Competition Law: Where OP insurance company did not enjoy a dominant position in relevant market for ULIPs in India, proceedings alleging abuse of dominance were to be closed
Friday 16 May 2014
Reassessment after 4 years couldn’t be made at behest of audit party as complete examination was mad
IT: Where Assessing Officer completed scrutiny assessment after examining every aspect of assessee's case in detail, in view of proviso to section 147, he could not initiate reassessment proceedings after expiry of four years from end of relevant assessment year merely at behest of audit party
Interest could be levied during reassessment of VAT even when penalty was not levied under Karnataka
CST & VAT : Where Assessing Authority had reassessed assessee under section 39 of Karnataka Value Added Tax Act, 2003 and raised additional tax demand upon it and also levied interest under section 36 on it, it could not be contended that it was only when penalty under section 72(2) was levied upon assessee, interest under section 36 could be levied
Return filed intentionally with wrong jurisdictional officer would be akin to non-filing of return
IT : If assessee files return with an office which has no connection or concern with assessment of income of assessee, it will be treated as no filing of return
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F.No.437/24/2014-Cus IV
Government of India
Ministry of Finance
(Department of Revenue)
Central Board Excise & Customs
*****
New Delhi, dated the 16th May, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 ( as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice http://ift.tt/TdiHl8 dated 30.10.2013 and Corrigendum http://ift.tt/1oZczqz dated 06.12.2013 issued by Additional Director General, Directorate of Revenue Intelligence, Zonal Unit, Ahmedabad in the case of M/s Mcfills Enterprises Pvt. Ltd., 501, Shikhar, Near Railway Crossing, Navrangpura, Ahmedabad and others to the Commissioner of Customs, Ahmedabad, Custom House, Near All India Radio, Navrangpura, Ahmedabad-380009 for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
(i) The Additional Director General, Zonal Unit, Ahmedabad, Rupen Bungalow, near Jain Merchant Society, Paldi, Admedabad-380007
(ii) The Commissioner of Customs, Ahmedabad, Custom House, Near All India Radio, Navrangpura, Ahmedabad-380009.
(iii) The Additional/Joint Commissioner of Customs (Import), Nhava Sheva, Jawaharlal Nehru Custom House, Nhava Sheva, Post-Uran, Dist: Raigad-400707
(iv) The Additional/Joint Commissioner of Customs, Inland Container Depot (ICD), Tughlakabad, having his office at Commissioner of Customs, Inland Container Depot (ICD), Tughlakabad, New Delhi.
(v) The Additional/Joint Commissioner of Customs (Import), Chennai, Custom House, 60, Rajaji Salai, Chennai-600001.
vi) The Additional/Joint Commissioner of Customs, Petrapole Land Customs Station, Commissionerate of Customs (Preventive) Kolkata, Custom House, 15/1, Strand Road, Kolkata-700001.
(vii) The Deputy/Assistant Commissioner of Customs, Kandla, having his office at Custom House, Near Balaji Temple, Kandla-3703210
(viii) The Additional/JointCommissioner of ICD, Sabarmati Ahmedabad having his office at Custom House, Near All India Radio, Navrangpura, Ahmedabad-380009.
(ix) webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F.No.437/45/2014-Cus IV
Government of India
Ministry of Finance
(Department of Revenue)
Central Board Excise & Customs
*****
New Delhi, dated the 16th May, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice F.No. VIII/26/04/2013-DRI-HRU dated 20.02.2014 issued by Additional Director General, Directorate of Revenue Intelligence, Chennai Zonal Unit, Chennai in the case of M/s Shree Krishna Enterprises, Plot No.96, Seshachala Co-operative Housing Society, 1st Floor, East Maredpally, Secunderabad to the Commissioner of Customs (Import), Chennai Sea Port, Custom House, No.60, Rajaji Salai Chennai-600001for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
1. The Additional Director General, Directorate of Revenue Intelligence, 25, Gopalakrishna (Iyer) Road, T. Nagar, Chennai, 600017.
2. The Commissioner of Customs (Import), Chennai Sea Port, Custom House, No. 60, Rajaji Salai Chennai-600001.
3. The Commissioner of Customs, Hyderabad-II, Kendriya Utpad Shulk Bhavan, Basheerbagh, Hyderabad.
4. The Commissioner of Customs (Port-Import), Custom House, Harbour Estate, Tuticorin 628004.
5. webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F.No.437/44/2014-Cus IV
Government of India
Ministry of Finance
(Department of Revenue)
Central Board Excise & Customs
*****
New Delhi, dated the 16th May, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice F.No. DRI/MZU/NS/INV-04/12-13 dated 23.10.2013 issued by Additional Director General, Directorate of Revenue Intelligence, Mumbai Zonal Unit, Mumbai in the case of M/s J.J. Enterprises, A 705, Om Siddhivinayak CHS, Sec 2A, Charkop, Kandivili (W), Mumbai & others to the Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Mumbai for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
1. The Additional Director General, Directorate of Revenue Intelligence, Mumbai Zonal Unit, UTI Building, 13, Vithaldas Thackersey Marg, New Marine Lines, Mumbai-400020.
2. The Commissioner of Customs, (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Mumbai.
3. The Commissioner of Customs (Import), Custom House, Chennai
4. webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F.No.437/23/2014-Cus IV
Government of India
Ministry of Finance
(Department of Revenue)
Central Board Excise & Customs
*****
New Delhi, dated the 16th May, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice http://ift.tt/1oZcza9 dated 30.10.2013 issued by Additional Director General, Directorate of Revenue Intelligence, Zonal Unit, Ahmedabad in the case of M/s Jay Chemicals Industries Ltd., Jay House Panchvati Circle, Ambawadi Circle, Ellisbridge, Ahmedabad and others to the Commissioner of Customs, Ahmedabad, Custom House, Near All India Radio, Navrangpura, Ahmedabad-380009 for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
(i) The Additional Director General, Zonal Unit, Ahmedabad, Rupen Bungalow, near Jain Merchant Society, Paldi, Admedabad-380007.
(ii) The Commissioner of Customs, Ahmedabad, Custom House, Near All India Radio, Navrangpura, Ahmedabad-380009.
(iii) The Additional/Joint Commissioner of Customs, Mundra, Port User Building, Mundra Port and SEZ, Mundra,
(iv) The Additional/Joint Commissioner of Customs (Imports), Jawaharlal Nehru Custom House, Nhava Sheva, Post-Uran, Dist: Raigad-400707
(v) The Additional/Joint Commissioner of Customs (Imports), Mumbai Sea, New Custom House, Ballard Estate, Mumbai- 400001.
(vi) The Commissioner of Customs (Prev.), Amritsar, having his office at Custom House, C.R. Building, The Mall, Amritsar- 143001.
(vii) The Deputy/Assistant Commissioner of Customs, Ahmedabad, Custom House, Near All India Radio, Navrangpura, Ahmedabad 380009.
(vii) webmaster.cbec@icegate.gov.in
[Indian Customs Order] : Appointment of Common Adjudicating Authority
F.No.437/41/2014-Cus IV
Government of India
Ministry of Finance
(Department of Revenue)
Central Board Excise & Customs
*****
New Delhi, dated the 16th May, 2014
ORDER
In terms of Notification No.15/2002-Customs (N.T.) dated 07.03.2002 ( as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice F.No. DRI/MZU/G/Inv-08/09-10 dated 28.03.2014 issued by Additional Director General, Directorate of Revenue Intelligence, Mumbai Zonal Unit, Mumbai in the case of Misuse of export incentive schemes by a group of firms in the export of Fabric to the Commissioner of Customs (Export), Jawaharlal Nehru Custom House, Nhava Sheva, Post Uran, Distt. Raigad, Maharashtra for the purpose of adjudication.
(R.P.Singh)
Director (Customs)
Copy to:-
1. The Additional Director General, Directorate of Revenue Intelligence, Mumbai Zonal Unit, UTI Building, 13, Vithaldas Thackersey Marg, New Marine Lines, Mumbai-400020.
2. The Commissioner of Customs, (Export ), Jawaharlal Nehru Custom House, Nhava Sheva, Tal. Uran, Dist Raigad.
3. The Commissioner of Customs, Custom House, (Export), New Custom House, Ballard Estate, Mumbai
4. The Commissioner of Customs (Exports), Air Cargo Complex, Sahar, Andheri (East), Mumbai-400059
5. The Commissioner of Customs (Muland CFS and General), NCH, Ballard, Estate, Mumbai
6. The Commissioner of Customs (Import), ICD, Tughlakabad, New Delhi
7. The Commissioner of Customs, Kolkata Sea Port, Customs House, 15/1, Strand Road, Kolkata.
8. The Commissioner of Customs, Mundra Port, Custom House, Near Balalji Tample, Kandla
9. The Commissioner of Customs, Customs (Export), Custom House, 60, Rajaji Salai, Chennai
10. The Commissioner of Customs, Air Cargo, (Exports), New Custom House, New Delhi.
11. The Commissioner of Customs, Kandla Port, Custom House, Near Balalji Tample, Kandla.
12. The Commissioner of Customs, in-charge of ICD, Patparganj, having his office ICD, Tughlakabad, New Delhi.
13. The Commissioner of Customs, in-charge of ICD, Sabarmati, Ahmedabad, Custom House, Near All India Radio, Navrangpura, Ahmedabad.
14. The Commissioner of Customs, in-charge of ICD, Faridabad, New CGO Complex, Faridabad.
15. webmaster.cbec@icegate.gov.in
No ST exemption on services provided within ‘other port’ if exemption was available for ‘port’ and ‘
Service Tax : Where exemption under Notification No. 31/2010-S.T. was granted only to 'port' and 'airport' and not to 'other port', which was separately defined, services provided within 'other port' were not exempt
HC admitted winding up of co. when it failed to discharge any dues of petitioner-Bank
Company Law: A company which was prima facie liable to be wound up could not be permitted to pick and choose creditors whose dues they wished to discharge and where they had failed to pay even a small fraction of dues payable to petitioner Bank, winding up petition was to be admitted
ITAT deletes TP adjustment of guarantee fees charged from AE as same was deleted in earlier year as
IT/ILT: Following order passed by Co-ordinate Bench of Tribunal in assessee's own case relating to earlier assessment year, adjustment made by TPO in respect of commission charged by assessee from its AE for giving bank guarantee in order to enable foreign bank to grant loan to AE, was to be set aside
HC comes to rescue of department rep.; directs department to appoint assistant to senior advocate
IT: Court Procedure : Where after filing departmental appeal, Advocate on record was designated as Senior Advocate, new Advocate on record must be appointed to assist Senior Advoacte
NR’s capital gains are taxable at concessional rate under Proviso to sec. 112(1); Cairn’s judgment f
IT/ILT: The first and second proviso to section 48 can't be said to be granting the same relief or benefit - Both provisos are neither identical nor they serve the same purpose - Hence, benefit of Proviso to section 112(1) is allowable to non-resident availing of benefit of first proviso to section 48
Source Says Coal India Plans To Import 6-7 Mln Tn Coal Fy15
Coal India Ltd has finalised its long pending import tender and is looking to import 6-7 mln tn of the commodity in 2014-15 (Apr-Mar) on which it will charge a 2% margin on landed cost to buyers in India, said a senior Coal India official.
The world’s largest coal producer is likely to appoint state-owned trading company MSTC Ltd as designated vendor for importing the coal.
The final decision to appoint MSTC as the vendor will be taken in the next board meeting scheduled later this month, he added.
“We have received orders for importing 6-7 mln tn of coal this year (Apr-Mar). MSTC is most likely to get the mandate to import coal for us, which would be supplied to the power producers who have put in their request
with us,” said the official.
Earlier this year, Coal India had floated a tender for selection of vendor to supply 5-8 mln tn imported coal to various power plants in the country until March 2015.
The estimated value of the work is seen at 30 bln rupees. The largest coal miner in the world intended to import coal on behalf of its consumers at cost plus basis to meet the gap of coal demand to meet 80% fuel supply agreement.
According to the tender norms, the successful bidder will have procured imported coal through tendering for the quantity required for each quarter separately.
Coal India will charge around 2% commission over and above the landed cost of the imported coal from its customers, said the official.
“Typically, MSTC charges 4-10 rupees per tn of imported coal to its customers. But for us the charge is expected to be 3-4 rupees per tn. The power producers will have to pay 2% margin to us.
We will pay MSTC from that 2% margin,” he added. Coal India has been mandated to sign fuel supply agreements for a total capacity of 78,000 MW including cases of tapering linkage, which are likely to be commissioned by March 2015.
In November last year, Chairman and Managing Director S. Narsing Rao had said the company has signed fuel supply agreements for 70,400 MW with power producers.
The company has to supply 65% coal out of the annual contracted quantity under its fuel-supply agreements with power producers for 2013-14 and 2014-15 (Apr-Mar).
The state-owned miner will supply 67% of the contracted quantity in 2015-16 and 75% in the terminal year of the 12th five year plan.
To meet the balance fuel supply obligations, Coal India was asked to import and supply to willing power plants.
Source:- freepressjournal.in
SEBI lays down trading and risk management measures for smooth transition of FPI regime
SEBI : Risk Management Framework for Foreign Portfolio Investors (FPI) Under The SEBI (Foreign Portfolio Investors) Regulations, 2014
CCI orders investigation against 'Google' on charges of its abusive conduct in online search adverti
CL : Where an Informant alleged that Google has indulged in practices resulting in denial of market access to the informant and to other remote tech support companies in the online search advertising market in order to help and assist its own programme 'Google Helpout' and other associate companies such as www.iyogi.com. Google was found to be prima-facie dominant in the relevant market, Commission directed the Director General (DG) to cause an investigation to be made into the matter
Indian Exporters See Eu Ban On Mangoes As An Opportunity To Develop Untapped Markets
While speculation is rife on when the EU ban will be lifted, how it’s affecting the domestic prices of mangoes and the further effects on small-scale farmers, much of the fuss over the blockage of Indian mangoes appears to be largely unsubstantiated.
The ban on mangoes, two types of gourd, eggplant and taro plant came into effect on 1 May after authorities in Brussels found Indian exports contaminated with fruit flies last year.
With less than 10 per cent of Indian mango exports shipped to the EU, Dr Sudhanshu from government export agency APEDA, said the already well-established markets of the Middle East, Asia and the US were still thriving.
“The EU ban is not so much of a bad thing,” said Kaushal Khakhar, CEO of Indian exporter Kay Bee. “With the EU ban in place, there’s now potential for exporters to explore other markets including South East Asia, Australia and New Zealand.”
Taking the optimistic approach, Khakhar said Indian exporters are now focusing on the established trade with the US, and with government talks underway, Kay Bee is hoping to start exporting mangoes to Australia next year. “With the South East Asian market completely untapped, we’re exporting to Hong Kong this year and have our eyes set on Malaysia as well,” said the CEO.
“India needs to strengthen post-harvest treatment to ensure the quality of the produce is in line with the demands of each country,” said Sudhanshu. Citing different treatments needed for different countries, including irradiation treatment for the US and vapour heat treatment for New Zealand, Sudhanshu said ensuring India meets the requirements of the EU depends on what they ask for on their end.
Sudhanshu said the ban is an opportunity for India to strengthen the food safety protocols it already has in place, including the mandatory steps of all perishable goods passing through APEDA-certified packhouses before exporting them.
Of concern is the falling price of mangoes within the domestic market, to be investigated by a five-member committee including Sudhanshu, which will report its findings on 22 May.Despite speculation the EU may have lifted the ban, both sources confirm it is expected to be in place until December 2015.
Source:- fruitnet.com
Update 1-Record Indian Grain Output Will Help New Govt
India is set to harvest a record 264.4 million tonnes of grains in the crop year that ends in June, the farm ministry said on Friday, easing pressure on a new government that may have to deal with poor monsoon rains later in 2014 due to the El Nino weather pattern.
"Record output in wheat and rice provides a breather against the El Nino threat," said Tajinder Narang, a trade analyst.
He added that record output would help the new government continue the country's policy of unrestricted grain exports in the short term.
Opposition candidate Narendra Modi will be the next prime minister of India, with counting trends on Friday showing the pro-business Hindu nationalist and his party headed for a resounding election victory.
Total rice output is expected to hit 106.29 million tonnes in the current crop year, up from 105.24 million tonnes the year before. Wheat output is likely to reach 95.85 million tonnes, compared to 93.61 million tonnes produced a year earlier.
Farmers in India, the world's second-biggest rice and wheat producer, harvested 257.13 million tonnes of grains in the crop year to June 2013.
The weather office on Thursday said annual rains could hit the southern Kerala coast on June 5, roughly five days behind their normal arrival.
Monsoon rains irrigate nearly half India's farmland.
Record rice and wheat output will boost stockpiles, providing a cushion against a possible El Nino, which forecasters around the world say is increasingly likely.
El Nino is a weather pattern marked by heating up of sea surface temperature in the Pacific Ocean, and usually causes droughts in the Asia Pacific including India.
Since grain export restrictions were eased three years ago, India has emerged as the world's top rice exporter and a key supplier of wheat to Southeast Asia and the Middle East.
Source:- in.reuters.com
Supreme Court Orders Temporary Closure Of Some Odisha Iron Ore Mines
The Supreme Court ordered on Friday the temporary closure of nearly half of the iron ore mines in top producing state Odisha due to non-renewal of years-old leases, in a blow to local steel mills that depend heavily on high-quality ore from the state.
Odisha, which allows exports of only half of total iron ore output, produced more than 70 million tonnes in the last fiscal year from 56 operating mines.
The move is unlikely to lift global iron ore prices given the limited flows from Odisha to international markets, but it could force Indian steelmakers to source the raw material overseas and soak up some of a forecast global supply surplus.
The 26 suspended mines produced about 40 million tonnes, said Odisha's mines director Deepak Kumar Mohanty.
"We will abide by the court's decision and work on renewing the licences for the affected mines within the stipulated six months," Mohanty told Reuters.
The verdict could force steelmakers to cut output or import expensive iron ore. Tata Steel Ltd (TISC.NS) and Jindal Steel and Power Ltd (JNSP.NS) are some of the companies that mine and use ore from Odisha. Most of the mining in Odisha is done by state-owned Odisha Mining Corp.
"There's definitely potential for imports because it takes some high-grade tonnes out of the domestic market," said Graeme Train, commodity analyst at Macquarie in Shanghai.
Imports of steel could also rise, helping steelmakers in countries such as South Korea and China. Steel imports have seen double-digit growth in recent years as domestic raw material shortages hurt.
To curb illegal mining, the top court had earlier imposed bans in Karnataka and Goa. The Goa ban imposed in September 2012, coupled with similar curbs enforced earlier in neighbouring Karnataka, have sliced India's iron ore exports by 85 percent, or 100 million tonnes, over the past two years.
Though the bans in Goa and Karnataka have now been lifted, output caps and procedural delays have meant iron ore production remains muted and India continues to be the tenth-largest exporter, slipping from its earlier position of No. 3.
Analysts expect a gradual recovery in Indian iron ore exports over the next two years, but the pace is likely to be modest and far from a record high of more than 117 million tonnes set in the fiscal year through March 2010.
Tata Steel shares were down almost 4 percent on Friday. The company's executive director Koushik Chatterjee said on Wednesday all its mines were operating with all necessary clearances.
Source:- in.reuters.com
Doctrine of unjust enrichment won’t be applicable to refunds relating to periods prior to its introd
Central Excise : Doctrine of unjust enrichment will not be attracted for refunds arising under Rule 9B of Central Excise Rules, 1944 out of finalisation of provisional assessments pertaining to period prior to 25-6-1999 even if assessments are finalised on or after 25-6-1999
TDS under sec. 194C and not under sec. 194-I on hiring charges paid to transporter for voyage of stu
IT : Where assessee took certain vehicles on hire for carrying its students and staff, it was justified in deducting tax at source under section 194C while making payments of hiring charges to transport contractor
Govt Hikes Import Tariff Value On Gold, Silver
The government on Friday hiked the import tariff value on gold and silver to $424 per 10 grams and $650 per kg respectively, in view of volatile global price trends.
Till the first fortnight of May, tariff value on imported gold stood at $422 per 10 grams and silver at $632 per kg.The import tariff value — base price at which customs duty is determined to prevent under-invoicing — is revised on a fortnightly basis taking into account the volatility in global prices.
The reduction in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, an official statement said.
In Singapore, gold prices have risen by 0.46 % to $1,294.20 from $1,288 per ounce in last one fortnight. Similarly, silver prices have also increased to $19.36 per ounce from $19.14 per ounce in the review period.
However in the national capital, gold prices fell to Rs29,600 per 10 grams on Friday, as compared to Rs30,585 on 1 May.
Due to government curbs, the country’s total gold and silver imports dropped 40% to $33.46 billion in 2013-14, as against $55.79 billion in the previous year.
Gold is the second largest import item for India after petroleum. The government had taken several measures to curb gold shipments to address the high current account deficit.
These measures include raising the import duty to 10% on the metal and also made it mandatory for traders to export 20% of the imported gold.
Source:- livemint.com.
Eu Lifts Five-Year Ban On Imports Of Indian Poultry Meat
Five years after imposing a ban on imports of poultry meat from India based on bird flu fears, the European Union has lifted the ban, whilst maintaining controls.
The European Union (EU) has lifted a five-year ban on the import of poultry meat from India, albeit with conditions, reports Business Standard. To export meat products, treated stomachs, bladders and intestines prepared from fresh meat of domestic poultry, including meat of farmed and wild game birds, exporters need an amended model health certificate, to be issued by the Export Inspection Council of India, the European Commission said.
A transition period of four months - up to 30 September 30 - has been given for consignments with existing health certificates, provided this is signed before 30 July.
“It’s very good news for the Indian poultry sector, as opening exports to the EU will boost overall sentiment. But it will be interesting to see whether any relaxation is made in the quality specifications to commence exports,” said Mohan V.K., general manager (sales and marketing), Suguna Foods.
Faced with the spread of bird flu, the European Union had banned import of poultry meat from India five years ago. These fears have subsided, following India culling millions of chickens.
Relaxation in the quality specifications, as sought by Indian authorities, will help companies resume exports. Currently, India exports various poultry products, including eggs and processed meat, worth INR5 billion a year. Of this, the EU accounts for 20 to 25 per cent.
“Given the quality specifications are very stringent, very few companies will qualify for the export norms set up by the EU. Hence, even if the EU market is opened, the Indian poultry sector won’t be able to gain much. But opening the EU market will boost the overall sentiment for exports to other countries as well,” said Mr Mohan.
The Agricultural & Processed Food Products Export Development Authority has advised Indian exporters to comply with the new norms.
“Currently, India exports only poultry products, including eggs, to European countries. There are few opportunities for exports of poultry meat, owing to stringent quality specifications,” said Balram Jadhav, managing director of Godrej Agrovet Ltd.
Rating agency, ICRA, estimates the poultry sector will report improved margins this financial year, despite volatile realisations, the wide supply-demand disparity across regions and high feed costs.
In 2013, domestic poultry meat production (broiler carcass weight) is estimated to have remained flat at 3.5 million tonnes, with per-capita consumption of 2.8kg a year, while table egg production is estimated to have increased from 66 billion in 2012 to 70 billion in 2013, with per-capita consumption at 57 eggs a year.
In value terms, the overall poultry market is estimated at about INR580 billion at the wholesale price level, indicating value growth of eight per cent compared to 2012.
According to Business Standard, Icra forecasts healthy growth in poultry output through the last decade made India one of the fastest growing markets in this segment, with strong potential due to gap against global per-capita consumption and favourable socio-economic factors.
Source:- thepoultrysite.com
Rbi Spotted Buying Dollars To Halt Rupee Gains: Report
The Reserve Bank of India was likely buying dollars via state-run banks starting around 58.70 rupee levels after the rupee earlier hit its strongest against the dollar in 11 months, three traders said.
The rupee was trading at 58.87/88 per dollar by 11:45 a.m., off its session high of 58.62, its highest since June 19. The currency closed at 59.29/30 on Thursday.
The rupee gained after early counting showed the Bharatiya Janata Party and its allies leading in 335 seats, way above the 272 seats required to win a majority in the lower house.
Traders however said dollar buying was sporadic and not as aggressive as in recent sessions.The BSE Sensex was trading up 3.7 per cent, after earlier rising as high as 6.15 per cent.
Source;- profit.ndtv.com
HC dismisses writ and directs assessee to raise his concern before first appellate authority itself
IT : Where during penency of appellate proceedings before Commissioner (Appeals), assessee filed a writ petition contending that since he was not granted reasonable opportunity of being heard before passing reassessment order, petition was to be disposed of by giving direction to assessee to raise aforesaid ground in appellate proceedings itself
Input credit is available only if exp. has 'direct and immediate link' with onward taxable supply
CST & VAT : It is for assessee to establish that input tax for which it seeks credit is properly due and said requirement is not satisfied by its merely establishing some link between expenditure which gave rise to input tax and an onward taxable supply, but "direct and immediate link"
CLB stayed oppression petition to avoid conflict of decisions as impugned matter was sub-judice in c
CL : Where civil suit was instituted prior in point of time and subject matter of company petition filed under section 397 and civil suit was one and same, to avoid conflict of decisions, proceedings of company petition were to be stayed till disposal of Civil Suit
No reassessment to deny sec. 35D deduction when it was allowed after detailed analysis during assess
IT: Where for several years amortization of deduction under section 35D had already been allowed, that too after scrutiny assessment, same could not be disallowed in current year by reopening
Corrective action could be taken under sec. 154 of Customs Act if excess duty was paid due to ignora
Excise & Customs: Where, at time of clearance of goods, assessee had paid an excess amount of duty in ignorance of binding circular dated 10-11-2008; said omission could be corrected under section 154 of Customs Act
No royalty under India-Singapore DTAA if liability to pay royalty wasn’t borne by PE of NR payer in
IT/ILT: Where assessee, a Singapore based company, made payment for acquisition of right to broadcast cricket matches, in view of fact that liability to pay said amount was not incurred in connection with its PE in India, following order passed by Tribunal in assessee's own case relating to assessment year 2003-04, it was to be concluded that payment in question was not taxable as 'royalty' having regard to article 12(7) of India-Singapore DTAA
No sec. 68 additions for capital introduced by partners unless it was proved as unaccounted income o
IT: Unless Assessing Officer brings material to show that amount brought in firm by partners represents unaccounted income of firm and that partners had no capacity to make such investment, capital brought in firm could not be assessed in hands of firm
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