Service Tax : Commission relating to cotton, rice, cashew and sesame viz. agricultural produce is, prima facie, exempt; and corporate guarantee commission is not covered under 'bank guarantee' referred to in section 65(12) 'Banking and Other Financial Services
Sunday 10 August 2014
Payments made to contractors held allowable as TDS was deposited before due date of filing of return
IT: Where assessee had deducted TDS from payments to contractors and such amount was deposited with revenue before last date of filing of return, it was entitled to deduction of such payments
CBDT orders for distribution of zones amongst CBDT members with effect from August 5, 2014
IT : Distribution of Zones Amongst Members of CBDT W.E.F. 5-8-2014
Rule 3 wasn’t applicable to restrict Cenvat credit if goods weren’t manufactured by assessee as a 10
Excise & Customs : Commissioner (Appeals) has power to remand matter back to adjudicating authority
No transfer under sec. 2(47) if share in inherited property was transferred pursuant to Court decree
IT : Amount received by assessee pursuant to a Court decree in lieu of her share in self acquired property of father who died intestate, could not be said to result in 'transfer' attracting provisions of section 2(47)(i) or (ii)
Rupee Opens Higher At 61.08 Per Dollar
The Indian rupee on Monday strengthened in the opening trade against the dollar, tracking gains from the Asian currencies market.The local unit opened at 61.08 per dollar. At 9.10am, the home currency was trading at 61.07, up 0.13% from previous close of 61.15, while India’s equity benchmark Sensex index was trading at 25,476.87 points on BSE, up 0.58%.
The government will issue Consumer Price Index (CPI)-based inflation data for July and Index of Industrial Production (IIP) data for June after 5.30pm on Tuesday.The government will issue Wholesale Price Index (WPI)-based inflation data for the month of July after 12pm on Tuesday.
Bloomberg estimates that CPI will be 7.40% for July as compared with 7.31% in June while IIP will be 5.5% for Jun as compared with 4.7% in May. Bloomberg estimates for WPI will be 5.1% for July as compared with 5.43% in June.
Most of the Asian currencies were trading higher. The Indonesian rupiah was trading up 0.68%, South Korean won was up 0.56%, Philippines peso rose 0.55%, Malaysian ringgit jumped 0.28%, Singapore dollar soared 0.23% and Taiwan dollar up 0.14%.
The yield on India’s 10-year benchmark bond was trading at 8.641%, compared with its Friday’s close of 8.634%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has gained 1.2%, while foreign institutional investors have bought $12.12 billion from local equity markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 81.445, up 0.07% from the previous close of 81.389.
Source:- livemint.com
SAT: Co.’s weak financial position couldn’t be a ground for not making disclosures required under Ta
SEBI : Obligation to make disclosure under regulation 8(3) of SAST Regulations is mandatory and, therefore, weak financial position of company cannot be ground for not making disclosures
No invocation of extended period to deny credit if assessee was unaware that original manufacturers
Cenvat Credit : Where assessee had bought goods from processors and processors from manufacturers and department could not prove that assessee was aware that fabric manufacturers were non-existent/fake, extended period of limitation could not be invoked to deny credit
Share application money won’t be deemed as international transaction of loan due to delay in allotme
IT/ILT: Transactions involving payment of share application money could not be treated as international transactions of loan given by assessee-company to its AE merely because there was delay in allotment of shares
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