Pan Masala manufacturers can suo motu claim abatement of duty if factory was closed for certain peri

Excise & Customs : In absence of any procedure for grant of abatement in case of closure of factory, there is no requirement of any 'order of abatement' and assessee may himself compute abatement and suo motu adjust same against duty payable for subsequent months

Legal heir of director was entitled to file plea to seek ownership and transfer of shares in his nam

CL: Where upon death of director of company, petitioner being legal heir filed company petition seeking declaration of ownership over shares and their transfer in his name, petition would be maintainable

Cil Output Rise Will Cut Coal Imports: Government

 Coal imports will continue to decline this fiscal due to ‘unprecedented increase’ in output of the fossil fuel by State-owned Coal India Ltd. (CIL)

“Imports will continue to come down (in the ongoing fiscal),” Coal Secretary Anil Swarup told PTI.

The drop in imports can be attributed to “unprecedented increase in coal production by CIL”, he added.

Mr. Swarup had earlier said in a tweet that coal imports in November dropped to 11.6 million tonnes (MT) against 22.6 MT in the same month of last year.

Record production

“Consequent to a record production by Coal India, import of coal comes down for fifth successive month. Down by 8.9 per cent during April-November,” Mr. Swarup tweeted.

“Coal imports come down from 136.6 million tonnes in April-November (2014) to 119.9 (MT) in 2015. In value terms, down from Rs.68,822 crore to Rs.54,607 crore,” he said in another tweet.

CIL’s production increased by 8.8 per cent during the April-November period of the current fiscal 2015-16 on a year-on-year basis.

Production was up by almost 26 MT during April-November 2015 compared to the same period previous fiscal, a company official said.

CIL produced 321.38 MT of coal during April-November, 2015-16 as against 295.40 MT in the year ago period.

The State-owned firm, which accounts for over 80 per cent of the domestic coal production, is eying to 1 billion tonnes production by 2020.

India had imported 212.103 million tonnes of coal worth over Rs.1 lakh crore last fiscal.

Keywords: Coal, coal imports

Source :.thehindu.com
 

No TP adjustment for royalty calculated on basis of new exchange control policy as it was less than

IT/ILT : Where assessee, which had been granted a non-exclusive, non-assignable right to duplicate and sub-license products of its holding company (Oracle) in India, changed rate and base for calculation of royalty payable to Oracle in view of liberalised foreign exchange regime but effective royalty paid out to Oracle during current year remained less than earlier years, no TP adjustment could be made in royalty pay out

HC grants stay on remaining demand till disposal of appeal as assessee had already deposited half of

IT: Where Assessing Officer had imposed upon assessee a penalty of Rs. 10 crores and thereafter he, on application of assessee moved under section 220(6), passed a conditional order directing assessee to pay Rs. 5 crores, since assessee had already deposited a sum of Rs. 5 crores, it was entitled to have stay of balance amount of Rs. 5 crores till disposal of appeal filed against penalty order

Classification of goods should be made only on basis of their condition at time of import

Excise & Customs : Goods are to be classified in condition in which they are imported; hence, assessee had imported non-computerised machine with control devices, same could not be classified as 'Computerised Machines'