HC slams Setcom for making addition on basis of affidavit given by dept. officer without confronting

IT : Where Settlement Commission received a statement made and an affidavit sworn by an officer of department after conclusion of arguments and on basis of said affidavit it made addition to income of assessee and assessee was not confronted with said statement or affidavit, Settlement Commission had violated principles of natural justice rendering impugned order illegal and void

HC slams revenue for doubting valid conversion of stock-in-trade into capital asset to deny sec. 10(

IT : Where assessee claimed exemption under section10(38) in respect of gain arising from sale of shares, in view of fact that shares in question were sold nearly two years after date of conversion of shares from stock in trade to capital assets, Assessing Officer could not reject assessee's claim by holding that aforesaid conversion was improper as it was carried out to avail of benefit of introduction of section 10(38) by Finance Act, 2004 with effect from 1-4-2005

Due date for filing of revised VAT return couldn't precede due date for filing of VAT audit report

VAT & CST : Where assessee challenged time-limit for filing revised return under VAT on ground that it was lower than that for filing VAT audit report and was, thus, arbitrary, as errors could be corrected only after audit, High Court admitted challenge thereto

Mere profit element embedded in purchases to be taxed if purchases were made from bogus parties, rul

IT: Where assessee did purchase cloth and sell finished goods, but purchasers were not traceable, profit element embedded in purchases would be subjected to tax and not entire amount

Sea Demands Further Hike In Import Duty On Refined Oil

The edible oil industry today said the recent increase in customs duty on refined edible oils by 2.5% would not help curb imports and demanded further hike in duties to protect the domestic processors.

"The Cabinet's decision of a meager increase by 2.5% to 10% in customs duty on RBD Olein will not be of much help to Indian domestic refineries and RBD Olein will continue to be imported as before," the Solvent Extractors' Association President Vijay Data said in a letter to members.

Earlier this month, the government increased import duty on refined edible oil to 10% from 7.5% to protect the domestic processing industry and farmers. Import duty on crude edible oil is currently 2.5%.

India imports more than 10 million tonnes of vegetable oils every year, which is almost 50% of domestic need.

"The present increase will help the industry just to 'come out from ICU to Hospital Ward' but will not help to make the industry healthy," Data said.

"I would like to appeal to the Government once again to create a larger duty difference (between crude and refined edible oils) at least of 10% to place the industry on the path of recovery," he added.

The association had been demanding a hike in the custom duty on RBD Olein to create the duty difference of total 14.5% --- which is 7.5% as per Lahiri Commission Report plus 7% export duty difference between crude and refined oils of Indonesia.

The association argued that difference between landed prices of crude palm oil and refined palm oil which was almost Nil prior to Cabinet decision now stands at USD 20, while Indian refining cost including losses works out to be USD 40-50 per tonne.

"Unless the customs duty on refined edible oils is higher by 14.5% over the customs duty on crude edible oils, our refining industry will continue to suffer," Data said.

In 2012, India had imported RBD Palm Oil to the tune of 1.57 million tonne when there was 7.5% duty difference between the crude and refined oils.With a reduction of duty difference to 5% in January 2013 import jumped to 2.38 million tonnes in 2013 and the capacity utilization of Indian refining industry reduced from 55-60% to 35-40% in one year, it added.

Source;- business-standard.com

India Leverages Talent To Seek Access To Global Energy Resources

In a bid to boost India’s energy security efforts, the petroleum ministry has prepared a list of 5,000 retired hydrocarbon professionals and is showcasing it to energy-rich countries that need help developing their resources.

India, the world’s fourth largest energy consumer, is leveraging this talent pool of professionals, who can work for years to come, in order to create pockets of influence in these countries.

The soft-power strategy seems to be paying off, with Kuwait having already shown interest in sourcing talent from this human reservoir, India’s petroleum secretary Vivek Rae said.

These countries are expected to play an important role in meeting India’s growing energy needs. India imports 80% of its crude oil and 18% of its natural gas requirements. The country trails the US, China and Russia, accounting for 4.4% of global energy consumption. “This is a low-cost, high-impact strategy. We have this expertise; we will be leveraging it. While Kuwait has already asked for tapping this pool, Ecuador has said this is a great exercise. This is an attempt to open up these markets. We are aggressively marketing this initiative to the energy rich countries,” Rae said.

The government believes that sharing such a talented and experienced pool will help India cement strong strategic relations across the world.

India has been busy tying up energy resources overseas, the latest acquisition being the Rovuma Area 1 offshore basin in Mozambique, the largest gas find off Africa’s east coast that is valued at $60 billion. State-owned ONGC Videsh Ltd (OVL), Oil India Ltd (OIL) and Bharat Petroleum Corp. Ltd (BPCL) together hold a 30% stake in Area 1, which has estimated recoverable reserves of 35-65 trillion cu. ft.

Speaking at Petrotech 2014, a biennial conference held last week, Rahul Dhir, chief executive officer, Delonex Energy, said, “India’s biggest resources are its human capital.”

The approach also stems from the fact that while interest in the Indian hydrocarbon sector is waning, its energy demand is expected to more than double by 2035, from less than 700 million tonnes of oil equivalent (mtoe) today, to around 1,500 mtoe, according to the petroleum ministry.

India has been trying to restrict its current account deficit (CAD) to $50 billion in the year ending 31 March. In order to do so, it has been trying to bring down its oil import bill by taking equity in overseas assets, which could reduce both supply risks as well as price shocks.

Of India’s total imports worth $491 billion last fiscal, oil accounted for $164 billion. Till date, state-owned firms have invested Rs.64,832.35 crore on overseas energy assets, according to the petroleum ministry.

In a 15 January report titled India: Towards Energy Independence 2030 , consultants McKinsey and Co. said, “India imports a substantial portion of its energy—80% of its oil, 18% of its gas, and now even 23% of its coal. As the Indian economy continues to grow, so will its energy consumption, especially as the growth of its manufacturing sector catches up with services and agriculture. With domestic resource production facing various challenges, the general expectation has been that Indian energy imports will continue to grow, and energy security concerns will intensify.”

Though India has ramped up efforts to secure overseas resources, faltering domestic production means attempts to create energy security have been a mixed bag at best.

State-owned Oil and Natural Gas Corp. Ltd (ONGC) has been battling concerns over its production capabilities and diminishing yields at its ageing oil fields.

While ONGC’s domestic reserves increased to 1,287 mtoe in 2011-12 from 1,243 mtoe in 2010-11, its production declined to 52.4 mt from 52.6 mt in that period. ONGC produced 26.12 mt crude in 2012-13 against 26.92 mt in the previous fiscal year. Gas production fell to 25.33 billion cu. m (bcm) from 25.51 bcm.

McKinsey, in its report, said India should “allow its energy PSUs (public sector units) sufficient freedom to develop global talent pools that can seamlessly operate in multiple markets, and transfer capabilities across borders.”

Source:- livemint.com

U.S.-Brazil Cotton Dispute Might Ignite All-Out Trade War

Brazil is threatening to launch a full-blown trade war against the U.S. next month, accusing Congress of ignoring an order by the World Trade Organization to stop subsidizing its domestic cotton growers.

It’s evolved into an ugly dispute: The impact could sweep through more than a dozen cotton-producing states and, some fear, cost thousands of jobs in other industries.

“It’s serious,” said Charles Dittrich, the vice president of regional trade initiatives for the National Foreign Trade Council in Washington, a business advocacy group.

The argument might escalate next month, with Brazil moving to impose sizable tariffs on more than 100 American products, making it more expensive to export everything from cars to carpeting. A final decision is expected by Feb. 28.

“We are in the position where there are no options left but retaliation,” Welber Oliveira Barral, Brazil’s former secretary of development, industry and foreign trade, said at a meeting with reporters last week in Washington.

That has many U.S. business officials fretting. They want to head off losses by getting the United States to comply with all international trade rules.

The case is an example of the inconsistencies in global trade: Just last week, the Obama administration complained that China had ignored WTO rules in a dispute the U.S. won over high-tech steel.

It’s another example of the sometimes-confusing complexity that surrounds farm policy. Congress spends billions to subsidize farmers in California, Texas, Florida, North Carolina, South Carolina, Georgia, Mississippi, Missouri, Kansas and another eight cotton-producing states.

But since 2010, the United States has been spending $147 million a year to prop up Brazilian cotton growers, too.

Democratic Rep. Ron Kind of Wisconsin, who introduced a bill last year that would junk the Brazilian payments, called them “absurd public policy.”

Congress began making monthly payments of more than $12 million to the Brazil Cotton Institute as part of an interim settlement. In return, Brazil agreed to postpone retaliation, even though the WTO gave it the green light to proceed with tariffs of $829 million per year, the second largest amount the world body had ever authorized. (The largest was the $4 billion it authorized the European Union to impose in 2002 in retaliatory tariffs against the U.S. for offering a system of tax breaks to businesses that it said was illegal.)

But the U.S. payments stopped last October, which is fueling the impatience. Brazilian farmers were surprised, expecting the payments to continue until Congress approved a new farm bill. The Obama administration stopped the payments because Congress hadn’t yet approved a farm bill. Members of Congress have been feuding over the level of crop subsidies and how much to spend on food stamps, among other things.

Critics called the payments bribes and pushed hard to end them. Brazilian growers charge that the U.S. action is more proof that it doesn’t want to follow the rules of the WTO, which it helped create in 1995.

The U.S. Chamber of Commerce is siding with the Brazilian cotton growers, saying the payments had staved off more than $2 billion in trade retaliation over the past three years. In a letter to the White House in November, the chamber’s president, Thomas Donohue, said it was imperative to resume the payments “to avoid costly job-killing trade sanctions against U.S. manufacturers, farmers and innovators.”

In 2010, Brazil published a list of 102 U.S. goods in line for retaliation, with tariffs of 14 to 100 percent. The list included farm products such as dairy, fruit and grains and other products such as chemicals, biotechnology, motion pictures, music and pharmaceutical drugs. U.S. cotton growers would effectively be locked out of the Brazilian market, since American cotton would be hit with a 100 percent import tariff.

While more than 80 countries produce cotton, the U.S., China, India and Pakistan provide nearly 75 percent of the world’s supply, according to the U.S. Department of Agriculture. The U.S. is the largest exporter, with the domestic industry accounting for more than $25 billion in products each year, supporting roughly 200,000 jobs across the nation. The 17 cotton-producing states cover a large swath of the country, from California to Virginia, with major concentrations in the San Joaquin Valley, Texas, Georgia, Mississippi, Arkansas and Louisiana.

Brazil has emerged as a key global player but it’s long complained about unfair competition.

The outcome might hinge on what emerges in a new farm bill. While House of Representatives and Senate conferees have been negotiating details in private, Brazilian growers say they’re not optimistic.

“We have not yet seen sufficient effort to make the new farm bill comply with the WTO rules,” Gilson Pinesso, the president of the Brazilian Cotton Growers Association, said last week. He spoke through an interpreter after attending meetings on Capitol Hill to discuss the farm bill talks.

Others are more optimistic.

Jay Boyette, the director of commodities for the North Carolina Farm Bureau, predicted that Congress will approve a farm bill that will scrap direct subsidies for domestic growers, which he said should go a long way toward satisfying the Brazilians.

Even then, many U.S. growers still want protection from Congress under a crop-insurance program that would cover lost income during tough times. But Boyette said such a plan probably would be met with fewer objections from Brazil.

With so much uncertainty, Larry Wooten, the president of the North Carolina Farm Bureau, said the dispute was just one more reason that Congress needed to pass a farm bill quickly.

After all, he said, Brazil is an important trading partner for the U.S. and an important consumer of American products.

“We would certainly try to prevent a full-fledged trade war,” Wooten said, adding the caveat, “as long as we didn’t feel the American producers were being personally impacted and taken advantage of

Source:- sacbee.com

Forex fluctuation loss to be considered on last day of accounting year, deductible under sec. 37(1),

IT : Loss due to foreign exchange fluctuation in foreign currency transactions in derivatives has to be considered on last date of accounting year and it is deductible under section 37(1)

Penalty on default in self assessment tax won’t be waived off even on payment of taxes before imposi

IT: Assessee's liability to penalty for not paying self assessment tax does not cease merely by reason that before levy of such penalty, he has paid tax

Nigerian Government’S Cement Policy Attracts N1.4 Trillion Additional Investment, Says Aganga

Mr. Aganga said government has decided to increase and improve the level and quality of trade between Nigeria and the rest of the world.The Federal Government’s backward integration policy yielded over $8 billion (about N1.4trillion) in additional investment in the country’s cement industry, the Minister of Industry, Trade and Investment, Olusegun Aganga, has said.

Mr. Aganga, who stated this during a meeting with the Indian business community in Lagos, said the Federal Government was targeting an increased production capacity in the sector from about 28.5 million metric tonnes in 2013 to over 39 metric tonnes in 2014.

“We have had a major success in the cement sector,” Mr. Aganga, said of the achievement so far. “For the first time ever in the history of Nigeria, we exported cement in 2013. We had capacity of 28.5 million metric tonnes. Our current demand is between 18 to 20 million tonnes. This year, it should be about 39 million metric tonnes.”

The minister, who noted that Nigeria should have one of the largest cement factory in the world in the near future, said the government wants to record the success it has achieved in other sectors under the National Industrial Revolution Plan.

Mr. Aganga said the latest information from cement manufacturers reveal that total investment in the sector was between $7 and $8 billion, with capacity to employ about 1.6 million people.

He assured that the impact of the success story in the cement sector would be felt more with the inauguration of the new Mortgage Refinancing Institution launched last week by President Goodluck Jonathan to support building and construction in housing.

Acknowledging the potentials in the housing sector in terms of job creation, Mr. Aganga said that in line with the Federal Government’s Industrial Revolution Plan, a new policy to revamp and fast-track the growth and development of cotton, textile, and garment sector is underway.

He said the policy would address the multifaceted problems facing the sector, including access to long-term finance to help textile manufacturers increase their production capacity.

The introduction of the new policy, which was delayed to enable government carry out adequate consultation, would come by February this year, Mr. Aganga said.

He said there were already certain aspects of the policy that government is implementing, particularly in the area of finance, with the provision of N100 billion as “CTG Fund” for the textile industries at lower interest rate and a longer term.

Mr. Aganga also said that President Goodluck Jonathan has approved that the Bank of Industry, BOI, implement the fund by converting the loans to equity.

We have started implementing this already, but we hope the new policy on CTG, which will be out soon, will address most of the challenges facing the sector,” Mr. Aganga said.

To boost job creation, the minister said that government would address the imbalance in the tariff structure between raw materials and finished goods as part of renewed efforts to encourage value addition through processing of local raw materials.

He said government has decided to increase and improve the level and quality of trade between Nigeria and the rest of the world, considering that Africa today accounts for about three per cent of global trade; operating at the bottom of the value chain, and exporting most of its raw materials instead of finished goods.

The focus of the government would be to improve the quality and quantity of the country’s trade through value addition, so that Nigeria would be able to export more finished products, create jobsand earn more revenue for the government.

He said Nigeria played a leading role in putting a robust Common External Tariff, CET, in place, pointing out that the new tariff regime, scheduled to take effect in January 2015, would involve a re-classification in tariff structure of some raw materials and address the imbalance.

This, he said, would make it easier and more profitable for people to import goods, rather than process the abundant raw materials, since the tariff on some raw materials are higher than that on imported finished goods.

Source:- premiumtimesng.com

India Seen Buying More Palm And Other Edible Oils

Top edible oil buyer India will likely import record volumes of vegetable oils to feed a rapidly growing population in the next marketing year, a trade body said, despite a recent government hike in import duties for the refined grade.

India's total edible oil imports in 2014/2015 are projected to rise to 11 million tonnes, a senior official at the Solvent Extractors Association (SEA) said on Thursday, as food and fuel demands grow with the population.

India's refined palm olein imports alone are projected to climb more than 70 percent to 3.8 million tonnes 2014/15 from the current year, said SEA's executive director B.V. Mehta, speaking at an industry meet in Kuala Lumpur.

Market participants had initially said that New Delhi's decision to raise its import duty on refined edible oils to 10 percent from 7.5 percent could see buyers switching to crude palm oil instead, raising fears that Indian imports of refined edible oils would plummet.

But extra freight charges incurred to import the crude grade of the tropical oil from top producers Indonesia and Malaysia may see investors sticking to refined palm oil imports.

"Who will import crude palm oil when you're getting the refined product at almost the same rate? There's hardly a difference of 5 to 10 dollars," said Mehta at the sidelines of the conference.

India's crude palm oil imports in the 2014/2015 year will likely drop nearly 30 percent to 4.3 million tonnes, he said.

The trade body chief also said that India is not likely to raise the refined oil import duty further for now as it tried to keep food inflation in check before its general elections.

"The government is more cautious and will be reluctant to change the duty structure again, fearing it may lead to food inflation, which is a major issue in India," he said.

Imported palm oil, used to make a variety of products from soaps to cookies, constitutes about 80 percent of India's total annual vegetable oil demand of 17 million-18 million tonnes.India also imports a small quantity of soyoil from South America

Source:- thestar.com.my

No Plans To Roll Back Gold Import Curbs - Chidambaram

India is not planning any changes to its record import duty on gold and other restrictions on imports until the current account deficit is firmly under control, Finance Minister P. Chidambaram told CNBC TV18 in Davos.

"Until we have a firm grip on the current account deficit I do not contemplate any roll back in any measure. We will have a full idea of the current account deficit only when the budget is presented and when the year comes to an end," Chidambaram said.

He was answering a question about an earlier TV report that Sonia Gandhi, the leader of the ruling Congress party, had written to the government asking for gold import restrictions to be eased. Chidambaram said he had not read the letter.

India has a record 10 percent import duty and a rule that says 20 percent of all imports must leave the country as exports. India used to be the world's biggest buyer of bullion until the government introduced the curbs in order to contain a record current account deficit.India's fiscal year ends on March 31, 2014 and the budget will be presented in February

Souce:- in.reuters.com

India Restores Export Incentives For Cotton Yarn

India, the world's second-biggest raw cotton export, has restored an incentive scheme for cotton yarn exports, an official order said on Thursday.

The Directorate General of Foreign Trade (DGFT), a unit of the trade ministry, gave no reason for restoring export benefits for yarn, a value-added product used by textile mills.

Incentives for raw cotton and yarn exports were withdrawn in September.

"Those who will export more than last year will be eligible for a 2 percent incremental export benefit," said D. K. Nair, secretary general of the Confederation of Indian Textile Industry.

Nair said yarn exports could rise 10 percent in 2013/14 due to increased demand from China as it plans to end a raw cotton stockpiling programme to support domestic growers.

Traders forecast India will ship 8-9 million bales of raw cotton in the crop year to September, down from 10.1 million bales in 2012/13. One bale equals 170 kg.(Reporting by Meenakshi Sharma; additional reporting by Ratnajyoti Dutta in NEW DELHI

Source:- in.reuters.com

Rupee Ends Lower At 61.92 Per Dollar; Interest Rate Uncertainty Lingers

The rupee weakened slightly to a two-week low on Thursday as importers stepped in to buy dollars ahead of the end of the month amid rising uncertainty before a key Reserve Bank of India (RBI) policy review next week.

The rupee has avoided the heavy losses suffered by some emerging Asian currencies such as the Philippine peso this year because of its efforts to narrow the current account deficit, and strong foreign investor inflows.

However, the market is mired in a new uncertainty by the prospect of a period of sustained high interest rates after a RBI panel recommended on Tuesday making taming high inflation a priority.

That would help contain inflation but raise concerns about economic growth in the near term. Trading is expected to be rangebound until the RBI's policy review on Tuesday.

Although analysts had previously expected the central bank to remain on hold, the recommendation to focus on consumer inflation is raising the prospect of a rate hike.

"The rupee has been fairly rangebound today with some month-end dollar demand from importers seen. Policy will be the next key trigger. Until then, I expect a range of 61.80 to 62.20 to hold," said Hari Chandramgethen, head of foreign exchange trading at South Indian Bank.

"Debt inflows have lost momentum but are expected to continue for some more time."

The partially convertible rupee closed at 61.9275/9375 per dollar compared with its Wednesday close of 61.8150/8250, marking its lowest close since January 9.

Dollar purchases were seen during the session from oil importers, while a large state-run bank was also a buyer, which dealers attributed to meeting defence-related needs.

Broadly, the dollar gained against Asian emerging market currencies as worries about a slowing Chinese economy deepened and as investors braced for a further cut in stimulus by the US Federal Reserve.

In the offshore non-deliverable forwards, the one-month contract was at 62.41 while the three-month was at 63.23

Source:- profit.ndtv.com

When tax was payable as per Article 12 of India-US treaty, it couldn't be further increased by educa

IT/ILT : Assessee, a US based company, was not liable to pay education cess and secondary and higher education cess on tax payable by it, when tax was determined as per article 12 of DTAA between India and USA

Mere payment of VAT isn’t a valid reason to insist on dismissal of SCN issued under service tax: HC

Service Tax : In absence of any adjudication by any authority under VAT Act or service tax law that assessee was liable to pay Value Added Tax and/or Service Tax, show-cause notice proposing levy of service tax on leasing activity cannot be set aside in writ merely because assessee was Value-added tax

An insider selling shares after closure of trading window held guilty of violating Insider Trading R

SEBI : Sale of shares of company when its trading window was closed by appellant who was privy to price sensitive information of company constituted violation of Insider Trading Regulations

Big blow to ill-gotten wealth invested in real estate; SC affirms seizure of asset acquired from ill

CL : Big blow to ill-gotten wealth invested in real estate; SC affirms seizure of asset acquired from illegitimate means

Revenue rightly rejected assessee’s books as he failed to explain variation in purchase price of raw

IT : Where account books in respect of raw material were not maintained by assessee and assessee could not explain variation in purchase rate of raw material and offered low profit rate, rejection of books was justified

No reversal of Cenvat credit in excess of what is actually taken, rules HC

VAT/CST : If a dealer has availed of tax credit of 4%, he cannot end up surrendering/reversing credit more than that, as Legislature could never have intended reduction to exceed tax credit itself; therefore, credit reduction under section 11(3)(b) of Gujarat VAT Act, 2003 cannot exceed 4%

IRDA calls for speedy product approval process; issues standardized format for filing of policy doc

INSURANCE : Standard Format for Filing of Policy Documents with The Authority

Appeal under sec. 17(1) of SARFAESI Act can be entertained by DRT in whose jurisdiction secured asse

CL: It is only DRT, within whose jurisdiction secured assets/property is situated, that has jurisdiction to entertain application or appeal under section 17(1) of the SARFAESI Act

Provision for warranty is allowable if made on scientific and rational basis, says HC

IT: Amount claimed as provision for warranty should have some rational and scientific basis and it cannot be on mere ipse dixit

CAS -19 on joint cost released; applicable from April 1, 2014

COMPANIES ACT, 1956/ COMPANIES ACT, 2013 : CAS - 19 - Cost Accounting Standard on Joint Costs

RBI advises banks to collect a/c payee cheques via third party up to 50,000 of co-operative credit s

BANKING : Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account

No block assessment relying on docs seized from other person which didn’t have assessee’s name on it

IT : Where on basis of documents seized in case of one 'R', block assessment proceedings under section 158BD were initiated against assessee, in view of fact that Assessing Officer who completed assessment of 'R' had not made any reference of assessee in his order, impugned proceedings deserved to be quashed

Assessee couldn’t file subsequent writ to challenge revisional order which was executed in earlier w

Excise & Customs : If a person had, in earlier writ proceedings, applied for execution of Revisional order passed by Central Government under customs law, he cannot challenge very same order by filing second writ petition after a lapse of good deal of time

No disallowance of interest if borrowed funds were given to trust holding shares of ESOP scheme

IT: Where expenditure was incurred by company for providing any benefit or amenity to its employees value of which was taxable in their hands as perquisites, same was an allowable expenditure in hands of company

CIT couldn’t deny trust registration due to winding-up clause in MOA which was in conformity with IT

IT : Where assessee-trust was registered as institution under section 25 of Companies Act, 1956 and winding up or dissolution clause contained in memorandum and articles of association was in conformity with conditions laid down under Act, Commissioner erred in refusing to grant registration under section 12AA to assessee

Revenue couldn’t make disallowance for TDS default on sums paid to NR in absence of its PE in India,

IT/ILT: Where sales and purchase are recorded in books of account on principal to principal basis, then activity could not be held to be activity with commission agent or broker

Penalty deleted for belated payment of tax as cheque was dishonoured despite reasonable arrangements

Service Tax : If assessee has made reasonable arrangements that cheque paid to Department will be honoured but arrangements do not go the way assessee had intended and there is delay in payment of tax, such delay caused on account of reasonable excuse will not attract penalty

Liquidator may dispose off permanent leased asset of liquidating co. for making payment to creditors

CL: Where company under liquidation acquired leasehold rights of permanent nature for value and consideration paid to earlier lessee, official liquidator was entitled to encash such capital asset and sale leasehold rights for payment of dues to creditors/contributories