IT : Where statutory appeal lies to High Court, High Court ought to have given its finding in detail particularly with regard to any error of law in decision of Tribunal and error caused prejudice to revenue
Thursday 13 February 2014
Amount of investment and not extent of construction is relevant to compute relief under sec. 54F
IT : In terms of section 54F, when assessee invests sale consideration in purchase of a residential property within prescribed time period, he is entitled to claim deduction and, in such a case, extent of construction of residential building and facilities provided in such building are not relevant
HC dismissed writ as alternate remedy of filing appeal was available to assessee
CST & VAT : Where : (a) very same issue is already pending before Appellate Authority ; (b) disputed questions of facts are involved (c) alternate remedy by way of appeal is available, writ petition cannot be maintained and plea of unreasoned order including jurisdictional aspect can be raised before appellate authority
Exp. on application software isn't revenue exp. even if it has very short shelf life and is prone to
IT : Where assessee-company purchased application software, expenditure incurred towards purchase of software could not be treated as revenue expenditure
Ministry Not In Favour Of Coal India Restructuring
Union coal ministry does not seem to be in favour of restructuring Coal India (CIL), the state-run coal behemoth, even as Deloitte has already submitted its draft report on restructuring CIL. The idea of restructuring CIL was originally mooted by the TL Shakar committee report on coal sector reforms in 2007 and subsequently Deloitte had been assigned to study the restructuring of state-owned CIL.
Union coal minister Sriprakash Jaiswal on Thursday said, “What is the need and rationale for restructuring Coal India? They have given 290 per cent dividend, the government is very happy about that.”
Speaking to media on the sidelines of International Mining Expo 2014, the coal minister said “As of now, there is no need for restructuring,” and added that he would prefer shelving such a plan. He however refused to divulge details of the Deloitte report.
Meanwhile, speaking at the fifth International Mining Expo 2014, CIL chairman S Narsing Rao said that the current coal shortage of 25 million could have been met by both PSUs and private sector by giving emphasis on underground mining. In this context, the coal minister admitted that underground mining had declined over the years and there was an immediate need for a balanced approach. Jaiswal said that the technology, at present available in the country, for underground mining in India was not so modern and thus we were seeking cooperation from various countries who are leaders in such technologies.
CIL chairman called for regulatory relaxation for underground mining on the ground that the impact on surface in case of underground mining is minimal compared to open cast mining. Underground mining can minimise impact of displacement of people and forest land, he said.
TK Lahiry, president, Mining, Geological & Metallurgical Institute of India said, “The Indian mining industry, which is among top five global producers, is on a strong growth trajectory driven by growing demand from domestic consumers and the opportunity for increased production due to a good resource base of various minerals. Keeping in view the current scenario, India ranks among the world’s top five nations for its core competency commodity reserves of coal and iron ore. Iron ore reserves are estimated in the region of 23 billion tonnes and account for 6 per cent of global reserves while coal reserves are reported to be around 255 billion tones”.
The expo was attended by a high-level Polish trade delegation and group of 20 Polish companies led by Jerzy Witold Pietrewicz, deputy Prime Minister of Poland and the Czech Republic (10 companies), among others.
Source:- mydigitalfc.com
ITAT bound to analyse cases cited by assessee; HC raps ITAT for disposing of appeal without analysin
IT : Whenever any decision has been relied upon and/or cited by assessee and/or any party, Tribunal is bound to consider and/or deal with same and opine whether in facts and circumstances of particular case, same will be applicable or not
Indian Flower Exports Bloom On Valentine’S Demand
Valentine’s Day isn’t a Hindu holiday. But the Western celebration of love is driving a boom in flower exports this year that has brought some cheer to a wilting Indian economy.
Foreign buyers “are snapping up everything on offer,” said Anne Ramesh, president of the South India Floriculture Association, a trade group in Bangalore, which is one of the country’s main flower-export hubs.
Holiday exports of exotic Taj Mahal roses, named after the famous Moghul-era monument to love, and other varieties of the flower are expected to rise 50% this year, industry groups said.
Valentines shipments from India could total 10 million to 12 million stems, thanks to long U.S. Presidents Day weekend and chilly weather in China, which has dented production there. Export prices are up about 20% industry executives said.
India trails major flower exporters Kenya, Ethiopia, Ecuador and Colombia. But this year’s rise in exports is a shot in the arm for India, which is looking to boost farmers’ income by encouraging such value-added production.
Many state governments have been offering subsidies to help in the construction of greenhouses in an effort to speed the shift.Valentine’s Day accounts for about a fifth of India’s total annual exports of flowers, making February by far the busiest time for growers.
This year, it is coinciding with an unusually long wedding season in India – prolonged by auspicious marriage dates in February – leaving flower supplies extremely tight in India’s home market.
“With the export demand so robust, we are finding it hard to get enough for domestic flower auctions,” said C.G. Nagaraju, managing director of International Flower Auction Bangalore Ltd.
Bidders battled Wednesday over lots of roses on the floor of the auction house. The deep red Taj Mahals were the best sellers, going for 360 rupees for a bunch of 20. First Red roses were also popular, drawing bids of 300 rupees.
On average, the house moves 150,000 to 180,000 roses a day. On Wednesday, the auction house said, 262,000 stems were sold.
Conservative Hindu groups often protest against Valentine’s Day celebrations in India, saying the holiday is a pernicious foreign influence.
But Mr. Nagaraju said, “We don’t see it as a cultural point. We see it as an opportunity for growers to get better prices.”
Valentine’s Day is becoming more popular in Indian cities, but the Indian demand for flowers currently is mostly because of auspicious wedding dates this month. Industry members say domestic demand this season could be also as much as 5 million stems, but again, mostly because of weddings.
Source:- blogs.wsj.com
India Rice Exports Climbing To Record
Rice shipments from India, the world’s largest producer after China, will probably expand to a record as buyers from Iran to Saudi Arabia boost purchases of aromatic basmati grain used in biryani and pilaf dishes.
Exports are set to increase 7.8% to 11 million metric tons in the 12 months through March from a year earlier, said MP Jindal, president of the All India Rice Exporters Association. Sales of basmati may jump 14% to 4 million tonnes as cargoes of non-basmati varieties advance 4 percent to 7 million tonnes, he said in a phone interview.
Shipments are increasing from India as Thailand, once the world’s biggest supplier, is also set to boost exports. The Southeast Asian country has built record stockpiles big enough to meet about a third of global import demand under a high-priced buying program that started in 2011. Farmers are demanding the government sell the stockpile to pay for their crops delivered last year.
"India has an edge over other countries because of quality and price competitiveness," said Faiyaz Hudani, an associate vice president at Kotak Commodity Services Ltd, a Mumbai-based broker. "When the output is high and the pace of growth is stable, there is no cause of concern."
Rising sales may benefit Indian shippers such as KRBL Ltd (KRB), LT Foods Ltd (LTFO) and Kohinoor Foods Ltd (KFL).
India is targeting production of 106.3 million tonnes in the year through June, compared with a record 105.3 million tonnes in 2011 and 2012, according to the Agriculture Ministry. The harvest would add to global inventories estimated at 109 million tonnes in 2013 and 2014 by the London-based International Grains Council.
The price of Thai 5% broken white rice, a benchmark grade, fell 23% in 2013, the most in at least five years, and was at $460 a ton yesterday. A slump to US$370 by March is possible as grain is offloaded from state granaries, according to Chareon Laothamatas, president of the Thai Rice Exporters Association. Rough-rice futures on the Chicago Board of Trade rose 0.6% to $15.625 per 100 pounds on Wednesday.
Thailand may not be able to find enough buyers for its stockpiles because major importers in Africa and the Philippines increasingly prefer grain from Vietnam and India, according to Darren Cooper, a senior economist at the council.
"Thailand will try to dispose of the stockpiles at whatever price it gets," said BV Krishna Rao, managing director of Pattabhi Agro Foods Pvt, an Indian exporter. Shipments may not be affected by rising Thai sales as the two countries catered to different markets, he said.
The United States Department of Agriculture expects Thai inventories to reach a record 14.7 million tonnes this year, compared with 6.1 million in 2010. Shipments will probably be 8.5 million tonnes, the USDA forecasts.
Basmati rice exports from India are climbing as Iran is building reserves, said Jindal at the exporters association. Sales to Iran jumped to 1.28 million tons in the nine months through December, exceeding the 1.07 million tonnes for whole of 2012 and 2013, according to the association. The country is India’s biggest buyer of basmati and imports 1.5 million tonnes annually.
"The price of basmati was good this year and overseas demand was more throughout the year from all countries including Iran and Saudi Arabia," Jindal said on Feb 4. "Exports to Iran are higher as it buys for keeping certain reserves."
India supplies 65% of the overseas basmati rice market, while Pakistan accounts for the rest, according to the state-run Agricultural and Processed Food Products Export Development Authority. Saudi Arabia and Iran are the two major buyers of Indian basmati, while Africa is a major destination for non-basmati varieties.
Source:- bangkokpost.com
Sugar Falls As Indian Subsidy May Damp Imports; Cocoa Slides
Raw sugar fell in New York as an export subsidy approved by India, the world’s second-biggest producer, may push more sweetener onto the world market and damp imports by the nation’s refineries. Cocoa retreated.
India’s cabinet approved a subsidy of 3,333 rupees ($53.38) a metric ton on raw sugar shipments for February and March and will review the amount in April, an official, who asked not to be identified because he isn’t authorized to speak to the media, told reporters in New Delhi yesterday. Shree Renuka, which owns refineries in India, will boost local purchases of raw sugar to turn it into the refined variety after the subsidy, said the company President Ravi Gupta. That may reduce the nation’s import demand.
“The measures are likely to result in more sugar being placed on the market,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in an e-mailed report. “The additional supply from India is likely to preclude any recovery of the world market price to beyond the 16 cents a pound mark.”
Raw sugar for delivery in May slid 0.9 percent to 15.97 cents a pound by 7:46 a.m. on ICE Futures U.S. in New York. Trading volumes were more than double the average for the past 100 days for this time of day, according to data compiled by Bloomberg. White, or refined, sugar for delivery in May fell 1.2 percent to $441 a ton on NYSE Liffe in London.
India may produce 1.2 million to 1.5 million tons of raw sugar in the year to Sept. 30 if the subsidy is extended beyond March, according to Shree Renuka. While raw sugar exports may reach 800,000 tons this season, the remainder of the output will be absorbed by local refineries if subsidies continue, Gupta said.
“The incentive will surely help in reducing the sugar surplus in India,” said Gupta. “India is quite well positioned to substitute raw imports by refiners with domestically produced raws.”
Arabica coffee for May delivery fell 1.2 percent to $1.414 a pound on ICE. Earlier, the price touched $1.4475, the highest for a most-active contract since May 15. Robusta coffee for May delivery was unchanged at $1,818 a ton NYSE Liffe.
Goldman Sachs Group Inc. raised its price forecasts for arabica coffee futures traded in New York to $1.30 a pound for three, six and 12 months from a previous estimate of $1.20 a pound, the bank said in an e-mailed report today.
The forecasts are below current prices and below the forward curve partly because high stockpiles after several years of surpluses will help cushion potential production drops in Brazil, the bank said. It sees risks to its current estimates as skewed to the upside, it added.
Cocoa for delivery in May slid 0.3 percent to $2,963 a ton in New York. Cocoa for delivery in March fell 0.5 percent to 1,861 pounds ($3,095) a ton in London.
Source:- bloomberg.com
India Imports Of Plastics And Plastics Articles Rise To Us$ 887.61 M In January- 2014
InfodriveIndia.com, India's premier research company in export import market research, announced today that India's Plastics and Plastics Articles imports in January- 2014 has grew to US$ 887.61 M, a increase of 9.74% compared to December 2013.
This finding is based on India Plastics and Plastics Articles import data of InfodriveIndia.com and is compiled from shipping documents filed at Indian customs through January- 2014 at more than 170+ ports in India like JNPT, Bombay Air and Sea , Chennai Air & Sea , Delhi IGI Air, Delhi Tughlakhabad ICD, Delhi Patparganj, Kolkata Air and Sea, Bangalore Air and many more. InfodriveIndia.com India Plastics and Plastics Articles Import database is considered to be the most comprehensive, up-to-date and authentic information on India's foreign trade of Plastics and Plastics Articles.
According to Pradeep, Chief Research Associate of InfodriveIndia.com, compared to December 2013, a increase of USD 887.61 M in January- 2014 has been noticed. He further gives a analysis and break up of major product categories , major countries and major Indian ports under Plastics and Plastics Articles as follows :
A. Imports of Polymers of Ethylene has grew month on month basis by 19.29%.
Total value of imports in January- 2014 was 193.17 M, compared to December 2013 , there is a increase of 31.24 M in January- 2014, growth rate in percentage terms is 19.29%, the major destination countries were Saudi arabia, Qatar, Singapore, Korea, Republic of and United arab Emirates and major Indian ports were JNPT, Delhi TKD ICD, Madras Sea, Ahmedabad ICD and Tuticorin Sea .
B. Imports of Polymers of Vinyl Chloride and other Halogenated Olefins has grew month on month basis by 2.27%.
Total value of imports in January- 2014 was 133.84 M, compared to December 2013 , there is a increase of 2.97 M in January- 2014, growth rate in percentage terms is 2.27%, the major destination countries were Taiwan, Korea, Republic of, Belgium, United States and China and major Indian ports were JNPT, Madras Sea, Delhi TKD ICD, Calcutta Sea and Thar Dry Port ICD/Ahmedabad Gujarat ICD .
C. Imports of Polyacetals and other Polyethers and Epoxide Resins has grew month on month basis by 19.37%.
Total value of imports in January- 2014 was 125.85 M, compared to December 2013 , there is a increase of 20.42 M in January- 2014, growth rate in percentage terms is 19.37%, the major destination countries were China, Singapore, Korea, Republic of, Thailand and Taiwan and major Indian ports were JNPT, Delhi TKD ICD, Madras Sea, Kandla and Dadri-ACPL CFS .
D. Imports of Polymers of Propylene or of other Olefins has grew month on month basis by 11.06%.
Total value of imports in January- 2014 was 62.44 M, compared to December 2013 , there is a increase of 6.22 M in January- 2014, growth rate in percentage terms is 11.06%, the major destination countries were Saudi arabia, United arab Emirates, Singapore, Korea, Republic of and Thailand and major Indian ports were JNPT, Madras Sea, Delhi TKD ICD, Gurgaon ICD and Calcutta Sea .
Pradeep says that the above information is on major product categories, and users requiring detailed analysis and reports on their specific products can contact Sales team at InfodriveIndia.com with detailed description of their product, brand names and its uses.
According to Pradeep, usually InfodriveIndia.com team delivers most of the projects within 3 working days.
InfodriveIndia.com analysis and research is done from India Import data from customs statistics which is based on the Bills of Entry and Shipping Bills filed at various ports, InfodriveIndia reporters collect this data from every Indian port, and InfodriveIndia database yields the most timely, accurate, comprehensive information available on trade through India Ports. Recently after a long and persistent lobbying with Indian Govt, InfodriveIndia.com has been able to release India Import Statistics almost on realtime basis, bringing the backlog time to just 3 days, compared to Govt sources which are around 6 months old. Another unique feature of InfodriveIndia.com database is unparalleled coverage of 110 ports in India.
InfodriveIndia.com is 16 year old market leader and primary source of India Export Import Trade information in India. The India Import Export data bank, which is at the core of InfodriveIndia.com trade information services is unique and has been categorized by Harmonized system in over 25,000 product codes. InfodriveIndia researchers provide expert data analysis and interpretation tools, Charts, Pivot reports in MS Excel and detailed item wise records to support decision-marking for International Trade, supply-chain management, competitive intelligence and brand protection.
World's top market research companies, Export promotion councils, trade associations, domestic and foreign governments, and over 16,000 corporates from more than 65 countries rely on InfodriveIndia.com for meaningful export import trade intelligence to guide their International business strategies.
Source:- indiaprwire.com
Education Cess Not Payable On Local Levies
We are producers of sugar located in Uttar Pradesh. We have been paying the applicable excise duty, including the sugar cess levied under the Sugar Cess Act, 1982, on the sugar produced.
Upon our consultant’s advice, we had also been paying the education cess (EC) and the secondary and higher education cess (SHEC) on the sugar cess. Recently, we have engaged a new consultant who has informed us that EC and SHEC are not payable on the sugar cess. Kindly advise.
It was clarified vide Circular No.345/2/2004-TRU (Pt.) dated 10th August, 2004, that the education cess should be calculated only on such duties which are both levied and collected by the department of revenue. Further, recently it has been clarified by the CBEC vide Circular No.978/2/2014-CX dated 7 January 2014, that EC and SHEC are not leviable on ‘cesses’ levied under Acts which are not administered by the department of revenue, even if they are collected by it.
Sugar Cess being a cess levied by the Sugar Cess Act, 1982 (administered by the ministry of consumer affairs, food and public distribution), no EC and SHEC would be leviable on the same.
We are traders of electrical products in Delhi. Recently, during a self-review of our books of accounts and tax payments, we discovered that sales have been inadvertently under-reported in the VAT returns filed by us and consequently VAT has also not been paid on the same. Our consultant informed us about the DVAT amnesty scheme (Delhi Tax Compliance Achievement Scheme, 2013), wherein the outstanding tax can be paid off without interest, penalty or prosecution. However, we understand that declaration of tax dues under this scheme could be made only till 31 January 2014. Kindly suggest if there is any way we can still pay off the outstanding liability without interest, penalty or prosecution.
Recently, the Delhi government has extended the last date of filing declaration under DVAT Amnesty Scheme to 18 February 2014. Accordingly, you may still make the declaration of the outstanding tax amount.
Source;- financialexpress.com
Dgft’S Export Duty Drawback Recovery Illegal, Rules High Court
In a significant relief to non-mega power projects, the Gujarat High Court on Thursday termed the Director General of Foreign Trade (DGFT) notification on recovery of deemed export duty drawback from these power projects as illegal.
A Division Bench comprising Chief Justice Bhaskar Bhattacharya and Justice Pardiwala said that while notifying the handbook of procedures, the DGFT had incorporated the provisions of the Customs and Central Excise Duty Drawback Rules, which contained powers to recover duty drawback erroneously granted.
“The said provision is unconstitutional as the DGFT being an administrative authority was seeking to legislate by resorting to ‘incorporation by reference’ of a substantial provision of law,” the High court held.
“The Gujarat High Court has essentially held that through various provisions of the Foreign Trade Policy and the procedures there under, the DGFT was exercising certain powers without legal basis,” said Sujit Ghosh, Partner and National Head – Tax Litigation and Controversies, Advaita Legal – counsel of petitioner, Alstom India.
“This is a significant victory for the power sector which has been subjected to irrational and inequitable actions perpetuated by the DGFT which initiated proceedings of recovery of duty drawback benefits granted in the prior years,” said Ghosh.
Notably, in March 2011, the DGFT under the Policy Interpretation Committee (PIC) had decided to deny deemed export drawback on imported and domestic plant and machinery to be supplied for building non-mega power plants.
The PIC interpreted the provisions of the Foreign Trade Policy to hold that deemed export drawback was not available to the supplies of plant and machinery to non-mega power projects, hence such benefits ought not to have been granted.
Several litigations in this regard, were filed in courts of law, including the Gujarat High Court.
Post the Gujarat court order, the recovery notices issued in the past to various non-mega power projects would become illegal, the petitioner’s counsel stated.
Source:- thehindubusinessline.com
Rupee Falls To 62.42 On Dollar Demand, Weak Stocks
Thursday’s drop of 32 paise is the biggest since the 44-paise fall on January 27.The rupee on Thursday erased initial gains and slipped 32 paise, logging its biggest daily drop in over two weeks, to end at 62.42 versus the dollar in line with weakness in domestic stocks and sustained demand for the American currency from oil importers.
The rupee commenced higher at 62.05 a dollar from last close of 62.10, a three-week high. It improved further to a high of 62.03 due to higher opening in domestic equities and initial dollar selling by exporters.
Later, it dipped on sluggish stock markets to a low of 62.46, before concluding at 62.42, logging a fall of 32 paise or 0.52 per cent. It had gained 33 paise or 0.53 per cent in the last two days. Thursday’s drop is the biggest since the 44-paise fall on January 27.
“In the last couple of sessions, we have witnessed that India’s trade data, IIP and CPI have all bedn encouraging. However this set of data has failed to give support to the rupee. On the global front, dollar index is trading flat amid absence of major events or data releases,” said Abhishek Goenka, founder & CEO, India Forex Advisors.
The benchmark S&P BSE Sensex on Thursday plunged by 255.14 points, or 1.25 per cent, while FIIs injected Rs 211.99 crore on Wednesday, as per provisional data with stock exchanges.
The dollar index, an indicator of other six major global currencies, was sharply down by 0.47 per cent ahead of key economic data later in the day.
Source:- thehindu.com
Reimbursement of actual exp. from customers to be included in gross receipts for purpose of sec. 44B
IT/ILT: Following order passed by Tribunal in assessee's own case in R & B Falcon (A) Pty Ltd. v. Addl. DIT [IT Appeal No. 5287 (Delhi) of 2011, dated 27-4-2012], it was to be concluded that amounts received by assessee from its customers as reimbursement of actual expenses incurred on their behalf, was to be included in gross receipts under section 44BB
HC reduced pre-deposit requirement realizing assessee’s pain due to seizure of its units under SARFA
Central Excise : When assessee was suffering from acute financial crisis owing to its unit having been taken over under SARFAESI Act, requirement of pre-deposit may be reduced and appeal dismissed in default thereof may be restored
HC orders winding-up of telecom co. which lost its substratum after quashing of 2G license by the Su
CL: Where company had lost its substratum on account of quashing of 2G licenses by Supreme Court; there was complete lack of faith and probity resulting in irretrievable breakdown between major shareholders of company; liabilities of company had far exceeded its assets; and scheme propounded by respondents was unrealistic, speculative and unworkable, it was just and equitable to wind up company under section 433(f)
University charging fees, four times higher than its spending, exists for profit purposes; no sec. 1
IT : University not tax-exempt under Art 289(1) of the Constitution as 'State' in Art 289 doesn't include University
Acquiring a parcel of land then selling it in piece meal after levelling it isn’t a charitable activ
IT : Where assessee-trust was carrying out following activities: purchase of land at nominal cost, then level and clear it, cut into plots and sell of plots at much higher prices, and charging of fees and fines, activities of assessee were not charitable in nature within meaning of proviso to section 2(15)
Rate of excise duty on cigarettes levied by Finance Act, 2012 is effective from May 28, 2012; FinMin
GST : Section 3 of The Central Excise Act, 1944 - Duties Specified in First & Second Schedule to Central Excise Tariff Act, 1985 To Be Levied - Clarification on Effective Date for Levy of Excise Duty on Cigarettes at Enhanced Rates Vide Finance Act, 2012
University charging fees, four times higher that its spending, exists for profit purposes; no sec. 1
IT : University not tax-exempt under Art 289(1) of the Constitution as 'State' in Art 289 doesn't include University
HC sets aside non-speaking and unreasoned order of Tribunal; case remanded
CST & VAT : Where order of Tribunal is a non-speaking order and no facts are discussed, no reasons are given and nothing is mentioned how decisions relied upon would be applicable to facts of present case and alternative submissions of parties have not been dealt with, such order was set aside and matter was remanded back for fresh decision
ITAT confirmed sec. 14A disallowance even if dividend was received on shares held as stock-in-trade
IT : Disallowance under section 14A can be made even in cases where dividend income has been earned on shares held as stock-in-trade
'Cash profits' can't be taken for profit level indicator to determine ALP under TNM Method
IT/ILT : In view of Rule 10B (1)(e),'cash profit' cant be the numerator for PLI for determining ALP under TNMM
HC can decide on question of law arising from CLB’s order even if it’s not chosen at admission stage
CL : Where High Court at stage of admission of appeal under section 10F had chosen to identify a couple of questions of law, same would not disable it later from adjudicating upon any other questions of law which might arose out of order of Company Law Board
Appeal with low tax effect to be admitted if notional tax effect is much higher, Gujarat High Court
IT: Appeal cannot be dismissed without considering merits of case, solely on ground of low tax effect, where notional tax effect exceeds monetary limit prescribed by Board
ITAT was bound to remand the case to AO and CIT(A) if fresh contention of assessee went to root of m
IT : Where before Tribunal it was for first time assessee contended that disclosure of facts was made under section 133A and not under section 132, issue of levy of penalty was to be remanded to Assessing Officer
Land Premium and pre-operative expenses form part of investment to claim investment based exemption
CST & VAT : In computing Fixed Capital Investment (FCI) for investment based exemptions under VAT, inclusions are (a) land premium; (b) interest on deferred payment of land premium (c) lease rent/occupancy charges of land, (d) pre-operative expenses for creation of fixed assets; but exclusions are : (i) approval of land drawings, (ii) assets received free from others; (iii) Tempo Traveller for transporting workers (iv) Amount spent for "Technical Study" (v) jobs to be performed by others
No liability for sec. 194H TDS if commission was credited to payee's account before introduction of
IT: Commission payment cannot be considered under provisions of section 194H, where credit to account of payee or payment itself to said person had arisen prior to 1-6-2001 when there was no application of provision of section 194H
ITAT remands case as new grounds were raised by assessee to prove that land sold by him wasn't capit
IT : Where assessee sold a piece of agricultural land and claimed exemption under section 54B in respect of sale proceeds and Assessing Officer disallowed same, since assessee had raised two additional legal grounds before Tribunal to effect that authorities below erred in treating agricultural land sold by him as capital asset, matter was sent back to Assessing Officer for fresh adjudication
Party charging high parking rates at Airport isn’t dominant player, as it promotes culture of public
Competition Law : Charging of higher parking prices by OPs at their respective airports than other airports, raises no competition issue and was not a fit case for issue of directions for causing an investigation to be made by DG under section 26
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