SEBI : Implementation of Multilateral Competent Authority Agreement and Foreign Account Tax Compliance Act
Wednesday 26 August 2015
CLB can't accept or reject the manner of consideration in an arrangement scheme as long as it is not
CL : It is not necessary that in every case consideration for transfer of an undertaking as part of a scheme of arrangement must come in form of an allotment of shares of a transferee company and as long as such consideration is not against public interest or in any other manner illegal or inappropriate, it is not for company court to accept or reject such consideration
Non-grant of adjournment isn't violation of principles of natural justice unless party shows prejudi
Excise & Customs : A person alleging violation of principle of natural justice on ground that 'adjournment was not granted or a report was not forwarded or a notice was not issued', must demonstrate prejudice suffered as a consequence thereof; otherwise, his allegation would be meritless
Transactions between Head office and foreign branch aren't international transactions under transfer
IT/ILT : Where TPO had computed transfer pricing adjustment qua all transactions carried out by assessee with AEs as well as non-AEs, matter should be remanded back
Unutilized excise duty in PLA is deductible under sec. 43B
IT : Amount deposited in PLA (Personal Ledger Account) which remained unutilized at the end of the year is allowed to be deducted under Section 43B
Unutilized excise duty in PLA is deductible under sec. 43B [2015] 60 taxmann.com 411 (Delhi - Trib.)
IT : Amount deposited in PLA (Personal Ledger Account) which remained unutilized at the end of the year is allowed to be deducted under Section 43B
Buy Welspun India For A Target Of Rs 1,020; Apar Industries Has Sound Fundamentals: Devang Mehta, Anand Rathi Financial Services
In an interview with ET Now, Devang Mehta, Anand Rathi Financial Services, shares his wealth-creating ideas. Excerpts:
Devang Mehta: In fact, we have been suggesting this stock since some time and the stock has again corrected because generally the market has corrected and this is among our favourite picks. Now, this is among the top three home textile manufacturers in the world with supply to at least around 50 countries and it also supplies to around 14 top retailers across the world including Walmart, JC Penney amongst others as well.
The company came up with a good set of numbers, around 18% revenue growth on YoY basis as well as the EBITDA margins also. So, wonderful growth of around 25.9%. With capacity expansion also quite underway, and capacity is also running close to full utilisation in terms of its towels and its sheets business, the company is going to do pretty well and we feel that the EBITDA margin of 25% also is quite sustainable.
The company can also report an EPS of around 62.8 or 63 for the current year, which discounts the stock at around 12 times and we feel that this business is a wonderful business of export and textile so we have price target of around Rs 1,020 for the Welspun India.
Source:- economictimes.indiatimes.com
Second and fourth Saturday of every month declared as public holiday for banks
BANKING : Section 25 of the Negotiable Instruments Act, 1881 – when Day of Maturity Is a Holiday – Declaration of Second and Fourth Saturday of Every Month as Public Holiday for Banks in India
India Yarn Prices: Domestic And Export Markets
Yarn prices have fallen in the last days in India, whatever the rise of cotton fiber prices. Yarn exports have however surged to China in the April-July period, according to latest official data.
Our comprehensive review of Indian yarn markets covers the domestic markets in Ludhiana (Punjab) and Indore (Madhya Pradesh), with a wide range of products and counts, including cotton yarns (carded and combed), polyester spun, polyester-cotton, polyester-viscose and polyester-acrylic. Export market prices are also available for both cotton and polyester-cotton.
Source:emergingtextiles.com
Income earned by a warehousing corporation from letting out warehouse is taxable as business income
IT : Where assessee was engaged in business of warehousing, handling and transport business and it showed income earned from letting out of warehouses and godowns as income from business, since primary source of income of assessee was letting out of godowns and warehouses to traders carrying on warehousing business, income was assessable as business income
Image runner, being Multi-functional network printer, is peripheral to computer; taxable at 4%
CST & VAT : Tamil Nadu VAT - Image runner (multi-functional network printer) is peripheral to a computer working in conjunction with computer and it will fall under Entry No. 18(i) of Part B of First Schedule of Tamil Nadu General Sales Tax Act
Printers, scanners, modems and routers are integral parts of computer system; depreciable at rate of
IT : Any device used along with computer whose functions are integrated with computer, would come within ambit of expression 'computer', and depreciation is to be allowed at 60 per cent on it
No additions on TDS default as it is completely tax neutral for deductor earning exempt income
IT : Where assessee's total income is exempt under section 10(26), for assessee's lapse of not complying with his tax withholding obligations, there cannot be any occasion to invoke section 40(a)(ia) to treat relevant amount disallowable as an income of assessee on standalone basis
Bangladesh, India Resort To Onion Imports As Supply Dips
Onion prices in Bangladesh have nearly doubled in the past month due to a shortage in top supplier India, forcing the neighbours to turn to imports from countries such as Egypt, Iran, Afghanistan and Pakistan.
The Trading Corporation of Bangladesh said on Wednesday it had sought 450 tonnes and could buy more. Also, India will examine bids on Thursday for a tender to import 10,000 tonnes of the staple integral to South Asian dishes like bhaji, biryani and fish curry.
"We're making all efforts to increase supply in the domestic markets and hold down prices," an official at Bangladesh's state trading body said. "This is just the beginning. We will import more onions if needed."
Prices have hit 100 taka ($1.29) per kg in Bangladesh and 80 rupees ($1.2) in India as scant monsoon rain delays plantings. In 2013, prices hit around 100 rupees in India, leading to protests across cities and making it a political issue.
To discourage exports, India has more than doubled the minimum export price on onions, while some state governments are rationing subsidised sales. Both the countries are also acting against hoarders.
Bangladesh produces about 1.7 tonnes a year against domestic demand of 2.3-2.4 million tonnes. Indians consume about 15 million tonnes of onions and exports about 1.5 million tonnes.
Source:in.reuters.com
High Customs Duty On Gold Fuels Smuggling
The high rate of customs duty on gold may have acted as a deterrent for imports but it resulted in large-scale smuggling. It was highlighted during discussions at the annual meeting of the chief commissioners and directors general of customs and central excise here on Monday.
The customs officers provided gold seizure details which has almost doubled to more than rs 1,100 crore in 2014-15 as compared to Rs 692 crore in the previous year and Rs 99 crore two years ago.
The rise in smuggling and seizures was primarily on account of the government raising customs duty on gold from 8% to 10% in 2013 to discourage high imports.
India is the second largest importer of gold after China. The high rate of duty has also opened smuggling channels because the resultant difference in gold prices in India makes smuggling more remunerative, said an assessment report of the customs.
Source:timesofindia.indiatimes.com
Sec. 63A of Karnataka VAT Act, 2003 has retrospective effect, says High Court
CST & VAT : Karnataka VAT - Where Joint Commissioner invoking provision of section 63A, which was inserted in VAT Act with effect from 1-4-2006, revised order of assessment dated 5-6-2006 relating to assessment period 1-4-2005 to 31-3-2006, he had power to revise impugned assessment order under section 63A
AO couldn't deny sec. 35(2AB) deduction if same was approved by Dept. of Scientific and Industrial R
IT : Where once Department of Scientific and Industrial Research (DSIR), had issued certificate approving assessee's claim of deduction under section 35(2AB), Assessing Officer could not have denied weighted deduction under section 35(2AB) in respect of scientific expenditure
Rupee Trades Lower At 66.08 Against Us Dollar
The Indian rupee on Wednesday was trading marginally higher against the US dollar from its previous close. At 2.10pm, the home currency was trading at 66.08, up 0.02% from its previous close of 66.10. The local unit opened at 66.23 per dollar and touched a high and a low of 66.06 and 66.38, respectively.
The benchmark Sensex index fell 0.31% or 80.69 points to 25,951.69 points. So far in August, Sensex has fallen 7.4% or 2,080 points, the steepest since November 2011 and foreign institutional investors (FIIs) have sold $1.38 billion, the steepest since June 2013. So far this month, the rupee has fallen 3.1%; August has been the worst month for the currency in at least two years.
The yield on India’s 10-year benchmark bond was trading at 7.801% compared with its Tuesday’s close of 7.818%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has lost 4.6%, while FIIs have bought $5.68 billion from local equity and $6.33 billion from bond markets.
Most Asian currencies were trading mixed. Malaysian ringgit was down 0.91%, Japanese yen 0.63%, Indonesian rupiah 0.47%, Taiwan dollar 0.26%, Thai Baht 0.16%, Philippine peso 0.11%. However, South Korean won was up 0.82%, China offshore 0.38%, Singapore dollar 0.34%, China Renminbi 0.06%.
Asian markets were trading mixed, too. Hong Kong’s Hang Seng was down1.5%, China’s Shanghai Composite was trading 1.3% lower and Japan’s Nikkei Stock Average was up 3.2%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.161, down 0.39% from its previous close of 94.53.
Source:livemint.com
Registration of trust can't be cancelled due to non-filling of return of income
IT : Since non-filing of a return did not find a mention as a cause for cancellation of registration under section 12AA, order of Commissioner was to be deleted
Construction of compound wall of factory and maintenance of factory garden is eligible for input cre
Cenvat Credit : Services availed for construction of compound wall of factory and manpower supply services required for maintaining a garden in factory premises to ensure compliance with environmental laws, are eligible for input service credit
IRDA notifies new norms on setting-up of place of business by insurers
INSURANCE/INDIAN ACTS & RULES : IRDAI (Places of Business) Regulations, 2015
Co. rendering R&D services can't be compared with a Co. rendering diagnostic services
IT/ILT : In case of assessee, rendering research and development services to its AE, companies involved in providing diagnostic services could not be accepted as comparables while determining ALP
Credit of input services can be taken on basis of debit note, says Delhi CESTAT
Cenvat Credit : Debit notes rasied by holding company for rent of premises along with service tax is valid document for taking credit
Bus reservation by a tour operator is liable to service tax under 'Tour Operator Service'
Service Tax : Bus reservation by a tour operator as a part of tour is liable to service tax under 'tour operator services' from 10-9-2004
No additions basis of unaccounted production declared by director before Excise Authorities
IT: Where additions made on account of unexplained purchases and sales were solely based on statement made by director of assessee-company before Central Excise authorities in context of levy of excise duty on unaccounted production, same could not be sustained
Reduced penalty shall be recomputed when duty demand is recomputed
Service Tax/Excise/Customs : A direction to recompute tax liability and consequent penalty, would mean : (i) recomputation of tax liability/demand, (ii) recomputation of penalty imposable in law; and (iii) redetermination of benefit of payment of reduced 25 per cent penalty
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