IT: Where assessee society failed to file its return within due date on account of delay in getting audit report, in view of fact that said delay was attributable to assessee as it did not supply necessary statements to auditors in time, Commissioner was justified in rejecting application seeking condonation of delay filed under section 119(2)(b)
Sunday, 16 November 2014
Order relieving Dept. officer from job pending inquiry amounts to suspension order and not terminati
Excise & Customs : Where petitioner was relieved from job pending inquiry, High Court directed that relieving order would be construed as suspension order rather than termination order and petitioner would be entitled to subsistence allowance
Time gap of 30 days isn't intended between book closure and record date for declaration of dividend,
CL: As per clause 16 of 'Listing agreement' time gap of 30 days is intended between two book closures and two record dates and not between a book closure and a record date
ITAT disallows premium on Keyman Insurance Policy as it wasn't incurred for business purposes
IT: Where assessee's case failed on basis of an inability to discharge onus to exhibit that premium paid on account of Keyman Insurance Policy was wholly and exclusively for business purpose, deduction claimed under section 37(1) was to be disallowed
Rule 8D rightly invoked as assessee didn’t discharge its onus to prove that no exp. was incurred on
IT : Where assessee had not discharged initial onus under section 14A, revenue was justified in applying rule 8D
No condonation of delay in filing appeal on excuse of following Govt. administrative mechanism
CST & VAT : Delay of 1583 days cannot be condoned taking excuse of following Government administrative mechanism
AO's order couldn't be held as erroneous if he had enquired on vital issues without making detailed
IT: If Assessing Officer allowed assessee's claim after making enquiries during course of assessment proceedings on relevant issues, his decision cannot be held to be erroneous simply because in his order he did not make an elaborate discussion in that regard
Sec. 54F relief denied as assessee didn’t furnish evidence to substantiate construction of new resid
IT : Where assessee claimed benefit of section 54F but he did not adduce any evidence establishing construction of new residential house to justify his claim, his claim was to be declined
Govt Orders Quality Checks On Chinese Steel
Acting on Prime Minister Narendra Modi’s directive to curb needless imports, the finance ministry has directed that specific Chinese steel products must be subjected to stringent quality checks before allowing them to enter the country’s hinterland.
In an order issued to the Central Board of Excise and Customs (CBEC) on November 7, the finance ministry has said that Indian importers buying Chinese steel products like thermo-mechanically treated (TMT) bars, used extensively by the realty sector, will henceforth have to compulsorily secure certification by the Bureau of Indian Standards (BIS) at all entry points to the country.
The move is specifically aimed at Chinese steel makers exporting steel by adding boron in their product mix to bypass the defined quality standards of the steel ministry’s Quality Control Order 2012 and the commerce ministry’s import duty.
The Indian Express had reported on September 18 that steel ministry had expressed serious concerns over the burgeoning steel imports from China which during the second quarter of 2014-15 exceeded “the historic (quarterly) high” of 90 million tonnes.
The Indian Steel Association (ISA), the newly created umbrella body of the country’s leading steel companies, has written to the government on November 4 cautioning that imports of hot rolled coils, sheets and plates are up by 41 per cent in the first half of the current fiscal of which imports from China amounts to 111 per cent.
Of the total imports Boron added steel accounted for 80 per cent imports from China. Imports of colour coated steel from China has surged by 117 per cent in the first half of this fiscal, while wire rod imports have shot up by 110 per cent, the ISA said in its letter.
Source:-indianexpress.com
Jewellers, Bullion Trade Worried About Additional Curbs On Gold Imports
Jewellers and the bullion industry are perturbed that the Reserve Bank of India may consider introducing additional restrictions on gold imports. This follows reports that gold imports rose to 150 tonnes in October from 25 tonnes in the same month last year.
“If additional curbs on gold imports are announced, it will have a huge adverse impact,’’ All India Gem & Jewellery Trader’s Federation (GJF) Chairman Haresh Soni said. “High imports were a one-off owing to Diwali and the fourth quarter traditionally sees the highest demand and high level of imports are a consequence of that.”
In 2013, to address the alarmingly high current account deficit (CAD), the government had hiked the import duty on gold to 10 per cent and introduced the 80:20 scheme, where nominated agencies could import gold provided they exported 20 per cent of the consignment. This was relaxed in May when star and premier export houses were allowed to import gold and the RBI allowed banks and the agencies to provide gold for domestic use to the industry.
“No doubt, the government is concerned about the impact on CAD and the need to contain it,’’ Mr. Soni said. “We will be informing our retailer-members to voluntarily stop sale of coins and bars. Last year, we had resorted to the same measure.”
However, Bhargav Vaidya, bullion analyst and committee member of the India Bullion & Jewellers Association (IBJA), felt it seemed unlikely that new curbs would be imposed. “Last year when restrictions were introduced, gold prices were higher and crude oil prices are now about 30 per cent lower. India’s balance of payments position is thus not uncomfortable and I do not expect any new restrictions.”
An ‘unintended consequence’ of the government’s gold import curbs was the rise in smuggling and the grey market for the precious metal, according to P.R. Somasundaram, Managing Director, India, World Gold Council, “as 10 per cent import duty is a huge arbitrage.” He estimated that gold smuggled into India would total around 200 tonnes in calendar 2014 out of a demand of around 850-950 tonnes.
Source:- thehindu.com
Impact of odd event of amalgamation on profits of Co. to be verified before including it in list of
IT/ILT : Where in exceptional events took place like amalgamation or acquisition comparable company Assessing Officer should verify and check whether amalgamation or acquisition would have any impact on profitability of company and thereafter decide issue of acceptablity of aforesaid company as comparable
Institute providing coaching in mathematics through 'Abacus' was recreational training institute; ex
Service Tax : Imparting coaching in mathematics based on ancient Japanese methods of mathematical calculation with help 'Abacus' amounts to 'recreational training institute' and is exempt from service tax under notification no. 24/2004-S.T., dated 10-9-2004.
Obtaining death certificate of petitioner was sufficient to condone delay in filing plea by his lega
CL : Where on account of petitioner's death substitution application was filed by legal heir after stipulated period of 30 days, application was to be allowed as there were sufficient reasons such as obtaining death certificates, completing religious rites, etc., which resulted in delay in filing application
Rupee Gains 5 Paise At 61.67 Against Us Dollar In Early Trade
The rupee strengthened by five paise to 61.67 against the US dollar in early trade on Monday at the Interbank Foreign Exchange on selling of the US currency by exporters and banks amid sustained capital inflows.
The rupee depreciated by 17 paise to end at nearly one-month low of 61.72 against the greenback on Friday on sustained dollar demand even as domestic equities surged to new highs.
Traders said besides selling of the American currency by exporters and banks, continued foreign fund inflows helped the local currency to strengthen, but the dollar's gains against rivals overseas and a lower opening in the domestic equity market capped the rupee's rise.Meanwhile, the benchmark BSE Sensex fell 44.51 points, or 0.16 per cent, to 28,002.15 in early trade today.
Source:-zeenews.india.com
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