IT/ILT : Where TPO made addition to assessee's ALP in respect of purchase of raw material from AE located abroad by applying internal CUP method, matter was to be remanded back for disposal afresh with a direction that transaction of import from AEs was to be considered in entirety to calculate amount of adjustment instead of only those common products whereby import price from AEs was higher vis-a-vis purchase price from local third parties
Wednesday 8 April 2015
No disallowance of loss claimed in return field u/s 153A after the due date prescribed under sec. 13
IT : Raw materials purchased by assessee for first time production would be allowable as revenue expenditure
Amount paid for using know-how to produce hydro-power equipment is taxable as royalty: High Court
IT/ILT : Where assessee, an Austria based company, entered into agreement with Indian company for furnishing know-how and technical assistance for producing hydro power equipment, amount received for right to use technical know-how would be taxable in India as 'royalty' whereas amount received for rendering technical services would be taxable to extent it is attributable to activities actually performed in India
Right to appeal under FEMA against order of Tribunal is also available even against its interim orde
FEMA : Where proceedings by way of a show cause notice were initiated against petitioners during sun-set period, provisions of FERA can be invoked
Service provider would get refund of wrongly paid ST when service receiver certifies that he has not
Service Tax : Where invoice does not show service tax and service recipient certifies that he did not bear/pay service tax, test of unjust enrichment is passed by service provider and he is entitled to refund of service tax wrongly paid
RBI eases lending norms for 'NBFC-Micro Finance Institutions'
NBFCs : Modification in Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) Directions
8L Cotton Bales Exported From India In February
During February, fibre (cotton, ASF, PSF, VSF and wool) exports stood at 156 million kg, worth US$194 million or INR1,190 crore. Cotton accounted more than 85 per cent of all types of fibre exported during the month at 135 million kg or 800,000 bales worth US$164 million. About 21 million kg of MMF were also exported worth US$30 million.
Bangladesh, China and Vietnam continued as the largest importers of fibre (cotton plus MMF) and together accounted for 76 per cent of all cotton export in February. USA was the largest importer of PSF during the month while China was the major importer of VSF, in similar comparison. Iran was the dominant buyer of ASF. The next major was Vietnam.
Price wise, unit value realisation on ASF export was close to US$2.50 per kg while cotton fetched over US$1.20 a kg. PSF export value averaged US$1.12 a kg while VSF was shipped at US$1.57 per kg.
Source:ccfgroup.com
Philips To Increase Export Of Medical Equipment From India
Medical equipment major Philips India Ltd is targeting the domestic and the overseas markets for its new digital X-ray machine, said a senior official here on Wednesday.
Speaking to reporters after launching the company's latest digital mobile X-ray unit, Rekha Ranganathan, vice president and general manager, mobile surgery, IXR, said: "The new product will not only be marketed in India but also shipped out.
"The product has necessary quality certification like the internationally accepted C-marking and other certifications," added Radhakrishnan Kodakkal, senior director, research and development, Philips Healthcare.
According to Ranganathan, who also heads the Healthcare Innovation Centre (HIC) here, the new machine called MobileDiagnost Opta was designed, developed and made at the company's Healthcare Innovation Centre (HIC) here.
She said the centre can make around 100 units a month but declined to reveal the equipment's price, saying that it would be competitive.
Ranganathan said the digital image generated by the X-ray unit, its compactness, ease of mobility in restricted places like intensive care units and operation theatres were some of the innovate features.
There was no need for the conventional X-ray film. She said the company was gradually increasing the local content in the machines made at HIC by developing suppliers. However critical components for X-ray machines were imported as there were no domestic suppliers, Kodakkal said.
Declining to reveal any figures - investment in the HIC and its annual capacity - Ranganathan said the centre would play a critical role in supporting Philips' local and global strategy in the image guided therapy.
She said the global leadership team for mobile surgery being based in Pune, HIC will take the lead in delivering innovations for both the Indian and global markets.
According to Ranganathan, the HIC has more than 400 employees and has shipped products to more than 90 countries. She said the centre had launched five products and filed four patents. Ranganathan said Philips India gets more than 50 percent of its revenue from the healthcare vertical. The balance comes from consumer lifestyle and lighting products.
Speaking about Philips India's market position in the medical equipment market, Sameer Garde, president South Asia, Philips Healthcare, said the company gained market share in 2014 when the overall market remained flat.
According to him, India was one of the top markets for the group in the case of healthcare equipments. Garde said the company leads the market in the MRI (magnetic resonance imaging), critical care, catheterization lab and homecare equipment. The company sees good growth in tier II and III cities.
Source:newkerala.com
Flooring/tile terracing inclusive of construction is eligible for abatement in respect of constructi
Service Tax : Where assessee was providing construction services (inclusive of completion and finishing) and scope thereof was 'plinth levelling, slab casting, plaster work (inner & outer), flooring and tiles terracing', said services were eligible for abatement in respect of construction services
Directors not liable for tax dues of Co. if AO failed to show that dues were not recoverable from Co
IT : Unless it was shown that it was not possible to recover tax due from said company, no liability could be fixed on assessee-director of said company to pay due tax
India Could Consider White Sugar Export Incentive - Minister
India could consider giving cash-strapped sugar companies an incentive to export white, or refined, sugar as long as mills agree to pay dues they owe to millions of cane growers, Food Minister Ram Vilas Paswan said on Wednesday.
"The government is willing to consider the demand of the industry so that mills' financials do not worsen, but we need an assurance that cane arrears to farmers are cleared as early as possible," Paswan told Reuters.
Five straight years of surplus output has hammered local sugar prices, hitting mills' financial health to an extent that they now owe more than $3 billion to cane growers. Mills also complain that higher government-set cane prices have destroyed their profit margins.
"We have to strike a balance to protect farmers' interests and ensure that cane crushing remains viable for mills. I'll separately talk to farmers and mills to ensure that," Paswan said.
Sugar companies owe 192 billion rupees ($3.1 billion) to cane growers, with the top two producing states of Maharashtra and Uttar Pradesh accounting for more than three-fifths of the total arrears.
Source:maktoob.news.yahoo.com
Fy15 Soybean Meal Exports At 6.46 Lakh Tonnes, Down 77.25 Per Cent
India exported 6.46 lakh tonnes of soybean meal in FY15, registering a decline of 77.25% over the previous financial year (2013-14), when soybean meal exports were 28.41 lakh tonnes. The figures were released by Soybean Processors Association of India (SOPA) on Wednesday.
Exports of soybean meal during March 2015 were 46,670 tonnes compared to 2,32,176 tonnes in March 2014, showing a decline of 80%.
"With the increase in export incentives in the new foreign trade policy under Merchandise Exports from India Scheme (MEIS), we are hopeful that we will be able to regain some of the lost markets and our exports of soybean meal in 2015-16 will increase substantially," said Davish Jain, chairman, SOPA.
During the first half of the current Oil year, that is, October 2014 to March 2015, total exports are 5,49,627 tonnes as against 19,64,581 tonnes last year, showing a decrease of 72%.
Source:economictimes.indiatimes.com
Application of income by trust for charitable purposes outside India doesn't lead to denial of Sec.
IT : Registration u/s 12AA cannot be refused to a trust which applies its income for charitable purposes outside India
IRDA prescribes guidelines for establishment of 'IFSC Insurance Office' in SEZs
INSURANCE/INDIAN ACTS & RULES : IRDAI (International Financial Service Centre) Guidelines, 2015
Units should be custom bonded is a pre-requisite to claim exemption for custom duty and not for sec.
IT : Customs bonding is not a requirement or a condition precedent for granting exemption under section 10A
Mere establishment of subsidiary in other country won't be deemed as PE of foreign Co.
IT/ILT : Whether establishing a subsidiary in other treaty country would not result in creating and establishing a PE of foreign holding company in said treaty country
Mere non-verifiability of creditors doesn't indicate that they are bogus if purchases are genuine
IT: Where Assessing Officer had drawn an adverse conclusion only on account of non-verifiability of sundry creditors but there being no dispute as regards purchases, and trading results having been accepted, addition made under section 68 was not sustainable
Time limit for refund of duty paid on finalization of provisional assessment starts from date of app
Excise & Customs : Where, on finalization of provisional assessment, assessee paid differential duty and said duty becomes refundable due to appellate order in favour of assessee, time-limit for filing refund claim would start from date of appellate order
Failure to consider satisfaction recorded under sec. 158BD is a mistake apparent from record
IT : There was an error apparent on record in Tribunal's order where Tribunal had not considered evidence of satisfaction recorded under section 158BD
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