IT: Where payment of PF and ESI could not be made on or before due date under relevant Acts but same was deposited on or before due date of filing of returns under section 139, said amount could not be disallowed
Tuesday, 25 November 2014
Delay in filing appeal due to illness of representative of assessee suffering from depression was co
CST & VAT : Haryana VAT : Where assessee filed appeal before Tribunal late by 159 days and sought condonation of delay contending that order passed by First Appellate Authority was received by its counsel and handed over to its representative who was suffering from depression and most of time was out of office, there was sufficient cause for delay in filing appeal
RBI amends FDI norms; allows FDI in ARCs and in private banking sector by FPIs
FEMA/ILT : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Tenth Amendment) Regulations, 2014 – Amendment in Schedule 1
No revision by CIT to deny sec. 54F relief as AO had examined approved MAP of constructed house prop
IT : No revision by CIT to deny sec. 54F relief as AO had examined approved MAP of constructed house property
No TP addition if assessee didn't charge interest from AE/non-AE debtors on delay in realization of
IT/ILT: Where there was complete uniformity in act of assessee in not charging interest from both AE and non-AEs debtors for delay in realization of export proceeds, no addition of notional interest to assessee's ALP on aforesaid ground could be made in course of transfer pricing proceedings
Assessee can use CENVAT credit to pay ST under reverse charge in respect of GTA services
Cenvat Credit : Assessee can pay service tax under reverse charge on inputs services of Goods Transport Agency's Services using balance lying in Cenvat Credit
Govt. notifies search and seizure norms in respect of Pension Fund
CL : Others/Indian Acts & Rules : Pension Fund Regulatory and Development Authority (Procedure for Search and Seizure by Authorised Officer) Rules, 2014
RBI asks banks to carry out due diligence before making payment of unclaimed deposits to customers
BANKING : Section 26A of Banking Regulation Act, 1949- Depositor Education and Awareness Fund Scheme, 2014 – Due Diligence of Customers
RBI updates banks on inclusion of name of 'Doha Bank Qsc' in second Schedule to the RBI Act
BANKING : Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Doha Bank QSC
SEBI revises norms for issuance of Offshore Derivative Instruments on lines of FPI norms
SEBI : Conditions for Issuance of Offshore Derivative Instruments under SEBI (Foreign Portfolio Investor) Regulations, 2014
Indian Textile Sector Has Potential To Cross $500 Bn By 2025, Says Report
The country’s textile industry, which is currently estimated at USD 108 billion, has potential to cross USD 500-billion mark by 2025 if the sector gets adequate support from the government, says a report.
“If the Indian textile industry takes the right steps and gets adequate policy support from the Government, it could cross USD 500 billion by 2025 from its present size of USD 108 billion.
This will also catalyse another 35 million jobs and USD 200 billion of investments,” according to a study report by leading textile and polyester consulting firms Wazir Advisors and PCI Xylenes & Polyesters. The USD 500 billion market figure consists of domestic sales of USD 315 billion and exports of USD 185 billion.
The current industry size comprises domestic market of USD 68 billion and exports of USD 40 billion, Wazir Advisors Joint Managing Director Prashant Agarwal told reporters here today.
“We have belief that India is a goldmine for growth of textiles and apparel value chain, whose potential is yet to be fully tapped,” he said.
Agarwal said the government needs to give more support to the industry with specific focus on manmade fibre based textile value chain.
Immediate GST implementation to remove differential tax treatment to manmade fibres, creation of mega textile parks, single window system for FDIs, labour law reforms, extension of loan period in case of TUFS (Technology Upgradation Fund Scheme) and R&D promotion are some of the policy measures needed to boost the industry, he said.
Implementation of these suggestions will help to attract investment, technology upgradation, innovation and healthy growth of the industry, Agarwal said.
With 5.2 per cent share of global trade, the Indian textile industry ranks second in the world, but far behind China. This is likely to change, with China’s share in global textile trade expected to go down by 5 per cent which will help India to push up its exports to USD 185 billion, the report said.
Indian textile industry needs to effect a major shift in its fibre mix, which is presently tilted towards cotton (55 per cent), while the fibre consumption of the world is tilted towards polyester fibre (50 per cent), it maintained.
Source:niticentral.com
'Dharmarth' receipts collected by a Logistic Co. and routed to a charitable trust couldn't be taxed
IT : Where assessee company having collected certain amount as 'dharmarth', routed it to a charitable trust, amount so collected could not be brought to tax as income of assessee
Welding electrodes used in repair or maintenance of plant and machinery are eligible for credit
Cenvat Credit : Repair and maintenance of plant and machinery, though by itself not a manufacturing activity, has to be treated as an activity in relation to manufacture and inputs/welding electrodes used therein are goods used in relation to manufacture and are eligible for credit
Lamborghini Sees High Import Duty Affecting Sales In India
Italian super-luxury sports car maker Lamborghini today said high import duty ranging up to 167% is a major deterrent for selling its cars in India. As a result, the company expects its sales to be lower than the last year's level in India this year.
"We sold 22 cars in India last year, a growth of 29% over the sales of 2012. We do not expect better sales this year due to very high amount of import duty in the country, which is as high as 167%," Stephan Winkelmann, President and CEO, Automobili Lamborghini S.p.A said.
He said the company would be comfortable if the import duty is capped at 2011 levels, when it was 60%. "We are too small player in India to ask the government to bring down the import duty. It is up to the industry to seek duty concessions collectively," he said.
Another reason for lower sales in India this year, according to him is due to late launch of new model Huracan. It expects to improve its sales in the country next year.
The Volkswagen-owned brand opened its third dealership in India at Bengaluru today. It already has dealerships in Mumbai and Delhi. The company has sold 94 units in the country till date. It has sold three cars from its Bengaluru outlet during the soft launch, he said.
Lamborghini is also considering the possibility of launching its sport utility vehicle in India by 2018, Winkelmann said.
“India is a huge market and holds immense potential for selling luxury sports cars. Lamborghini being the early entrant in the market we want to retain our edge over others. There is a high awareness about the brand here, but sales are low. We need to convert it into sales through various campaigns,” Winkelmann added.
Source:business-standard.com
No penalty on order of protective assessment until substantive assessment order is passed, rules Hig
IT : Assessment order being protective assessment order, penalty could not be initiated
Advances disclosed in returns and subsequently adjusted against sales couldn't be deemed as undisclo
IT : Addition under section 68 be deleted where it was found that said credits were duly disclosed in original return and no incriminating material regarding cash credit was found
In reassessment cases it is to be discussed whether reason to believe constituted a change of opinio
IT : Where section 10(29) exemption was allowed but in view of Supreme Court's decision reassessment notice was issue, matter to be readjudicated to find whether there was change of opinion
HC directed Tribunal to verify earlier order as Tribunal had passed two different orders in same app
Excise & Customs : Where Tribunal had passed two different final orders on different dates in same appeal, High Court remanded matter back to Tribunal for verifying status of earlier order and whether same had been withdrawn
No denial of sec. 10(23C) relief to educational body on existence of general objects in MOA apart fr
IT : Mere presence of objects in memorandum providing for other charitable activities would not disentitle a society to claim approval under section 10(23C)(vi)
Commissioner's order granting liberty to AO to proceed with penalty proceedings wasn't prejudicial t
CST & VAT : An action can be taken by superintendent of taxes under section 29 of Tripura Sales Tax Act only if it is permissible under law; giving liberty to AO to proceed with penalty proceedings would not be prejudicial to trader
Bye laws of NSE had statutory force and would prevail over Limitation Act, 1963
SEBI : NSE bye laws, rules and regulations have statutory force and would prevail over Limitation Act, 1963
Subscribe to:
Posts (Atom)