Turnover/cash discount is deductible in computing excisable value even if it isn't shown in invoice

Excise & Customs : It is a fact that turnover discounts and cash discounts cannot always be shown in invoice as these discounts are worked out on basis of turnover or on basis of promptness of payment; therefore, their non-mention in invoice cannot be a criterion for disallowing same

CIT(A) rightly excluded value of free materials supplied by AE in calculating mark-up on cost incurr

IT/ILT : Where Commissioner (Appeals) in TP adjustment had calculated 6 per cent mark up after excluding value of raw material supplied to assessee free of cost by AE, in accordance with course of action adopted by department in immediate preceding year, same was to be upheld

Non-indication of SAD in commercial invoice is sufficient to claim its refund

Excise & Customs : Non-declaration/non-specification of Special Additional Duty (SAD) of Customs duty element in commercial sale invoice would itself ensure that credit is not taken of said duty and would satisfy requirement of non-Cenvat declaration; hence, assessee would be eligible for refund of SAD even if there is no such declaration

Scrap retained by job-worker wasn't includible in value of job-work

Excise & Customs : Scrap retained by job-worker is not prima facie includible in value of job-work; hence, pre-deposit of demand was waived accordingly

CIT(A) erred in accepting weighted mean for TP adjustment as TP provisions prescribe use of arithmet

IT/ILT: Where no reasoning was given by Commissioner (Appeals) for accepting assessee's claim, it was a non-speaking cryptic order; matter required readjudication

No admission of additional evidence by CIT(A) when he had used operating profit ratio given by asses

IT/ILT : Where TPO included a different percentage while calculating arithmetic mean of OP/TC of comparable companies and Commissioner (Appeals) substituted same with correct OP/TC as was given to TPO by assessee, there was no admission of additional evidence at end of Commissioner (Appeals)

Now deposit in 'Sukanaya Samridhi Account' would provide sec. 80C relief

IT : Section 80C of the Income-Tax Act, 1961 - Deductions - in Respect of Insurance Premium, Etc. - Notified Plan under Section 80C(2)(Viii)

Govt. notifies certain entities for exemption under section 10(46)

IT : Section 10(46) of the Income-Tax Act, 1961 - Exemptions - Statutory Body/authority/board/commission - Notified Body or Authority - Tamil Nadu Water Supply and Drainage Board

Govt. notifies 'Indian National Group of International Association' for Sec. 10(23A) exemption

IT : Section 10(23A) of the Income-Tax Act, 1961 - Exemptions - Professional Associations - Notified Association

Weekly Coal Stocks At Key Indian Ports Rise 0.1% To 15.48 Mil Mt: Interocean

Coal stocks at 16 major Indian ports were at 15.48 million mt as of January 24, up by a marginal 0.1% from a week ago, according to data released by Indian shipbroker Interocean.

The stockpiles comprised 12.38 million mt of thermal coal, down 0.5% from 12.44 million mt the previous week, and 3.07 million mt of coking coal, up 3.3% on the week from 2.97 million mt, the data showed.

The stocks for anthracite were at 8,000 mt, down by 33.3% from 12,000 mt in the previous week, while petcoke stocks dropped to 17,200 mt, down 42.7% from 30,000 mt, the data showed.

Paradip port on India’s east coast had the highest coal stocks as of January 24 at 3.69 million mt, down by 1% from 3.73 million mt the previous week according to Interocean. It had the highest level of thermal coal stocks, at 2.26 million mt, down 4.7% from 2.39 million mt the previous week.

It also had the highest level of coking coal stocks at 1.41 million mt, up 5.9% over the week from 1.33 million mt.

The 16 ports surveyed by Interocean were Mangalore, Tuticorin, Kakinada, Paradip, Kandla, Gangavaram, Visakhapatnam, Krishnapatnam, Muldwarka, Bhavnagar, Pipavav, Goa, Dahej, Magdalla, Hazira and Haldia.

Source:- hellenicshippingnews.com

Labour Dispute At Us Ports Hits Apple Exports To Indian Markets

Despite the record apple crop in the US, importers in Chennai complain they are getting only half their shipments. A long drawn labour dispute at the West Coast ports in the US has been threatening shipment to the lucrative overseas market.

The 2014 Washington apple crop is estimated at 155 million boxes, 35 per cent higher than the 115 million boxes last year. However, inventory has been building up at ports in the US given the work slowdown, sources said.

Instead of shipping apples to profitable markets such as India and China, they are instead being sent to Mexico and Canada via trucks. The crisis in the midst of a banner apple production year has cut down shipments to almost half, with some estimates suggesting that growers are losing around $1 million a week.

Senior officials of Washington Apple Commission, a US-based agency that promotes apple exports from the orchards of Washington State, were in Chennai last week, on an annual visit. “We met several importers who said they were not getting what they would like to get in terms of sizes or boxes,” said Keith Sunderlal, CEO, SCS Group, the in-country representatives of the Washington Apple Commission (WAC).

“The port slowdown has delayed shipments. Earlier, fruits could be shipped in 30-35 days, now it takes 50 days,” he added.

In terms of sales volume, South India is one of the largest regions for Washington apples, Sunderlal said. He added: “Chennai is a big import point with its ports. Fruits are then distributed across South India to Hyderabad and Kochi. Bengaluru is also a growing market.” In the current season, India is among the fifth largest markets for Washington Apples, behind Canada, Mexico, China and Taiwan. The latter has shot ahead of India in importing more apples from the US.

“Some markets (countries) take fruit early and some late. Currently, we are only five months into the season. Sales in India have been growing at a steady clip of 20 per cent per year for the last several years. However, there are year-to-year anomalies, since the crop (amount) changes every year, and so does the sizing of the crop,”.

Source:- thehindubusinessline.com

Rupee Edges Higher Against Us Dollar At 61.41

The Indian rupee today ended marginally higher against the American currency at 61.41 amid volatile trading on the back of a higher dollar overseas.

Earlier, the rupee resumed lower at 61.50 per dollar as against last Friday's close of 61.42 at the Interbank Foreign Exchange market. It then declined to 61.51 per dollar on dollar demand from banks and importers.

However, the rupee recovered afterwards to 61.37 per dollar on selling of dollars by banks and exporters tracking heavy foreign capital inflows into equity market. It finally settled at 61.41 per dollar, showing a marginal gain of one paisa or 0.02 per cent.

It hovered in a range of 61.37 per dollar and 61.51 per dollar during the day.Heavy capital inflows and higher equities lifted the rupee sentiment, dealers said. The Indian benchmark Sensex rose by 292.20 points or one per cent to settle at 29,571.04.

The dollar index was down by 0.23 per cent against a basket of six major global rivals.

In New York, the US dollar was higher against its major rivals in the early trade, though the euro held onto modest gains, having bounced off an 11-year low as investors decided to take profits on extremely bearish positions.

Veracity Group, CEO, Pramit Brahmbhatt said: "Rupee traded in a thin range and ended flat just above previous close at 61.41. Rupee is expected to appreciate more in coming days tracking gains in local equities".

The trading range for the spot $/INR pair is expected to be within 61.00 to 61.80, he added.Meanwhile, premia showed showed steady to better trends in view of some paying pressure from corporates.

The benchmark six-month premium payable in June ended steady at 192-194 paise while forward contracts maturing in December firmed up to 398-400 paise from the last Friday's closing level of 395.5-397.5 paise.

The Reserve Bank of India fixed the reference rate for dollar at 61.4640 and for Euro at 69.0302.The rupee dropped against the pound to 92.58 per pound from 92.00 previously and also fell against the euro to 69.17 per euro from 68.94.

Source:- economictimes.indiatimes.com

Order passed by CIT under sec. 119 is an administrative order; not appealable before Tribunal

IT : Where Commissioner's order under section 119(2)(b) being administrative was held not appealable before Tribunal, Tribunal's order did not call for rectification by Tribunal

No penalty on addition under sec. 41(1) when assessee's plea against cessation of liability was plau

IT : Where assessee's plea regarding addition made by Assessing Officer on account of cessation of liability was plausible, penalty under section 271(1)(c) was not leviable

HC remands case to Tribunal as it had failed to examine issue of pre deposit and decided issue on me

Excise & Customs : Where appeal arises from pre-deposit order of Commissioner (Appeals) and consequent dismissal of appeal on default in compliance therewith, Tribunal cannot adjudicate upon merits and even if it finds pre-deposit order incorrect, matter should be remanded back to Commissioner (Appeals) after waiving pre-deposit

Exp. on horticulture facilitating operations of assessee by providing better environment was busines

IT : Annual charges paid for web hosting relating to earlier years which crystallised during relevant assessment year, would be allowed in relevant assessment year

I-T authorities can collect relevant info to check tax evasion; HC upholds constitutional validity o

IT: Even assuming that the right to privacy is itself a fundamental right, such fundamental right must be subject to restriction, on the basis of compelling 'public interest'. There is no prohibition on the State in gathering information for preventing tax evasion and curb black money. Unless necessary information is furnished, the data collection will become impossible and no proceedings can be pursued against wrongdoers to guard economy of the country. It is well settled that the 'taxation ent

No detention of goods if circular enchancing tax rate came into operation after actual sale of goods

CST & VAT : Kerala - If goods were sold at prevailing rate and thereafter Government circular enhancing such rate came into existence, no detention of goods could be made

No invocation of extended period when departmental authorities had interpreted law in favour of asse

Service Tax : When, one of senior officer of department is dropping demand by adopting a particular interpretation of provision of law, assessee cannot be held guilty of adopting same interpretation which is in his favour, even if Commissioner, on review, adopted a different view

Mere denial of set off of brought forward loss on technical ground doesn't lead to levy of concealme

IT: Where disallowance of carry forward of long-term capital losses was on technical ground and not on account of concealment of particulars of income, penalty under section 271(1)(c) would not be levied

Nature of activities of trust need not be examined at the time of its registration under sec. 80G

IT : At stage of registration of trust, nature of activities were not required to be examined; approval under section 80G(5) could not be disallowed only on basis that main activity of assessee trust was not charitable

No denial of sec. 12AA registration to trust merely due to non-commencement of charitable activities

IT : Application for registration under section 12A cannot be rejected on ground that assessee had not yet carried on any charitable activity