clearances for excise purposes
Excise & Customs : Every assessment is a separate assessment; therefore, value of domestic clearances may differ from value of export clearances for excise purposes
Iran Facing Difficulties In Exporting Its Oil
India has asked Iran to provide financial guarantees before Delhi continues to allow vessels with Iranian insurance cover to enter Indian waters, the latest sign of difficulties Iran is facing in exporting oil.
Iran and world powers reached a breakthrough agreement last month over Tehran’s disputed nuclear programme that allowed the Middle Eastern nation to continue oil shipments at current levels of about 1 million barrels per day (bpd).
India’s latest request, however, shows the struggle OPEC member Iran still faces in maintaining steady oil shipments.
International sanctions on Iran have made it difficult to insure refineries and ships involved in trade with Iran and forced India to settle 45 percent of oil payments in rupees through state-owned UCO Bank while refiners are withholding the remainder.
India is the second-biggest market for Iranian oil after China and India and Iran last week held discussions on ways to settle oil trade in hard currencies like dollars and euros. But no mechanism has been finalised yet.
In September India granted a three-month extension to Iranian underwriters Kish P&I and Moallem Insurance Co for insuring oil tankers and ships calling at Indian ports after Tehran provided a $1 billion sovereign backing.
India has sought financial security in the form of bank guarantees from Iran as sanctions by the United Nations, the United States and the European Union have reduced acceptability of the Iranian rial, according to a letter seen by Reuters.
India’s Deputy Nautical Advisor, Deepak Kapoor, sent the letter to Iran’s Economic Affairs and Finance Ministry on Dec. 10 ahead of a renewal of approval to the Iranian underwriters on Dec. 27.
India imported 47 percent less oil from Tehran in October from a year ago, helping New Delhi get a six-month waiver from the U.S. sanctions in December.
At the end of November Indian refiners owed about $2.2 billion for partial payments to Iran, while about $3 billion worth of rupees paid by refiners is lying in Tehran’s account with UCO Bank.
India has asked Iran to provide a bank guarantee for 23 billion rupees ($369.98 million) from its account with UCO Bank as “a precautionary measure to cover any potential claims that may arise due to maritime incident in Indian waters”.
India imports oil from Iran in Iranian vessels, while Indian exports to Iran of non-oilcommodities and industrial goods use the vessels of Iran’s Hafiz Darya Shipping Lines (HDS) and Safiran Payam Darya Shipping Lines (SAPID).
An early submission of a bank guarantee would enable India’s shipping ministry to consider further extension of conditional authorisation to Moallem Insurance Co and Kish P&I Club beyond Dec. 27 and promote bilateral trade, the letter said.
Deepak Kapoor and the head of India’s shipping regulator, Gautam Chatterjee, did not respond to Reuters’ calls for comment.
EU sanctions against Iran in place since mid-2012 bar members of Europe’s International Group of Protection and Indemnity (P&I) Clubs – who include most insurers that cover the tanker market – from insuring Iranian oil and other shipments, leading to the emergence of untested insurance providers. ($1 = 62.1650 Indian rupees)
Source:-yalibnan.com
Iran Backs Deep-Sea Gas Pipeline To India
Iran is focusing on exporting natural gas to India along a deep-sea route — the move coinciding with the cancellation of a loan to Islamabad to build the Pakistani section of the Iran-Pakistan gas pipeline and the signing of the Geneva nuclear accord that could help relax sanctions against Tehran.
“Negotiations were held with three Indian companies for [their] purchase of gas from Iran, and general agreements have been reached,” said Ali Amirani, director of marketing at the National Iranian Gas Exports Company (NIGEC), as quoted by the Tasnim news agency.
He added that India’s South Asia Gas Enterprise Pvt. Ltd. (SAGE) had conducted feasibility studies for the multi-billion-dollar undersea pipeline, which could carry gas from Iran’s giant South Pars gas field to India’s west coast. Mr. Amirani said the project cost estimated by the company was $4-5 billion. Once operational, it could channel 31 million cubic meters of gas per day.
“We are in regular touch with the Iranians and at this moment they are the only country, among energy rich nations of the Persian Gulf, which has the surplus gas to export to India,” said Subodh Kumar Jain, Director SAGE, in a telephonic conversation with The Hindu. He added that there were no technical hurdles to build the deep sea pipeline, and the project, which was financially viable, could be completed in 4-5 years, once the sanctions against Iran are lifted. “There could be several options but one of them could be bringing Iranian gas to the port of Chabahar from where it could either be transferred directly along the seabed or via Oman, which could also become a beneficiary”.
Iran’s interest in the India-centric project coincides with the cancellation of its $500-million loan to Pakistan to build part of a pipeline to funnel natural gas. Iran’s deputy Oil Minister Ali Majedi said cash-strapped Iran was not obliged to finance the Pakistani side of the project.
In boosting exports, the Iranians have identified countries which could be linked with cost-effective pipelines to receive gas, and others which will have to depend on LNG tankers. “The Indian Subcontinent, Turkey and Europe are good markets for pipeline gas exports from Iran and the next step will be exporting cargoes of LNG for countries located farther,” said Iran’s Oil Minister Bijan Namdar Zanganeh. He added that Iran had a solid opportunity to strengthen exports as no other country in the Persian Gulf, except Qatar had any surplus to sell gas abroad.
Source:-thehindu.com
Bid to buy at lower price isn't a crime; buying listed shares as per market mechanism isn't against
SEBI: Where appellant group placed bids, bought and sold in scrip of a company as per market mechanism, rules and regulations at par with other group which had been exonerated, appellant should not be held guilty of violating SEBI Act and Regulations
Coal Stocks At 16 Indian Ports Rise 3% On Week To 10.6 Mil Mt
Stocks of imported coal at 16 major ports in India stood at 10.6 million mt as of December 14, up 2.9% from 10.3 million mt a week earlier, data released Saturday by shipbroker Interocean Group showed.
The stockpiles comprised 8.3 million mt of thermal coal, down 4.6% from 8.7 million mt a week before, and 2.3 million mt of coking coal, up 53% from 1.5 million mt the previous week, the data showed.
The 16 ports surveyed by Interocean were Mangalore, Tuticorin, Kakinada, Paradip, Kandla, Gangavaram, Vizag, Krishnapatnam, Muldwarka, Bhavnagar, Pipavav, Goa, Dahej, Magdalla, Hazira and Haldia.
The Paradip port on the east coast had the highest coal stocks as of December 14 at 1.9 million mt, up 19% from 1.6 million mt the previous week.
Haldia port on east coast had the highest stocks of coking coal at 515,700 mt, down 10% from 575,950 mt a week earlier, Interocean data showed.
Source:-platts.com
India’S Gold Jewellery Exports Dip In November
The restrictions imposed by the Indian government on its gold imports have dampened supply of gold in the domestic market. Attributed to this, the Indian gold jewellery exports dipped almost one-third (on y-o-y basis), in November 2013. The said exports valued $476.1 million over $693.62 million in November 2012, reports say.
Although demand for gold jewellery has seen improvement in the international prices, and gold prices dipping, the restrained supplies in India have compelled high premiums. The industry is not hopeful for a quick recovery, to meet seasonal demand, reports say.
The import duty on gold was raised to 10 percent over successive increases the RBI also mandated that one-fifth of the gold imported is required to be exported.
Source:- diamondworld.net
Indian Rupee Up 39 Paise After 3-Day Losses After Rbi Said To Step In
The Indian rupee gained for the first time in four days today, appreciating 39 paise to 61.73 against the US dollar, amid indications the RBI had stepped in to support the local currency after a spate of weak economic data.
The Indian rupee also rose on fresh US dollar sales as the US currency weakened overseas before the Federal Reserve meeting.
The local currency recovered from early losses even as government data showed wholesale price index (WPI) inflation climbed to a 14-month high of 7.52 per cent in November, strengthening chances of a rate hike by the Reserve Bank at its policy review meeting on Wednesday.
Fresh capital outflows and weak local equities failed to negatively affect the rupee, a forex dealer said.
At the interbank foreign exchange market, the rupee opened lower at 62.15 a US dollar from Friday's close of 62.12 and declined further to 62.24 amid hesitancy in local stocks and dollar demand from importers.
It recovered as exporters and some banks sold dollars to settle at the day's high of 61.73, a rise of 39 paise or 0.63 per cent.
"Indian rupee was seen giving a muted reaction to the poor WPI data released today as RBI was seen selling dollars in the market. The central bank is seen coming to the rescue as economic indicators are trying to put pressure on the Indian rupee," said Abhishek Goenka, CEO of India Forex Advisors.
Retail inflation soared to 11.24 per cent last month, while factory output contracted 1.8 per cent in October.
The 30-share benchmark S&P BSE Sensex declined for the fifth day in a row and lost 56 points. Overseas investors pulled out a net Rs 432.02 crore from stocks last Friday, according to provisional data with the stock exchanges.
The US dollar index was down 0.21 per cent against a basket of six major global rivals ahead of the Federal Reserve meeting starting tomorrow. The Fed may indicate when it will tapering its stimulus programme.
"Indian rupee appreciated by over half per cent mainly taking cues from dollar index which is trading weak for the second consecutive day," said Pramit Brahmbhatt, CEO of Alpari Financial Services (India).
Source:- financialexpress.com
ITAT slams revenue for invoking sec. 194C on sums paid to NR shipping companies
IT/ILT : Provisions of section 194C are not applicable if goods are dispatched through non-resident shipping companies or through their resident agents
Wrong claim made merely due to misinterpretation of amended provision won't attract concealment pena
IT : Wrong claim made merely due to misinterpretation of amended provision won't attract concealment penalty
Manufacturer may take credit on basis of its own invoice in case of return of duty-paid goods to fac
Cenvat Credit : In case of return of duty-paid goods to factory following procedure under Rule 16 of Central Excise Rules, 2002, assessee may take credit of duty paid on returned goods, based on manufacturer's own invoice
Leasehold right in premises is an intangible asset, eligible for depreciation at 25%
IT : Payment made to acquire leasehold rights in premises for carrying on business to be recognized as intangible asset eligible for depreciation at rate of 25 per cent
ITAT weighs past experience to fix reasonable provision for warranty needed in relevant year
IT : Provision for performance warranty should be considered on basis of past data of warranty expenditure
Mobile crane 'reach stacker' is heavy goods vehicle, eligible for 40% depreciation
IT : Mobile crane 'reach stacker' is a heavy goods vehicle, eligible for depreciation at rate of 40 per cent
Credit of additional duty of custom is available even if paid through debit in DEPB scheme
Cenvat Credit : Debit of any amount under DEPB Scheme is a mode of payment of duty on imported goods; therefore, assessee was entitled to Cenvat credit of additional duty of customs paid through debit in DEBP scheme
Merchant-exports are entitled to full duty drawback including on the excise duty portion
Excise & Customs : Rule 3 of Drawback Rules, 1995 does not make any distinction between manufacture/job work exporters and traders/merchant exporters; therefore, drawback (inclusive of excise duty portion) is available to merchant-exporters as well even for period prior to issuance of Circular No. 16/2009-Cus.
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