Tuesday, 23 December 2014
Income arising to broker on sales of shares was capital gains as it was sold from investment portfol
No penalty on seizure of goods not intended for sale when import declaration was filed prior to levy
RBI extends deadline to exchange pre-2005 currency notes by six months
High consideration declared by DVO under Sec. 50C didn't amount to filing of wrong income details to
Assessee had sold capital asset and not agricultural land when it didn't declare agricultural income
ITAT sets aside ex-parte assessment as there was no failure of assessee to comply with terms of Sec.
Sum paid by film producer to compensate for loss caused to exhibitors of its movies was capital exp.
Delay not condonable on submission of medical certificates by assessee without any record of medical
ITAT curtails disallowance of foreign travel expenses of directors involving personal expenses
Co. engaged in software development or technical services not to be chosen as comparable for ITES se
Policy of opposite party of granting one electric connection to one license was equitable and non-di
SLP admitted against TP addition which was made on basis of cost-plus mark-up on FOB value of goods
Textile Industry Urge Centre To Come Forward To Redress Issues
The textile industry in Tamil Nadu could double exports and its performance if the Centre comes forward to redress some specific issues faced by the community, an industry official said today.
The production sectors like spinners, hosiery manufacturers, textile and garments exporters and autolooms cloth manufacturers have prepared a detailed report on the 'opportunities and challenges' faced by the industry with the help of experts and it would be submitted to Union Commerce Minister Nirmala Sitaraman, who is visiting the city on December 27, D Prabhu, Secretary, Texpreneurs Forum told reporters here.
Various textile- related associations, including Andhra Pradesh Spinning Mills Association, wanted the Centre to identify four trade zones--Latin America, Russia, European Union and South Asia to which India could export the produce and create strategic trade agreements, he said.
Since the Centre was in the process of taking a few policy decisions regarding textile industry, the associations would place on record their views on these policies, A C Eswaran, President, South India Hosiery Manufacturers Associating, said.
Tamil Nadu has one-third of the production of textile industry, having 47 per cent of total spinning mills and contributing 60 per cent of the yarn exports of India and also purchasing about 30 per cent of total cotton produced in the Country.
Source:- business-standard.com
IRDA lays out process of online filing of health insurance returns via 'Business Analytics Project'
IRDA allows parallel submission of health return via 'BAP module' and email until health module is f
Govt May Impose Dumping Duty On Chinese Graphite Electrodes
The government may impose anti- dumping duty of up to USD 922 per tonne on Chinese graphite electrodes, used for steel melting, to protect domestic players from cheap imports.
In its final findings, the Directorate General of Anti-dumping and Allied Duties (DGAD) has said the electrodes have been entered into the Indian market from China at prices less than their normal values.
The application for the investigation was collectively filed by HEG Ltd and Graphite India Ltd.
"...The Authority is of the opinion that definitive measure is required to be imposed to offset dumping and injury being caused to the domestic industry. Accordingly, the Authority recommends imposition of definitive anti-dumping duty," a Commerce Ministry notification said.
The recommended anti-dumping duty ranges between USD 278.19 per tonne and USD 922.03 per tonne.
Anti-dumping duty is recommended by the Commerce Ministry, while the Finance Ministry imposes it.
The DGAD has also concluded that due to dumping of the product, the domestic industry has suffered material injury.
Imports of graphite electrodes from China increased to 13,135 tonnes in 2011-12 from 4,903 tonnes in 2009-10.
Unlike safeguard duties, which are levied in a uniform way, anti-dumping duties vary from product to product and from country to country.
Countries initiate anti-dumping probes to check if domestic industry has been hurt because of a surge in below- cost imports. As a counter-measure, they impose duties under the multilateral WTO regime.
Source:- business-standard.com
Indian Trade Policies Delayed American Export To India
Restrictive Indian trade policies have delayed American export and investment to India, a USITC report has said with the US lawmakers asking the Narendra Modi government to address these significant areas of concern as both countries work to strengthen economic relations.
“US exports to and investment in India would be significantly higher if not for Indian policy barriers,” the US International Trade Commission (USITC) said in its report “Trade, Investment, and Industrial Policies in India: Effects on the US Economy.”
Prepared at the request of lawmakers, the report provides information on the effects of a wide range of Indian policies that limit US exports to and investment in India.
These policy measures include tariffs and customs procedures, foreign direct investment restrictions, local-content requirements, treatment of intellectual property, taxes and financial regulations, regulatory uncertainty, and other non tariff measures, such as unclear legal liability, price controls, and sanitary and phytosanitary standards.
“We remain concerned about systemic and continuing market access barriers identified in the ITC’s report that undermine a market-based path to development for India and diminish opportunities for US workers and businesses,” said the House Ways and Means Committee Chairman Dave Camp, Ranking Member Sander Levin (D-MI), and Senate Finance Committee Chairman Ron Wyden and Ranking Member Orrin Hatch in a joint statement.
“We urge the Indian government to address these significant areas of concern as the United States and India work to strengthen our economic relationship,” the four American lawmakers said.
We are at a pivotal moment for the US-India relationship.Prime Minister Narendra Modi, who recently took the helm of the Indian government, has spoken of a pro-growth vision for India. We are hopeful that we may see a deepening expansion of our long-term trade and investment relationship, which has already risen to nearly USD100 billion,” the joint statement said.
In an effort to obtain the most comprehensive and up-to-date information possible, in light of India’s national elections, the four lawmakers requested in September that the Commission conduct a second investigation of India’s trade and investment practices, scheduled to be delivered to Congress on September 24, 2015.
The purpose of this second investigation is to seek information concerning India’s policies since the first investigation, they said.
The report released yesterday features the results of a USITC survey of US firms in selected industries that are currently doing business in India, a quantitative analysis (using economic modeling) of the effects of Indian policy measures on US workers and the US economy, and qualitative research into these effects.
It also includes case studies and examples illustrating ways that the policies affect particular companies or industries.
According to the report, the share of US companies substantially adversely affected by restrictive Indian policies rose from 18.8 per cent to 26.1 per cent between 2007 and 2013.
Shares for individual sectors in 2013 ranged from 7.7 per cent to 44.1 per cent. Over 60 per cent of the affected companies have made strategic changes in response to these barriers, most often directing fewer resources to the Indian market, it said.
Policies in two areas tariffs and customs procedures, and taxes and financial regulations have the heaviest effects on US companies, USITC said adding that other issues, including investment and intellectual property policies, have large negative effects on specific industries.
If tariff and investment restrictions were fully eliminated and standards of IP protection were made comparable to US and Western European levels, Commission model results indicate that US exports to India would rise by two-thirds, and US investment in India would roughly double, the report said.
Source:- financialexpress.com
TP norms would not put fetters on selection of foreign comparables if Indian Cos didn’t satisfy test
Loan couldn't be treated as unexplained when identity and creditworthiness of creditors were establi
Time-limit of sec. 11B doesn’t apply to refund of wrongly paid service tax
Value of branded goods cleared on payment of full duty wasn't includible in turnover limit for SSI e
India Defers Changes To Organic Textile Certification
The Indian government has deferred plans that would have required exports of all organic textile products to be certified to the Indian Standard for Organic Textiles (ISOT).
The decision has been described as "most welcome" by manufacturers and exporters who feared interruptions to their business.
Shri RK Dalmia, chairman of the Cotton Textiles Export Promotion Council (Texprocil), said the implementing body, the Agricultural and Processed Food Products Export Development Authority (APEDA), has not yet sent out accreditation letters to the certifying bodies - even though the deadline for complying was set for 18 December.
However, according to a notice from the Director General of Foreign Trade (DGFT) at the Ministry of Commerce, the mandatory certification of organic textile products exported from India to the ISOT will not be enforced until "further order."
The ISOT is part of the National Program for Organic Production (NPOP), whose certification was already required for raw cotton. The plans would have seen it extended to cover finished organic textile products like yarn, fabrics and garments.
The proposal was of particular concern to the Global Organic Textile Standard (GOTS), which feared the changes in certification procedures would have had implications for the manufacturers and exporters of GOTS certified and labelled textile products. In essence, organic textile manufacturers would have had to obtain ISOT certification as a legal requirement - while GOTS certification would also continue to be required as a buyers' requirement in order to allow corresponding organic labelling in sales markets.
"We trust that the Indian Government will now carefully consider practicability of implementation (deadline) and potential implications for all parties concerned and especially the Indian export industry before any related follow-up decisions/notifications are being released in this context.
Source:- just-style.com
Rupee Down 4 Paise To 63.29 Against Dollar In Early Trade
The rupee depreciated by four paise to 63.29 against the US dollar in early trade today at the Interbank Foreign Exchange on fresh demand for the American currency from banks and importers.
Forex dealers said besides the dollar's gains against other Asian currencies, increased demand for the American unit from importers contributed to the rupee's weakness but a higher opening in domestic equities, capped the fall.
The rupee had gained five paise to close at 63.25 against the dollar in yesterday's trade on fresh selling of the US currency by exporters amid bullish stocks.
Meanwhile, the benchmark BSE Sensex rose by 49.46 points, or 0.18 per cent, to 27,751.25 in early trade today.
Source:- economictimes.indiatimes.com