IT: Where trust received a registered land as donation and entered it into its books of account, and there was delay by donor in handing over property to trust, delay in handing over possession could not be attributed to fault of trust, hence, Department was at error in declining to grant registration on this ground
Sunday 21 December 2014
Tribunal had to consider plea of limitation as well as plea of financial hardship while deciding sta
Excise & Customs : While deciding stay application, Appellate Authority should not only record on prima facie merit, but also, address on prima facie balance of convenience and also on plea of limitation, if raised
High Court reduced pre-deposit amount of penalty when sale proceeds of seized goods were confiscated
Excise & Customs : When sale proceeds of seized goods were confiscated in their entirety and assessee had pleaded acute financial position, pre-deposit of penalty was required to be reduced
Bajaj Auto Gains On Sri Lanka Order, But Macquarie's Call Weighs
Bajaj Auto shares gained more than 1 per cent on Monday, with the stock outperforming the broader auto sub-index on the BSE in early trade.
India's largest exporter of motorcycles and three-wheelers said on Friday that it had bagged an order for 1.25 lakh units of Discover-125M motorcycles from Sri Lankan government.
The "repeat order" is expected to be executed in next 3-4 months, the company added.
Last week, Bajaj Auto told analysts that it remained confident about its exports and expects exports to double in 4-5 years, Macquarie reported.
Bajaj Auto's sales in domestic market have been under pressure amid rising competition, but at the analyst meet, the company restated that it has no plans to launch scooters.
Scooters are the fastest growing segment in the domestic market, but Bajaj Auto has no presence in this segment, a factor that has weighed on domestic sales.
Macquarie retained its "underperform" call on Bajaj Auto. Macquarie's target of Rs 1,850 is 25 per cent lower than Bajaj Auto's closing price of Rs 2,466 on Friday. As of 09.25 a.m., Bajaj Auto shares traded 0.2 per cent higher at Rs 2,470.50.
Source:profit.ndtv.com
Decline In India's Uranium Production
At a time when India is trying to ramp up its uranium export, its own domestic production of the yellow cake has declined by 10-15 per cent after operations in the country's oldest and richest uranium mine in Jaduguda in Jharkhand has been stopped by the state government. Department of Atomic Energy sources said it has taken steps to increase the production from other mines to maintain the supply and demand, but the low quality of ore from other mines have led to increase in the production cost.
"The overall mining production has gone down substantially by 10-15 per cent after the mining in Jaduguda has been stopped," said Pinaki Roy, Corporate Communications Manager of the Uranium Corporation of India Ltd (UCIL).
The government has often cited "mismatch between demand and supply of domestic uranium" as the reason for under-functioning of the nuclear power reactors. Of the 20 reactors, 10 nuclear power stations use domestic fuel and generate 2840 MW of electricity.
Apart from exporting uranium from Kazakhstan and Russia, India is in the process of getting the ore from Australia, with which it inked a pact for the same few years back. Jaduguda uranium mine, the deepest operating underground mine of the country, is in uninterrupted operation since 1968.
It has a depth of nearly 3000 feet, one of the deepest in the country. Of its daily production of 5000 tonnes, UCIL mined 700 tonnes of ore from Jaduguda mine.
Source:dnaindia.com
Exporters Want Rupee Payment Mechanism For Trade With Russia
The Russian rouble’s rollercoaster ride this past week has put Indian exporters on notice, with many looking to minimise the currency risks faced by them. Exporters are now knocking at the Commerce Ministry’s doors to put in place a rupee payment mechanism for trade with Russia.
This rupee payment mechanism should be on the lines of the one devised for Iran in the wake of US and European Union sanctions.
Currently, India’s merchandise exports to Russia are invoiced in US dollars. Crippled by sanctions and the sharp fall in oil prices, the Russian rouble has lost half its value against the dollar since June.
“We want the Government to come out with a payment mechanism that is similar to that of the one with Iran,” Ajai Sahai, Director-General and CEO, Federation of Indian Exporters Organisation (FIEO), told BusinessLine. FIEO will soon approach the Commerce Ministry with this demand, Sahai said.
Under a rupee payment model, all trade settlements can be done in rupees. Banks in the two countries would accumulate their claims against each other under a centrally organised arrangement and settle the same at pre-determined periodicity, in rupees.
With the balance of trade in favour of Russia, it is felt that exporters/importers or banks from Russia be allowed to open and maintain non-interest bearing rupee accounts with banks in India. The balances could be used only for trade settlements between India and Russia, suggest some Indian exporters.
Indo-Russian trade stood at $6.01 billion in 2013-14, with the trade balance in favour of Russia. India’s exports to Russia in 2013-14 stood at $2.121 billion, down 7.6 per cent from the previous year. Major Indian exports were pharma products at $535 million followed by electric machinery and equipment $170 million), iron and steel ($128 million), and coffee, tea and spices ($117 million). Indian imports from Russia stood at $3.89 billion in 2013-14, down eight per cent from the previous year.
The collapse of the rouble against the dollar in recent weeks is seen hurting Indian exporters, especially of agri products. Already, the exporters of products such as gherkins and grapes are facing the heat while others such as instant coffee are keenly watching the developments in Russia.
The rouble, which has been sliding against the dollar since August, plunged in the past few weeks. Some extreme measures such as increase in interest rates by the Russian Central Bank have helped stabilise the rouble, but far below its previous level.
Source:thehindubusinessline.com
Assessee, a sub-advisor to PE fund couldn’t be equated with PE fund to become incomparable with merc
IT/ILT: A company cannot be considered as comparable or incomparable on generality of mere description of its overall category
HC couldn't interfere with factual findings of Tribunal unless it was perverse; SC dismissed SLP aga
Excise & Customs : Supreme Court dismisses special leave petition against High Court judgment holding that if it is found, on Departmental visit, that stock of raw-material and finished goods was tallying and there was nothing to show purchases or consumption of unrecorded raw-materials, there was no clandestine removal
Wheeling charges paid for transmission of electricity would attract TDS under sec. 194C instead of s
IT : Where Tribunal in earlier assessment held that assessee company was not required to deduct any tax under section 194J on payment of wheeling charges for transmission of electricity, provisions of section 194J would not apply on said payment made
Cbec Cadre Restructuring Leaves 200 Top Slots Vacant
Promotions, transfers and postings in the Central Board of Excise and Customs (CBEC) have come to a standstill, as it is learnt that delay in CBEC cadre restructuring has left more than 200 top slots vacant.
A substantial number of vacancies at senior positions in the Excise, customs and service tax departments under CBEC are yet to be notified. Sources suggest approximately 200 posts of Principal Chief Commissioners, Chief Commissioners, Principal Commissioners as well as Commissioners (Apex, HAG+, SAG scales) are lying vacant since October 15, the date of implementation of cadre restructuring.
The Department of Promotion Committee meetings are underway. The DPCs have to submit its proposal to the appointment committee of cabinet through Finance Minister Arun Jaitley. The PMO’s nod is required to go the proposal before appointment committee of cabinet (ACC).
The Pending proposals and promotions and senior level posts that are lying vacant for over one month now has led the Central Excise, Customs and Service Tax departments to miss its revenue targets and indirect taxes collections for this year.
They had a tax collection target of Rs 6.23 lakh crore for the current fiscal year (2014-15) and this cadre restructuring delay in the CBEC has led to the government missing its tax collection target.
However, over 2,100 officers working as Superintendents in customs and Central Excise were promoted purely on ad-hoc basis to the level of Assistant Commissioners (Junior Time Scale) in cadre restructuring of CBEC but they would not confer any rights for regular promotions and seniority in the grade of Assistant Commissioner.
They were made Assistant Commissioners on ad-hoc basis to fill vacancies in CBEC’s temporary posts of Assistant Commissioner (Junior Time Scale), operational for five years under cadre restructuring.
CBEC made this modification under cadre restructuring to make up for stagnation in the grade of superintendent for the time being.
The above promotion from the Superintendents to Assistant Commissioners on ad-hoc basis is a cruel joke to the Superintendent grade under CBEC who faces a long stagnation about to 20 years, while their peers, Income tax officers, in the Central Board of Direct Taxes (CBDT) get the promotion up to Joint Commissioner/Additional Commissioner during this period.
Source:tkbsen.in
Rupee Opens Little Changed At 63.31 Per Dollar
The Indian rupee on Monday opened little changed as investors awaited further cues from global and local economic data. Trade is also likely to be thin because of year-end holiday.
The local currency opened at 63.31 per dollar compared with its previous close of 63.30. At 9.08am, the rupee was trading at 63.27 per dollar, up 0.05% .
India’s benchmark equity index, BSE Sensex, was trading at 27,459.39 points, up 0.32%.
Asian currencies were trading mixed against the dollar. The South Korean won strengthened 0.41%, Indonesian rupiah was up 0.38% and the Philippines peso 0.31%. However, Malaysian ringgit was down 0.32%, Taiwan dollar 0.27%, Singapore dollar 0.1% and China renminbi 0.1%.
The yield on India’s 10-year benchmark bond stood at 7.964% compared with its Friday’s close of 7.942%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has weakened 2.32% against the dollar, while foreign institutional investors have bought $16.45 billion from local equity markets and $26.18 billion from the debt market.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 89.499, down 0.11% from its previous close of 89.598.
Investors will be watching the progress of the Parliament session that ends 23 December and the results of the Jharkhand and Jammu and Kashmir Assembly elections to be announced the same day for further cues on the markets.
Source:livemint.com
Assessee was entitled to claim deduction under secs. 80HH and 80-I independent of set-off and carry
IT : Assessee was entitled to claim deduction under sections 80HH and 80-I independent of set off and carry forward provisions
Apex Court admits SLP of Infosys against HC’s order upholding revision made by CIT
IT : SLP was to be granted where High Court justified revisional order under section 263 as Assessing Officer had given tax relief to assessee in accordnace with relevant articles of DTAAs, without giving any indication of nature and extent of entitlement with reference to enabling provisions
CBDTs instruction specifying minimum tax effect for filing appeal would also be applicable to pendin
IT : In view of Instruction No. 5, dated 10-7-2014, issued by CBDT, appeals filed by revenue having tax effect of less than Rs. 4 lakh were to be dismissed being non-maintainable; such instruction would also apply in pending cases
Interest exp. was deductible from income earned on inter-corporate deposits by investing the borrowe
IT : Interest exp. was deductible from income earned on inter-corporate deposits by investing the borrowed funds
Perpetual transfer of satellite rights of a film for 99 years is a sale; excluded from definition of
IT/ILT : Transfer of satellite right to assessee under an agreement for a period of 99 years is a sale and, therefore, excluded from definition of 'royalty' under clause (5) of Explanation 2 to section 9(1)(vi)
Co. couldn’t resist winding-up petition by making bogus claim of poor quality of goods supplied by p
CL : Respondent having made part payment of goods supplied by petitioner, could not resist winding up petition in respect of balance amount contending that goods supplied were of poor quality
Tribunal can't take up appeal for final disposal at any stage of proceedings without taking consent
Excise & Customs : At stay stage, Tribunal should bother whether both parties are agreeable to final disposal; and where revenue had not agreed for final disposal, act of Tribunal in taking up appeal for final disposal on its own, was wrong
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