Official liquidator was a dealer within meaning of section 2(viii) of Kerala General Sales Tax Act

CST & VAT : Official liquidator was a dealer within meaning of section 2(viii) of Kerala General Sales Tax Act

Rejection of depreciation claim due to non-usage of asset for business purpose won't invite penalty

IT : Where assessee having purchased machinery, could not put it to use for business purpose during relevant year, assessee could not claim for depreciation

Department can levy penalties on 'evasion of duty' and 'confiscation', simultaneously

Excise & Customs : Penalty under section 11AC is due to 'evasion of duty' while penalty under rule 173Q is consequent to 'confiscation'; hence, in absence of any mutual exclusion, both penalties may be levied simultaneously

Assets allotted to partners on dissolution of firm had to be valued on basis of their market price

IT : Where firm was brought into existence through registered documents and separate returns were filed on behalf of firm, Assessing Officer could not ignore existence of firm

Multiple restructuring of project loan by NBFCs to be treated as single event of restructuring, says

NBFCs : Review of guidelines on restructuring of advances by NBFCs

Indian Rupee Rises To Over 1-Month High, Up 19 Paise Vs Us Dollar At 61.87

The Indian rupee today appreciated for the second straight session and rose 19 paise to log its over one-month closing high of 61.87 against the Greenback following sustained dollar selling by exporters and capital inflows in local shares.

However, a strong dollar overseas after Switzerland’s unexpected move to lift its currency restriction, capped the rupee’s gains. The dollar index was up 0.41 per cent against its major global rivals while the euro hit over a decade low.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced slightly lower at 62.08 a dollar from previous close of 62.06. It then declined further to a low of 62.20 on some hesitancy in local equities in early trade.

However, rupee bounced back on a late rally in domestic stocks to a high of 61.79 before settling at 61.87, showing a rise of 19 paise or 0.31 per cent. Yesterday, it had risen by 12 paise or 0.19 per cent. This its strongest close since 61.83 on December 8, 2014.

The stock benchmark S&P BSE Sensex today improved further by 46.34 points, or 0.17 per cent. FPIs bought shares worth USD 274.03 million yesterday, as per Sebi data.

Pramit Brahmbhatt, Veracity Group, CEO said,” Rupee appreciated taking cues from strong local equities. Also, the FIIs buying in debt market helped rupee to trade strong against the mighty dollar index which is heading towards to post its fifth weekly gain in a row.”

The trading range for the spot USD/INR pair is expected to be within 61.40 to 62.40, he added.

“The Indian rupee opened the session on almost flat note. The domestic currency continued to gain as trade deficit narrowed to its 10-month low levels,” according to India Forex Advisors.

Meanwhile, premia remained on consistent receipts by exporters.

The benchmark six-month premium payable in June declined to 199.5-201.5 paise from 202-204 paise yesterday.

Premium on forward contracts maturing in December also slipped to 395-397 paise from 401-403 paise. The Reserve Bank of India fixed the reference rate for dollar at 61.8933 and for Euro at 72.0067.

The rupee recovered against the pound to 94.07 from last close of 94.67 and also rebounded to 53.02 per 100 Japanese yen from 53.33.

However, continued to rule firm and closed sharply higher at 71.66 per euro from 72.72 previously.

Source:financialexpress.com

ITAT made sec. 69C addition of inflated salary as assessee failed to explain extra attendance of its

IT : Subsidy received by assessee under Industrial Policy 1996 of Punjab Government for installation of plant and machinery would be capital receipt

Apex Court remands order of Tribunal as it didn't assign any reason for setting aside order of CCE(A

Excise & Customs : Where Tribunal has not assigned any reason while upsetting order of Commissioner (Appeals), matter should be remanded back to Tribunal

Commissioner(A) may reduce penalties in absence of intention to evade taxes by assessee

Service Tax : Where Commissioner (Appeals) found that there was no intention to evade tax and issue involved was one of interpretation of law and accordingly, reduced penalties in exercise of his jurisdiction, said order could not be interfered

Excise duty refund was taxable under sec. 41(1) even when appeal of Excise department was pending be

IT : Pending revenue's appeal against order of refund, receipt of excise duty refund is taxable in assessee's hand

CIT couldn’t opine that conditions of sec. 80-IB relief was violated without considering materials o

IT : Assistant Commissioner without considering material on record, could not reject assessee's claim for deduction holding that condition prescribed under section 80-IB(10) which required a minimum of one acre land for development was not satisfied

Sum paid to NR for providing advice on investment to be made outside India wasn't royalty and not li

IT/ILT : Where payment to foreign firm for providing advice for investments to be carried outside India could not be treated as royalty; since services were rendered abroad, no TDS was to be deducted

Finding recorded in HC's judgment are final; such findings can't be re-agitated again in appeals

Excise & Customs : Where validity of adjudication was raised and decided in writ petition before High Court and said judgment had become final, then, finding recorded therein becomes res judicata and cannot be allowed to be re-agitated in appeals

Forfeited share application money would not be taxable either under sec. 41(1) or under sec. 28(iv),

IT : In respect of dividend income earned by assessee, Assessing Officer could not straightaway proceed to apply rule 8D for purpose of disallowance under section 14A without complying with mandatory requirement of section 14A(2) or rule 8D(1)

Assessment orders weren't barred by limitation as statue prescribed longer period of limitation; SLP

CST & VAT: U.P. VAT - Where Assessing Authority finalised assessments of assessee for assessment years 1989-90 and 1990-91 on 30-3-1998, in view of sub-section (2) of section 21, as amended by U.P. Act No. 11 of 1997, with effect from 8-8-1997, assessment orders were not barred by time

Act of oppression are outside the purview of arbitration agreement; not to be referred to arbitratio

CL: Disputes in a properly brought petition under sections 397 and 398 read with section 402, are not referable to arbitration