BANKING : Guidelines on Wilful Defaulters – Clarification Regarding Guarantor, Lender and unit
Tuesday 9 September 2014
RBI fixes 70 years as upper age-limit for retirement of MD/whole time directors/CEOs of private bank
BANKING : Upper Age Limit for Whole Time Directors on the Boards of Banks
ITAT directs AO to allow 80% depreciation on windmill as it was erected before Sept. 30, 2007
IT: When assessee had erected windmill, generated wind power and sold it to state electricity board prior to 30th September of year, income from which was taxed, depreciation was to be allowed at full rate
Mere deposit of TDS on pending dues before detection of employee’s manipulation wouldn’t amount to a
CL: Mere fact that income-tax was deposited with tax authorities for a payment that was proposed to be made to petitioner employee prior to discovery of alleged manipulation done by employee would not amount to a clear admission of debt on part of respondent-company
Payer couldn’t be subject to interest for TDS default if payee wasn’t subjected to tax on similar pa
IT/ILT: Payer couldn’t be subject to interest for TDS default if payee wasn’t subjected to tax on similar payments in past
Tripura Govt. prescribes new mechanism to determine TDS liability in case of transfer of right to us
CST & VAT/INDIAN ACTS & RULES : Tripura Value Added Tax (Fourth Amendment) Rules, 2013 – Amendment in Rule 7
India's Cotton Exports Likely To Fall 35% This Year
India, the world's second-biggest producer of cotton, is likely to export 7.69 million bales of the fibre this year, down by 35 per cent from last year, due to sluggish demand from China, says the latest USDA report.
With a slump in purchases by top cotton consumer China, Bangladesh and Vietnam are emerging as the leading export destinations for India, it added.
In its latest report, the US Department of Agriculture (USDA) has pegged India's overall cotton exports at 7.69 million bales for 2014-15 marketing year (August-July), as against 11.75 million bales last year.
One bale is equal to 170 kg.
"Export shipments since June have been relatively slow as trade sources report demand from China has been sluggish... cumulative exports in June and July are estimated around 4,85,000 bales," it said.
In August, exports have declined to 68,000 bales, as against 2,60,571 bales in the same month last year, it said, adding that, however, India is expected to remain a strong regional supplier to Pakistan and Bangladesh as well as southeast Asia.
"In general, however, as global demand remains sluggish and Indian ex-gin prices are above the Cotlook A Index, there may be tempered demand for processed cotton out of India and the USDA anticipates flat year-over-year demand given current circumstances," it added.
"China is not showing interest because the country is under pressure to bring down its inventories. It is planning to offload its stocks and provide subsidies directly to farmers," a senior official from the Confederation of Indian Textiles Industry (CITI) said.
Global cotton prices are expected to decline if China plans to offload its stocks, the official said.
According to the USDA, cotton production in India is expected to be 37.8 million bales this year, slightly lower than 39.1 million bales in 2013-14 marketing year.
Meanwhile, the country's overall consumption has been pegged at 30.1 million bales for this year.China is the top cotton export market for India, followed by Bangladesh and Pakistan.
Source: -business-standard.com
Goat Imports Swell As Dashain Nears
Goat imports from India have swelled with the Dashain festival approaching. Jamunapari, Totapari and Desh breeds of goats from Kanpur and Lucknow are being brought to Nepalgunj from where they will be shipped to major markets around the country like Kathmandu, Pokhara and Butwal.
Since the supply of local goats is inadequate to fulfil festival demand, traders rely on farmers from India to make up the deficit. Despite the immense demand for goat meat during major celebrations, lack of commercial farming has compelled traders to rely on Indian farmers.
Traders imported around 9,600 goats in the past two weeks, said the Livestock Quarantine Office, Nepalgunj. Likewise, a total of 13,129 goats were imported during the period between mid-July to mid-August.
The import of animals increases during the Dashain festival as domestic production is not enough, said Dr Sanjay Mijar, head of the Quarantine Office, Nepalgunj. “The animals are transported to Pokhara and Kathmandu which is the main reason why there has been a surge in imports here,” added Mijar.
During Dashain last year, 30,000 goats were imported through this customs point. According to the Quarantine Office, animals worth Rs 15 million are imported from India during festive occasions in Nepal.This shows that there is immense potential for those wishing to take up livestock farming in this region.
Source:- ekantipur.com
August Natural Rubber Imports Rise 15 Per Cent M/M: Board Official
India's natural rubber imports in August rose 15 per cent from a month ago to 42,499 tonnes as a drop in global prices prompted tyre makers to raise overseas purchases to meet rising local demand, said an official at the state-run Rubber Board.
The south Asian country mainly imports natural rubber from Indonesia, Thailand, Vietnam and Malaysia.India's imports in the first five months of the financial year that started on April 1 stood at 176,288 tonnes, up 37 percent from a year ago, the official said on Monday.
A revival in India's auto industry could lift imports of natural rubber for making tyres by a quarter this fiscal year, which would take inbound shipments to a record and may provide some support for global prices languishing at multi-year lows.
Source:- articles.economictimes.indiatimes.com
India's Mmtc Floats 10,000 T Rice Import Tender
India's state-run trader MMTC Ltd floated a tender on Tuesday to import 10,000 tonnes of rice for delivery in the eastern state of Mizoram.
India, the world's second biggest rice producer, has huge surplus stocks. Imports are sometimes required because of poor transportation links to ship grain to interior areas in northeast India, said a trade source.
The state trader is seeking 25 percent broken white rice supply from overseas sellers for delivery between Oct. 15 to Nov. 15, the statement said. Bids close on Sept. 23.
On Monday, another state-run trader, State Trading Corp. , floated a similar tender to import 25 percent broken white rice for delivery in the eastern state of Manipur.
Source:- in.reuters.com
Law doesn't mandate issuance of notice by CCI before directing further investigation against parties
Competition Act : Stage of section 26(7) is an "initial stage" which is not determinative in nature and substance; "further investigation" is also a pre-cogniznace stage; issuance of notice to person/enterprise informed/referred against, at that stage cannot be implied
Competition Act : Stage of section 26(7) is an "initial stage" which is not determinative in nature
Competition Act : Stage of section 26(7) is an "initial stage" which is not determinative in nature and substance; "further investigation" is also a pre-cogniznace stage; issuance of notice to person/enterprise informed/referred against, at that stage cannot be implied
Rupee Falls To 60.44 Tracking Broad Dollar Rally
The rupee was weaker at 60.44/45 versus its Monday's close of 60.29/30. Dollar traded at 14-month highs against a basket of major currencies early on Tuesday.
The index of the dollar against six majors was up 0.27 per cent. The pair is expected to trade in a 60.20-60.60 range during the session.
Most other Asian currencies were also trading weaker compared with the dollar. Traders will continue to monitor foreign fund flows for direction,
Source:- profit.ndtv.com
Coaching in spoken English doesn’t amount to ‘vocational training’ and liable to service tax
Service Tax : Coaching in Spoken English, generally for purposes of call centres, by way of a 2-week course does not amount to 'vocational training' and is not exempt from service tax
No concealment penalty if amount surrendered in search wasn’t disclosed in return but advance tax wa
IT-I : Where pursuant to search proceedings, assessee filed his return wherein amount surrendered was not disclosed due to unintentional mistake, in view of fact that surrendered income had been duly reflected in cash flow chart and balance sheet and moreover, assessee had paid advance tax on said amount, there being no concealment of particulars of income, impugned penalty order passed under section 271(1)(c) was to be set aside
Conclusion of VAT assessment for AYs 1989-90 and 1990-91 on 30-3-1998 was valid in view of amended p
CST & VAT: Where Assessing Authority finalised assessments of assessee for assessment years 1989-90 and 1990-91 on 30-3-1998, in view of sub-section (2) of section 21, as amended by U.P. Act No. 11 of 1997, with effect from 8-8-1997, assessment orders were not barred by time
Time-limit to rectify mistake under sec. 154 could go beyond 6 months but on merits; HC considers CB
IT : Assessing Authority can pass order in respect of application under section 154, even after expiry of 6 months on merit in accordance with law
CESTAT can hear appeal filed against order of Commissioner (Appeals) dismissing appeal on failure to
Service Tax : Tribunal may hear appeals against order of Commissioner (Appeals) dismissing appeal for failure of pre-deposit and in such hearing, Tribunal may consider correctness of pre-deposit order and may modify pre-deposit order and remand matter back to Commissioner (Appeals) for disposal on merits
Section 251 empowers CIT (Appeals) to remit case back to Assessing Officer instead of deciding it
IT : Commissioner (Appeals) is empowered under section 251(1)(c) to remit case back to file of Assessing Officer instead of deciding it
Vessels operating under SEZ exempted from condition of usage within SEZ in case of oil spillage emer
SEZ : Exemption of Vessels Operating Under the SEZ Rules, 2006 for Oil Spill Response
RBI allows FPIs to hedge against coupon receipts arising out of their investments in debt securities
FEMA/ILT : Risk Management and Inter Bank Dealings : Hedging Facilites for Foreign Portfolio Investors (FPIs)
No disallowance for TDS default from commission paid to NR as Circular No. 786 was effective in year
IT/ILT: Disallowance under section 40(a)(i) for year 2008-09 be deleted since circular No. 786 was applicable which obliged assessee not to deduct TDS
Cheque discounting charges aren’t includible in excisable value as they fall in category of interest
Excise & Customs : Cheque discounting charges are in nature of interest and are, therefore, not includible in assessable value under Central Excise
No registration of shares in name of petitioner as it failed to enforce its right when such right ac
CL: Where petitioner had not challenged refusal to register transfer of share by respondent-company when right to challenge accrued and decision of Board of respondent-company to refuse registration of transfer was on 'sufficient cause', no relief could be granted to petitioner
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