IT: Ascertainment of fair market value with aid of DVO's report would have no relevance for purpose of determining full value of consideration received or accruing as a result of transfer of capital asset for purposes of section 48
Sunday, 22 June 2014
Asset of a Co. can’t be said to be transferred on date when shareholders agreed to sell their shares
IT : Where there was neither payment of full price, nor was transfer deed executed transferring property to buyer, merely on entering in an agreement of sale, there would be no transfer in property under section 2(47)(vi)
You Are Here: Home > Business > Current Articlefurniture Exports Register Egp1.1Bn, Reaching Egp 2.8Bn By End Of 2014
The value of Egyptian furniture exports reached EGP 1.1bn between January and May 2014, marking an increase of 36% compared to the same period last year, the Egyptian Furniture Export Council announced Sunday. The council added that by the end of 2014 exports are expected to reach EGP 2.8bn.
Over the past four years, furniture exports have witnessed a steady climb. In 2013, exports registered EGP2.4bn while in 2013 exports recorded EGP 1.99bn. In 2010 and 2011, Egypt exports of furniture amounted to EGP 1.44bn and EGP 1.789bn respectively.
Earlier last month, the Ministry of Foreign Trade and Industry announced that Egyptian non-petroleum exports declined by 11% during the month of April, earning $1.8 billion compared to $2bn during the same month the year before.
From January through to April of this year, exports declined 2%, signalling earnings of $7.6bn over the four months or, 30% of the current year’s target value of $25bn. In comparison, earnings over the same same period in 2013 reached $7.76bn.
Source:- dailynewsegypt.com
Odisha Aims Rs 29K Cr Export Turnover In 10 Yrs
The draft export policy of the state government aims to achieve Rs 29,693 crore worth of exports in next ten years from Odisha, whose combined export turnover stood at Rs 11,448 crore in 2012-13.
Stating that the export scenario of the state is not very encouraging, the draft policy has projected at least 10 per cent year on year growth of exports.
The policy has identified six potential sectors for this purpose. These are-agriculture and forest products, handloom products, handicraft products, marine products, engineering and allied products and service exports.
The service sector include exports of computer software, tourism, medical services, education services, engineering consultancy and export management service. Metallurgical and mineral products have a lion's share in the export basket.
The draft paper has proposed to introduce "Green Cards (Exporters' Card)" for the exporters having good track records for early passage of their consignments at the check gates of the government on priority basis subject to the fulfilment of certain provisions. The Exporters Card would entitle the holder to minimum inspection and speedy clearance of all proposals by all departments of the state government.
For uninterrupted supply of raw materials to the exporting units, the Odisha Small Industries Corporation limited (OSIC), a state run PSU, will supply raw materials and fuel (such as coal etc) to them on priority basis. The new policy, which is likely to receive the nod of the state cabinet soon, proposes setting up of export parks for various products by making available all necessary infrastructure facilities at one place and for effective monitoring. In the first phase, such parks are proposed to be set up in Cuttack, Balasore, Berhampur and Sambalpur.
To educate the younger generation about the nitty-gritty of the international business, the draft policy promises introduction of Export-Import Management course covering all aspects of export business in the syllabus of all the universities in the state.
Source:- business-standard.com
Stainless Steel Manufacturers Call For Hike In Import Duty
The Indian Stainless Steel Development Association has called for an increase in basic customs duty rates on stainless steel flat products to 15 per cent from the existing 5 per cent. They also want removal of customs duty on key raw materials and on scrap to provide an impetus to the fledgling domestic industry.
In a pre-Budget memorandum, the association has said the domestic stainless steel makers are under threat from Chinese imports. The association says that the low customs duty in India has resulted in imports increasing to 307,226 tonnes in 2013-14 from 239,136 tonnes in 2011-12. China accounted for one-third of the total imports in 2013-14.
The association states that Indian manufacturers depend on imported coking coal and suffer from borrowing costs in the region of 12 to 13 per cent, which is impacting their price competitiveness against Chinese imports.
“China’s capacity of stainless steel has grown at a radical pace, outgrowing its demand and resulting in excess production,” the association said in a statement. “It is this excess produce that finds its way to Indian markets creating an imbalance and destroying the level playing field. In 2013 alone, China has created an over supply of 1.84 million tonnes.”
According to the ISSDA, India’s stainless steel consumption is expected to grow to 3.5 million tonnes by 2015.As a result of cheaper imports and a slowdown in the economy, domestic manufacturers have struggled. Jindal Stainless Ltd, one of the largest stainless steel manufacturers in the country has accumulated losses of ?2,314.72 crore in fiscal years 2013-14, 2012-13 and 2011-12. The last time the company had reported an annual net profit was in the 2010-11 fiscal when it had a profit of ?318.34 crore.
The fiscal 2013-14 has been particularly bad for Jindal Stainless with over ?1,200 crore being eroded from its net worth. As on March 31, 2014, the company’s consolidated net worth stood at ?61.97 crore as against ?1,339.56 crore on March 31, 2013.
Source:- thehindubusinessline.com
India Can Earn Usd 10 Billion From Iron Ore Exports
Financial Express reported that despite the steel ministry's reluctance to reduce export duty on iron ore, Mr Anil Agarwal chairman of Vedanta resources has supported the mining industry's demand to reduce the current 30% duty, stating that India could earn USD 10 billion if the government allows export of iron ore by reducing export duty structures.
Mr Agarwal said that “Oil price hike may lead to forex outflow. Increase in Goa’s iron ore production for export can earn forex up to USD 10 billion. This comes days after mining industry stalwarts made a presentation to steel and mining minister Mr Narendra Singh Tomar.
Mr Nik Senapati MD of Rio Tinto India said that “There is enough iron ore for the growing Indian steel industry. Export duty should be reduced.”
The mining companies believed that the consequence of imposition of 30% export duty and increase in railway freight made iron ore uncompetitive, and Indian exports plummeted as a result. India's iron ore exports came down to 14.42 million tonne in 2013 to 2014 from 117.37 million tonne in 2009 to 2010.
A senior executive from Vedanta said that with the present duty structure, the companies will be incurring a loss of USD 8 to 9 per tonne for iron ore of 55% Fe grade, if they export.
However, the steel ministry wants the finance ministry to continue with the 30% duty on iron ore exports in the upcoming Budget, stating that restrictions on mining of iron ore in Karnataka have led to a steep drop of 35% in its output.
Source:- steelguru.com
India Beef Export Growing
INDIA has been a rapidly growing beef exporter in recent years, underpinned by housing the world’s largest buffalo herd, and assisted by the outgoing Indian government’s policies aimed at increasing the supply of buffalo meat (Australian Bureau of Agricultural and Resource Economics and Sciences – Agricultural commodities, June quarter 2014).
Meat and Livestock Australia reports that while Indian buffalo meat is sold as carabeef, it is exported as beef, and in 2013 India was the world’s largest beef exporter in volume terms, at 1.56 million tonnes swt. Following India was Brazil (1.18 million tonnes shipped weight) and Australia (1.07 million tonnes swt).
While the outgoing Ministry of Agriculture’s Scheme for Salvaging and Rearing of Male Buffalo Calves aimed to increase the use of previously unwanted male dairy buffalo for meat, there has also been greater investment in buffalo processing in India. This has coincided with the growing demand for inexpensive protein in South-east Asia and a preference for halal slaughtered meat in the Middle East – each assisting India’s rapid export growth.
Indian buffalo meat has a significant price advantage in world markets, where access is allowed. For example, according to ABARES, the 2013 average export price for Indian Buffalo meat was US$2.88/kg, while in contrast, the average Brazilian beef export price was US$4.52/kg, while Australia was US$4.73/kg. The lower Indian prices reflect the low cost structure of the industry in India.
India is restricted to the countries it can export to, due to their Foot and Mouth Disease (FMD) endemic status with the World Organisation for Animal Health, which eliminates exports to Japan, the US and Korea. India does, however, send large volumes to Vietnam, Thailand, Malaysia, Saudi Arabia and the Philippines – all growing markets for Australian beef.
In 2013, the Chinese and Indian governments signed a memorandum of understanding for direct trade in buffalo meat from India to China, but official shipments have not yet commenced. It is unknown at this stage if and when such trade will occur.
However, the Scheme for Salvaging and Rearing Male Buffalo Calves may change under India’s newly elected government. Particularly given that during the election campaign, the leader of the Bharatiya Janata Party, which gained power in May 2014, denounced India’s status as one of the world’s largest beef exporters on religious grounds.
The majority of the Indian population is Hindu, holding the belief that cows are sacred; however, India’s beef exports are largely sourced from buffalo – consequently, the policies on this will be closely monitored.
Source:- stockjournal.com.au
Basmati Rice Exports Up By Rs 10,000 Crore
Demand for biryani in the Middle East has spurred basmati rice exports from India which registered a huge jump of Rs 9,890.58 crore in 2013-14 as compared to the previous season.
Riding on strong overseas demand especially from Iran and Saudi Arabia, the value of basmati rice exports jumped by 50.96%.
According to the figures available with the Agricultural and Processed Food Products Export Development Agency, India exported about 37.57 lakh tonnes basmati rice from April 2013 to March 2014 valued at Rs 29,299.96 crore. In the previous season about 34.59 lakh tonnes of basmati rice was exported for Rs 19,409.38 crore to the country's rice exporters.
Iran is the biggest importer by accounting for 37.46% of the total value of the trade like the preceding year. India exported about 14.41 lakh tonnes of basmati rice to Iran worth Rs 10,975.71 crore. Saudi Arabia was second by buying about 8.26 lakh tonnes at Rs 6,717.06 crore which is 22.93% of the total trade value.
The surge in basmati rice demand overseas set the cash registers of exporters ringing and it also bode well for the Indian farmers particularly from Punjab and Haryana who contribute nearly 70% to country's basmati output.
Rates of paddy of evolved basmati varieties like Pusa 1121 and PB 1509 were in the range of Rs 3,500 to Rs 4,500 per quintal in major mandis of Punjab and Haryana.
In 2013-14, Punjab had about 5.59 lakh hectares (ha) of area under basmati with an output of 14.87 lakh tonnes while in Haryana the area under the crop was 7.21 lakh ha producing 18.90 lakh tonnes.
Hoping the export demand to remain bullish, farmers in both states are planning to increase the basmati acreage but agriculture department officials and experts have advised caution. Punjab farm department has set the target of area under basmati in the state this kharif season at 6.40 lakh ha up by nearly 80,000 ha from last year.
Punjab commissioner of agriculture Balwinder Singh Sidhu said farmers need to be cautious as basmati prices are dependent on export demand. "There is no imminent threat to basmati demand in the international market, still farmers may not get as high rates as they got last year," he said.
Farm economist P S Rangi, marketing consultant with the Punjab State Farmers Commission, said, "It is advised that farmers should not increase their cropping area under basmati dramatically as it could lead to higher output, which may not match pace with the demand."
Source:- timesofindia.indiatimes.com
Tribunal can’t rely on plea of financial hardship to waive of pre-deposit if assessee fails to subst
Service Tax : Financial hardship must not be only pleaded but must also be proved; in absence of any specific pleading and proof, Tribunal cannot be expected to take into account so-called financial hardship of assessee in making pre-deposit
Co. couldn’t be indicted on failure to submit statement of affairs to OL when its records were held
CL : Where Official Liqudator filed instant application for prosecution of respondent for committing offence under sub-section (5) of section 454 of 1956 Act, in view of fact that records of company were taken possession by RIICO which were not returned despite making sincere efforts by respondent, it could not be concluded that respondent had committed default in submitting statement of affairs of said Company without any reasonable excuse and, therefore, instant, application was to be dismisse
In TP proceedings, Tribunal can’t comment on choice of comparables on basis of new pleas under domai
IT/ILT : In appellate proceedings relating to computation of ALP, scope of power of Tribunal is limited to correct errors committed by Assessing Officer, however, Tribunal shall by itself not embark enquiry afresh into facts and comment upon similarities or dissimilarities of comparables on basis of new pleas which in fact is under domain of assessing authority
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