Service Tax : Activity of receiving goods, warehousing them, receiving dispatch orders, arranging dispatch, maintaining records of incoming shipments and deliveries, etc. amounts to Clearing and Forwarding Agents Services even if : (a) warehouse, (b) computers and software; and (c) transports are provided/arranged by client
Monday, 15 September 2014
No requirement to collect info/evidence for every year within block of 6 years to initiate sec. 153A
IT: There is no requirement under provisions of Act requiring department to collect information and evidence for each and every year for six previous years in order to initiate proceedings under section 153A
India And China Have Outgrown The West
From the heady days of "Chindia," when China and India were twinned together in the global imagination, comparisons between the two countries have taken on a more modest hue. Once united by their shared status of being giant Asian countries with booming demographies and unlimited economic potential, the two are perceived to be very different today.
India's incomplete domestic transformation, recently slowing economy and its flourishing and contentious democracy mark it as starkly different from China, which has shot ahead economically -- with a GDP of more than four times India's size -- while remaining resolutely authoritarian, under one-party Communist rule.
Despite these stark differences -- and the bitter legacy of the 1962 war between the two nations, which culminated in a decisive Chinese victory and bequeathed to both nations the world's longest unresolved border dispute -- the two nations are moving towards each other in a wary embrace.
China's new leader, President Xi Jinping, who has impressively consolidated his power in Beijing, arrives in India this week at a time when India's new prime minister, Narendra Modi, is still basking in the glow of a decisive electoral victory. The two will meet in Mr Modi's home state of Gujarat on his 64th birthday on Wednesday.
Though there have been no clashes on the frontier in decades, both countries' media tend to bristle at each other's alleged provocations. A series of irritants has continued to plague the political relationship.
Delhi is miffed by China's claim to the northeastern Indian state of Arunachal Pradesh, which Beijing calls "South Tibet", its support for Pakistan in the acrimonious geopolitics of the subcontinent, and its insistence on issuing stapled visas to Indians living in Kashmir to underscore Beijing's view that Kashmir is disputed territory. In turn, China looks askance at India having given refuge to the Dalai Lama and his followers since 1959, and his maintaining a Tibetan government in exile on Indian soil, though New Delhi fully recognizes Beijing's sovereignty over Tibet and does not allow Tibetan protestors to disrupt Chinese leaders' visits. At the same time, Mr Modi has tended to align his government with those critical of China's territorial claims in the South China and East China Seas and signaled his determination to prioritize India's relations with Japan and Australia, as well as with countries in India's immediate neighborhood.
TRADE IS TELLING
But economic relations tell a different story. Of course, China is way ahead. China started its liberalization a good decade and a half before India, shot up faster, hit double-digit growth when India was still hovering around 5 percent, and with compound growth, has put itself in a totally different league from India, continuing to grow faster from a larger base. Indian visitors to China, including then-Chief Minister Narendra Modi, emerge with acute cases of infrastructure envy, contrasting China's gleaming skyscrapers and six-lane expressways to India's own ramshackle facilities and congested roadways.
Yet bilateral trade volume has multiplied several hundredfold in the last three decades, crossing $70 billion USD by the end of 2013 from a level of only $30 million in 1992. (The trade balance is, however, skewed 2 to 1 in China's favor.) China has now overtaken the U.S. as India's largest single trading partner, and the two countries seem well on course to reach their proclaimed target of $100 billion in annual trade by 2015.
Indian information technology firms have opened offices in Shanghai and Hangzhou, and Infosys recruits Chinese staff for their headquarters in Bangalore. There are dozens of Chinese engineers working in (and learning from) Indian computer firms and engineering companies from Gurgaon to Bangalore, while Indian software engineers in Chennai and Bangalore support the Chinese telecoms equipment manufacturer Huawei.
By and large, India is good at things that China needs to improve at, notably software, where it has been unable to rival India's IT dominance; China excels at hardware and manufacturing, which India sorely lacks. So India's Mahindra and Mahindra manufactures tractors in Nanchang for export to the United States. The key operating components of Apple's iPod were invented by the Hyderabad company PortalPlayer, while the iPods themselves are manufactured in China.
Philips employs nearly 3,000 Indians at its "Innovation Campus" in Bangalore who write more than 20 percent of Philips' global software, which in turn goes to Philips' 50,000 strong workforce in China to turn into brand-name goods. China's manufacturing muscle is on display in India, with telecoms equipment maker Huawei clocking $800M in Indian sales, amounting to about 2 percent of its global revenues.
WE'VE OUTGROWN THE WESTERN WORLD ORDER
Politically too, the temperature has begun warming. India and China both see themselves as having outgrown a world order dominated by the West. They are moving beyond traditional bromides like their joint advocacy of the "Five Principles of Peaceful Coexistence," to pragmatic cooperation in the framework of the BRICS grouping. They recently came together to announce the creation of the BRICS Bank, which will be located in Shanghai and headed by an Indian.
China has supported Indian participation in the Shanghai Co-operation Organisation and India has extended China observer status is the South Asian Association for Regional Cooperation. Strikingly, in 2013, China's new Premier Li Keqiang chose India, rather than America or any European country, as the destination for his first ever official foreign visit. The Chinese Foreign Minister was also the newly-elected Modi's first official visitor, and President Xi has already had a chance to meet the new Indian Prime Minister at the BRICS summit in Brazil in July.
Neither leader will be at the U.N. climate change summit later this month, a reflection of their shared rejection of Western attempts to place the onus for global warming on developing countries rather than where it rightly belongs.
Indeed, the Chinese are sparing no effort to make the impending presidential visit a success. President Xi's gesture in turning up at Mr Modi's home town for his birthday is unusual, especially since he had already had to adjust his dates to arrive after President Pranab Mukherjee's return from a trip to Vietnam. He has also gladdened Indian hearts (never pleased to be "hyphenated" with Pakistan) by taking Islamabad off his South Asian itinerary because of the political troubles there.
A stray remark by Modi on a recent visit to Japan about some countries' expansionist inclinations, which was widely read as a criticism of China, has not been matched by China, whose Assistant Foreign Minister told reporters in Beijing that "China has never, and will not, use so-called military or other means to try and hem in India."
INVESTMENT DEALS
Against this background, significant economic gains are expected from the Xi visit. The visiting Chinese president, who is travelling with a delegation of over 100 senior business executives, including the heads of China Harbour, China Railway Construction Group and Huawei, as well as of the four biggest Chinese banks, is expected to announce some $100 billion of Chinese investment commitments over the next five years, nearly three times the $35 billion secured by Prime Minister Modi during his widely-hailed trip to Japan.
Much of this will feature investment in the new Indian industrial parks, a pet project of Mr Modi's. China will initially invest $7 billion in industrial parks in Pune (for automobile manufacturing) and Gandhinagar in Gujarat (for power equipment). There are also indications that China is also planning to set up an industrial park in Tamil Nadu for the textile sector.
Other areas of likely investment, according to Chinese diplomats in India, include the modernization of railways, with $50 billion worth of investments contemplated in improving rolling stock and running bullet and hi-speed trains in India; upgrading highways and ports; power generation, distribution and transmission; and food processing. The billions of dollars that will be needed in loans to finance Indian infrastructure projects (which will mostly take place as joint ventures with Chinese firms) will be funded by Chinese banks. Such loans, often tied to purchases from Chinese equipment manufacturers, have already relieved pressure on heavily indebted Indian companies.
There are still significant areas where progress is needed. India's complaints about the trade balance are augmented by worries about Chinese dumping and non-trade barriers to Indian investment in China. People-to-people contact is limited: though tourism, particularly of Indian pilgrims to the major Hindu holy sites in Tibet, Mount Kailash and Lake Mansarovar, can be said to be thriving -- nearly 600,000 Indians visited China for business, tourism and study in 2012, while only 140,000 Chinese returned the compliment.
Clearly, there's a long way to go before Sino-Indian relations can be described as truly close. But they're improving, and President Xi's visit is poised to be the capstone of this rising edifice.
Source:- huffingtonpost.com
Depart. can’t deviate from manner laid down under sec. 37C even if sending of order by post won’t se
Service Tax : Even if sending of order by registered post might not have been fruitful as assessee had left said premises, but, it is mandatory for revenue to comply with procedure under section 37C and try to serve order, first, as per section 37C(1)(a).
Non-filing of Form 3CA would not impose penalty when assessee had filed audit report under Companies
IT: Where assessee, a builder, filed audit report under section 224 of Companies Act, 1956, in such a case even though no separate report in Form 3CA as required under section 44AB had been filed, it would not lead to levy of penalty under section 271B
India To Import Iron Ore, Offer Market To Oversupplied Global Industry
An oversupplied global iron ore market may find some relief from an unlikely source as the country, which was the third largest exporter of the metal, turns into a big importer due to a cutback in domestic production.
The country may ship in up to 45 million tonnes over the next three years as home-grown iron ore output falls short of domestic steel production needs, an executive at an influential industry group said.
India imported just 0.37 million tonnes of the steelmaking raw material in 2013/14, government data showed. But already JSW Steel, third-largest domestic maker of the alloy, has said it will import 6 million tonnes of iron ore in 2014/15 against zero a year earlier.
"There's no option but to import to meet the shortfall. We're looking at between 10 and 15 million tonnes every fiscal year over the next three years," Basant Poddar, vice president of the Federation of Indian Mineral Industries, the only industry group for mining firms in the country, told Reuters by phone.
"The mine closures all over India, starting from Karnataka, Goa, Odisha and Jharkhand, have created a massive disruption to supply," Poddar said.
Mining in the key iron ore states of Karnataka and Goa was banned in 2011 and 2012, respectively, following a crackdown on illegal mining by the Supreme Court and the government. Several mines in top producing Odisha state and in Jharkhand too were closed this year following government-imposed restrictions on the renewal of mining licenses.
While the bans have since been lifted, delays in restarting mining operations in Goa and Karnataka and the latest mine closures in the other states have limited local iron ore supply.
The disruptions have cut India's iron ore production to 152 million tonnes in the year ended March 31, from about 218 million in 2009/10, according to the Indian Bureau of Mines.
The prospect of higher demand from the domestic industry comes at an opportune time for global iron ore miners, whose margins have been shrunk by a 40 percent slump in iron ore prices this year.Iron ore fell to $81.90 a tonne last week, its lowest since September 2009.
The bulk of India's imports may come from Australia and South Africa, said Poddar, and unlikely from Brazil where shipments are usually made in big vessels. "Indian ports are not geared to handle large vessels," he said.
But the potential import volume won't be enough to absorb the total projected global surfeit. Morgan Stanley, which sees a global surplus of 79 million tonnes this year doubling to 158 million tonnes in 2015, expects the price to drop to $70.
In addition, any relief from domestic demand may be temporary, as the shortage is due to government policy measures that could eventually be reversed.
For the present, resuming operations has been slow due to the long bureaucratic route to renew mining leases, said Poddar.
Only 22 mines out of 122 that are eligible to restart in Karnataka have resumed operations, said Poddar who owns Mineral Enterprises, which has five mines in the state that have a combined capacity of 1.2 million tonnes but have remained shut. Mines in Goa have not reopened.
In Odisha, around a third of 56 iron ore mines are still closed and in Jharkhand, the third biggest producer in the past fiscal year, 12 out of 17 mines are shut.
India was the world's third-largest iron ore exporter until higher costs along with the mining bans slashed shipments by 85 percent, or 100 million tonnes, over the past two years.
Amid the shortage in local supply, iron ore prices in the country are defying the global weakness.In Odisha, 63 per cent grade iron ore would cost about $105 a tonne, including taxes and the royalty, to export, way above the current global market price of $67-$68, said Dhruv Goel, managing partner at industry consultancy SteelMint.But miners make a profit of $15-$20 a tonne selling the same grade to local steelmakers, said Goel.
Source:- businesstoday.intoday.in
Chinese Products Hit State Industries
Gujarat's small and medium industries are anxiously waiting for Chinese president Xi Jinping's visit to the state. Considered to be the backbone of Gujarat's economy, small and medium enterprises making ceramics, garments and chemicals have lost out to China - both in Indian as well as exports markets - in a big way in recent years.
Ceramic products imported from China are making a dent in the sales of ceramics in India as import value of Chinese ceramic products into India has grown from $237 million in 2007 to $484 million in 2012, clocking compounded annual growth rate (CAGR) of 15%.
An analysis by the apex industry body, Assocham, on India's ceramic industry has revealed that with a huge share of 66% in India's total ceramic imports worth over $734 million as of 2012, China has emerged as a major supplier of ceramic products to the country, thereby adversely impacting profit margins of existing domestic producers. So much so that certain ceramic units are facing closure as they are not able to bear the ever-rising production costs.
The Chinese imports have majorly affected the ceramic industry in Morbi which produces almost 90% of the wall, floor and vitrified tiles in India. "The biggest impact is on the vitrified tiles category. The Chinese tiles are at least Rs 5 to Rs 6 per square feet cheaper than Indian tiles," said an office-bearer of Morbi Ceramic Association.
Adding to their woes is local politics in Morbi, which is hampering the restarting of coal-based gasifiers despite relief from both the Gujarat high court as well as the Supreme Court. The Gujarat high court had last year banned coal-fired gasifiers following a public interest litigation. "Given the high cost of natural gas, we cannot compete with China," he said. Even after the Gujarat high court lifted the stay on the condition that units install third-generation coal-fired gasifiers - a decision later upheld by the Supreme Court - the Gujarat government has not given necessary clearances due to pressure from local leaders.
"Earlier, there was an anti-dumping duty on Chinese tiles which was removed. Since then Chinese tiles have flooded the Indian market. We have written to the state as well as to the central government about this issue, but there has been no response yet," the office-bearer said.
The chemical and garment industries are also facing a stiff competition from Chinese products when it comes to exports. "We are unable to offer the price that China offers. It is usually 7% to 10% cheaper than our products because of which our exports suffer," said Vijay Purohit of the Gujarat Garment Manufacturers' Association. The same is the case with chemicals when it comes to exports.
Source:- timesofindia.indiatimes.com
India Gold Imports Rocket 176%
Long the top importer of gold, India fell behind China in 2013.The decline in gold consumption came after bullion import duties were pushed up tenfold – from 1% at the start of 2012 to 10% – and other rules such as mandatory re-export of 20% of imports, transaction taxes and even curbs on ETF buying stymied India's gold industry.
Business-friendly prime minister Narendra Modi's sweeping victory has raised hopes – since dashed – of relief for the gold industry that employs more than 3 million traders and shopworkers.
Despite most of the curbs on gold imports still in place, official trade data released on Monday shows a 176% rise in gold imports from $739 million to $2 billion during the month of August.
Bloomberg quotes Shubhada Rao, an economist at Yes Bank in Mumbai as saying the big jump should not set off alarm bells over the country's balance of payments:
"We can manage with monthly gold imports of about $2 billion and the jump in the August number is largely due to last year’s low base after a sudden clamp down. The jump may look alarming, but there is no reason for panic."
July, August and September are typically gold's strongest performing months as buying from Asia increases – particularly due to upcoming festivals and wedding season in India.
Despite the huge August import numbers demand – as evidenced by premiums asked by gold traders in India above the London price – does not appear as frenzied as in 2013.
Jewellers and traders are now asking for $5 an ounce over the London price, that's down from a whopping $170 an ounce a year ago when the country's import restrictions really began to bite.
Source:- mining.com
India's Export Growth Continues To Slow
India's merchandise exports grew a modest 2.35% in August, the slowest rate in five months, the Trade Ministry said Monday, raising uncertainty about the strength of the country's economic rebound.
The lackluster trade data came on the heels of slower industrial-output growth numbers reported last week. Hurt by a contraction in manufacturing, industrial production was up just 0.5% in July from a year earlier.
August exports totaled $26.95 billion, the Trade Ministry said. Imports rose 2.08% to $37.79 billion. The trade deficit was $10.83 billion, narrower than July's $12.22 billion.
Export growth seems to be gradually cooling off. Exports were up 5.2% in April, 12.4% in May, 10.22% in June and 7.33% in July.
August's sharp deceleration was driven by a decline in the export of goods such as gems and jewelry and petroleum products.India's economy grew 5.7% in the April-June quarter, its fastest pace in more than two years.
Source:- online.wsj.com
Indian Ocean Region Customs Meet On Trade Facilitation Opens
A meeting of Customs administration officials from the 19 member-countries of the Indian Ocean Rim Association (IORA) on trade facilitation got under way in Bangalore on Monday morning.
Describing it as a unique gathering, a senior official of the Central Board of Excise and Customs (CBEC) said this was the second IORA Trade Facilitation Forum. “We have participants from 19 countries… they are all Customs experts and going to talk on important topics like trade facilitation,” according to Sandeep Bhatnagar, Joint Secretary (Customs), CBEC.
The discussions over the next three days, he explained, are significant in the backdrop of the agreement on trade facilitation at the Bali Ministerial Conference of World Trade Organisation in December last. “Even otherwise, every Customs administration is interested in facilitating genuine trade,” he said, adding authorised economic cooperative programme to ensure supply chain security is also to be deliberated.
Such forums, Mr.Bhatnagar pointed, will help in bringing together countries in the Indian Ocean region since they already have lot of commonalities.
CBEC Member (Customs) Mala Srivastava inaugurated the three day workshop, which is being organised by the Board in association with the Australian Customs and Border Protection Force under the aegis of IORA for Regional Cooperation.
According to Ms.Srivastava, there was need for the Customs administration to set new standards of excellence and work together for global prosperity. Strong conclusions on enhancing trade and facilitation measures, she said, would ultimately lead to poverty alleviation and economic development. She also highlighted the need for measures that result in reducing the cost of compliance.
An official release said the IORA seeks to build and expand understanding and mutually beneficial cooperation between the member countries through a consensus based, evolutionary and non-intrusive approach. National Director of Australian Customs and Border Protection Service Jeff Buckpitt, Chief Commissioner of Customs, Bangalore, R.P.Raheja and Commissioner of Customs Sandeep Prakash participated in the inaugural session.
Source:- thehindu.com
Rupee Sees Biggest One-Day Fall In 1-1/2 Months
The rupee hit a one-month low and saw its biggest single-day decline in nearly one-and-a-half months on Monday, tracking weakness in other Asian currencies, while dollar demand from custodian banks due to the fall in the share market also hurt.
The wholesale price inflation eased to its lowest level in nearly five years in August, but the Reserve Bank of India (RBI) is likely to keep interest rates on hold later this month to prevent a revival in price pressures once the economy gains momentum.Asian currencies took a hammering on Monday and the dollar further strengthened after data out on Saturday showed China’s factory output grew at the weakest pace in nearly six years in August, and growth in other key sectors also cooled.
Caution on emerging market currencies is expected to continue as the US Federal Reserve is set to hold its policy meeting amidst concerns that it may raise interest rates earlier than previously anticipated, while Scotland is also due to hold its independence vote.
“We are seeing some kind of convergence between the rupee and other falling Asian currencies considering that the rupee has been an outlier in this space so far,” said Anindya Banerjee, a currency analyst at Kotak Securities, a brokerage in Mumbai.
“The rupee still has a lot of catching up to do here, which means that it would continue to remain under pressure until the Fed meeting provides some clarity.”
Analysts were disappointed after data last week showed that India’s industrial output growth hit a four-month low in July while inflation remained high.
The sharp fall in the core retail inflation print however was a relief for markets.The partially convertible rupee ended at 61.13/14 per dollar, after hitting 61.18, a level last seen on 13 August. It had closed at 60.65/66 on Friday.
The local currency recovered some of the losses after RBI governor Raghuram Rajan said India’s macroeconomic indicators are improving and inflation has been coming down in line with central bank’s estimates.However, most traders expect the local unit to continue to struggle against the dollar, with some pointing out that the rupee may slide to 61.70-62.00 levels if the key 61.35 level is breached.In the offshore non-deliverable forwards, the one-month contract was at 61.51 while the three-month contract was at 62.12.
Source:- livemint.com
Promotional activities by celebrities are ‘brand promotion services’; not taxable as ‘BAS’ prior to
Service Tax : When marketing or promotion of branded goods/services is by Celebrity endorsement involving promotional events being carried out by Celebrity or advertisements by Celebrity in audio visual or print media, this activity becomes brand promotion and is not taxable as 'Business Auxiliary Services' prior to 1-7-2010.
Auction purchaser wasn’t entitled to refund in respect of short delivery of land as shortfall was le
CL : Where area of land short delivered in auction was less than 5 per cent, auction purchaser was not entitled to refund of any amount with respect to land short delivered
TPO couldn’t adopt TNMM to make TP adjustment without showing that segmental accounts were manipulat
IT/ILT: Where assessee, engaged in business of rendering inbound, outbound and domestic travel services to AEs, submitted accounts of inbounds and outbounds segments separately showing that international transactions were entered into at ALP, in absence of any evidence to show that those segmental accounts were manipulated, TPO was not justified in adopting TNMM and making addition to assessee's ALP on basis of weighted margin earned by external comparables
SEBI tweaks clause 49; simplifies definition of related party, exempts specified Cos from governance
SEBI : Corporate Governance in Listed Entities - Amendment in Clause 49 of The Equity Listing Agreement
No PIL against de-recognition of Exchanges if petitioner wasn't a shareholder of any Cos listed on s
CL: Where SEBI had proposed de-recognition of Regional Stock Exchanges / Non-Operational Stock Exchanges, petitioner not being a shareholder of any companies listed on such exchanges, had no locus standi to file PIL seeking a direction to SEBI to refrain from continuing with proposed de-recognition
No input credit if supplier had confirmed non-delivery of goods even when assessee had made payments
Cenvat Credit : Even if assessee had made payments by cheque, if supplier and transporter had specifically deposed that there was no actual delivery of inputs to assessee, credit taken by assessee is liable to be reversed with penalty and extended period of limitation is available for such fraud.
Profit on sale of shares deemed as capital gains as investment in shares was made along with regular
IT : In case of a share broker earning exempted income from investment in shares, 10 per cent of such exempted income was to be attributed towards expenditure for earning of such exempted income
Exp. on building CSR capacity including related admin overheads can't exceed 5% of total CSR Exp.- M
COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Corporate Social Responsibility Policy) Amendment Rules, 2014 – Amendment in Rule 4
Reassessment wasn’t based on change of opinion if dept. didn’t express any opinion on taxability dur
CST & VAT : Where Assessing Authority reopened assessment of assessee on ground that DVD and CVD players were wrongly taxed at rate of 8 per cent, since Assessing Authority did not express any opinion in assessment order with regard to taxability of above items, reassessment proceedings were not based on change of opinion
HC debars assessee from filing rectification request for second time when first request was rejecte
IT : When first rectification application was rejected by Tribunal, second rectification application on same issue is not maintainable at all
Submission could be made for first time before CCE(A) if assessee hadn’t replied to SCN and hadn’t a
Service Tax : Rule 5 of Central Excise (Appeals) Rules, 2001 debars placing of additional evidence for first time before Commissioner (Appeals); said rule does not apply in cases where no reply was filed and no hearing was attended before adjudicating authority
Exp. incurred at a place where manufacturing facilities were carried out were outside the ambit of s
IT: Expenses directly incurred in relation to manufacturing activities could not be disallowed under section 14A
Management fee paid to Danish firm for managing shipping companies wasn’t FTS under India-Denmark DT
IT/ILT: Freight income is taxable in hands of shipping companies for whom assessee was acting as representative to carry out obligation for filing of return of income as well as managing entire affairs
Prior to 1-12-2013, captive clearances were valued under Rule 4 if they had also been made to indepe
Excise & Customs : For period prior to 1-12-2013, if clearances have been made to independent buyers as well, then, clearances for captive consumption will be valued as per rule 4 (not rule 8) at transaction value to independent buyers
No winding up plea against Co. if matter as to whether disputed sum was a loan or share money was un
CL: Pending civil suit as to whether amount advanced by petitioner was loan or share application money, winding up petition was not maintainable
Indian agents promoting business of foreign Co. are exempt from ST on commission collected by them
Service tax : Services provided by an Indian commission agent to foreign principal by way of promotion of business of such foreign principal in India against commission in foreign exchange, amounts to export of service and not liable to tax
Govt. orders new penalty provisions under SEBI, SCRA and depository norms to be effective from Sept.
SEBI : Section 1 of The Securities Laws (Amendment) Act, 2014 – Enforcement of Act – Notified Date on which Sections 6 To 15, Sections 25 To 32 and Sections 41 To 47 of said Act Shall Income into Force
No reassessment to deny provision of exp. if all facts were available before AO during original asse
IT : Where all facts relating to amount taken to balance sheet as provision for project development and registration charges on sale of plot were available before Assessing Officer at time of framing of original assessment, reopening of assessment by successor Assessing Officer could not be sustianed
No denial of VCES declaration showing tax dues under sec. 73A even if earlier notice was issued unde
Service Tax : Declaration filed under Service Tax Voluntary Compliance Encouragement Scheme declaring 'tax dues' under section 73A cannot, prima facie, be rejected on ground that, for earlier/coinciding period, a notice/order was passed under section 73; this is so because earlier notice was under section 73 and not under section 73A
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