CST & VAT : Where Assessing Officer cancelled registration certificate of assessee on ground of non-filing of return, as per provision of section 17(10) of Madhya Pradesh Value Added Tax, 2007, registration could not be cancelled merely on basis of non-filing of returns
Thursday 17 April 2014
Fake work completion certificate for pre-qualifying in bid won't invite sec. 69B additions on contra
IT : Where a bogus work completion certificate was obtained by assessee contractor just for qualifying a bid and actually assessee did no work, no addition could be made as undisclosed income on basis of such certificate
When applying CUP method international transaction to be compared with actual transaction and not wi
IT/ILT : CUP is most appropriate method in case of trading transactions provided uncontrolled transactions relied by assessee are really comparable and necessary data requiring adjustments, if any, is available
HC remands case as adjudication order was passed on basis of grounds not raised in show case notice
Excise & Customs : Where : (a) adjudication order has been passed beyond scope of show-cause notice, (b) delay in filing appeal before Commissioner (Appeals) is sufficient explained, High Court can entertain writ against adjudication order
CLB rescheduled repayment of public deposit as petitioner co. was facing genuine liquidity crunches
CL : Looking at genuineness of liquidity problem, repayment of public deposits to be rescheduled
When applying CUP method international transaction can be compared with actual transaction and not w
IT/ILT : CUP is most appropriate method in case of trading transactions provided uncontrolled transactions relied by assessee are really comparable and necessary data requiring adjustments, if any, is available
Penalty set aside on revenue's failure to substantiate its claim of non-genuineness of wages paid in
IT: Where revenue had failed to prove that claim of expenses by assessee was not genuine or was inflated to reduce its tax liability, no penalty could be levied
Us Fda Penal Actions Hit Pharma Exports Growth, May Not Exceed 5%
The sharply higher number of import alerts by the US drug regulator against medicines produced by several large Indian pharmaceutical companies will pull down pharmaceutical exports, industry officials have said.
India, which exported $14.6 billion (Rs 79,500 crore) worth of medicines in 2012-13, was expecting growth to stay stable at 10% during 2013-14, but that is unlikely to happen. Officials tracking pharmaceutical exports said India could record a little over 3% growth during the ten months which ended in January 2014 largely because of frequent disruption of production at facilities under Food and Drug Administration scrutiny. Growth for full year may not exceed 5%.
Large industry players like Ranbaxy, Wockhardt, Sun Pharmaceuticals and Strides ArcolabBSE 0.04 % were among those that suffered fall in exports to the North American market because of actions by the FDA, said the officials.
The US accounts for nearly 28% of Indian pharmaceutical exports, followed by the European Union at 18% and Africa at over 17%. According to the provisional data compiled by the Pharmaceutical Export Promotion Council (Pharmexcil), the country reported $12.4 billion of drug exports during the first ten months of 2013-14.
PV Appaji, Pharmexcil's director general told ET, "The actual export growth rate for fiscal ending March 2014 would be far less than what we had projected at the beginning of the year. This is largely because of the regulatory actions." Exports would have shrunk had it not been for players such as Dr Reddy's Laboratories, LupinBSE 0.23 % and Aurobindo PharmaBSE 0.61 % picking up the slack, he said.
India is the third-largest exporter of medicines to the US market by volume and it has the second-largest number of FDA-approved manufacturing facilities (370) outside the US. With increased frequency and intensity of inspections by the FDA, Indian copycat drug manufacturers suffered frequent and prolonged disruptions to production at their facilities under the scrutiny. Analysts expect that the problems of Indian generic manufacturers could only go up as the foreign inspections of FDA will only rise.
"Among Indian players, RanbaxyBSE 0.53 % and WockhardtBSE 1.33 % have had multiple and severe compliance issues in the recent past with significant adverse implications on their business.
Recently, even Sun Pharma's Karkhadi (March 2014) facility received an import alert. While the financial implication of this ban was insignificant for Sun, it highlights the increasing regulatory risk for all US-focussed generic players in India," wrote Nitin Agarwal and Param Desai, analysts with IDFCBSE 1.50 % Securities in their March 25 report.
On the proposed acquisition of Ranbaxy by Sun, Appaji said the latter has the capabilities to pull Ranbaxy out of its US troubles. The combined entity will be the world's fifth largest generics maker with $4.2 billion in revenue, with the US accounting for $2.2 billion.
Stricter FDA scrutiny and the resultant manufacturing disruptions, among few other factors, would enhance the competitive intensity and inject unpredictability in near-term growth prospects of Indian drug makers focussed on the US market, the IDFC analysts predicted. "Overall, this will likely dilute the earnings visibility for US-focussed larger Indian pharma players."
Source:- economictimes.indiatimes.com
Port Development In Pakistan
Port benefits are increasingly distributed across different actors and concern a geography that transcends the local community. This trend skews the assessment of the benefits of port investments, where the local impacts can be much less significant than the regional or national.
Ports are considered as funnels to economic development since they act as a catalyst and incite development to take place in specific economic sectors and locations nearby ports or along corridors. The economic benefits of port can be categorised as direct, indirect and induced. The economic benefits of ports are usually measured at an aggregate level by indicators such as value added, employment and investment. This can evolve through different methodologies. In our case we failed to make it value added, although FDI (foreign direct investment) on BOT (build-operate-transfer) basis of investment was induced. Port activities have multiplier effects within an economy and the container terminals Karachi International Container Terminal (KICT), Pakistan International Container Terminal (PICT), Port Qasim International Container Terminal (QICT) are living example in our case.
With the settling of global supply and transport chains, there is a mismatch between the port benefits. On aggregate level port investment do have economic benefits, the spatial and sectorial distribution of these benefits is far less evident.
Significant increase in port throughput , particularly in the containerized sector, did put pressure on existing facilities and thus PICT, KICT, QICT developed the existing facilities, except Gwadar and Pakistan Deep Water Container Port (PDWCP) at Keamari are new port infrastructure. Port development and world trade are interrelated. Seaborne trade has increased substantially due to massive redistribution of manufacturing to low cost locations such as China, India, Bangladesh and Vietnam, allowing these countries to reduce the dependence on agriculture. We have miserably failed to take advantage of this development in Pakistan. Due to technical changes, i.e. growth in ship size to achieve economies of scale with post-Panamax vessel, special carriers of Car and Bulkers, ports have to respond to technical and market developments by upgrading facilities as the Karachi Port Trust (KPT) has invested in PDWCP attracting foreign investment, but due to delays in completion, it is hoped that we have not lost the window of opportunity to Sohar or Salalah or west coast Indian ports.
The shipping companies and terminal operators have engaged in strategic alliances as well as merger and acquisitions. The goal is to provide a level of vertical and horizontal integration, thus improving the port performance chains. This has led to setting of inland terminals by QICT and PICT at Prem Nagar in Lahore.
When Gwadar was conceived, obviously feasibility, economic viability and return on investment as reflected in the internal rate of return (IRR) must have been worked out as investment in port has long gestation period. The concessionaire, PSAI from Singapore, signed the concession agreement in [2006], however, except staged handling of a vessel from PNSC, at the time of inauguration in 2007, there has been no serious activity. The viability of Gwadar has been in focus from the start. Ports developed to support industries and population centres, the obviously missing cogs in the wheel of long term infrastructure development for Gwadar.
I have been associated with Gwadar, in its primary stage and relinquished my role prior signing of concession agreement with PSAI. A lot more brain power and long term hard work are needed to make Gwadar work for Pakistan and the region. The recommendations of the relevant consultants may have been suspect from the start, leading to the current predicament. It is reported in the media that PSAI has relinquished the concession in favour of the Chinese. It is hoped that this is not same old medicine in new bottles and that there is substance to this change to bring in the cogs to the whole wheel of port infrastructure development. We have to recognize and painfully accept the ground realities and plan for the long term, instead of staging short term appeasement moves, with no concrete plans. . We should join hands to make Gwadar operational and I volunteer on gratis basis to assist in realising dream of Gwadar may come true in my life time, as precedent auditing on behalf of international maritime Organisation as their expert on secretary general panel of experts for standards of training, certification and watch keeping, placing Pakistan on IMO white list on Gratis basis, issuing compliance certificate so that Pakistani seafarer can be employed on foreign flag ships..
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KICT, PICT. QICT increased their volume of handling. The PDWCP conceived in 2006 to be completed by 2009, did suffer significant delay but concessionaire have continued their support of KPT to bring about the vision of the most advanced deep sea port in the West Indian subcontinent region, despite failures by the KPT to stay on the agreed time line. This is a good news despite delays and the long wait and the port will be operational by end 2015, heralding a new era for post- Panamax vessel to call Karachi, Pakistan..
Overall, except for Gwadar, We in Pakistan developed existing facilities for containerized cargo to cater out volume of 2.1 million TEU, whilst Sohar in Oman developed and now handling container vessels of deep draft to cater for Sohar industrial Zone. Interestingly, the CEO at Sohar Port is a Pakistani Merchant Mariner. The volume has increased due to shifting of cargo from Mina Qaboos Muscat port. It is a food of thought that Sohar is operational but Gwadar with better location is idle. We have to work harder to find out the reasons.
Although KPT failed to keep its agreed time line but PDWCP will become functional by end 2015, if KPT lives to its commitment and we don’t lose the advantage of developing a deep water port, catering to post-Panamax vessel on the economy of scale, offering depth of 16 meter, whereas Karachi and Port Qasim remain restricted to 12 to 13 metres. KPT since December 2013 has no trustees, thus decisions are being delayed awaiting appointment. There are no committees of trustees functional up-to date. Adhoc-ism may delay projects, which is the case in all Public Sector Organization..
Our Planners for future development of port may bear in mind, economic changes, technical changes and organizational changes worldwide as we have to compete with Salalah, Sohar, Jabel Ali and West Coast Indian ports. It, was heartening to note from media report that a shipyard is planned at Gwadar and Port Qasim. The Port plan has provision for shipyard, and I wish well to our Finance Minister, hope he may complete that appointment of trustees at that KPT for smooth operation.
Source:- carbonpositive.net
Vubiz Exports Elearning To India
Last month, SKILLSdox Inc. and Vubiz entered into a 3 year partnership agreement to deliver online business courses to the India marketplace. With a significant library of online courses to support growing organizations, Vubiz is expanding from North America to international markets. The partnership with SKILLSdox Inc. will offer Vubiz elearning to businesses in India.
“Our focus is to provide quality online content at affordable rates so that anyone can learn. Taking our programs into the Indian marketplace seems to be a natural fit for our organizations due to the demand for online education and the fact our pricing model is already aligned with market conditions. Working with SKILLSdox, we are very excited to grow the same successes we have had in North America with India,” said James Howe, Executive Vice President Vubiz Ltd.
Howe said the demand for quality content is critically important within the Indian marketplace as the industry works through the growth strategies of their educational system. SKILLSdox is building a network of Indian channel partners with organizations such as Vubiz. ”It is important that we are working with quality educators in order to help supply the increasing demand to the networks we are tapping into. Vubiz understands the value of working with us and the magnitude of the opportunities we are building,” said Brad Loiselle, President of SKILLSdox Inc.
Loiselle says that as SKILLSdox enters into more of India’s industry sectors, it becomes increasingly apparent that quality content in all fields is in high demand. Through strategic partnerships like the one with Vubiz and SKILLSdox, higher quality elearning is available benefitting everyone from the content partners, to the sectors leaders to India.
More about SKILLSdox
SKILLSdox, located in Ottawa Canada, with an office in Mumbai India, has established an education network and platform that connects quality content partners with in-country channel partners while supporting the needs of both partners in terms of development services, online infrastructure and marketing support. SKILLSdox does not charge any upfront costs to the partners for its service, but rather focuses on revenue sharing opportunities when the programs are launched solving another problem of affordability.
More about Vubiz
Vubiz is an award-winning elearning company with unbeatable pricing, quality online courses and outstanding customer service. They are experts at making online training effective at the very best price. Vubiz has built an excellent reputation over the past decade offering outstanding value with comprehensive services from a large, impressive online library to content creation, an LMS and Vubuild – a do-it-yourself authoring tool.
Source:- prweb.com
Tax dues couldn't be recovered from director if AO didn't make any efforts to recover it from compan
IT : Provisions of section 179 can be invoked when any tax due from private company cannot be recovered from such company and, therefore, where Assessing Officer did not make any efforts for recovery of tax dues from company, question of inquiring with petitioner as a director of company to pay up said amount would not arise
India’S Cotton Exports Hit As China Unwinds Stockpiling Scheme
Indian raw cotton exports are expected to plummet around 20% in the next crop year, with demand from China fading as Beijing unwinds a controversial stockpiling scheme.
That would be greater than the nearly 6% drop touted for this year, with the change in Chinese policy coming on top of rising cotton consumption in India and a spurt in exports of finished yarn, industry officials said.
Cotton markets around the world have been watching closely as China abandons a stockpiling scheme under which it has amassed more than 10 million tonnes of the fibre - around 60% of global cotton inventories.
The policy had driven up import demand by removing cotton from the domestic market and pushing up local prices.
“Cotton exports have been falling year-on-year and we will not be able to export more than 7-7.5 million bales in 2014/15” said M.B. Lal, managing director of Shail Exports and former chairman of the Cotton Corporation of India. The country’s cotton year runs from October to September.
China, the world’s largest cotton importer, accounts for more than 60% of total raw cotton exports from India. The rest goes to Bangladesh, Pakistan and Vietnam.
India, the world’s No.2 producer and exporter of cotton, has shipped a total of around 8.2-8.5 million bales so far in 2013/14, expected to grow to around 9.2-9.5 million bales by September, industry officials said. Due to harvest cycles, the vast majority of exports typically occur in the first half of the Indian crop year.
The nation exported 10.1 million bales in the 2012/13 year, falling from 12.9 million bales the year before.
China in February imported 147,317 tonnes of cotton from India, down 20% from the previous month. Beijing in January announced it would scrap cotton stockpiling, instead trialling direct subsidies for farmers.
“Chinese buyers have significantly reduced their buying from India in the past two months, as they are waiting for more clarity on the cotton policy in their home country,” said Rahul Jitendra Shah, managing director of Acme International.
In a bid to speed up stockpile sales, China from the start of this month lowered the state sale floor price.
Meanwhile, consumption of raw cotton by Indian mills has climbed to 25.8 million bales in 2013/14 from 25 million bales a year ago due to rising demand from textile makers as the global economy shows signs of picking up.
“Consumption by cotton in mills is increasing sharply in India, as many new spinning units are coming up to meet rising demand from textile makers,” said Arun Kumar Dalal, a cotton trader from Ahmedabad in Gujarat state.
“In the next crop year, mills’ consumption is expected to touch 30 million bales.”
In 2011/12, demand from mills totalled 22.3 million bales.
And Indian shipments of yarn, a value-added product used by textile mills, are likely to rise by around 10% in the financial year 2013/14, market participants said, further crimping overseas demand for raw cotton. Some Chinese buyers have stepped up yarn purchases to avoid higher taxes on raw cotton imports.
Source:- livemint.com
Move To Change Gadget Import Norms Irks Us; Likely To Impact Products Like Apple's Ipads, Iphones
Another irritant threatens India-US business ties that have been on edge of late. India's proposed new standards for imported electronic gadgets such as tablets and mobiles have irked the US, which has termed them non-tariff barriers in a communication to the department of commerce, two government officials familiar with the matter told ET.
The standards could impact products such as Apple's iPads and iPhones. Imported electronic goods such as tablets, laptops, printers, scanners, set-top boxes, wireless keyboards, TV sets and microwave ovens have to comply with specified Bureau of Indian Standard certifications starting July 1. The deadline has been extended thrice by the government to give companies enough time for compliance.
"They have written," confirmed a department of commerce official. Another government official said US industry groupings and companies had also taken up the issue, apart from their government.
The US has said it sees these standards as non-tariff barriers designed to keep imports out to benefit the domestic industry. The department of telecom (DoT) is working on a separate set of rules to include cellphones within the definition of the word `telegraph' to ensure mobile operators only use handsets that have been tested at an accredited local laboratory.
Besides, the Directorate General of Foreign Trade has advocated mandatory disclosure of a mobile phone's specific absorption rate (SAR) value as a precondition for all future mobile handset imports into India.
DoT has engaged the Bureau of Indian Standards (BIS) to frame safety and product standards for mobile phones in coordination with Telecom Engineering Centre (TEC), DoT's technical arm. BIS will formulate product standards for mobiles that will focus on safety and performance. These norms, which could have implications for US telecom equipment manufacturers, are still in the formulation stage and may not meet the July 1 deadline.
The US industry sees these standards as non-tariff barriers that could impact exports to India.
The telecom industry is particularly peeved at the requirement of local testing. Recently, the Telecommunications Industry Association (TIA), a powerful US trade body representing manufacturers and suppliers of high-tech communications networks, had in a letter to the US International Trade Commission said "there is no evidence that location of an internationally accredited testing lab corresponds with the level of security assurance provided to it or the product itself ".
TIA had added that "there are long-standing, internationally accredited labs conducting such testing and location does not have a bearing on the accuracy of the test as long as the lab has achieved appropriate certification".
It also warned that India risked supply chain disruptions and increased costs for telecom service providers (TSPs) and their vendors as it currently lacked the requisite lab testing capacity. It said the July 1 local testing deadline should be deferred, failing which potential supply chain disruptions could hit consumer pricing.
India and US trade relations have been at their lowest after a row over the arrest of Indian diplomat Devyani Khobragade in December and more recently when the US Inter Trade Commission, a quasi-judicial federal American agency, began a review of New Delhi's trade and investments rules. It is investigating if India's intellectual property laws discriminated against US companies.
Attempt by the two countries to resolve long-pending tax disputes concerning transfer pricing have also not been able to make much headway despite India taking a very flexible position.
Globally, the debate on sanitary and phytosanitary standards has only deepened with most countries switching to developing their own standards to ensure upgradation of local manufacturing and preventing substandard imports.
India's move to introduce stringent standards for electronic goods has also been prompted by concerns over substandard goods finding their way into the Indian market.
Trade expert Biswajit Dhar agreed that most countries are using standards as non tariff barriers after tariffs came down, but added India was an outlier that has not yet got down to develop its own standards. "We need to develop product standards as all kinds of cheap and low-quality goods have started coming into the country. We need to get more aggressive on this but also get industry on board," said Dhar, director general of think tank Research and Information System for Developing Countries.
Speaking at a CII conference on standards on Wednesday, Rajeev Kher, commerce secretary, pointed out that standards had effectively replaced tariffs in the international trade discourse. He highlighted how different countries in Africa had upgraded their standards for various products and many of these were now on par with developed country standards.
Source:- economictimes.indiatimes.com
Gold Import Curbs Seen Continuing In India To Help Currency
India, the world’s second-largest gold consumer, will probably keep restrictions on imports to control the current account deficit and defend the rupee, said the managing director of the country’s biggest refiner.
The limits would result in shipments of 650 metric tons to 700 tons in the 12 months started 1 April from 650 tons a year earlier, according to Rajesh Khosla at MMTC-PAMP India Pvt. Purchases were 845 tons in 2012-2013, the finance ministry says. While the form of restrictions may change, the government will continue to restrain buying, he said in an interview.
India represented about 25% of global demand in 2013, the World Gold Council says. Prime Minister Manmohan Singh requires importers to supply 20% of purchases to jewelers for export and sell 80% on the local market. Singh also raised import taxes and only allows banks and government- nominated entities to ship in gold. The new finance minister may review the rules after elections in progress now.
I’m sure he will do something on 20:80, said Khosla, referring to the import regulations. You may come up with a quota system, you may come up with an auction system, you may ask the banks to bid. Freeing the import of gold as it used to be prior to the 20:80, I don’t think that is going to happen, he said in New Delhi on 8 April.
China overtook India as the biggest consumer last year. India buys almost all its gold from abroad. Unofficial imports almost doubled to 200 tons in 2013 while official flows dropped 4% to 825 tons, the London-based council estimates. Gold climbed 8.5% this year to $1,303.77 an ounce Thursday.
The country will have to go slowly and steadily in removing these curbs, Raghuram Rajan, governor of the Reserve Bank of India, said this month. It would be useful for some of the big uncertainties facing us to be behind us rather than still in front of us before major actions are taken. I do not rule out smaller steps.
India levies a tax of 10% on gold imports after increasing the rate three times last year. Federal elections will be concluded next month and opinion polls show the opposition Bharatiya Janata Party (BJP) will emerge as the largest party while falling short of a parliamentary majority.
While the government may remove some of the curbs, they won’t do so completely because that would hurt the current account deficit, Victor Thianpiriya, a commodity strategist at Australia & New Zealand Banking Group Ltd., said Wednesday.
Indian DNA
Bullion contributed to almost 80% of a record $87.8 billion deficit in the year ended 31 March 2013. The shortfall in 2013-2014 would be contained below $40 billion, finance minister P.Chidambaram said 7 March, less than the $70 billion target. That helped the rupee rally about 14% from a record low in August.
The nation needs other measures to reduce its demand for bullion imports, Khosla said.
Gold is the Indian DNA, he said. Throttling the supply of gold is not the answer. Government analysis showed India could set aside $30 billion annually to import gold and keep its current account manageable, he said. With gold at $1,400 you come to around 650-700 tons. That’s the ballpark figure for you, whoever is in government.
With demand in India about 1,000 tons a year, the remaining 300 tons would be met through monetization of some of the 20,000 tons sitting above ground, Khosla said. Owners would deposit gold with banks for a set period for a fee and the banks would refine it before lending to jewelers, he said.
Doubling capacity
MMTC-PAMP’s plant located 35 kilometers (22 miles) from New Delhi airport has the capacity to produce 100 tons of gold and 600 tons of silver annually. It plans to double gold output to 90 tons by the end of this year from 45 tons in the year ended 31 March after the government allowed continuous imports of 15 tons of dore every two months. Dore, a raw material, may contain about 80% gold and 15% silver, he said.
The refinery, owned 72% by Switzerland’s MKS Holdings and 28% by MMTC Ltd, will double its gold capacity to 200 tons by November, Khosla said. The country should expand its refining industry and boost dore imports because processing creates value for India, he said. Use of scrap should also increase, he said.
Our raw material is mainly dore now, Khosla said. If you looked at the long term, the raw material for this plant let us say 10 years from now, I would say 50% is dore and 50% is scrap. All internal scrap.
Source:- livemint.com
Uk Importers Ask Government To Reverse Ban On Indian Mangoes
Mango exporters who were upset about the ban on alphonsos from India that was imposed by the UK government this year, have now found support from UK importers themselves.
Importers from UK have come together to sign an e-petition, requesting their government to reverse the import ban on the fruit. According to the city exporters, UK is an immense market and the ban will not only effect them, but also the importers and distributors of UK.
Ruchi exporters at the APMC market in Vashi who have shipped 2,500 kgs of mango till date, claim they are treating every fruit with Vapour Heat Treatment (VHT). Ruchi Chaudhary Mehra said, "We have been following the norms prescribed by the UK government. We are also treating every fruit with vapour heat just to be doubly sure.
There is a big market of Indian consumers in UK who demand the fruit and if the ban comes into force, it will affect both suppliers and consumers. As only UK residents can sign the petition, we are circulating the e-petition link to all our clients in the country and requesting them to sign it."
The e-petition states that the ban was undertaken in haste, and proven treatments like hot water treatment, irradiation (approved for import in USA) and vapour heat treatment were not considered before enforcing it.
Sanjay Pansare, director of APMC fruit market, said, "The ban was enforced after fruit flies were found in a few imports from India.
We are now treating every fruit before sending the produce to stick to norms. We are supporting the e-petition and trying to circulate it to as many clients as possible. We hope the UK government considers reversing the ban."
Source:- ndtv.com
Water sold in plastic jars without any sealing couldn't be deemed as 'sealed container' to levy VAT
CST & VAT : Water sold in plastic jar simply after putting a lid on jar and without any sealing, cannot be regarded as 'sealed bottle or container' and, therefore, not liable to sales tax at 12 per cent
India Raises Import Tariff Value Of Gold, Silver
The world's second biggest bullion consuming nation India has raised its import tariff value of gold and silver on Wednesday.
Indian government has trimmed its import tariff value of gold from $421 per ten grams to $431 per 10 grams and silver from $644 per kilo gram to $ 646 per kilo gram, said the ministry of finance.
Import tariff value is the base price on which the customs duty is determined to prevent under-invoicing. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).
The tariff value is revised on a fortnightly basis after analysing the global price trend.
Gold is the second largest import item for India after petroleum. Due to government curbs, the country's total gold and silver imports dropped 40 per cent to $33.46 billion in 2013-14, as against $55.79 billion in the previous year.
Source:- metal.com
Rupee Rises To 60.27 Per Dollar After Fed Comments
The rupee, which had closed at 60.37/38 on Wednesday, opened stronger at 60.27/28 sparked by dollar selling after US Fed chair's dovish comments.
On Wednesday Janet Yellen, in her second public speech as Federal Reserve Chair, stressed the need for accommodative policy citing persistently low inflation and economic slack.
The rupee is likely to trade in the 60.20-60.50 band for the day, traders said.
The yen wallowed at one-week lows against the dollar early on Thursday, having eased broadly overnight as a rally in global stocks dented demand for the safe-haven currency.
The rupee dropped for a third straight session on Wednesday, its worst falling streak since late-January, as profit-taking in the domestic stock market by offshore investors hurt the local unit.
Overseas investors sold Indian shares worth of Rs. 44.69 crore ($7.4 million) on Wednesday, provisional exchange data shows, marking their third consecutive session of outflows.
Source:- profit.ndtv.com
Medicinal Oxygen classifiable as medicine and not as 'oxygen and other gases' for purposes of UP Tra
CST & VAT : Medical oxygen or Oxygen (IP) is a medicine and a pharmaceutical preparation based on its use, properties and common parlance; classifiable as ' medicine and pharmaceutical' and not as ' oxygen and other gases'
Exemption disallowed as assessee failed to prove that his income was from agricultural operations
IT: Where assessee had not properly explained his receipt of income as agricultural income, exemption was to be disallowed
Recovery proceedings without disposing off objection of assessee against show-cause notice aren't le
Service Tax : When show cause notice has been issued and assessee has raised objections thereto, recoveries without adjudication of such disputed taxes is not permissible in law
Matter remanded as AO didn't give an opportunity to assessee to explain genuineness of lease back tr
IT : Where assessee-company claimed a certain amount by way of foreign travelling expenses of directors and employees and Assessing Officer disallowed such claim on ground that details called for were not furnished, but Tribunal following its order made in assessee's own case for earlier assessment years allowed claim of assessee, Tribunal committed an error in allowing travelling expenses without its full verification
TRO couldn't declare sale of property void under sec. 281 and attach property even if tax was overdu
IT : Where assessee had purchased a property from one 'M' on 17-5-1995 and Tax Recovery Officer having found that 'M' inspite of several demand notices issued during years 1989 to 1994 had not paid income tax dues passed an order under section 281 declaring above sale transaction as void, Tax Recovery Officer had no power under section 281 to declare sale transaction as void
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