CA Terminal: 11/19/15

Thursday 19 November 2015

Floor covering of jute with plastic coating is classifiable as textile product not as plastic produc

Excise & Customs : Plastic laminated jute fabrics, meant for floor coverings, are dominantly jute products; hence, they are classifiable as 'floor covering made of jute with plastic coating' under Heading 5904 and not as 'plastic product' under Chapter 39

Major shareholders of Pvt. Banks to seek prior approval of RBI for acquiring shares or voting rights

BANKING : Prior Approval For Acquisition Of Shares Or Voting Rights In Private Sector Banks : Directions, 2015

Business losses can’t be set off against betting income

IT: Where assessee suffered loss in business, said loss could not be set off against betting income and total betting income was liable to be taxed under section 115BB

HC denies to restraint rights issue as promoter didn't plead during discussions before SEBI

SEBI : Where plaintiff was aware from September 2013 about its non-inclusion as part of promoter and promoter-company of defendant No. 1 in shareholding pattern filed by defendant No. 1 with stock exchange, but it did not approach SEBI when there was discussion about Letter of Offer or issue of right shares by defendant-company suit filed by plaintiff to pass a decree declaring Letter of Offer issued by defendant as unlawful, null and void ab-initio for depriving plaintiff of its special right

Interim increase in controlled price of sugar by HC to be considered for levying excise duty

Excise & Customs : Where, vide interim orders of High Court, 'controlled prices' of sugar were enhanced and assessees were allowed to sell sugar at 'higher prices', excise duty was also payable based on 'higher prices'

ALP of royalty couldn’t be determined at Nil if royalty payments were periodically approved by RBI

IT/ILT : Where assessee, engaged in business of manufacturing pre-engineered building system products, made certain royalty payments to its AE, since said payments were periodically approved by RBI, TPO was not justified in determining ALP of same at nil

Highest MRP to be taken to determine excise duty when different MRPs of various areas are affixed on

Excise & Customs : In case three different MRPs are affixed on 'same package' even though for 'different areas', goods will be assessed to duty as per Explanation 2(a) to section 4A taking highest MRP as the basis.

Government Launches Fund For Msmes To Acquire Clean Manufacturing Technology

NEW DELHI: Commerce ministry has launched the Technology Acquisition and Development Fund ( TADF) under National Manufacturing Policy being implemented by Department of Industrial Policy & Promotion( DIPP).

The fund will help the Micro, Small & Medium Enterprises (MSMEs) acquire clean and green technology at affordable cost across sector. Launching the fund commerce and industry minister Nirmala Sitharaman said that the fund will facilitate MSMEs in acquiring clean, green and energy efficient technology in form of customised products, specialised services, patents, industrial design available in the Indian or global markets.

The Scheme is conceptualised to catalyse the manufacturing growth in MSME sector to contribute to Prime Minister Narendra Modi's "Make in India" initiative.

The fund will support, manufacturing of equipment machines, devices for controlling pollution, reducing energy consumption and water conservation via subsidies. The manufacturing units will be provided with a subsidy of up to 10% of capital expenditure incurred on new plant & machinery subject to a maximum of Rs. 50 lakhs.

The scheme will facilitate resource conservation activities in industries located in NIMZ through the introduction of incentive, subsidy schemes for energy, environmental, water audits, construction of green buildings, implementation of waste treatment facilities and implementation of renewable energy projects through financial support.

Source :economictimes.indiatimes.com

Booking rights of fictional property not to be deemed as transferable capital assets

IT : Rights in a property couldn't be deemed as transferable capital assets when such property was neither in existence nor its building plan or specifications were approved from the Municipal Corporation and neither any construction activity nor commencement of the project had started

Pre-deposit is mandatory for all appeals filed on or after Aug. 6, 2014: HC

Central Excise: Section 35F, as substituted by the Finance (No. 2) Act, 2014, mandating pre-deposit of 7.5% or 10% as a pre-condition for filing appeal is valid.

Sum paid to IFA to create awareness of 'Vaish Associates' by constructing meeting hall in its name i

IT: Where partnership deed executed provides that each partner shall be entitled to an annual salary equivalent to his percentage share of profits 'multiplied by' 'Allocable Profits', salaries paid to partners was in accordance with section 40(b) not to be disallowed

No capital gains tax on assessee just because property docs not mutated in name of wife pursuant to

IT: No capital gains tax on assessee just because property docs not mutated in name of wife pursuant to family settlement

Gold Recovers On Global Cues, Jewellers' Buying

NEW DELHI: Snapping its two-day losing streak, gold prices recovered from four-month low by gaining Rs 155 to Rs 25,780 per 10 grams at the bullion market today, tracking a firm trend overseas along with fresh buying by jewellers.

Silver also inched up by Rs 100 to Rs 34,200 per kg on scattered enquiries from industrial units and coin makers.

Bullion traders said besides firm global trend where gold rose from a five-year low, emergence of buying by jewellers at prevailing levels to meet wedding season demand supported the upside in the precious metals.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.7 per cent to USD 1,078 an ounce and silver by 1.1 per cent to USD 14.33 an ounce, while it ended 0.02 per cent higher at USD 1,070 an ounce in New York yesterday.

In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 155 each to Rs 25,780 and Rs 25,630 per ten grams, respectively. The precious metal had lost Rs 525 in last two days.

The sovereign, however, remained flat at Rs 22,200 per piece of eight gram in limited deals.

Tracking gold, silver ready edged up by Rs 100 to Rs 34,200 per kg and weekly-based delivery by Rs 95 to Rs 33,760 per kg.

On the other hand, silver coins continued to be traded at last level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces in restricted buying activity.

Source :economictimes.indiatimes.com

Media should refrain from publishing unauthenticated stories on conciliation in Vodafone case: CBDT

IT/ILT : Clarification on Unautheticated Reports on Conciliation in Vodafone Case

Local Yarn Stores Offer Little Boxes, Black Friday Deals

Have you heard about Little Boxes, Portland's shop-local movement? It's a deeply cool program that targets Black Friday and Shop Local Saturday. This year, five of our local yarn stores – Twisted, Fiber Rhythm Craft & Design, Knit Purl, Yarnia and Northwest Wools – are participating. Check out Anna Marum's story on the program:

Little Boxes returns to Portland for its fifth year

Little Boxes returns to Portland for its fifth year

This year, the annual shop-local program hopes to top last year's sales.

And that's not all that's on tap for Black Friday weekend. Reports from stores are still coming in, but below is what I've rounded up so far. I'll keep tabs on Black Friday yarn store sales and compile them all into a master post as Black Friday draws nearer.

Twisted: The store's Pajama Jammy Jam from 9 a.m.-7 p.m. Friday, Nov. 27. "Escape Black Friday craziness and join us for a cozy day at Twisted!" the store writes. "We'll be open an hour early, and have some great deals for you with 10 percent off storewide (some exclusions apply) and up to 40 percent off select items. PLUS receive a coupon for $20 off a qualifying purchase in January IF you wear your jammies!" Twisted is at 2310 N.E. Broadway in Portland.

Fiber Rhythm Craft & Design: On Black Friday (Nov. 27) only, get 50 percent off all reflective products, including Retroglo reflective yarn. "Other reflective products include Reflective Knit Bicycle Helmet Ear Covers and Reflective Dog Leashes," the store writes. "Mix and Match allowed." On Small Business Saturday (Nov. 28), the store's got a special deal on Plymouth yarn products. "Make an in-store purchase of $50 of Plymouth Yarn products on Saturday November 28th and receive a Plymouth Yarn coupon for $20 off their next $50 purchase of Plymouth Yarn products," the store writes. "Coupon valid from December 1st thru December 31st, 2015." Fiber Rhythm Craft & Design is at 3701 S.E. Milwaukie Ave. in Portland.

For Yarn's Sake: On Black Friday (Nov. 27): " Join us from Noon to 5 as we knit ornaments for our tree," the store writes. "A virtual fire, hot mulled cider, and holiday treats for all. Special savings throughout the store!" And there's a tree-trimming event, too! "From now though Christmas Eve, bring us a hand-knit or crocheted ornament for our shop tree, and we'll give you an early Christmas gift. Ho! Ho! Ho!" For Yarn's Sake is at 11767 S.W. Beaverton-Hillsdale Highway in Beaverton.

Know of more yarny Black Friday deals? Email me the details at mmooney@oregonian.com and I'll add them. Look for the master Black Friday post next week.

Source :oregonlive.com

Dealer isn’t liable to pay differential excise duty on fluctuation in rate of petroleum product

Excise & Customs : Assessee, being only a "dealer" and not a "manufacturer" was not liable to pay differential amount of excise duty under section 11D on fluctuation in rate of petroleum products

Textile Industry Welcomes Interest Equalisation Scheme

Indian Texpreneurs Federation today thanked the Centre for announcing Interest Equalisation Scheme and also adding readymade garments, made ups and all types of fabrics in the eligibility list.

The timely support from the government, like MIES amendment last month and increase in duty drawback rates a couple of days ago will help the textile industry regain the export market share and grow further, ITF Secretary Prabhu Damodaran said in a statement here.

The industry was confident of achieving export growth in the coming months and assured the Government about its commitment towards improving the competitiveness of Indian textile industry to make it globally competitive, he said.

"We will try to move up the value chain to make more value added products in textiles to grab bigger global market share and in this process, we will create inclusive growth by providing new job opportunities to rural population", Prabhu said.

Source : business-standard.com

Govt. extends time limit for establishing 'Central KYC Records Registry' under PMLA norms

MONEY LAUNDERING/FEMA/ILT/INDIAN ACTS & RULES : Prevention Of Money-Laundering (Maintenance Of Records) Fourth Amendment Rules, 2015 – Amendment In Rule 9A

Gold Futures Gains By 0.3% On Firm Global Cues

Gold prices moved up by 0.33% to Rs 25,177 per 10 grams in futures trade today as speculators enlarged positions, tracking a firm global trend.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 83, or 0.33%, to Rs 25,177 per 10 grams in a business turnover of 158 lots.

Likewise, the yellow metal for delivery in far-month February next year gained Rs 76, or 0.30%, to Rs 25,331 per 10 grams in 20 lots.

Analysts said speculators enlarged their positions on the back of firm global trend where precious metal rose from a five-year low, mainly influenced gold prices at futures trade.

Globally, gold rose 0.7% to $1,077.65 an ounce in Singapore.