Thursday, 23 July 2015

Govt. appoints Session Court, Chennai for speedy trial of offences under SEBI Act and depositories A

SEBI : Section 26A of the Securities & Exchange Board of India Act, 1992, Read with Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996 - Special Courts - Establishment of - Notified Special Court

If assessee doesn't raise a plea for waiver of penalty then penalties shall be imposed mandatorily

Service Tax : If there is no plea seeking waiver of penalty under section 80, penalties as mandated in sections 76 to 78 are imposable mandatorily

Sugar Exports From India Surge As Mills Rush To Pay Growers

Sugar exports from India will climb more than forecast previously as mills accelerate sales to clear $2.8 billion debt to cane growers.

Shipments will surpass 1 million metric tons in the 12 months through September, said Yatin Wadhwana, managing director of Sucden India Pvt. Mills may export about 400,000 tons of mainly white sugar between now and September, he said. Wadhwana’s forecast for full-year sales compares with 800,000 tons predicted by the Indian Sugar Mills Association last month.

Inventories in India are poised to jump to a seven-year high after production outpaced demand for a fifth year and a slump in global prices slowed exports. With another bumper crop in the making and government threatening action against producers for not paying farmers, mills are selling below production cost to clear dues to growers. That may weigh on futures in New York which slumped to a six-year low this week.

“Mills are forced to sell at a loss because of government’s pressure to pay farmers on time,” Sanjeev Babar, managing director of Maharashtra State Cooperative Sugar Factories Federation, said by phone from Mumbai on July 20. “We don’t have enough money to run the mills.”

Factories owed farmers about 181 billion rupees ($2.8 billion) as of June 15, according to the mills association. Under the law, factories are required to pay farmers within 14 days of supplying cane, Babar said. Failure to pay up on time would entitle growers to 12 percent interest on dues and the government can seize sugar stockpiles and auction them to pay the farmers, he said.

Prices on the ICE Futures U.S. fell to as low as 11.35 cents a pound on Monday, the lowest level since January 2009. The contract for October delivery rose 1.1 percent to 11.55 cents a pound in New York on Wednesday while prices in Mumbai were 0.9 percent lower at 2,165 rupees per 100 kilograms (220 pounds).

Mills in Maharashtra state, the nation’s biggest producer, sold about 300,000 tons of white sugar in the past two weeks to mobilize money to pay farmers, Babar said. Mills there owed farmers 33 billion rupees as of June 15, he said.

“Mills were helpless due to the sword hanging on them in the form of cane payments,” said Kamal Jain, managing director of brokerage Kamal Jain Trading Services Pvt.

Factories sold sugar at prices between 19 rupees a kilogram to 19.50 rupees a kilogram, the lowest since May 2007, when the rate was 10.68 rupees a kilogram, Babar said. The production cost is as high as 34 rupees a kilogram, he said.

The slump in prices forced the government to subsidize exports and waive interest on bank loans to processors. Stockpiles of 10.2 million tons at the start of new crop season from Oct. 1, the highest since 2008-09, will add to supplies of about 27.25 million tons in 2015-2016 estimated in a Bloomberg survey last month.

Source:hellenicshippingnews.com

 



Welcome Boost For India's Knitted Fabric Exporters

Knit production in India has been boosted by the inclusion of a range of different knitted fabrics in an export incentive scheme.

The introduction of a new list on the Merchandise Exports from India Scheme (MEIS), which rewards producers with a financial incentive equivalent to two per cent of the total amount of exports, could see cotton fabric exports rise by around 10 per cent rise year because of inclusion of the fabric when sold to Bangladesh and Sri Lanka.

Source:knittingtradejournal.com



Co's plea to classify it as a secured creditor was rejected as its charge on assets of liquidating-c

CL : Applicant having failed to prove that its charge on assets of company-in-liquidation was duly registered, its claim to classify it as secured creditor while distributing assets of company-in-liquidation was rejected

Copper Producers Face Risk Of Losing China Market

Domestic copper producers, who have had to exit lucrative export markets in South East Asia and the West Asia in recent years due to lack of competitiveness, are now at risk of losing out in China too, which is the largest market for copper products from India.

Copper producers in private say that the removal of 2% duty incentive on the sales of refined copper exports starting April 1 will make copper exports uncompetitive as margins will shrink by 2 percentage points from 5.5% to 3.5%. Industry estimates suggest that earnings per tonne will also shrink as a result of the withdrawal of incentives to $565/tonne from $686.3/tonne.

The Foreign Trade Policy 2015-2020 earlier this year withdrew the 2% duty incentives available to producers of copper rods and cathodes. Apart from the withdrawal of duty incentive, the high cost of production, huge working capital requirements and rising competitive scenario are putting Indian copper exports at risk.

With copper prices sinking owing to concerns arising out of Greece and China, the problems faced by producers are set to get worse. The three major producers of refined copper products in the country are Hindalco, Vedanta and Hindustan Copper.  The price of imported ore accounts for around 85% of cost of production of copper products, therefore leaving low margins for companies to operate under. The industry will lose close to R250 crore with the withdrawal of the incentives.

“It was a significant incentive that is gone away and the profit margins are very thin,” said a senior official of a copper company.

To make matters worse imports into India from free trade agreement (FTA) signatory countries like Japan are continuing to surge with a near 100% rise in imports from 86,000 tonne in 2012-13 to 166,000 tonne in 2014-15, eating into the market share of domestic players. Copper producers argue that the withdrawal of export incentives will not aid in pushing up exports.

The Indian Primary Copper Producers Association and Assocham have made various representations to the ministry of commerce for the reinstatement of the exports incentive under merchandise exports from India scheme (MEIS), with little luck so far. “In the absence of an export incentive, they (domestic companies) will be forced to withdraw from some markets. Coupled with increased imports and shrinking domestic markets, they will be forced to cut back on production,” said an Assocham letter to the commerce ministry dated May 13.

The Assocham letter adds that over the last three years Indian copper rod producers have lost markets in South East Asia  and West Asia owing to weak infrastructure facilities and high freight charges in India.

The Indian refined copper exports to China for the financial year 2013-14 was Rs 11,200 crore, which rose marginally to Rs 11,338 crore in 2014-15. “The sudden withdrawal of incentive will hugely impact Indian refined copper export to China which does not augur well for India-China trade,” said one company official.

Source:financialexpress.com



India Emerges As Sri Lanka's Top Import Source Nation; Auto Inc Witnesses 87 Pc Increase

India has emerged as Sri Lanka's top import source during the first five months of this year, the Central Bank said here on Thursday.

India was followed by China, Japan, UAE and Singapore. These nations accounted for 60 per cent of the total imports of Sri Lanka which amounts to $1,585 million. The country wise breakdown of foreign trade was not given.

"Total import expenditure in May 2015 increased for the second consecutive month recording a significant increase of 17.2 per cent, year-on-year, to $1,585 million led by vehicle imports, which include personal motor vehicles categorised under consumer goods and commercial vehicles categorised under investment goods," the bank said.

The import of motor vehicles has increased over 87 per cent year on year, while the import of transport equipment has increased by over 177 per cent year on year, mainly due to the increase in autorickshaws, it said.

Indian companies like Maruti and Bajaj dominate Sri Lanka's passenger car and autorickshaw markets.

Meanwhile, earnings from exports further moderated in May 2015 to US dollars 883 million, recording a marginal decline of 0.1 per cent, year-on-year, the bank said.

Source:auto.economictimes.indiatimes.com



India's Coal Imports Could Slide 3 Per Cent In 2015/16: Piyush Goyal

India could import 3 per cent less coal in the year to next April despite a jump in demand, the coal minister said on Thursday, as local output rises at a record pace in Prime Minister Narendra Modi's push for power to all.

The world's third-largest coal importer wants to end its dependence on foreign supplies this decade, mainly for the variety used in power generation, and has set ambitious targets for state-run Coal India. It is also working on opening the nationalised sector to private companies.

If India manages to become self-sufficient in thermal coal, it would be a double blow for exporters Indonesia and Australia, already grappling with depressed demand from top buyer China.

India, however, is expected to keep consuming increasing amounts of coal as Modi tries to step up economic growth and provide continuous power, even to the third of India's 1.25 billion people who still use oil lamps or other traditional means to light their homes.

Coal requirements will jump 10 percent to 910 million tonnes this fiscal year, Piyush Goyal told lawmakers in a written reply. Domestic supplies are estimated to be 700 million, 15 percent more than last year, and imports could drop to 210 million tonnes.

Coal India's April-June output rose 12 percent to 121.3 million tonnes as it opened new mines and received environmental approvals to expand existing ones. The government wants to double the company's output to 1 billion tonnes by 2019/20.

Source:economictimes.indiatimes.com



India Rules Out Further Rise In Gold Import Duty

The Indian government announced that it has no immediate plan to hike gold import duties. Any rise in import duty could lead way for increased gold smuggling, it noted. Further it noted that increase in gold import duty may badly impact the industry.

According to government officials, the drastic fall in gold prices is likely to trigger fresh bout of purchases, ahead of the upcoming wedding season demand. Household purchases are likely to remain robust, mainly on account of normal monsoon season in the country. Meantime, gold imports may remain flat in the coming months as banks and importing agencies are reportedly holding adequate gold stocks.

Trade sources indicate that the plunge in gold prices has not resulted in rise in gold demand in the country. Analysts warn further downside risks to gold in case of US Fed rate hike later in the year. This has taken a lot of investor money from the safe-haven asset into stock market and other performing financial instruments that have yielded decent return to investors over the past several months.

The overall gold demand has seen sharp decline in the country during the first quarter of the current fiscal year. Retail sales are down. Many jewellery stores in the country indicate that footfalls have not improved considerably despite gold touching the lowest level in five years.

Meantime, gold imports by the country during June totaled $1.96 billion, significantly lower when compared with the previous months this fiscal. The country’s gold imports during April and May this year had totaled $3.13 billion and $2.42 billion respectively. Also, gold imports during June ’15 were significantly lower when compared with $3.12 billion in June 2014.

Source:metal.com



Wholesale Onion Price Soars 70% In A Month

Wholesale onion price at Lasalgoan in Maharashtra, Asia's biggest market for this kitchen staple, has shot up by 70 per cent in just about a month, hitting its highest level for the month of July in the past two decades.

Prices in July usually tend to be higher because the supply goes down and the onset of monsoon season also affects the onion quality.

The onion was being sold at Rs 25.50 per kg in Lasalgoan market today, while the retail prices are in the range of Rs 35-40 per kg here in the national capital. Lasalgoan accounts for a bulk of the supply in various parts of the country, including Delhi region.

The prices have shot up by 70 per cent since June 27 when the government increased the minimum export price (MEP) for the commodity. Spiralling prices could further fuel the food inflation in the coming weeks.

As per the data maintained by the Nasik-based National Horticultural Research and Development Foundation (NHRDF), the average price at Lasalgaon stood at Rs 15 per kg last month. A sharp increase is being seen in the retail markets in most parts of the country.

The prices in both wholesale and retail markets have been rising in recent weeks due to sluggish supply of good quality onion in the wake of the crop getting damaged in storage across major growing states, including Maharashtra.

Apprehending further increase in onion prices, the government has already increased MEP of the commodity to USD 425 per tonne and and extended by another year the ban on hoarding of the key kitchen staple beyond a prescribed limit.

The Centre is also planning to import onion, though in limited quantity, to boost the domestic availability.

Much of the Rabi (winter) onion crop is stored to meet the demand in lean period. But this year, most of the onion kept in storage is of poor quality as the Rabi crop got damaged due to unseasonal rains in early March.

According to agri-experts, high storage losses have reduced availability of onion in the market and put pressure on prices and this situation will continue till the arrival of new kharif crop from mid-September.

To check prices, the government had imported a small quantity of onion last year too. It had also eased fumigation norms for smooth shipment of onions.

The country's onion production is estimated to have declined to 189.23 lakh tonnes in the 2014-15 crop year (July-June), as against 194 lakh tonnes in the previous year, as per government data.

The country's onion exports declined to 10.86 lakh tonnes in the 2014-15 fiscal due to high MEP (minimum export price), as against 13.58 lakh tonnes in the previous year.

Source:economictimes.indiatimes.com



Rupee Depreciates 17 Paise To Settle At 63.76 Against Dollar

Rupee depreciated 17 paise to settle at 63.76 against dollar on Thursday.The local unit had weakened 3 paise to settle at 63.58 against the greenback in the preceding session.

Data released overnight showed a better-than-expected recovery in the US home resales.

The home resales rose in June to their highest level in over eight years, signaling a recovery in the US housing market. The numbers have raised hopes that the US Federal Reserve is on track to raise interest rates later this year.

Dollar index, which tracks the movement of dollar against a trade-weighted basket of six major world currencies stood at to 96.98.

On Thursday, currency markets will be keenly awaiting more cues on the US economy. Data on initial jobless claims and leading indicators will be released later in the day. Friday will see realease of PMI readings in the euro zone and the US.

Source:economictimes.indiatimes.com

 



Hazardous waste material sold after being destroyed as per environment laws isn't a marketable commo

Excise & Customs : Hazardous waste material sold, after being destroyed as per environmental laws, cannot be regarded as marketable commodity known to commerce and worthwhile to trade in; hence, same cannot be charged to excise duty

Govt. revises protocol for India-specific and regional studies conducted by Multilateral Development

COMPANIES ACT, 2013 : Guidelines for Processing Cases of India-Specific and Regional Studies Conducted by Multilaterial Development Banks

TP adjustment set aside as TPO didn't consider variation in closing stock while computing cost under

IT/ILT : RPM cannot be applied in case of exporter

Commission paid by financial institution towards its obligation to provide guarantee to lenders was

IT : Where assessee was a State Financial Corporation and paid guarantee commission to State Government towards its obligation for providing guarantees to lenders under section 7 of State Financial Corporations Act, 1951, as commission was paid for business purpose, same would be an allowable expenditure

Govt. to set-up a Central KYC Records Registry under Money Laundering norms

MONEY LAUNDERING/INDIAN ACTS & RULES : Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2015 – Amendment in Rules 2, 9 & 10 and Insertion of Rule 9A

Deliberate suppression by assessee would always invite penalty

Service Tax : When finding of adjudicating authority of deliberate suppression by assessee remains unchallenged, imposition of penalty becomes mandatory and authorities cannot depart from imposing such penalty

Profit on sale of land was cap gain as earlier AO had accepted such view and there was no change in

IT : Where assessee declared profit arising from sale of land as long-term capital gain, in view of fact that assessee showed plot of land as investment in relevant year as was done in earlier years, impugned order treating amount in question as 'business income' was to be set aside

Highlights of Report of 'Rajya Sabha Panel' on GST Bill

Highlights of Report of 'Rajya Sabha Panel' on GST Bill

Provisional assessment is allowable if value of goods is dependent upon discount quantifiable after

Excise & Customs : If discounts are allowed based on achievement of sales target, value cannot be determined at time of removal, as discounts can be quantified only later on; therefore, assessee must be allowed provisional assessment facility

House taken on lease for 999 years was eligible for sec. 54F deduction

IT : Where assessee having sold long term capital asset, purchased a flat on lease hold basis for a period of 999 years, she was to be regarded as absolute owner of said property and, thus, her claim for deduction under section 54F was to be allowed

No reassessment to challenge nature of exp. if all details regarding exp. were disclosed at assessme

IT : Where Assessing Officer completed assessment accepting assessee's claim for payment of management fees as revenue expenditure and assessee had disclosed all material facts, assessment could not be reopened on ground that amount so paid was capital expenditure

Value of set-top boxes provided for DTH services would be chargeable to VAT

CST & VAT : Tripura VAT - Where assessee entered into a contract with its customer to provide direct-to-home service to him, whereby customer by using set top box provided by assessee was able to decode signals and watch programme on his television set, transaction entered into by assessee amounted to transfer of right to use goods, i.e., set top box

Info under RTI Act revealing failure of AO in recording satisfaction note leads to quashing of searc

IT : Where Assessing Officer of searched person had not recorded requisite satisfaction in respect of assessee, impugned assessment proceedings under section 153C against assessee were to be quashed

In an oppression plea, not only co. whose affairs are gone into but anyone can be impleaded as respo

CL : In a petition under sections 397-398 not only company whose affairs are gone into but anyone can be impleaded as respondent

Cement bags are taxable separately as it is established that sale of cement and bags are separate tr

CST & VAT: Andhra Pradesh VAT - Where assessee was engaged in business of manufacture and sale of cement and it had established that sale of cement and HDPE bags in which cement was packed was distinct and separate sale and there was a contract for such separate sale of cement and bags, sale of HDPE bags should be subjected to tax at rate applicable to it

Sum paid by Hospital for administration of drug store would attract sec. 194C TDS and not sec. 194H

IT : Where assessee-hospital engaged two ladies to facilitate and manage its drug store, drug handling charges paid to said ladies would be liable to deduction of tax at source under section 194C and not under section 194H

Assessee has no right over sale proceeds of confiscated goods as property in goods vests in the Gove

Excise & Customs : Where assessee did not opt for redemption of confiscated goods, property in confiscated goods stood vested with Government; hence, assessee had no right to claim refund of sale proceeds

Addition for undisclosed investment couldn't be made solely on basis of DVO's report

IT : No addition can be made with respect to difference between cost of construction determined by DVO and as shown by assessee solely on basis of DVO's report

Commissioning and installation of equipment is closely linked with manufacturing to be aggregated to

IT/ILT : Where activity of commissioning and installation of equipment arose out of manufacturing activity, both activities being 'closely linked' deserved to be aggregated and construed as a single transaction for purpose of determining ALP

Examination of AMP functions and probable comparables is essential to determine ALP of international

IT/ILT: Examination of AMP functions carried out by assessee and probable comparables is sine qua non in process of determination of ALP of international transaction, thus, where no details of AMP functions performed by assessee was available on record, matter required readjudication

ITAT couldn't set aside revisional order of CIT by re-appreciating his satisfaction recorded under s

IT : Once Commissioner has got power to point out errors which have effect on revenue, Tribunal cannot sit as an appellate authority on said order of Commissioner passed under section 263

Leasing of factory with machinery amounts to 'renting of immovable property' and not 'business Suppo

Service Tax : Leasing of entire factory with plant and machinery, would amount to 'renting of immovable property services' and not infrastructural support (Business Support Services)

Director not liable to pay tax dues of Co. if non-recovery of taxes isn't due to gross negligence of

IT : In absence of any finding that non-recovery of tax due from company could be attributed to any gross negligence, misfeasance or breach of duty on part of petitioners, no order under section 179 could be made

Garnishee notices for recovery from assessee's debtors cannot be sustained, if demand itself has bee

Service Tax : Where earlier adjudication order has been set aside and matter adjudicated afresh, garnishee notices for recovery from assessee's debtors (service recipient and bank, etc.) based upon earlier adjudication order, cannot be sustained; however, department may issue fresh notices as per law

Provisions of sec. 292BB don't cure defect of non-issuance of notice under sec. 143(2)

IT : Provisions of section 292BB do not cure virus of non-issuance of notice under section 143(2)

No denial of trust's registration without parent's confirmation that assessee had collected capitati

IT : Where investments in non-specified companies constituted only 1.68 per cent of total assets of trust, it could not be considered as a corroborative factor to deny exemption under section 11

Proceedings before DRT and DRAT couldn't be sought to be suspended even if the co. had ceased to be

SICA : Where company ceased to be a sick company and no rehabilitation package was pending before BIFR, proceedings before DRT and DRAT could not be suspended under section 22

Duty wrongly shown in invoice but not collected doesn't compel exempted SSI unit to pay same to Gove

Excise & Customs : Merely because duty gets wrongly shown in computer-generated invoice of SSI-unit due to error of a clerk, it does not amount to 'collection of excise duty' by SSI-unit despite exemption and therefore, section 11D cannot be invoked to raise demand of such duty

Tax exemption claim of society was to be allowed after examining whether all its members belonged to

IT : Where assessee, a co-operative society, claimed exemption under section 10(27), since its records did not reveal as to whether all individuals admitted as nominal members belonged to schedule tribes and how much loan was granted to them, matter was to be remanded back for disposal afresh

Govt. integrates 14 services with eBiz portal including services of issue of PAN/TAN and Co. incorpo

CL : Ease of doing business in India – Introduction of e-biz platform

IRDA notifies norms to calculate obligation of insurer on Third Party Insurance of motor vehicles

INSURANCE/INDIAN ACTS & RULES : IRDAI (Obligation of Insurer in Respect of Motor Third Party Insurance Business) Regulations, 2015

Govt. announces guidelines for permitting use of 'Make in India' logo

CL : Guidelines for Permitting Use of 'make in India' Logo

Govt. unveils second set of procedures for NGOs to claim Sec. 11 benefit on money send to earthquake

IT : Standard Operating Procedure (SOP) for Making Application for Claim of Tax Exemption U/s 11(1)(C) of the Income-Tax Act, 1961 in Respect of Remittance of Money/relief Article by Indian Ngos/charitable Organisations for Earthquake Hit People in Nepal

ICSI replies to queries received on SS-1 and SS-2

COMPANIES ACT, 2013 : FAQs on Secretarial Standard on Board Meetings (SS-1) and on General Meetings (SS-2)

CBEC issues instructions for conducting detailed scrutiny OF Excise returns

EXCISE : Returns - Instructions on Detailed Scrutiny of Central Excise Returns

Govt. explains reasons for amending exemption notification with non-Cenvat conditions

EXCISE : Judgement of Supreme Court in Case of Srf Ltd. Vs. Commissioner of Customs, Chennai [2015] 56 Taxmann.com 407 (Sc) – Clarification Relating to Notifications No.30/2004-C.e., Dated 9-7-2004; No.1/2011-C.e., Dated 1-3-2011 and No.12/2012-C.e., Dated 17-3-2012, as Amended from Time to Time

Inputs/capital goods with concessional rate of duty are also covered for 'exemptions with non-Cenvat

EXCISE : NOTIFICATIONS NO.37/2015-C.E., 38/2015-C.E., And NO.39/2015-C.E., ALL DATED 21-7-2015

Indian Cos can file unaudited accounts of subsidiaries not liable for audit in foreign Country

COMPANIES ACT, 2013 : Section 136, read with section 101, of the Companies Act, 2013 – Financial Statements – Right of Members to Have Copies of – Clarification with Regard to Circulation and Filing of Financial Statement under Relevant Provisions of Companies Act, 2013

CBDT allows validation of returns of A.Y. 2013-14 and 2014-15 through EVC if ITR V is not yet sent

IT/ILT : Section 119 of the Income-Tax Act, 1961 - Income-Tax Authorities - Instructions to Subordinate Authorities – Validation of Tax Returns through Electronic Verification Code

SEBI issues prohibitory orders debarring suspended Cos. from raising further capital and transfer of

SEBI : SEBI (Prohibition on Raising Further Capital from Public and Transfer of Securities of Suspended Companies) Order, 2015

Powers of Govt. to delegate its functions under Companies Act shall apply to LLP as well, says MCA

LLP/COMPANIES ACT, 2013 : Section 67 of the Limited Liability Partnership Act, 2008 – Provisions of Companies Act - Application of – Notified Section of Companies Act, 2013

CBDT sets target of 1 crore new taxpayers for FY 2015-16

IT/ILT : Target for new taxpayers for Financial Year 2015-16 and strategy to achieve said target

CBDT directs Pr. CCsIT to update seniority list of ITOs by following ruling of Apex Court in case of

IT/ILT : Updating of all India inter se seniority list of ITOs due to revision in compliance to Supreme Court judgment dated 27-11-2012 in case of N.R. Parmar & Others vs. UOI & Others [2012] 28 taxmann.com 249 (SC)

Govt. aligns conditions of three exemption notifications of Excise

EXCISE/NT : NOTIFICATIONS NO.34/2015-C.E., NO.35/2015-C.E., AND NO.36/2015-C.E., ALL DATED 17-7-2015

MP Registration Act amended; exempts personal appearance of parties if docs are submitted in e-form

CL/INDIAN ACTS & RULES : Registration (Madhya Pradesh Amendment) Act, 2014

New manual scrutiny norms for ST-Returns are effective from 1-8-2015

EXCISE : Revised Guidelines on Conducting Manual Scrutiny of Service Tax Returns to Come into Operation From 1-8-2015

RBI clarifies on reporting of deposits that are placed with NABARD/SIDBI/NHB owing to shortfall in p

BANKING : Deposits Placed with NABARD/SIDBI/NHB for Meeting Shortfall in Priority Sector Lending by Banks – Reporting in Balance Sheet

Value of set-top boxes provided for DTH services would be chargeable to VAT

CST & VAT : Tripura VAT - Where assessee entered into a contract with its customer to provide direct-to-home service to him, whereby customer by using set top box provided by assessee was able to decode signals and watch programme on his television set, transaction entered into by assessee amounted to transfer of right to use goods, i.e., set top box