TDI Fun Republic Mall isn't dominant player in West Delhi: CCI

Competition Act : Where appellant, welfare association, representing shop owners of TDI Fun Republic Mall, failed to produce any document or other evidence to show that OP i.e., TDI Fun Republic Mall was only mall in West Delhi, OP was not dominant in relevant market and, therefore, no competition law issue arose for consideration

Purchaser need not reverse tax credit when seller didn't issue credit note for post sales discount

CST & VAT : Delhi VAT - Where selling dealer provided post sell discount and deposited entire VAT collected from purchasing dealer to department, Tribunal was not right in holding that appellant dealers were required to reverse input tax credits claimed on purchases made by them

Extend Export Benefits To Cotton Yarn: Texprocil

The Cotton Textiles Export Promotion Council has urged the Government to extend the three per cent interest subvention benefit to cotton yarn exports, considering the difficult phase the industry is passing through currently.

The much-awaited interest rate subvention scheme on pre- and post-shipment was recently approved by the Cabinet Committee on Economic Affairs. Dubbed as Interest Equalisation Scheme, it will be effective from April 1 for a period of five years. The scheme will be evaluated after three years. The benefits under the scheme were denied for cotton yarn and merchant exporters.

RK Dalmia, Chairman, the Cotton Textiles Export Promotion Council, said the Interest Equalisation Scheme would provide the much needed boost to exports of cotton textiles as all categories of fabrics and made ups have been covered.

Interest rates on export finance are high in India as compared to competing countries such as Bangladesh, Pakistan, Sri Lanka and Vietnam, he said and added that exporters were keenly looking forward towards the announcement of this scheme as they are facing depressed market condition and declining exports.

Lower interest rate would bring down the overall cost for manufacturers and help them to be competitive in the global markets.

The benefits, Dalmia said, should be extended to cotton yarn exporters especially when they are facing intense competition from neighbouring countries amidst sharp fall in demand, especially in China.

“In the present business scenario, the differentiation between manufacturers and merchant exporters is diminishing and there is no reason as to why merchant exporters should be denied the benefit of concession in lending rate on export finance as long as they contribute towards exports,

 

 

Source :thehindubusinessline.com

Co. rendering ITES isn't comparable with software development service provider for TP analysis

IT/ILT : While determining ALP foreign exchange gains/loss arising from transactions of revenue nature was to be considered as part of operating profit/cost of assessee as well as that of comparables

Mere filing of appeal against order of AO couldn’t suo-motu stay recovery proceedings

IT: Power of Assessing Officer under section 220(6) cannot be said to be power to grant stay against recovery of disputed demand and or mere filing of appeal does not suo-moto stay recovery proceedings

Personal loan given by a co. to its shareholder holding substantial interest in it would be taxable

IT : Where assessee, holding 60 per cent shares of a company, took personal loan from accumulated surplus of said company, said amount would be treated as deemed dividend under section 2(22)(e), after reducing therefrom amount repaid by assessee during year

No need to affix MRP on goods declared to be 'not for retail sale'; excise duty payable on transacti

Excise & Customs : Where assessee had declared on goods that they were not meant for retail sale and revenue could not produce any evidence to contrary, there was no requirement to affix MRP thereon and goods were to be valued based on transaction value under section 4

Sales tax subsidy received under West Bengal Incentive Scheme, 1999 was a capital receipt

IT : In case of industrial unit of assessee, covered under West Bengal Incentive Scheme, 1999, sales tax subsidy received from Government was capital receipt and, thus, not liable to tax

Second proviso to sec. 40(a)(ia) is applicable prospectively with effect from 1-4-2013

IT : Benefit of exclusion from purview of section 194A is restricted only to those individuals and Hindu Undivided families, whose total sales, gross receipts or turnover from business or profession do not exceed monetary limit specified under section 44AB(a) or (b)

Assessee wasn't guilty when dept. never asked for correct details even after levelling suppression c

Service Tax : Where, despite alleging suppression, department never asked for correct details, assessee cannot be held guilty of suppressing details and therefore, extended period cannot be invoked

CAT unhappy with CCI for mechanically approving DG's finding that conduct of film association was an

Competition Act: Where Commission had without independently analysing facts and evidence collected by Jt. DG during course of investigation abdicated its duty and mechanically approved findings recorded by Jt. DG that conduct of appellant film association in limiting and controlling exhibition of film rights was anti-competitive, findings recorded by Jt. DG were perverse and had to be set aside

Penalty order passed under DVAT without giving hearing chance to assessee was liable to be set-aside

CST & VAT: Delhi VAT - Where penalty order under section 86(10) was passed by Assessing Authority without service of prior notice on assessee and without affording it an opportunity of being heard, said order was liable to be set aside

Forex loss on advances to be calculated on closing of FY and not in later years when transaction got

IT : Where assessee received certain amount under pre-shipment packing credit facility while diverted certain amount as 'advances' towards its sister concern, in absence of any evidence to show that advance was made out of borrowed fund, no disallowance under section 36(1)(iii) of interest paid by assessee on amount received, was called for

No reassessment beyond 4 years to tax deemed dividend if material facts of such income were disclose

IT : Where all material facts with respect to deemed dividend income necessary for assessment are furnished by assessee, initiation of reassessment proceedings beyond a period of four years is not permissible

Govt. constitutes two regional benches of CESTAT at Chandigarh and Hyderabad

EXCISE : Constitution of Cestat Bench at Chandigarh

Assessee wasn't guilty when dept. never asked it for correct details even after levelling suppressio

Service Tax : Where, despite alleging suppression, department never asked for correct details, assessee cannot be held guilty of suppressing details and therefore, extended period cannot be invoked