IT: Where appointment of doctors was contract for service classifiable as professional service, assessee had correctly deducted tax at source from payment to doctors under section 194J
Monday, 17 November 2014
Income from share transactions couldn’t be held as business profits due to few instances of sale in
IT : Where assessee was not engaged in business of purchase and sale of shares, merely because in certain instances shares were sold before completion of a year was no reason to treat said income as business income when assessee had duly shown it as short-term capital gain
No reassessment on member on basis of purchase agreement which AO had used against AOP to reassess i
IT : Where Assessing Officer himself had treated agreement relating to purchase of land to belong to AOP of which assessee was member, reassessment made in assessee's individual case on basis of same agreement was not justified
Exp. deductible in ordinary assessment was deductible even when income was determined by AO on estim
IT : If assessee is entitled to deduction of interest and depreciation in ordinary course of assessment, same cannot be denied merely because profit is determined on basis of estimation
If sale is on FOR basis, credit of freight upto customer's premises is available if it form part of
Cenvat Credit : In case of sale at the place of destination (FOR basis), an assessee is only entitled to claim cenvat credit on service tax paid for the Goods Transportation Agency service provided amount paid was integral part of the price of the goods
Resignation of petitioner-director's wasn't oppressive as they remained quiet and non-participative
CL : Where petitioners were not participating in affairs of company, resigned from directorship, and kept quiet for four years, resignation of petitioners was valid and was not oppressive
ITAT orders fresh adjudication as DRP had made TP addition on AMP exp. without considering contenti
IT/ILT: Where DRP had made adjustments on account of advertising, marketing and promotional expenses, without considering contentions raised by assessee-company, matter was to be readjudicated
Indian Cotton Textile Exhibition Opens In Dubai
A two-day exhibition showcasing India's finest cotton products was inaugurated in Dubai, aimed at providing a platform for buyers and sellers, and creating a market base in the UAE and Gulf regions.
Consul General of India in Dubai, Anurag Bhushan, and Joint Director Textile Export Promotion Council (TEXPROCIL), A Ravi Kumar, launched 'The Indian Cotton Textile Show' yesterday.
Some of the leading exhibitors at the show include Birla century, Adnani exports ltd and Aditya exports.
"Such industry specific, stand-alone events foster trade beyond traditional and customary goods between India and the UAE," Bhushan said, adding that the Indian Consulate will support India Trade and Exhibition in conducting many such Industry specific events in future.
Director General of India Trade and Exhibition Centre (ITEC) Sripriyaa Kumaria said the show is a unique platform for buyers and sellers to build up linkages and network with the best of the Indian textile industry.
"The event focuses on one to one prefixed meetings and showcases India's finest cotton products. There is huge interest in the UAE market for Indian textiles and, in particular cotton textiles, cotton yarn, cotton fabrics and cotton madeups," she said.
She said that out of the total textile global exports of over USD 20,939.8 million, the UAE exported over USD 1,623 billion worth of textiles representing a 7.75 per cent share of the global export market. UAE is also the world's third largest exporter of textiles after the US and UK.
The event is organised by TEXPROCIL in association with Indian Embassy and Consulate General in UAE, and is also supported by TEXMAS - Textile Merchants Group in UAE.
Cotton Textile Export Promotion Council - TEXPROCIL, who is the organiser of the event, has been the international face of cotton textiles from India facilitating exports worldwide.
Its membership base of about 3,500 companies spread across major textile clusters in India are well established manufacturers and exporters of cotton textile products like cotton yarn, fabrics and home textiles.
India's textile exports were estimated at USD 40 million in 2013.
UAE is an upcoming market for India in terms of textile and textile products and with a view to further enhance the share of India's export to UAE markets TEXPROCIL is organising the first standalone buyer seller meet in Dubai.
Source: business-standard.com
Us Trade Body Wants India To Drop Plan To Impose 10 Per Cent Customs Duty On Telecom Gear
A powerful US trade body has lobbied the top trade negotiator in the Obama administration to dissuade India from imposing a 10 per cent customs duty on specified telecoms gear. This would flout the South Asian nation's World Trade Organisation (WTO) treaty commitments and possibly weaken the country's ability to implement the Digital India project, it said.
The US-India Business Council (USIBC), in a confidential letter to US Trade Representative Michael Froman seen by ET, said India must "rescind its recent notification that levies a 10 per cent tariff on a broad range of telecom equipment" since the products fall under the "purview of the WTO Information Technology Agreement (ITA), and should therefore, continue to receive duty-free treatment as per India's ITA obligations". The USIBC couldn't be immediately reached for comment. The 10 per cent customs duty was among finance minister Arun Jaitley's 2014 budget proposals. It will primarily apply to 3G and 4G systems, including switches and broadband equipment.
If implemented, it is slated to raise the debt-laden telecom industry's annual capex outflows by at least an additional Rs 1,000 crore, the industry has warned. In its letter to Froman, USIBC warned that the notification harms India's vibrant telecom industry by "debilitating foreign direct investment ( FDI) in the sector" and prevents the most updated telecom products from entering the country. Some of USIBC's leading technology member companies include Cisco Systems, Google, Intel, IBM, AT&T, Qualcomm, Apple, Verizon, Nokia, Juniper Networks, Dell, Microsoft and Texas Instruments.
A top DoT official, however, said much thought had gone into the 10 per cent duty proposal, and the government took care to exclude from its purview all "electronics/telecom items" where India has a zero import duty commitment under WTO's ITA pact. In fact, "the duty will apply to telecom products which were not even invented at the time India inked the ITA back in 1997," he added. The USIBC's letter to US President Barack Obama's top trade negotiator comes at a time when American tech giants, including Google, Facebook, Microsoft and Hewlett-Packard have been swiftly queuing up to get a piece of Prime Minister Narendra Modi's Digital India project that aims to deliver high-speed internet access across the country including remote areas.
Earlier this month, the Department of Electronics & IT (DeiTY) included 'mobile phones' in its expanded Compulsory Registration Order (CRO), which empowers the government to conduct spot checks on imported cellphones to establish validity
of registration.
Source: economictimes.indiatimes.com
No penalty if value of excess stock found during survey had been surrendered by assessee and accepte
IT : No penalty could be levied under section 271(1)(c) with respect to old stock accumulated over years, value of which was surrendered by assessee during current year and accepted by Assessing Officer; no penalty on account of valuation difference when quantity of stock remained same
Sec. 68 addition upheld on huge deposits found in bank account of assessee on his failure to explain
IT : Where assessee received huge amount through banking channels as cash credits in its bank account but failed to render an explanation for same, said amount was to be treated as income in hands of assessee
India's October Iran Oil Imports Rise 60% Y-O-Y
India bought 60 percent more Iranian oil in October than a year ago as refiners held to higher volumes despite signs that world powers and Iran might not reach a final agreement on Tehran's disputed nuclear programme before a Nov. 24 deadline
Six world powers - Britain, China, France, Germany, Russia and the United States - are negotiating with Iran to
clinch a deal that, in exchange for lifting economic sanctions, would ensure Tehran's nuclear activity is not aimed at making bombs. Iran says its nuclear work is for civil power needs only.
A year of negotiations has not resolved deep disagreements between Iran and the major powers, and a final deal is unlikely by the November date, sources told Reuters. Any agreement would likely be followed by a rapid increase in Iran's oil exports at a time when global markets are already under pressure from a supply glut.
India, Iran's top oil client after China, imported about 309,900 barrels per day (bpd) of crude in October from Tehran, tanker arrival data obtained from trade sources shows, the highest since March and up 28 per cent from September.
India's oil imports from Iran rose about 40 per cent over January-October, partly due to a surge in the first quarter as an interim agreement easing Western sanctions went into effect
Growth in Iranian oil imports this year was also due to a bounce off the low base of last year, when shipments were hit hard due to insurance problems triggered by the sanctions, particularly over the April-August period. Private refiner Essar Oil was the biggest buyer of Iranian oil in October followed by state-run Mangalore Refinery and Petrochemical Ltd. The two are India's only regular monthly importers of Iranian crude.
India's overall imports for the month totalled 3.63 million bpd, a decline of about 3.4 per cent from a year ago, the data also showed. India's total crude imports for the January-October period fell 3.1 per cent.
Iran's share of Indian oil imports was about 7.2 per cent in the first ten months of this year compared with 4.9 per cent last year, the data showed.
Purchases from the Middle East overall declined by 8.9 per cent over January-October, while oil imports from Africa and Latin America rose, the data also showed.
Source:economictimes.indiatimes.com
Rpt-India Cbank Deputy Says Talking To Govt On Increasing Gold Import Curbs
The Reserve Bank of India is in talks with the government for a decision on increasing curbs on gold imports, RBI Deputy Governor S.S. Mundra said on Monday.The RBI deputy also said attention needed to be paid to the surge in gold imports at a briefing with reporters in the capital.
October shipments to India, the world's No.2 gold consumer behind China, jumped to about 150 tonnes from less than 25 tonnes a year earlier and 143 tonnes in September, a finance ministry official said last week.
Source:in.reuters.com
Rupee Gains 5 Paise Against Dollar In Early Trade
The rupee strengthened by five paise to 61.67 against the US dollar in early
trade today 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.
Source:economictimes.indiatimes.com
Availing ineligible credit on inputs backed by prior reversal of equal credit is revenue neutral
CENVAT : Where, before taking ineligible credit on inputs directly supplied to job-worker, assessee had reversed equivalent credit under challans to job-worker, entire exercise was revenue neutral and no action could be taken against assessee
HC directs authority to consider sec. 10(23C) relief as request for approval wasn’t not forwarded to
IT : Where assessee society filed application for approval of exemption, said forms were addressed to prescribed authority and were sent through proper channel, but for some reasons were not forwarded to prescribed authority, writ petition filed by assessee was to be allowed
No extended period of limitation if all facts were disclosed in return and transaction was revenue n
Excise & Customs : In case where all facts have been disclosed in periodical returns and situation is revenue neutral (i.e., duty paid by one unit is available to another unit as credit), extended period of limitation cannot be invoked and evasion penalty cannot be levied
Determination of income in an order passed under sec. 153A would be similar to order passed in reass
IT : Determination of income in order passed in terms of section 153A would be similar to order passed in any re-assessment
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