IT : Where pursuant to search carried out in hospital wherein assessee was rendering services as doctor, block assessment proceedings were initiated and addition was made to assessee's income without giving him an opportunity of hearing, addition deserved to be set aside
Wednesday 15 July 2015
SEBI notifies norms of Issue and Listing of Debt Securities by Municipalities
SEBI/INDIAN ACTS & RULES : Sebi (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015
Assessee can't challenge summon for personal hearing unless it is issued with malice
Service Tax/Excise/Customs : Merely because letters sent by authorities have been replied and documents have been supplied, assessee cannot claim that he cannot be summoned for examination/giving evidence; hence, summons so issued in exercise of statutory power cannot be set aside in writ, except when their issuance is malicious
'Jaypee Greens' abused its dominance by imposing unfair terms on buyers of residential flats
Competition Act : Where OP i.e., Jaypee Greens, was dominant in relevant market for services of development and sale of residential units in Noida and Greater Noida, OP had abused its dominant position by imposing unfair terms and conditions in provisional letter of allotment on informant and other buyers of Villa in Jaypee Greens
'Jaypee Greems' abused its dominance by imposing unfair terms on buyers of residential flats
Competition Act : Where OP i.e., Jaypee Greens, was dominant in relevant market for services of development and sale of residential units in Noida and Greater Noida, OP had abused its dominant position by imposing unfair terms and conditions in provisional letter of allotment on informant and other buyers of Villa in Jaypee Greens
Sec. 40(a)(ia) applies not only to assessees following mercantile system but also to assessees follo
IT : Requirement to deduct tax at source under section 194C is mandatory and, in case of assessee's failure to do so in respect of contractual payments, disallowance has to be made under section 40(a)(ia) irrespective of fact as to whether assessee is following cash or mercantile system of accounting
Failure to grant benefit of reduce penalty in adjudication amounts to 'mistake apparent from record'
Excise & Customs : Where benefit of 25 per cent reduced penalty was not extended in adjudication order, same can be extended by Tribunal and, therefore, failure to grant same would constitute mistake apparent from record, which can be rectified
Bank can't claim deduction of unrealized lease rent on NPA as sec. 43D deals with taxability of bad-
IT: Unrealised lease rent on non-performing assets was not covered in rule 6EA and, therefore, deduction on same was not allowable under section 43D
Royalty wasn't taxable at concessional rate under sec. 115A if it wasn't received in pursuance of an
IT/ILT: Where there was no agreement in terms of which assessee foreign company was paid royalty, beneficial rate of tax would not apply
SetCom has jurisdiction to settle issue of import through 'baggage'
Excise & Customs : In case of import of goods through baggage, though no bill of entry is filed, filing of disembarkation card/baggage declaration is sufficient to give jurisdiction to Settlement Commission to settle matter arising therefrom
Big Gains Likely For Indian Firms As Iran Pumps More Oil; Crude Prices May Drop
Iran on Tuesday reached an agreement on its nuclear programme with six world powers led by the US, a development that could end a nearly four-decade-old standoff with the West. The agreement limits Iran's nuclear capabilities for a decade and puts in place a tighter inspection regime in return for lifting financial and military sanctions.
Indian oil firms, especially upstream players such as ONGC and Oil India, could be in for big gains as Iran is likely to pump more crude oil into an already surplus market, pushing prices even lower.
Intraday benchmark Brent prices fell $1.07 to $56.78 a barrel. Experts said crude may fall $3-4 more as supply increases even as demand growth remains muted.
Oil and gas shares in India reacted positively, with refiners leading the pack. The S&P BSE Oil and Gas Index ended up 0.6 per cent at 9963.05 while the benchmark Sensex closed down 0.1 per cent. Indian Oil Corp and Hindustan PetroleumBSE 0.19 % Corp gained over 3 per cent while Bharat Petroleum shares ended up 2 per cent.
"Iranian production is expected to increase by close to 0.5 million barrels per day in six months which will result in a crude price impact of close to $3 per barrel. This, in turn, will lead to underrecovery declining by Rs 3,600 crore and upstream company realisations will improve by Rs 1,200 crore. There will be no material impact on oil marketing companies," said Rahul Prithiani, director, CRISIL Research.
India, which used to source over 10 per cent of its crude requirements from Iran with Essar Oil and Mangalore Refinery being the biggest importers, has been reducing shipments from that country in response to sanctions by the West.
India's oil imports from Iran declined in January-June this year by 23 per cent as companies curbed inbound shipments. Indian oil refiners have stepped up purchases from other geographies such as Mexico, Iraq and Venezuela while building inventories as crude prices remain weak due to lower demand. Industry watchers said refiners are now likely to renew shipments from Iran.
An oil ministry official said: "We will have to see the details of the deal before taking a view. There is no dearth of crude oil in the world. Iran was attractive mainly because of its sops. The sops will now very likely disappear. So we will have to weigh if it makes economic sense to import from Iran." The lifting of the ban now puts pressure on Indian refiners to resume payments to Iran for their past buys. They owe about $6.5 billion to Iran for oil imports, which is about 55 per cent of the bill for crude sourced since February 2013, when payments through Turkey's Halkbank were stopped due to sanctions by the West.
Source:economictimes.indiatimes.com
Iran To Figure Among India's Top 10 Export Destinations
India's exports to Iran are expected to soar this fiscal following the easing of sanctions against Tehran, and the historic nuclear deal is set to catapult Iran to the top 10 spots from its current 24th position, according to a leading trade body.
Increased global trade will help push Iran to one of the front ranking export destinations from its present slot, noted engineering exporters’ apex organisation EEPC India.
"With shipments worth $130 million in the April-May period of the current fiscal, Iran is at present at the last but one position among India’s top 25 export destinations. If this deal is implemented without hardliners blocking it, the key Middle East country can occupy one of the top 10 positions in the table of destinations," Chairman of EEPC India Anupam Shah noted in a statement.
He pointed out that the Iran nuclear deal would also help improve India’s trade with the Middle East, which accounts for just about seven per cent of the country’s total export shipments.
He added that once the nation begins rebuilding itself, it would be bound to import larger quantity of critical engineering products like industrial machinery, automobiles, auto components, electrical and iron and steel. All of this, Shah said, would be a huge opportunity for Indian exporters.
Source:thehindubusinessline.com
India's June Palm Oil Imports Jump 23 Per Cent: Trade Body
India's palm oil imports in June jumped 23 per cent from a year earlier to 734,358 tonnes, lifting total vegetable oil imports in the month by 15 per cent, a Mumbai-based trade body said on Wednesday.
The country's vegetable oil imports in June stood at 1.02 million tonnes, up from 883,679 tonnes a year earlier, the Solvent Extractors' Association of India (SEA) said in a statement.
Source:economictimes.indiatimes.com
Govt To Import 5,000 Tonnes Of Arhar To Curb Price Rise
Government is set to procure 5,000 metric tonnes of arhar from Malawi in its effort to moderate the prices in the market. Price of arhar has increased by nearly Rs 30 per kg across Delhi, Mumbai and Kolkata in comparison to the prices of last year.
The biggest shocker has been the increase in prices of urad. Comparative analysis of the prices of black dal shows how per kg price increase has been over Rs 30 on Monday against the prevailing prices on July 13 a year back.
"We will soon approve the prices at which arhar will be imported. Prices prevailing in Myanmar is higher in comparison to Malawi. Once the government import happens it will have some impact on the market. We will provide this quantity to states and it will be up to them to make it available at affordable prices of people," a government official privy to the developments said.
The government expects to utilize about Rs 35 crore for import of arhar and another 5,000 tonnes of urad dal. This amount will be spent from the Rs 500-crore corpus dedicated for the purpose of stabilizing prices of essential commodities including pulses, onion and potato.
So far only private players had been importing pulses from producer countries. But this year the government took a decision to buy a considerable quantity of the key kitchen item as a market intervention measure.Sources said the tenders for urad will be out soon so that the fresh supply can be made available to states.
Meanwhile, prices of all other pulses including chana, moong and masoor have also increased significantly over the past year. Pulses production is estimated to fall to 18.43 million tonnes in the 2014-15 crop year (June-July) from 19.78 million tonnes in the previous year. This has been the main concern for government.
India produces 18-20 million tonnes of pulses annually and imports 3-4 million tonnes to meet the domestic demand.
TOI has learnt that government believes that potato prices will be stable, while onion prices can be cause for worry this year. "We have sanctioned Rs 10 crore for procurement and import of the two items. If there is a need, necessary steps would be taken," said a government official.
Source:timesofindia.indiatimes.com
No addition of bogus purchases on basis of statement of third parties in survey in absence of direct
IT: In absence of any direct evidence showing non - genuineness of purchases, addition made on account of bogus purchases by merely relying on statements of third parties recorded under survey proceedings, was not sustainable
Pluton Lifesciences Of Cambodia Wants To Expand Pharma Imports From India
Cambodia based Indian marketing company, Pluton Lifesciences Ltd is planning to step up import of medicines and other pharmaceutical products from India. This year the company plans to increase the target to 2 million US dollar.
For this, Pluton has signed agreements with several pharma exporters from south India, said its managing director, Dr Ashutosh Garg.
Dr Garg was in Chennai last week to attend the pharma trade expo and buyer-seller meet organised by TN IDAM and Pharmexcil.
In an interview with Pharmabiz, he said his company also plans to import traditional medicines from India to introduce them to the ASEAN countries. Pluton has business ties with pharma marketers of all the countries in the south east Asian region.
“There are very few local manufacturing companies in Cambodia and the nearby ASEAN countries. These are potential export markets for Indian pharma manufacturers. In Cambodia alone, there are about 200 marketers and distributors. Indian marketing companies like Pluton have good footprints in Cambodia, Vietnam, Laos, Myanmar, Singapore, Brunei and other south east Asian countries. Currently, these companies import pharmaceuticals mostly from US, Europe and Korea. But all of them want to have tie up with Indian companies,” said Dr Garg.
He said even though Cambodia depends on other countries for drugs, the enforcement system in the country is strong. Inspections in all retail pharmacies are conducted every week and the regulatory body takes stringent action against those dealing in spurious or substandard drugs. Cambodia is following ASEAN guidelines for regulating drugs supply. He said Cambodian government is not promoting pharma industry there. They only prefer imported drugs.
All the retail pharmacies have qualified pharmacists and the medicines are sold as per prescription by physicians. There are about 1500 retail pharmacies in the country. Pharmacy colleges conduct diploma in pharmacy course.
To a query he said people of Cambodia like herbal drugs. So he wants to import Ayurveda medicines from Kerala and Siddha drugs from Tamil Nadu. The company intends to establish an ayurvedic spa in Cambodia.
Source:pharmabiz.com
Rig is entitled to depreciation at 40% and not at 25% if it is integral part of motor lorry
IT: Where rig was inseparable/integral part of motor lorry which was used for rectifying, defect, etc. in different wells, assessee's claim of higher depreciation was to be allowed on motor lorry under section 32
Rupee Opens Higher At 63.36 Per Dollar
The Indian rupee opened marginally higher at 63.36 per dollar on Wednesday against 63.39 Tuesday.
Pramit Brahmbhatt of Veracity said, "Reduction in FIIs inflows coupled with profit booking in local equities may put pressure on the rupee to depreciate. However, the gains in Asian equities may support the rupee."
"The range for the USD-INR pair is seen between 63-63.80/dollar," he added.
Source:moneycontrol.com
There is no general rule that Tribunal's order must be implemented; parties must be given an opportu
Excise & Customs : Tribunal should not defeat/frustrate Revenue's right of appeal/stay by passing orders directing Revenue to 'implement its order or face contempt proceedings'
No revocation of trust's registration if it had brought plenty of evidences to prove genuineness of
IT : Registration granted to assessee-society under section 12AA, could not be cancelled on mere ground that assessee made bogus purchases software, in view of fact that assessee had brought plenty of evidence regarding truthfulness of transaction
Artwork exp. incurred by 'Parle' for ads was revenue in nature as such artwork was having short shel
IT : Where artwork was mainly for advertisement and used for short duration and assessee was not getting any enduring benefit, artwork charges were to be allowed as revenue expenditure under section 37(1)
Service provider can't ask revenue to recover taxes from service-recipient even if recipient agreed
Service Tax : Undoubtedly, service tax burden can be transferred by contractual arrangement to other party; but, on that account, assessee cannot ask revenue (except under reverse charge) : (a) to recover tax dues from a third party, or, (b) to wait for discharge of liability by assessee till it has recovered amount from its customers
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