Sum paid to US based co. to review design of cranes could be 'FTS' if major changes were suggested i

IT/ILT: Where assessee-company engaged a company registered in USA, for review of design of cranes but it could not be discerned from records whether suggestions given by U.S. company would bring brought any major change or improvisation in design of crane, matter should be reconsidered afresh

Penalty on attempt of illegal export can also be levied after illegal export

Excise & Customs : Since 'illegal export' is preceded by an 'attempt towards illegal export', confiscation under section 113 and penalty under section 114 are attracted against 'attempt of illegal export' even after goods have been actually exported

No penalty when additional income was declared in revised return after seized books were returned by

IT: Admission of income by assessee in revised return cannot give jurisdiction to Assessing Officer to levy penalty under section 271(1)(c)

Tax Authorities can’t attach Cash Credit Account of taxpayer to recover tax dues

IT: Where Assessing Officer raised huge tax demand upon assessee and in meantime bank account including cash credit account of assessee had been attached by income tax authorities, in view of decision of Madras High Court in case of K.M. Adam v. ITO [1958] 33 ITR 26, cash credit account of assessee could not be attached and it was entitled to be discharged

No penalty due to non-charging of ST on bank's commission as issue of its taxability was sub-judice

ST : Since taxability of business auxiliary service for which commission was paid to bank and insurance company and business support services for which handling charges was paid for RTO registration of vehicle, were subjudice in various forums, penalty could not be imposed for failure to deposit in government exchequer amount of service tax deducted; however, in respect of services of motor vehicle where assessee failed to deposit service tax, penalty was to be imposed

Foreign tax credit should be given on tax liability computed under MAT provisions

IT/ILT : There is no provision in Income-Tax Act, debarring granting of credit for tax paid abroad in case income is computed under Section 115JB

Co. having unreliable financial data can't be chosen as comparable for TP study

IT/ILT : A software product company could not be compared with assessee-company, which was primarily designing and developing software on contract basis for its AE

SEBI releases guidelines on Annual System Audit, Business Continuity Planning and Disaster Recovery

SEBI : Annual System Audit, Business Continuity Plan (BCP) and Disaster Recovery (DR)

SEBI issues circular to streamline framework of investor redressal and Arbitration Mechanism

SEBI : Investor Grievance Redressal System and Arbitration Mechanism

Oil And Gas Block Auction Policy To Be Ready By Fy16: Dharmendra Pradhan

Government expects to finalise the new policy for auction of oil and gas blocks during the ongoing financial year, Oil Minister Dharmendra Pradhan said.

"We have brought this consultation paper and suggestions will come in by November 30. We will make the policy after considering all the views and take it to the Cabinet. It will be our endeavour to make the policy during this financial year only," Pradhan told reporters on the sidelines of Bio-Energy Summit 2015 organised by CII here.

Yesterday, Oil Ministry had issued a paper on new fiscal and contractual regime for award of hydrocarbon acreages with a view to revive investor interest in oil and gas exploration by simplifying rules.

It proposes to free natural gas pricing as well as replace the controversial Production Sharing Contract (PSC) with simpler revenue-sharing regime for all future field auctions in the backdrop of low gas prices not attracting investors in exploration and production sector.

Global players like BP and domestic companies including RIL as well as state-owned ONGC have been seeking pricing freedom as the current rates make new investments unviable.

"There were suggestion on the issue from institutions like CAG. In order to make new bidding round more progressive, transparent and market friendly, we have brought in this consultation paper," the minister explained.

In September, the government had allowed pricing freedom for the gas produced from 69 small and marginal fields it plans to auction shortly.

On the Indian basket crude oil price cracking below USD 40 barrel mark to touch USD 39.89, the minister said, "We have to accept the changing geopolitical scenario of the world. Let's see how things are coming up. But this kind of price is certainly favourable for the Indian market."

While addressing the conference, he made it clear that lower crude prices will not change India's stance on increasing share of renewables sources in its energy mix.

He also indicated that as much as 20 GW of output from bio-energy will be achieved against the envisaged 10 GW under the total renewable energy target of 175 GW till 2022.

On LPG gas subsidy to households, Pradhan said: "There should be a public discourse on the issue whether LPG subsidy should be given to higher income groups. We will take a decision on this."

The government is planning to stop providing LPG subsidy to the consumers whose income is above Rs 10 lakh.

On the issue allowing premium pricing on gas produced from difficult deep-water and ultra deep-water blocks, he said oil and finance ministries will take a decision on the issue after achieving consensus.

Speaking at the same occasion, Railways Minister Suresh Prabhu said: "We are launching our first wind turbine in Jaisalmer by the end of this week. We need to invest in R&D in green power."

Source : economictimes.indiatimes.com

Insurers no more required to state in ads that "insurance is subject-matter of solicitation" -IRDA

INSURANCE/INDIAN ACTS & RULES : IRDAI (Insurance Advertisements and Disclosure) (Amendment) Regulations, 2015 – Amendment in Regulation 9

CCE(A) has to consider request for extension of pre-deposit which is made before due date of pre-dep

Excise & Customs : Commissioner (Appeals) has power to extend due date for making pre-deposit and he does not become functus officio as regards extension till due date for making pre-deposit