CST & VAT : Tamil Nadu VAT - Where assessee claimed deduction of certain amount representing transport rebate allowed to customers, since impugned amount formed part of taxable turnover, assessee was not entitled to deduction
Tuesday 13 January 2015
Once set off of capital loss was denied, it couldn't be carried forward to subsequent years
IT-I : In case of composite accounts, estimation of expenditure incurred to earn exempt income was to be made as per of Rule 8D
HC quashed detention order as mere ipse dixit of detaining authority doesn’t justify detention
COFEPOSA: Mere ipse dixit of detaining authority is not sufficient to sustain order of detention
Number of appeals to be filed before CESTAT must be equivalent to number of orders against which app
Service Tax : Number of appeals to be filed before CESTAT must be as many as number of orders-in-original to which case relates in so far as appellant is concerned
Commission paid for procuring bullion was disallowed as there was no evidence of services rendered b
IT: In absence of any supporting evidence, regarding rendering of services by agent for import of bullion by assessee, payment of commission could not be allowed
Import Policy Affecting Farmers: Agriculturists Federation
Criticising the import policy of the Centre, Federation of Tamil Nadu Agriculturists Association today alleged that some of its policies were turning out to be anti-farmer.
The federation said the Government has allowed the import of potato and onion worth Rs 500 crore, which were available and raised aplenty across the country.
Since there was no remunerative price for onion and potato, the farmers were suffering heavy loss, S Nallasami, Federation secretary, said in a release.
Similarly, as against the requirment of 1.9 crore tons of edible oil, the import was to the tune of 1.18 crore tons, which resulted in the fall of the prices of coconut, groundnut, gingelly, castor and mustard, he claimed
Another issue adversely affecting the growers was import of sugar, he said.
Since sugar was produced in India more than the demand, allowing import of sugar, has a direct effect on the sugarcane growers and also factories, as the farmers were not not getting the right price for their produce, Nallasami claimed.
Source:business-standard.com
Rat-Hole Coal Mining Ban In Meghalaya Hits Bangladesh
Coal-dependent industries in neighbouring Bangladesh have been badly affected in view of the ongoing ban imposed by a green tribunal on unscientific rat-hole coal mining in Meghalaya, officials said in Shillong.
Bangladesh officials confirmed this at the first-ever bilateral meeting of the deputy commissioners/district magistrates of Meghalaya (India) and Bangladesh held in the state capital in Shillong.
Speaking to reporters on the sidelines of the meeting, Deputy Commissioner of Kurigram district of Bangladesh ABM Azad said, "We are badly suffering due to ban on coal as most of our brick kilns (industries) depend on coal from India."
Meghalaya exports tonnes of coal to Bangladesh via its 11 land custom stations.
Informing that the issue also figured at the meeting, he said, "We have discussed this issue in our meeting on how to solve this problem and requested the Union government to make things easier so that coal can be imported easily in our border areas."
According to him, thousands of brick kilns is operating in Bangladesh but however could not provide specific figure.
"It is almost 60 per cent of coal we need for the production of bricks," he said while admitting that if coal is not available in future, the industries may face closure.
The National Green Tribunal (NGT) has imposed an interim ban on coal mining in Meghalaya since April 17 last year and but has allowed transportation of the extracted and assessed coal from September 1, 2014.
The volume of coal that is being exported annually to Bangladesh from these Land Custom Stations (LCS) comes around 5,000 to 6,000 metric tonnes annually, a custom official informed.
The volume of coal export from the LCS under Borsora and Cheragoan is approximately Rs. 3295 crore while Rs. 179 crore of coal is exported from Ghasuapara land custom station during 2012-13, the official said.
Source:ndtv.com
Security provided by Assam Industrial Security force in disturbed areas of Assam wasn't liable to se
Service Tax : Security received from Assam Industrial Security Force (AISF) in disturbed areas in State of Assam is 'sovereign function' and does not amount to 'support services' and is prima facie covered under negative list under section 66D(a)
No tax on Indian beneficiaries of foreign trust until its trustee distributes income to Indian benef
IT : Valuation of properties covered under ULC Act would surely be not same as market value and it is a major prohibiting and restricting factor to diminish value consideration
HC lambasted advocate seeking to disqualify a judge from participation; it would collapse working of
No advocate who understands his responsibility as an officer of Court is ever expected to say that because his client for "good or bad reason" has an apprehension of bias qua a Judge and however, unfounded apprehension of bias may be, it is his duty to seek recusal on basis thereof.
India-Vietnam Trade May Rise To $20 Billion By 2020: Thanh
The bilateral trade between India and Vietnam is likely to touch $20 billion by 2020, country's ambassador to India Ton Sinh Thanh has said.
"The two-way trade between Vietnam and India is expected to reach $8 billion this year and could rise to $10 billion in 2015 and $20 billion by 2020," Thanh, who was in the city to meet members of the Exim Club Association of Exporters and Importers, told reporters here yesterday. Vietnam is currently India's tenth largest trade partner. Thanh is in Gujarat for the Vibrant Gujarat Global Investors Summit held in Gandhinagar.
"Vietnam's exports to India include electronics (mobile phones and components, computers and electronic hardware), natural rubber, chemicals, coffee and wood products. While Vietnam imports animal feed, corn, steel, pharmaceuticals and machinery from India," he said.
The ambassador thanked India for offering a $300 million line of credit for trade diversification and strengthening of commercial ties, hoping that it will enable Vietnam to import more polyester fabrics and yarns from India.
Currently, nearly half of Vietnam's imports of raw yarn and fabrics come from China. India's offer of a line of credit is aimed at diversifying Vietnam's source of materials and thus reduce its dependence on China.
"Vietnam wants to import cotton from India and seeks investment of Indian companies in textile, chemical dyes and other sectors," he said, adding 100 per cent investment of Indian companies in the field of health, education and other sectors will be allowed in Vietnam.
Also, Indian companies will be allowed to have joint venture in Vietnam, the ambassador said.
Vietnam encourages Indian investment in areas of particular expertise such as infrastructure (railways), power generation and distribution, international bidding for projects in Vietnam, information technology, education, pharmaceutical research and production, and agro-products," Thanh said.
India ranks 30th on Vietnam's investment ladder. Figures for the number of projects financed by Indian direct investment vary from 69 to 84 as of September 2014.
Indian capital is concentrated in oil exploration, mineral exploitation and processing, chemical manufacturing, information technology, sugar and agricultural processing.
Source:economictimes.indiatimes.com
No demand could be raised when assessee had paid duty exceeding what was demanded by revenue
Excise & Customs : Where it was found that assessee paid duty in excess of amount claimed by department, orders passed by lower authorities setting aside demand was perfectly correct
Issuance of reassessment notice in name of non-existent firm was void even when AO was unaware of it
IT: Where partnership firm was converted into company, issuance of notice under section 148 to partnership firm was void irrepsective of fact whether Assessing Officer was aware or not with regard to dissolution of firm
No unjust enrichment if refund arose after benefit of downward revision of prices was passed on to c
Excise & Customs : If credit notes are issued and benefit of downward revision of provisional prices is passed onto customers, assessee is entitled to refund of consequent duty and such refund is not hit by bar of unjust enrichment
SEBI strengthens the mechanism of index based market-wide circuit breaker
Index based market-wide circuit breaker mechanism
SEBI advises depositories to establish clear and comprehensive risk management framework
Risk management policy at the depositories
Gold Imports May Fall As Families Bank Onto Household Gold To Meet The Bridal
Indian families are increasingly banking on household gold to meet the bridal jewellery demand for the upcoming wedding season that kicks off from mid-January, a trend that's likely to bring down its import by 73% to 40 tonne in January, against 151 tonnes in November last year.
"Nearly 30-40% of the bridal jewellery demand is being met by household gold. Consumers are buying new jewellery, but at a slower rate," Ketan Shroff, spokesperson, India Bullion & Jewellery Association (erstwhile Bombay Bullion Association), said. It is believed that nearly 22,000 tonne of gold is locked up in Indian households.
Shroff said that huge quantities of gold were imported by nominated agencies during November in anticipation that the government will introduce some stricter import curbs. But the opposite happened as the government withdrew the 80:20 rule which tied imports to exports, that made gold easily available in the Indian market. Gold imports surged in value terms in November to $5.61 billion, pushing the trade deficit to an 18-month high.
Source:economictimes.indiatimes.com
Rupee Gains 12 Paise Against Dollar
The rupee gained 12 paise at 62.04 against the dollar in early trade on Tuesday at the Interbank Foreign Exchange on increased selling of the U.S. currency by exporters and banks amid higher opening of domestic equities.
The rupee had gained 16 paise to close at over one-month high of 62.16 on Monday against the American currency on persistent selling of dollars by banks and exporters on hopes of capital inflows into domestic markets.
Source:thehindu.com
Stay granted as tax demand from society working as per Societies Act if realisation would cause fina
IT : Where remission of entire tax demand would cause financial hardship to petitioner, which was a cooperative working for its members stay on demand was to be granted
No reassessment on basis of change of opinion without bringing any additional evidence during reasse
CST & VAT: U.P. VAT - Where Assessing Authority reopened assessment of assessee under section 21 of U.P. Trade Tax Act, since material in existence remained same during both assessment and reassessment proceedings and no additional material or facts had been referred to as per mandate of section 21(1), reassessment proceeding was merely based on change of opinion
No reassessment on disallowance of any exp. when its details were given in return of income
IT : Reopening of assessment on ground that certain items were not disallowed/added back during regular assessment could not be sustained when Assessing Officer had allowed said items on application of mind
ITAT grants partial relief under sec. 80-IB on residential units satisfying conditions of maximum bu
IT: Profits of housing property which otherwise satisfied condition of section 80-IB(10), as referable to residential units having a maximum built up area as prescribed per clause (c), would qualify for deduction on proportionate basis thereunder to exclusion of other residential units
'Usance charges' paid to NR on import purchases would be deemed as interest and liable to TDS
IT/ILT: Usance charges paid to non-resident on import purchase by assessee would be considered as 'interest' income
CBDT’s instruction raising threshold limit for filing appeal before ITAT would also apply to pending
IT : CBDT Instruction revising monetary limit for filing appeal before Tribunal on income-tax matters would apply to pending appeals also
Govt. notifies officers for filing complain against persons holding more than one DIN
Section 439 of the Companies Act, 2013 - Offences to be non-cognizable - Notified officer authorized for purpose of filing complaints under section 159 in respect of offences under section 155 of said act
HC directs AO to complete assessment after considering eligibility of assessee for sale-tax exemptio
CST & VAT: Kerala VAT - Where assessee owned hatchery and poultry farms and it claimed exemption from sales tax and Assessing Authority issued on it notices under sections 17D and 45A, Assessing Authority was directed to complete assessment under section 17(3) and also finalise penalty proceedings after considering objections
Assessee need not to reverse credit on common inputs after making payment on exempted goods under Ru
Cenvat Credit : If percentage payment at 8 per cent/10 per cent of exempted goods has been made as per rule 6(3) of CENVAT Credit Rules, 2004, assessee cannot be asked to reverse credit pertaining to common inputs
Sec. 10A : Exp. on technical services rendered in course of export of software was includible in exp
IT: Carried forward business loss and unabsorbed depreciation of non-STPI units could not be set-off against income of STPI units
DRT doesn't have any jurisdiction to wind up a debtor company
CL : Debts Recovery Tribunal does not have any jurisdiction to wind up a debtor company
No disallowance of interest as revenue didn't indicate that borrowed funds were diverted as interest
IT : Where assessee, engaged in saraji business,obtained loan from bank, but there was no diversion of interest bearing funds as interest fee advances, assessee's claim for deduction under section 36(1)(iii) was to be allowed
ST leviable on freight charged by GTA on single consignee if freight exceeds Rs. 750
Service Tax : In case of goods transport agency's services, exemption limit of Rs. 1,500 relates to 'all consignments' relating to 'all consignees' while exemption limit of Rs. 750 relates to 'single consignee'; hence, where goods are transported for a single consignee, exemption limit of Rs. 750 is applicable and if freight exceeds Rs. 750, it is liable to service tax, even if it is upto Rs. 1,500
Co. engaged in product development services isn’t comparable for co. rendering software development
IT/ILT : Addition made to assessee's ALP in respect of rendering software development services to its AE was not sustainable on account of functional difference of comparables selected by TPO as they were engaged in product development themselves
Loss arising on forward contract of export proceeds won't qualify as speculative loss; allowable
IT-I : Where assessee-company entered into forward contracts for export proceeds in order to protect its interest against fluctuations in foreign currency losses incurred on derivative contracts was an allowable expenditure
Depreciation allowable on plant and machinery even if it was used only in trial production
IT: Depreciation allowance was to be allowed to plant and machinery even if used only in trial production
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