EXCISE & CUSTOMS LAWS/ST LAWS : Section 86 of The Finance Act, 1994 - Appeals to Appellate Tribunal - Constitution Of Review Committee of Chief Commissioners of Central Excise & Chief Commissioners of Service Tax - Corrigendum to Office Order No. 4/2014-St, Dated 15-10-2014
Thursday, 13 November 2014
IRDA lays down guidelines for underwriters for pricing a risk on policies issued to commercial entit
INSURANCE : Further Guidelines on Pricing of Risk
Non-operating incomes and expenditures to be excluded while computing net operating profit under TNM
IT/ILT : Non-operating incomes and non-operating expenses would be excluded while computing net operating profit under TNMM to determine profit level indicator of comparable company.
No denial of sec. 10(23C) relief to educational institution on inclusion of incidental objects in it
IT : Assessee-society solely engaged in providing education through its nursing institute would be entitled to exemption under section 10(23C)(iiiad) irrespective of fact that its objects also included objects other than education
Sum paid by School for transportation of students to attract sec. 194C as buses were under the contr
IT : Where assessee-school hired buses from a transport contractor for point to point transportation of its students and staff, it was to be regarded as service contract governed by provisions of section 194C
Seller wasn't TCS defaulter if buyer had paid taxed after considering purchases made from seller
IT : Assessee company could not be treated as assessee in default for not collecting TCS from its buyers from whom assessee had received declaration as per section 206C(1A)
HC directs revenue to decide on merits as to whether cash seized during search could be treated as a
IT: Where assessee vide its letters on 6-12-2012 and again on 8-1-2013 requested department to treat cash seized during course of search as advance tax from date of seizure itself, application of assessee should be considered in accordance with provisions of Act
Provision of suspension of legal proceedings under SICA prevails over provisions of debt recovery un
SICA : Section 22 of SICA clearly covers and interdicts an application for recovery made under provisions of RDB Act
Tax paid on or after 1-3-2013 eligible for VCES benefit; circular taking contrary view was held inva
Service Tax : As per section 105(1)(e) of Finance Act, 2013 'tax dues' means service tax : (a) for period between 1.10.2007 to 31.12.2012 and (b) not paid before 1.3.2013; hence, tax paid on or after 1-3-2013 would be eligible for VCES even if paid before 10-5-2013; circular dated 8-8-2013 (point 8) taking contrary view was held invalid
Change in tender doc diluting entry barriers for other players couldn't be said to be anti-competiti
Competition Law : Where OP made changes in conditions of procurement in tender document which diluted entry barriers for other players, action of OP was not anti-competitive
TPO should apply same formula to compute operating profit of assessee and its comparables, rules HC
IT/ILT : Arm's Length Price would have to be computed by treating case of assessee and comparable instances on same footing by according same treatment to export incentives
Govt. hikes excise duty on diesel and petrol
EXCISE & CUSTOMS LAWS : Section 5A of The Central Excise Act, 1944 – Exemption from Duty of Excise - Amendment In Notification No 12/2012-CE, Dated 17/03/2012
No credit on towers/pre-fabricated buildings for mobile operators: CBEC's directive affirming Airtel
EXCISE & CUSTOMS LAWS/CENVAT CREDIT : Rule 2(A), read with Rule 2(K) of The Cenvat Credit Rules, 2004 – Capital Goods - Judgement of Bombay High Court in Case of Bharti Airtel Ltd V. The Commissioner of Central Excise, Pune III In C.E.Appeal No.73 OF 2012 and 119 OF 2012
CBEC directs officials to treat non-ferrous metal products as manufactured goods; excisable wef May
EXCISE & CUSTOMS LAWS : Section 2(D) of The Central Excise Act, 1944 – Excisable Goods – Judgement of Larger Bench on Excisability of Aluminium Dross and Skimming
Indian Cooking Oil Imports Hit Record In 2013/14, May Go Higher
India's cooking oil imports hit a record high in 2013/14 due to a surge in overseas purchases of soy and sunflower oils, a trade body said on Thursday, adding that low global prices could spur even higher imports in the current year.
Record imports by the world's top buyer could provide some support to global prices. Malaysian palm oil futures, the regional benchmark, have fallen nearly 17 percent in 2014 because of high unsold stocks in Southeast Asian countries, including Indonesia, the world's top producer.
India mainly buys palm oil from Indonesia and Malaysia, plus smaller quantities of soyoil from Brazil and Argentina. The South Asian country also buys small amounts of sunflower oil from Ukraine and Russia.
Imports of all cooking oils rose to 11.62 million tonnes in the year that ended in October from 10.38 million a year earlier, the Solvent Extractors' Association (SEA) said on Thursday.
That 12 percent increase was mainly due to a surge in imports of soy and sunflower oil at the expense of palm oil, imports of which fell for the first time in four years.
"India has imported the highest quantity of soybean and sunflower due to attractive prices," said B.V. Mehta, SEA executive director.
"We will have one more year of record imports if the current trend continues," Mehta said. "Low global prices with an increasing population promise record import levels."
Soyoil imports rose 79 percent to around 2 million tonnes in 2013/14, while sunflower oil imports rose by more than half to 1.5 million tonnes.
Imports of palm oil fell to 7.96 million tonnes, down 4 percent from the previous year.
The rise in imports has led to calls by local producers for an increase in import taxes to stem the tide.
India's food minister has favoured raising taxes on cooking oils to help refiners and oilseed growers.
On Thursday, imported palm oil was quoted at $690-$715 a tonne on India's west coast, while soyoil and sunflower was quoted at $830 and $905 a tonne respectively.
Imported palm oil was cheaper by $150-$200 a tonne than a year ago, while soyoil was down $165-$175 and sunflower oil $100 a tonne, traders said.
Source: in.reuters.com
No TDS liability of bank under sec. 194A on interest accrued on FD made by litigant on directions of
IT: Where litigant deposit FD with the bank on directions of Court, he ceased to have any control or proprietary right over those funds. Although FD was drawn in the name of the Registrar General, he was neither the recipient of the amount credited to that account nor the interest accruing thereon. There was no assessee to whom interest income from the FD could be ascribed, thus, bank was not liable to deduct tax under section 194A on interest accrued on such FD.
Provision of suspension of legal proceedings under SICA prevails over provisions of debt recovery un
SICA : Section 22 of SICA clearly covers and interdicts an application for recovery made under provisions of RDB Act
SC: Director's conduct of breaching an undertaking given to CLB to repay depositors was Contempt of
CL : Where pursuant to order of CLB respondent-director of finance company gave an undertaking to repay depositors but wilfully disobeyed order of CLB and breached undertaking given to CLB, respondent committed Contempt of Court subordinate to High Court and Division Bench of High Court erred in law in holding that he was not guilty of wilful disobedience of order of CLB
Sec. 35(2AB) provides deduction of in-house research exp. and not on acquisition of rights arising o
IT : In terms of exclusion clause contained in section 43(4)(ii), expenditure on scientific research should be on research actually carried out by assessee in-house and it should not be merely money spent in acquiring rights in or arising out of scientific research carried out by some other person
Palm Imports By India Tumble First Time In Four Years On Prices
Palm oil imports by India, the world’s biggest buyer, slumped for the first time in four years as record global cooking oil supplies narrowed its discount to soybean and sunflower oils.
Shipments declined 4.1 percent to 7.96 million metric tons in the year ended Oct. 31, the first drop since 2009-2010, the Solvent Extractors’ Association of India said in a statement today. Total vegetable oil imports, including industrial oils, jumped 12 percent to a record 11.8 million tons as purchases of soybean and sunflower oils climbed to the highest ever, it said.
Palm oil, used in everything from noodle to soaps, lost market share in India as its discount to soybean oil narrowed to an average $84 a ton this year from $244 in 2013, data compiled by Bloomberg show. Palm entered a bull market last week after Indonesia and Malaysia, the largest producers, scrapped export taxes to boost demand and cut reserves.
“The gap between soft oils such as soybean and palm oil was very narrow during the year and that eroded the competitiveness of palm,” said Sandeep Bajoria, chief executive officer of Mumbai-based broker Sunvin Group. “With Malaysia and Indonesia pushing their exports through zero duty, India’s purchases may rise by almost 1 million tons this year.”
Soybean oil imports surged 79 percent to 1.95 million tons, while sunflower oil imports jumped 55 percent to 1.51 million tons, the association said.
Source:bloomberg.com
HC directs AO to re-compute capital gains after referring the valuation of capital asset to Valuatio
IT: Where assessee made an objection with regard to adoption of market value under section 50C(1), Assessing Officer should have referred valuation of capital asset to valuation officer under section 50C(2)
SC admits appeal on issue of classification of shipment handling services within port Prior to 08-05
Service Tax : Supreme Court admits appeal against order of Tribunal holding that : (a) shipment handling services are not classifiable as 'port services' for period prior to 8-5-2010 and (b) amendment by Finance Act, 2010 mandating same is prospective from 8-5-2010
No addition merely on basis of statement recorded during survey if assessee retracted from said stat
IT : Where assessee retracted from surrender as same was obtained through intimidation and forged documents and no additional evidence was allowed to produce, addition would not be sustained
Indian Rupee Opens Flat At 61.48 Per Dollar
The Indian rupee opened flat at 61.48 per dollar versus 61.51 Wednesday.
Britain's pound fell to a 14-month low against the dollar on Wednesday as investors pushed back rate-increase expectations to late 2015 after the Bank of England forecast low inflation.
The dollar rose more modestly against other major currencies. Mohan Shenoi of Kotak Mahindra Bank said," Gradual dollar strength is continuing globally.
The USD-INR is expected to trade today in a range of Rs 61.20-61.50/dollar, says Mohan Shenoi of Kotak Mahindra Bank.Better than expected IIP and CPI data is positive for Indian stock markets which should keep rupee well supported. The USD-INR is expected to trade today in a range of Rs 61.20-61.50/dollar."
Source:ibnlive.in.com
Tribunal could rectify its order even if decision of HC was brought to its notice after disposal of
IT : Interest to be levied under section 234D has to be only with effect from 1-6-2003 even if assessment year referred to was prior to 1-6-2003
Sec. 29 of Punjab VAT isn't unconstitutional even if it doesn't allow opportunity to speak
CST & VAT: Provisions of section 29(7) of Punjab VAT Act cannot be termed to be unconstitutional, merely because in said section no opportunity of hearing has been provided to dealer before grant of approval by Commissioner to Assessing Authority to amend assessment order already passed
Export commission paid to foreign agent won't attract TDS if such agent didn't have PE in India
IT : Section 195 could not be invoked in respect of payment by assessee of commission on export sale made to a US company which had no permanent establishment in India
CBDT revises jurisdictions of CITs (LTU)
IT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of – Amendment In Notification No. SO 1615(E), Dated 26-9-2006; Notification No.SO 2022(E), Dated 30-11-2007; Notification No.SO 739(E), Dated 27-3-2008; Notification No. SO 1217(E), Dated 26-5-2008 and Notification No. SO 3249(E), Dated 25-10-2013
Govt. exempts excise duty on bunker fuels used in certain Indian flag vessels up to May 10, 2015
EXCISE & CUSTOMS LAWS : Section 5A of The Central Excise Act, 1944 – Exemption from Duty of Excise - Exemption of Central Excise Duty Leviable on Bunker Fuels, Namely IFO 180 CST and IFO 380 CST Falling Under Chapter 27 of The Central Excise Tariff for Use in Indian Flag Vessels for Carrying Export-Import (Exim) Containers and Empties
Holding period of property begins on payment of full consideration if such condition was given for i
IT : Where as per MOU for acquiring property, property was to be transferred to assessee only when entire consideration was paid
Proprietorship firm is also a 'concern' for the purposes of service tax
Service Tax : Proprietary organisation is also a "concern" and if it is engaged in commercial activity of security services, it is a commercial concern liable to service tax.
Kurni Community is a backward class; trust established for its benefit couldn't be denied sec. 12AA
IT : Assessee-society, created for benifit of kurni community which was classified as a backward class, would come within exception provided under Explanation 2 to section 13 and, thus it could not be denied registration under section 12AA by invoking restriction imposed under section 13(1)(b)
Tribunal couldn't demand further pre-deposit from 'Deloitte' if it had paid full taxes alongwith 25%
IT : Where petitioner had already paid full tax amount and also 25 per cent of penalty, Tribunal ought not to have required petitioner to deposit a further sum for hearing appeal
Presence of price variation clause doesn't make assessment 'provisional'; no extended term for refun
Excise & Customs : Where assessee : (a) was clearing cylinders under price variation clause, (b) had not opted for provisional assessment and (c) was paying differential duty on supplementary invoices, said self-assessment by assessee was not provisional but final assessment; therefore, benefit of extension of time-limit for refund claim was not available
HC sets aside revocation of appellant's passport on non-compliance with summon under FEMA
FEMA : Revocation of passport on basis of complaint filed against appellant for non-compliance with summonses under FEMA was illegal
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