IT : Where assessee being apex body in dairy activities incurred expenditure for procurement of milk and launched schemes to protect dairy farmers, said expenditure was to be allowed under section 37(1)
Friday, 2 January 2015
No sec. 194LA TDS when compulsory acquisition was made in lieu of development rights and not in mone
IT : Where land owners surrendered their land to assessee municipal corporation, for public purpose under scheme of development right certificates, permitting development rights to owners in form of additional floor area which was equal to one and half times of area of land surrendered, and there was no quantification of said certificates, therefore, section 194LA would not be applicable
Sum paid to NR for installation of plant which is inextricably linked to its sale couldn't be deemed
IT/ILT: Where payments were made by assessee to foreign parties not only for imports of plant, equipment and machinery but also for incidental services in connection with installation and commissioning of these machines, payments for incidental services was not liable to be taxed in India as fee for technical services and, accordingly, assessee was not required to deduct tax at source from these payments
[Indian Customs Tariff Notification] : Seeks to notify the basic customs duty rates [under notification No. 69/2011-Customs dated 29th July 2011 (India-Japan CEPA)] on tariff item 84082020 and tariff item 87084000 at 6.8% and 8.75%, respectively w.e.f. 01st January 2015.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification
No. 36/ 2014 - Customs
New Delhi, dated the 29th December, 2014
G.S.R. ____ (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.69/2011-Customs dated the 29th July, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 593 (E), dated the 29th July, 2011, namely:-
In the said notification, in the Table,-
(a) against S. No. 521, for the entry in column (4), the entry "6.8" shall be substituted;
(b) against S. No. 746, for the entry in column (4), the entry "8.75" shall be substituted.
2. This notification shall come into force with effect from the 1st day of January, 2015.
[F. No. 354/199/2009-TRU]
(Akshay Joshi)
Under Secretary to Government of India
Note.- The principal notification No. 69/2011-Customs, dated the 29th July, 2011, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 593 (E), dated the 29th July, 2011 and was last amended vide notification No. 09/2014-Customs, dated the 01st of April, 2014, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 255 (E), dated the 01st of April, 2014.
RBI relaxes ECB norms; expands lists of securities to create charge for securing ECBs
FEMA/ILT : Security for External Commercial Borrowings
Tribunal remands case as revenue didn't allow assessee to cross-examine prosecution witnesses
Excise & Customs : Where demand was confirmed without allowing cross-examination of prosecution witnesses and without taking on record statement of defence witnesses, Tribunal remanded matter back for consideration afresh
HC upheld addition on basis of uncontroverted admission made during search without scrutinizing rele
IT : Where assessee himself stated in sworn statement during search and seizure about his undisclosed income, same was to be levied tax on basis of admission without scrutinizing documents
Allotting additional shares to respondents without issuing notice to petitioner was oppressive
CL: Where board of directors had allotted additional shares to respondents unilaterally without notice to petitioners, it was gross misuse of fiduciary powers vested in board of directors and it amounted to act of oppression as defined in section 397
[Indian Customs SG Notification] : Seeks to levy safeguard duty on imports of Sodium Citrate, for a period of three years
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India
Ministry of Finance
(Department of Revenue)
Notification
No. 04/2014-Customs (SG)
New Delhi, the 31st December, 2014
G.S.R. (E). – Whereas, in the matter of import of Sodium Citrate (hereinafter referred to as the subject goods), falling under tariff item 2918 15 20 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Director General (Safeguard), in his final findings, published vide number G.S.R. 663 (E), dated the 16th September, 2014, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), has come to the conclusion that increased imports of Sodium Citrate into India has caused and threatened to cause further serious injury to the domestic producers of Sodium Citrate, necessitating the imposition of safeguard duty on imports of Sodium Citrate into India, and accordingly has recommended the imposition of safeguard duty on imports of the subject goods into India.
Now, therefore, in exercise of the powers conferred by sub-section (1) of section 8B of the Customs Tariff Act, read with rules 12, 14 and 17 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government after considering the aforesaid findings of the Director General (Safeguards), hereby imposes on Sodium Citrate falling under tariff item 2918 15 20 of the First Schedule to the Customs Tariff Act, when imported into India, a safeguard duty at the following rate, namely:-
(a) thirty per cent. ad valorem when imported during the period from 31st December, 2014 to 30th December, 2015 (both days inclusive);
(b) twenty per cent. ad valorem , when imported during the period from 31st December, 2015 to 30th December, 2016 (both days inclusive); and
(c) ten per cent. ad valorem , when imported during the period from 31st December, 2016 to 30th December, 2017 (both days inclusive).
2. Nothing contained in this notification shall apply to imports of Sodium Citrate from countries notified as developing countries under clause (a) of sub-section (6) of section 8B of the Customs Tariff Act, other than the People’s Republic of China.
[F.No.354/229/2014-TRU]
(Akshay Joshi)
Under Secretary to the Government of India
HC directs Tribunal to order similar treatment as to pre-deposit on same matters to avoid discrimina
Excise & Customs : Though principle of binding precedents does not apply to stay matters; however, for consistency of approach and to avoid discrimination respecting similar causes, all similar matters should receive similar treatment as to pre-deposit
A Co. couldn't be excluded from list of comparables merely on the ground that it was making losses
IT/ILT : Where a company failed in related party transaction filter and employee cost filter and outsourcing and amalgamation had changed business model of company, same could not be taken as comparable
Madras HC grants interim stay on notification levying sec. 234A interest on filing of return by exte
IT : Interim stay granted on paragraph 7 of Notification F. No. 153/53/2014-TPL (Pt. I) dated 26-9-2014
Contract manufacturing for overseas AE isn’t comparable to sale to unrelated party with marketing su
IT/ILT: Sales to an overseas AE without any cost being incurred on marketing and sales promotion are not comparable with sales to domestic independent enterprises with full responsibilities for marketing and sales promotion - Held, Yes - When profitability in two business situations are expected to be different due to significant differences in their FAR profiles, such transactions cease to be comparable transactions - Held, Yes
RBI revamps reporting system for representative offices of foreign banks in India
BANKING : Revised format of reporting - representative offices of foreign banks in India
AO is empowered to reopen assessment if there is understatement of sales consideration in terms of s
IT : Where understatement of sale consideration by assessee in terms of section 50C was prima facie established, Assessing Officer was empowered to reopen assessment
Free supply of diesel by service recipient isn't includible in value of services
Service Tax : Since rule 5(1) of Service Tax (Determination of Value) Rules, 2006 has already been struck down by Delhi High Court, hence, department cannot rely upon said rule to include cost of diesel supplied free by service recipient in value of services
No tax concession to assessee as it had initiated the project after cutoff date declared by Haryana
CST & VAT : Where State of Haryana issued an advertisement on 30-6-2000 that exemption from tax would be granted to 'units in pipeline' as on 30-4-2000 and thereupon assessee set up a unit in pipe line and filed an application under rule 28C on 26-7-2002 for grant of tax concession, since all formalities relating to setting up of unit were set into motion after cut off date of 30-4-2002, assessee could not be treated as a 'unit in pipeline' as on 30-4-2000
No denial of Sec. 11 relief to a trust on the basis that ITAT hadn't granted such relief on merits i
IT : Exemption claimed under section 11 by assessee was not to be denied by Assessing Officer merely on ground that in previous assessment year claim of assessee was allowed on technical grounds but not on merits
CBDT tweaks DRP Rules; brings down number of cities in which DRP can be constituted
IT/ILT : Income-tax (dispute resolution panel (first amendment) rules, 2014 – amendment in Rule 3
New year's gift for CMAs - Govt. cuts down threshold limit for cost audit and maintenance of cost re
COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (cost records and audit) amendment Rules, 2014 – amendment in Rules 2, 3, 5 & 6; substitution of Rule 4, form CRA-1 & CRA-3 and omission of Rule 7
Hiring of expat employees of foreign group Cos under employment contract isn’t 'manpower supply serv
Service Tax : Hiring expatriate employees of foreign group companies under a contract of employment on payment of salaries and related provident fund contributions, etc., does not amount to 'manpower supply services'
Loss incurred by bank on transfer of securities from 'Available For Sale' category to 'HTM'/held as
IT : Loss incurred on account of transfer of securities held under category 'Available for Sale' to 'Held to Maturity' was to be allowed as business loss
CBDT revises constitution of income-tax authority for dispute resolution
IT/ILT : Section 118 of The Income-Tax Act, 1961 - Income-Tax Authorities - Control of - Notified Subordinate Officer – Supersession of Notification No. 21/2010/SO 718(E), DATED 31-3-2010
Govt. yet again hikes excise duty on petrol and diesel by Rs 2 a litre
EXCISE & CUSTOMS LAWS : Section 5A of The Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Amendment in Notification No.12/2012-C.E., DATED 17-3-2012
License fee paid to use technology was revenue exp. as license was non-transferrable and fee was irr
IT : Where license fee paid for using technology being not transferable and irrecoverable, was to be treated as revenue expenditure
No reassessment to deny deduction under sec. 35D on GDR issue exp. if it was allowed in earlier year
IT : Where assessee-company amortized total expenditure on Euro issue over a period of 10 years and 1/10th of same had been claimed as deduction under section 35D and same had been allowed in earlier years, reopening of assessment to deny said claim for subsequent year was not proper
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