CENVAT : If duty is paid bona fide on an activity not amounting to manufacture and said assessment has been accepted (being neither reversed by Department nor claimed as refund by assessee), availment of Cenvat credit by assessee cannot be faulted and Department cannot seek reversal of credit
Thursday, 26 December 2013
ITAT remanded the matter as DRP affirmed order of TPO without dealing with assessee's objections
IT/ILT : Order passed by DRP affirming order of TPO without dealing with assessee's objections, details and documents should be readjudicated
No addition on ex-parte basis under sec. 145 if AO failed to find defects either in books or in acco
IT : Where Assessing Officer did not point out any specific defect in books of account or method of accounting consistently followed by assessee and no inflated purchases or suppressed sales or expenses not incurred for business purposes were found, provisions of section 145(3) were not applicable
Sinopec Engineering To Build $3.1 Bln Coal-To-Chemical Plant
Sinopec Engineering Group said it has entered into a deal to build a $3.1 billion plant in northern China to turn coal into petrochemicals, as China seeks to reduce its reliance on petrochemical imports.
Sinopec Engineering will be responsible for engineering, procurement and construction of the 18.67 billion-yuan project in Inner Mongolia, which it said would be the largest of its kind in the world.
The plant will produce 3.6 million tonnes a year of olefins - mostly ethyelene which is a building block for petrochemicals that are widely used in construction, textiles and automobiles.
China, the world's biggest net importer of oil, is a leading buyer of petrochemicals, and imports about 45 percent of its ethylene.
Sinopec Engineering, a newly listed unit of state-run Sinopec Group, said it would deploy a self-developed technology to make olefins from methanol, which can be extracted from coal.
The coal-based process is cost competitive versus China's conventional way of making petrochemicals from more costly naphtha, a refinery product processed from crude oil.
"Sinopec has long realized that it needs to diversify feedstocks for making ethylene," said Yan Kefeng, an analyst with consultancy IHS CERA.
The plant, at Uxin county of Inner Mongolia's Ordos city, is owned by Zhong Tian He Chuang Co. Ltd, a joint venture which has Sinopec Corp and China Coal Energy Company among its main investors.
"It is a significant milestone for SEG to establish an integrated new coal chemical industrial chain," the company said in a statement released late on Tuesday.
Key facilities of the investment include a 3.6 million tpy synthetic methanol unit, two 1.8 million-tpy methanol to olefin units and two polypropylene units. Sinopec Engineering will hand over the project by Oct 30, 2015.
Source:- reuters.com
Awful intention: ITAT denies sec. 54 relief as assessee intended to sell plot even if he ultimately
IT : Where intention of assessee was to develop land/plot and not to sell building on plot, assessee was not entitled to section 54 exemption
Vietnam Automobile Market With 2018 Forecasts
Vietnam auto industry starts late and the development base is weak. After the reform in 1986, Vietnam auto industry started. In 1991, Vietnam government introduce foreign funds to develop automobile manufacture and assemble industry. After 20-year development, Honda, Toyota, Ford, GM, etc. entered Vietnam through sole proprietorship or joint-investment. They established automobile assemble enterprises in Vietnam. Meanwhile, Vietnam established domestic auto enterprises. Currently, the production capacity of complete vehicles in Vietnam is estimated to over 100,000 per year.
There are hundreds of auto part manufacture enterprises, most of which are SMEs featured with low production capacity and low technology. Major products are simple parts, e.g. seats, auto storage batteries. Generally, auto parts in Vietnam depend on import.
In 2012, the sales volume of domestic automobiles in Vietnam was about 93,000, decrease by 33% YOY. In 2012, the import volume of imported complete vehicles in Vietnam was 27,400, decrease by 49.8% YOY. The decrease in import was caused by the gloomy national economy as well as the increase in the automobile registration tax and the import tariff. In 2012, the largest import origin of autos in Vietnam was Korea, with the import volume of 11,800; The second largest was China, with the import volume of 3,900. From the data in 2013, Vietnam automobile market grew up over 2012.
With the economic development, the growth of income per capita and infrastructure construction, Vietnam market demands more for passenger vehicles and commercial vehicles. Vietnam auto manufacture enjoys low labor, land and energy cost but also faces imperfect auto industry chain.
Vietnam auto industry competes with Thailand, Indonesia and those ASEAN countries as well as China, Korea, Japan and those assigned with ASEAN agreement. By 2018, the import tariff for China, Korea and Japan will be 5%. Vietnam government will release a series of supportive polices to promote domestic automobile industry.
CRI forecasts Vietnam market will be the fastest-growing auto market in the globe by 2020. For auto manufacture enterprises, auto parts manufacturers and auto trader and distributors, Vietnam market is growing and attractive.
Through this report, the readers can acquire the following information:supply and demand of Vietnam automobile industry
Major auto manufacturers in VietnamImport and Export of automobiles in VietnamCompetition status of Vietnam automobile market
Prospect of Vietnam auto industry.The Following Enterprises and People Are Recommended to Purchase This Report.
auto manufacturers and auto parts manufacturers automobile trade enterprises transportation enterprises
investors and research institutes concerned about Vietnam automobile industry
Source:- international.to
Indian Rupee Falls Below 62 Level, Down 37 Paise To 3-Week Low Vs Us Dollar
The Indian rupee today fell for the first time in four sessions and lost 37 paise to close at a more than three-week low against the dollar on month-end demand for the US currency from importers and banks.
A slowdown in capital inflows on account of the Christmas holiday also weighed in on the rupee amid a rise in local stocks, a forex dealer said.
At the interbank foreign exchange market, the rupee opened lower at 61.85 a dollar, also the day's high, from the previous close of 61.79.
It declined to a low of 62.17 before ending at 62.16, a fall of 37 paise or 0.60 per cent. In the previous three sessions, the rupee had risen by 35 paise.
The local currency is at the lowest level since closing at 62.36 on December 3.
Dealers attributed the fall in the rupee to dollar demand from importers, mainly oil refiners, to meet month-end requirements.
"After witnessing gains for the last three consecutive sessions, rupee was seen erasing the gains and weakening against the US dollar," said Abhishek Goenka, CEO of India Forex Advisors. "Fresh dollar demand seemed to have put pressure on the rupee."
The benchmark 30-share Sensex closed up 41.88 points or 0.20 per cent today. Foreign institutional investors bought shares worth a net Rs 40.67 crore on Tuesday, according to provisional data with the stock exchanges.
The dollar index was down 0.03 per cent in thin Christmas holiday trade.
"Today rupee traded weak against the dollar, with dollar buying pressure from oil companies," said Pramit Brahmbhatt, CEO of Alpari Financial Services (India).
Forward dollar premiums fell on fresh receipts by exporters.
The benchmark six-month forward dollar premium payable in May dropped to 227-1/2 to 229-1/2 paise from Tuesday's close of 232-234 paise. Far-forward contracts maturing in November dipped to 469-471 paise from 474-476 paise.
The RBI fixed the reference rate for the dollar at 61.9755 and for the euro at 84.7925.
The rupee turned negative to end at 101.81 against the pound from 101.13 previously and tumbled to 85.12 against the euro from 84.49.
Source:- financialexpress.com
SC: State Govt. is empowered to transfer FERA prosecution cases to Special Court
FERA: State Government was empowered to transfer FERA prosecution cases of illegal gifts in foreign exchange to Special Court hearing fodder scam that is alleged to have given rise to actual monetary gains in question
Violation of RBI norms won’t debar revenue from allowing valuation loss on investment treated as sto
IT: Tribunal was correct in allowing the depreciation claim on 'held on maturity' investments by treating it as stock-in-trade despite the same not being traded on a regular basis by the assessee in accordance with the RBI and the Central Board of Direct Taxes Circulars
RBI permits Indian entities to raise funds via issue of tax free bonds to NRs
FEMA/ILT : Borrowing and Lending in Rupees - Investments by Persons Resident Outside India in The Tax Free, Secured, Redeemable, Non-Convertible Bonds
Assessee can't be regarded as dealer of coal and coke on their usage as raw materials in manufacture
VAT : Assessee being manufacturer of ferro alloys and using Coal and Coke as raw material cannot be regarded as 'dealer of coal/coke' and is, therefore, not eligible for input VAT credit on coal/coke under West Bengal VAT Act during year 2008-09
HC affirms ITAT's value of rent free accommodation as revenue failed to prove high value of flats in
IT: Where Tribunal on basis of national salary payable to assessee, determined value of rent free accmmodation under section 17(2), in view of fact that annual letting value of houses in neighbourhood was not higher than said value, amount so determined by Tribunal was to be confirmed
Case remanded as fresh proceedings were initiated by Mandi board holding assessee liable for suppres
IT : In view of fact that fresh proceedings were initiated by Mandi Board holding assessee liable for payment of additional fee and interest, matter needed readjudication
Sum paid by TPAs to hospitals for health insurance services would be liable for tax deduction under
IT : TDS provisions are applicable on payment made to hospital by TPA in respect of health insurance claim
ITAT upholds sec. 40A(3) disallowance on assessee's failure to make out his case under exceptions of
IT: Where assessee failed to show that payment of lorry charges made by it in violation of provisions of section 40A(3) were covered by exceptions provided under rule 6DD, disallowance under section 40A(3) was valid
No addition under sec. 68 by doubting genuineness of shareholders if their returns were accepted by
IT : Where department had accepted returns of income filed by ostensible shareholders, department could not go back while making assessment of assessee-company to hold that those shareholders were money lenders and investments were unexplained
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