Thursday, 17 December 2015
Interest which was disallowed under sec. 36(1)(iii) couldn't be considered again for sec. 14A disall
Transport of coal within mining area without issuance of consignment note is not GTA service
Banks to follow Marginal Cost of Funds Based Lending Rate for advancing loans from April 1, 2016: RB
CBDT notifies new tax authority for making declaration under Black Money Act
No abuse of dominance by 'Haria hospital' as many hospitals were offering better medical service in
CIT(A) couldn't delete TP additions without calling remand report from AO and entertaining additiona
Banks to follow Marginal Cost of Funds based lending rate method for advancing loans from April 1, 2
Additional income declared in revised return pursuant to search would attract concealment penalty
Balance 50% credit on capital goods can be taken in subsequent years even if goods are not in posses
Cenvat credit can't be denied on inputs wasted during manufacturing process: HC
Cenvat credit can't be denied on inputs waste arising during manufacturing process: HC
Co. doing clinical research and manufacturing not comparable with software development service provi
Area based exemption can't be denied if assessee claimed exemption only for one unit out of several
CBDT notifies forms for reporting of income distributed by Category I and II AIFs
There is no time-limit for a SEZ to claim refund of input tax paid under Karnataka VAT Act
Gift of 6 lakh USD received by CA isn't unexplained as donor is financially sound and has close rela
No deduction under sec. 57(iii) on writing off income from other sources
'The National Intelligence Grid' and 'Central Vigilance Commission' included in ambit of PMLA norms
Tea Exports Up 4% In Value; Dip In S India Production Drags Overall Output
Tea exports have seen an over four per cent increase (in value terms) during the seven month period from April to October this year to over 2,318 crore. The corresponding figure for the same period last year stood at 2,225 crore (approximate).
According to provisional data released by the Tea Board of India, exports in quantity terms increased by 7.25 per cent to 119.25 million kg (mkg) during these seven months against 111.19 mkg in the year-ago-period.
Increase in exports has been seen in major tea importing countries such as Russia, United Kingdom, Netherlands, Germany, Poland, UAE, Iran, Bangladesh and Pakistan.
Dip in production
The period also saw a minor dip in production (of less than one per cent) to 946.49 mkg. Production in the April to October period of 2014-15 stood at 953.59 mkg.
The fall in production was mainly reported in South India. Production there dipped to 148.58 mkg (155.8 mkg). North India, however, saw a 0.08 per cent increase in production to 798.39 mkg (797.79 mkg).
Auction prices
However, the tea sold at the various auction centres all over India saw an over three per cent dip, despite production going up (by a marginal 0.5 per cent).
Auction price (all India average) stood at ?128.35/kg (132.45) during April to October this fiscal.
Prices across both North and South India auction centres saw a dip. Price in the North Indian auction centres stood at ?148.48 (152.71), while in the South centres it was at ?78.59 (81.37).
Bought leaf factories
According to the Tea Board data, production of bought leaf factories (BLF sector) increased on an all India basis by nearly 2 per cent to 310.58 mkg.
The increase is mainly on account of the BLF sector’s increase in production in North India to 249.23 mkg for the period under review. In the corresponding period last year, it was 242.14 mkg.
South India, however, witnessed an over four per cent decrease in production, with BLFs producing 148.58 mkg (155.8 mkg).
Source :.thehindubusinessline.com
No CA certificate for payments to non-resident upto 5 Lakh; CBDT eases reporting norms
Tribunal has to show that findings of adjudicating authority are perverse before overturning them
India's Sugar Stockpile To Deplete By A Quarter As Exports Rise
India is likely to start the 2016/17 marketing year with 6.7 million tonnes of sugar, 26.4 per cent lower than at the beginning of the current year, as rising exports will pull down inventories in the world's second biggest producer.
The higher Indian exports will put pressure on global prices, but harden the local market and help mills pay farmers at the support levels set by the state for sugar cane.
Source :.business-standard.com
Coal To Remain Primary Energy Source; Depend Less On Imports: Coal Secretary
Coal will continue to be the primary source of energy in India till the time there is a viable environment-friendly alternative, a top official said while pitching for mining domestic coal instead of depending on imported fossil fuel.
The comments come amid rising concerns over increasing pollution in major cities in India.
"Till the time we find a viable alternative, coal will continue to be the primary source of energy in this country," Coal Secretary Anil Swarup told PTI.
He said although efforts are being made for developing non-conventional sources energy, coal will continue to play a dominant role for some time and "in that sense coal production will have to be enhanced".
The country is extremely concerned about the environmental issues and it is in that context a lot of efforts are being made to ensure or to look for alternative sources of energy, he added.
Asserting that last year the country imported 210 million tonnes (MT) of fossil fuel, he said that "if we don't produce coal within India we will have to import it. Instead of importing I would rather believe that environmentally it is friendly to mine coal in India than import coal from elsewhere," he said.
The government is eying 1.5 billion tonnes of coal production by 2020. Of this, Coal India, which accounts for over 80% of the domestic coal production, is eying an output of one billion tonnes.
In a tweet on Wednesday the Swarup said: "April-Nov '15 coal production by CIL (Coal India Ltd) and SCCL grows by a record 10.23% over corresponding period in 14-15. Production this year at 358.9 MT (million tonnes)."
April-Nov '15 coal production by CIL and SCCL grows by a record 10.23% over corresponding period in 14-15. Production this year at 358.9 MT
Source :.dnaindia.com
Dept. can't demand interest if its delay in issuing refund order leads to delay in adjustment of ref
Current year's profits won't be included in accumulated profits while computing deemed dividend
Us Congress Decides To Lift 40-Year Ban On Oil Export; Move To Benefit Countries Like India
WASHINGTON: The US is set to lift a four-decade ban on export of oil, a move that may benefit countries like India by giving them an option to purchase crude from non-Middle Eastern nations.
The measure allowing oil exports is at the centre of a deal Congressional leaders announced yesterday on spending and tax legislation. Both the House and Senate still must pass it and President Barack Obama must sign it into law.
This legislation is scheduled to be voted on this week before Congress adjourns for winter break.
"We are lifting the government's 40-year-old ban on crude oil exports. This is big win for American jobs and for our energy industry. It's a big win for our manufacturers and for our foreign policy," Paul Ryan, Speaker of the US House of Representatives told reporters after Congressional leaders agreed on the USD 1.1 trillion spending bill for the current fiscal ending on September 30, 2016.
Ryan said it has been 40 years since the ban was implemented in 1975 amid the Arab oil embargo and petroleum shortages.
In just the past few years alone, the US lost 80,000 jobs because oil producers have been forced to scale back their rigs by nearly 60 per cent.
Lifting the ban would create an estimated one million American jobs in nearly all 50 states within a matter of years, and it would add USD 170 billion annually to the US GDP, Ryan said.
The move could benefit countries like India in the long run, giving it another option to purchase crude oil from non-Middle eastern countries.
Ryan said US producers would generate more than a million barrels daily, which means more American jobs and greater economic competitiveness in the global marketplace.
This means higher wages for hardworking Americans and greater economic competitiveness in the in the global marketplace, he argued.
"Lifting the ban will also increase overall energy supplies, which will directly benefit consumers. According to the Government Accountability Office, consumer gas prices here at home could drop as much as 13 cents per gallon so families can save more at the pump," Ryan said.
House Majority Leader Kevin McCarthy said the oil export ban is a relic of the past that makes no sense in today's globalised world.
"Lifting the oil export ban will help reboot our struggling economy here at a home and reassures our allies that the resources they need are now available from a friend," he said in a statement.
In exchange of lifting oil export ban, the Democrats secured a five-year extension of production and investment tax credits for renewable energy sources like wind and solar, three-year reauthorisation of the Land Water Conservation Fund, and a concession from Republicans to exclude all major anti-environmental measures from the bill.
The spending bill likely to be formally passed by the House of Representatives and Senate later this week also notes that the American aid to Sri Lanka is subject to certification by the Secretary of State that it is addressing the "underlying" cause of conflict in the country.
The Secretary of State is also required to certify that Sri Lankan Government is continuing to increase accountability and transparency in governance.
As per the text of the bill, the US military assistance to Sri Lanka should not cross USD 4000,000 and be made available for programmes to redeploy, restructure, and reduce the size of the Sri Lankan armed forces.
Source : economictimes.indiatimes.com
Nmdc Starts Iron Ore Exports Amid Slump
KOLKATA: At a time when overall exports have fallen for the 12th straight month, state-run miner NMDCBSE 4.39 % has initiated exports of iron ore. The move, which comes at a time when spot prices of iron ore have crashed to a seven-year low of $38 per tonne, seems to have miffed the domestic steel industry. The latter is questioning the logic and timing of the exports, particularly since, NMDC's price realisation is believed to be about a quarter of the domestic rates. "We will be exporting around five lakh tonne to Japan till March 31, 2016," a senior NMDC official said in response to a query from ET. "As on date exports are cash positive for NMDC," he added, while pointing out that export realisation depends on a variety of factors.
In June this year, the Cabinet approved renewal of the Long Term Agreement (LTA) with Japanese and Korean Steel Mills to export up to 5.5 million tonne to Japan and Korea annually over the next three years (April'15 to March 2018). "These agreements will help continue this relationship and strengthen Indo-Japanese collaboration in several areas like technology transfer, joint venture, investment, etc. The agreement will also help utilize surplus production of iron ore currently available in India," a government statement in June said.
However, an export duty of 30% on fines and high railway freight proved to be a major dampner. It was only after the government decided to lower the duty on exports to 10% and slash railway freight charges on exports by almost 46%. Rs 1572 per tonne from Rs 2900 per tonne earlier that NMDC managed to export the first consignment in November 2015. For October-December 2015 (Q3) the export price benchmarked to the global Platts Index is US$ 51.69 per dry metric tonne.
Industry watchers have pointed out compared to NMDC's net sales realisation from domestic market, its export realisation which varies between consignments -is estimated at less than one fourth of it. "The net sales realisation from exports would have been negative had duty not been reduced on NMDC's exports to 10%," they said.
Analysts feel the PSU miner has to meet its exports commitments under the LTA. Saurav Chatterjee, an analyst at CARE Ratings said: "NMDC has to fulfill its export commitment. Also, with a cut in export duty and railway freight, exports would be justified at this point when domestic offtake remains poor."
Steel industry sources feel NMDC should have sold the material in the home market where price realisation is better and this would have encouraged value addition at home.
Source :economictimes.indiatimes.com