IT: Where petitioner had been called upon to pay interest under section 220(2), demand having been raised consequent to order passed by Settlement Commission, computation of period for purpose of levy of interest could not be adjudicated in a writ petition and, hence, petitioner was to be directed to file a revision before Commissioner under section 264
Wednesday 25 February 2015
Revised monetary limits for filing appeal would also apply to pending cases, rules Gujarat High Cour
Excise & Customs : New/revised monetary limits would apply to pending appeals also; hence, appeal filed prior to fixation of new/revised limits would not be maintainable after new/revised limits come into force
No extended period when assessee didn’t pay duty due to conflicting views expressed in CBEC’s circul
Excise & Customs : Where Tribunal found that department was aware of all facts and there were conflicting CBEC Circulars on issue of excisability of 'sugar syrup' during relevant period, there can be no case of suppression and therefore, extended period of limitation cannot be invoked.
Independent manufacture couldn’t be chosen as a comparable for job worker
IT/ILT : Where assessee was only a job worker comparables chosen by assessee of full fledged independent manufacturers could not be prima facie considered for purpose of comparability analysis
HC denied set off of input tax credit of earlier period against output tax liability of current peri
CST & VAT : Karnataka VAT - Where assessee purchased goods in month of June, 2006 after payment of input tax and claimed input tax credit in return filed for period of February, 2007, it was not entitled to benefit of input tax credit
No mandate to file audit report alongwith return to claim deduction under sec. 32AB
IT : Deduction under section 32AB claimed by assessee cannot be disallowed on ground that assessee had not filed audit report along with return
Assessee wasn’t entitled to refund of ST paid on services used for export as it failed to comply wit
Service Tax : Where exporter of goods claiming refund of service tax paid on services used for export had : (i) failed to obtain service tax code under notification no. 41/2007-S.T. and had not even complied with said requirement subsequently; and (ii) also filed refund claim belatedly, he was not entitled to said refund
OP abused its dominance by influencing State utilities to get project report done in lieu of financi
Competition Law : Where Opposite Party was dominant in relevant market for financing of rural electrification scheme, OP abused its dominant position by influencing State utilities to get detailed project reports (DRPs) done by its subsidiary in return of promise that finance would be arranged by OP
Co. engaged in BPO services couldn’t be a comparable for software development Co.
IT/ILT : A software development company cannot be compared with a company mainly engaged in BPO services
India's Iron Ore Exports Declined Sharply During Jan-Oct 2014
The Indian exports of iron ore saw huge decline during the initial ten-month period in 2014, indicates the latest statistics released by Indian Trade and Commerce Ministry. The iron ore exports from the country fell sharply by 26.2% during the period from January to October last year when compared with the previous year.
The iron ore exports from the country totaled 9.03 million tonnes during the initial ten-month period in 2014. The exports had totaled 12.23 million tonne during the corresponding ten-month period during 2013.
The statistics indicate that China continued to remain as the biggest importer of Indian iron ore. The iron ore exports to China totaled 6.47 million tonne during the ten-month period, falling 33.4% year-on-year. In second place was Japan with total iron ore shipments of 1.54 million tonnes during the period. The exports to Japan dropped by 18.4% when compared with the previous year.
The iron ore exports by the country during the month of Oct ’14 alone totaled 268,000 tonnes. The exports for the whole year are estimated to remain within 10 million tonnes in 2014.
The imposition of 30% duty on exports of iron ore lumps and fines has resulted in the sharp fall in exports. In addition, the prevailing mining bans by various states have also led to fall in exports during the period.
Source:- metal.com
Cbec Suffers Top Slots Vacant Ahead Of Budget
The Central Board of Excise and Customs (CBEC) is suffering from top slots vacant ahead of the overnment’s first full-year Budget for 2015-16 on February 28.
CBEC Chairman Kaushal Srivastava , who is retiring in June.The reason for no movement on the appointments is that a review of the selection process for the top slots as sought by finance minister Arun Jaitley is yet to be undertaken.
The CBEC comprises of seven members. In the absence of the appointments of full body, it is functioning with three members, including the chairman, Kaushal Srivastava. Others two members are Ms Joy Kumari Chander and Shashi Bhushan Singh.
All of them have been overburdened with additional charges. The shortage of four members badly affected the overall functioning of the CBEC.
It’s interesting to note that Chairman Srivastava, members Chander and Singh are retiring in June, May and February of this year respectively and the total 14 posts of Principal Chief Commissioner are lying vacant since October 15, the date of implementation of cadre restructuring.
The CBEC is the apex body of customs, central excise and service tax departments and oversees collection machinery of these departments, which are the largest revenue collector for India government.
The board provides critical inputs to the Budget process. The CBEC also faces revenue shortfall around Rs 70,000 crore till date.Not filling up vacant slots of top brass in the CBEC that will hit post budget revenue target and collection.
Source:- tkbsen.in
Rupee Trims Its Early Gains Vs Dollar, Still Up By 13 Paise
The rupee trimmed its early gains against the American currency and was quoted higher by 13 paise at 62.07 per dollar on selling of the US unit by banks and exporters on the back of lower dollar overseas.
Good foreign capital inflows into the equity market also impacted the rupee value against the dollar, a forex dealer said.
The rupee resumed higher at 62.06 per dollar as against the yesterday's closing level of 62.20 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to 62.01 per dollar on initial selling of dollars.
However, it trimmed its early gains and was quoted at 62.07 per dollar at 1100hrs.
The domestic currency moved in a range of 62.01-62.08 per dollar during the morning trade.
In the New York market, the dollar inched lower against the yen and euro after Federal Reserve Chairwoman Janet Yellen suggested the central bank's first rate hike since 2006 may not occur until the second half of the year.
Meanwhile, the Indian benchmark sensex was quoted higher by 180.57 points or 0.62% to 29,185.23 at 1100hrs.
Source:- business-standard.com
Deemed credit available on iron and steel materials even when SSI-exemption limit was exceeded
Excise & Customs : Units availing SSI-exemption under notification no. 1/93-CE are entitled to deemed credit in respect of iron and steel materials, even after crossing SSI-exemption limit
Unexplained cost of construction to be spread over total period of construction for making sec. 69 a
IT: Where construction was spread over a number of years, addition for unexplained cost of construction would be spread over to said years
No reassessment after 4 years if there was no failure of assessee to disclose material facts at asse
IT : In absence of failure on part of assessee to disclose truly and fully all material facts necessary for assessment, Assessing Officer could not initiate reassessment proceedings after expiry of four years from end of relevant assessment year
Removal of inputs/capital goods from DTA unit to EOU unit under CT-3 form weren’t liable to reversal
Excise & Customs : No reversal of credit is warranted on removal of inputs/capital goods from DTA unit to EOU unit under CT-3 after taking permission from department, in view of exemption under Notification No. 22/2003-C.E.
Income from letting out shopping complex alongwith host of facilities would be business receipts
IT : Where assessee company developed shopping malls and business centres on properties owned by it and let out same by providing host of facilities in said business centre, income derived therefrom was business income
Appellate authorities rightly deleted sec. 68 addition after relying on confirmation of advance by l
IT : Where appellate authorities after considering balance sheet of lender as well as confirmatory certificates in respect of advances given to assessee, deleted addition made by Assessing Officer under section 68, said order did not require any interference
Assembling of air purification system by simple tools would qualify as manufacture for sec. 80-IC re
IT : Assembling of altogether different constituent parts in air purification system by using simple tools and testing equipments would qualify as a manufacturing activity eligible to deduction under section 80-IC
Tribunal couldn't restore appeal when assessee didn't pray for extension of pre-deposit time before
Excise & Customs : Where High Court/Supreme Court has confirmed pre-deposit order of Tribunal and there was no prayer before High Court/Supreme Court seeking extension of time to make pre-deposit, Tribunal cannot restore appeal even after belated compliance with pre-deposit order
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