IT/ILT : Bright line test (BLT) is not a valid method for either determining the existence of international transaction or for the determination of ALP of such transaction
Wednesday, 23 December 2015
RBI directs banks and Govt. Accounts Department to disburse 8.7% interest on Special Deposit Scheme
BANKING : Special Deposit Scheme, 1975 – Payment Of Interest For Calendar Year 2015
Kerala Film Federation penalised for denying exhibition of Tamil and Malayalam films in Crown theat
Competition Act : Where evidences showed that exhibition of Tamil and Malayalam films to Informant theatre were denied at behest of OP association representing film theatres in Kerala and OP held position of strength in film industry in Kerala, conduct of OP was anti-competitive and penalty was to be imposed on it
Donations collected in name of Dera treated as unexplained as Dera wasn’t carrying out charitable ac
IT : Where assessee claiming himself to be a Sewadar of Historic Dera, deposited donations received in name of Dera in his own bank account and, moreover, he failed to prove that any charitable activity in terms of section 2(15) was ever carried out by him, authorities below were justified in making addition to his income under section 68 in respect of donations in question
AOs to specify their e-mail address in notices/letters to facilitate e-communication with taxpayers:
IT : Section 119 Of The Income-Tax Act, 1961 – Income-Tax Authorities – Instructions To Subordinate Authorities – Facilitating Taxpayers' Electronic Interface With The Department
CBDT reaffirm its commitment to exempt MAT on foreign Cos; directs disposal of pending MAT assessmen
IT/ILT : Section 115JB Of The Income-Tax Act, 1961 – Minimum Alternate Tax (Mat) – Applicability Of Mat On Foreign Companies For Period Prior To 1-4-2015
Now Pre-2005 banknotes can be exchanged till Jun 30, 2016
BANKING : Withdrawal Of All Old Series Of Banknotes Issued Prior To 2005
HC denied to grant bail to accused under PMLA as he failed to prove that his money wasn't tainted
PML Act: Where applicant was arrested for schedule offence of fraudulent remittance of foreign currency and he failed to prove money received by him was not crime money, bail could not be granted to him during period of investigation
Permission to store goods outside factory premises without paying duty can't be denied without assig
Excise & Customs : Without giving any reason, Commissioner could not deny extension of permission to store goods without payment of duty outside factory premises, when both Range Superintendent and Division Officer found case genuine
Interest rates in India can't be used to determine ALP of loan transaction designated in foreign cur
IT/ILT: Where ALP of an international loan transaction, which was designated in hard currency, is to be ascertained, interest rate on rupee transactions in India is not relevant
SEBI's International Advisory Board meets; discusses on implementing OECD principles of Corporate Go
SEBI : Sixth Meeting Of International Advisory Board Of SEBI
Now top 500 listed Cos. to include 'Business Responsibility Report' in annual returns
SEBI/INDIAN ACTS & RULES : SEBI (Listing Obligations And Disclosure Requirements) (Amendment) Regulations, 2015 – Amendment In Regulation 34
Allotment of shares in lieu of interest liability as per BIFR scheme held as actual payment under se
IT: When pursuant to settlement creditor agreed to convert a portion of interest into shares, it must be treated as extinguishment of liability for purpose of section 43B
CBDT unveils draft guidelines to determine 'Place of Effective Management' of a company
IT/ILT : Section 6 Of The Income-Tax Act, 1961 – Residential Status - Draft Guiding Principles For Determination Of Place Of Effective Management (Poem) Of A Company
IRDA asks insurers to comply with reporting requirement under FATCA and 'Common Reporting Standards
INSURANCE : Registration And Submission Of Information To CBDT For Compliance With Obligations Under Foreign Account Tax Compliance Act (FATCA)/Common Reporting Standards (CRS)
Refund of capacity based excise duty can be claimed even if factory was closed for one day
Excise & Customs : In context of capacity based excise duty, there is difference between 'temporary non-production for 15 days or more' and 'closure of factory'; in case of 'closure of factory' for even 6 days, assessee cannot be made liable to pay duty and if duty has already been paid, same is liable to be refunded back to assessee
Debenture-trustee can enforce security interest on behalf of debenture holders under SARFAESI
SARFAESI Act, 2002: Whether the respondent-debenture trustee of three debenture holders viz., (LIC, Canara Band and Oriental Bank of Commerce), which was neither a bank nor a financial institution and was not even registered as Securitisation company u/s 3 of SARFAESI could be treated as a secured creditor within the meaning of section 2(zd) of the SARFAESI Act? If yes, whether it can invoke the provision of SARFAESI for enforcement of security interest? Held- Yes
Payments by inflating purchases can't be deemed as loan or advance under sec. 2(22)(e)
IT : Payment of money by inflating purchases cannot be construed as loan or advance within meaning of section 2(22)(e)
Imports made by assessee, himself, at another port may be regarded as identical goods for custom val
Excise & Customs: In case of undervaluation of goods imported at Chennai port, imports of same goods made by assessee himself at Mumbai port may be regarded as 'identical/similar goods' and may be used to determine customs value of imports at Chennai
India To Save $44 Billion In Crude Oil Imports In Fy16; Case For Reducing Petrol, Diesel Prices?
The continuing slide in global crude oil prices is likely to result in a savings of about $44 billion this financial year for India, according to an analysis by the union ministry of petroleum and natural gas.
In its November 2015 report, the ministry's petroleum planning and analysis cell (PPAC) has said that the country's crude oil imports are likely to be around $69 billion this fiscal, down 39% from $113 billion last financial year. The Modi government could not have asked for more.
Highlights of the report:
Falling crude oil prices
Brent crude averaged $44.29/bbl during November 2015 as against $48.56/bbl during October 2015,w hile the Indian basket crude averaged $42.50/bbl during November 2015 against $46.68/bbl during in October, the PPAC said.
India's decreasing oil import bill
Petroleum products as a percentage of India's total imports stood at 18.8%, down from 21.3% in November 2014. The value of petroleum product imports came down sharply to $2.3 billion in November 2015, from $4.1 billion in November 2014, though the quantity also registered a modest fall.
Petroleum products as a percentage of India's imports for the period April to November 2015 was 21.2% as against 30.7% in the corresponding period last year.
Domestic consumption grows
The country's petroleum consumption grew 6.4% in November 2015, as against 4.9% in November last year.
The cumulative petroleum consumption during the period April to November 2015 grew 9.5% to 10.2 metric million tonnes, when compared to the corresponding period last year.
Lower domestic production
The domestic crude oil production was 3.3% less in November 2015 at 103 tmt.
For the period April to November 2015, production grew at around 5% compared to the corresponding period last year.
Gross production of natural gas for the month of November, 2015 was 2,716 MMSCM which was lower by 3.9% compared with the corresponding month of the previous year (2,827 MMSCM).
LNG imports
LNG import during the month was 1,748 MMSCM, 18% higher than November 2014 at 1,481 MMSCM.
The cumulative LNG import at 13,889 MMSCM for the current year during April to November, 2015 was higher by 8.6% compared to 12,790 MMSCM during the corresponding period last year.
Oil import dependency up
India's import dependency has gone up from 78.1% during April to November 2014 to 79.9% in the same period this year.
In the absence of any planned shutdown, the capacity utilisation was 108.7% at Indian refineries.
Given these realities, will prime minister Narendra Modi and his finance minister Arun Jaitley take comfort in a rather comfortable fiscal position and reduce levies on petrol and diesel and thereby reduce petrol, diesel prices?
Source :.ibtimes.co.in
For TDS default action can be taken within a reasonable period if no limitation period is prescribed
IT : Before 1.4.2010, there was no limitation period under Section 201 of the Act for initiating action on TDS default. It was only by the Finance Act, 2009, the sub-section (3) to section 201 was inserted to provide for a period of limitation of –
Tribunal can't reverse its order in guise of rectification
IT: In guise of rectifying mistake, Tribunal cannot reverse its order
India's Gold Imports Likely To Jump 11% To 1,000 Tonnes In 2015
India has already imported 850 tonnes of gold from January-September of 2015 as against 650 tonnes in the first nine-months of last year, according to the All India Gems and Jewellery Trade Federation.
Buoyed by a sharp fall in gold prices globally, India is likely to see a jump of 11% in imports of the metal to 1,000 tonnes this year, says a trade body.
According to the All India Gems and Jewellery Trade Federation, the world's second-biggest gold consumer had imported around 900 tonnes in 2014.
"Gold import is estimated at around 1,000 tonnes in 2015 calendar year compared to around 900 tonnes last year. Imports are likely to increase because of low global prices," All India Gems and Jewellery Trade Federation Chairman G V Sreedhar said at an event.
He said imports through smuggling are estimated to be around 100 tonnes this year.
According to the Federation, India has already imported 850 tonnes of gold from January-September of 2015 as against 650 tonnes in the first nine-months of last year.
Gold imports are expected to be 150-200 tonnes in the last quarter as against 300 tonnes in the year-ago period.
The World Gold Council has said in its latest report that India's gold demand in the October-December quarter will be more muted.
"Lingering concerns over the health of the rural Indian economy and local gold prices remaining in close proximity to Rs 27,000 per 10 grams level in recent weeks also give reasons to adopt a prudent outlook for the usual fourth quarter uplift in Indian demand," it had said in the report.
Although the upsurge in demand during July-September period partially compensated for the second quarter's poor turnout, it also ate into 'normal' seasonal demand that would take place between September and November, the report said.
Festival and wedding purchases were brought forward to take advantage of the price dip, therefore, demand towards the end of the year is likely to be correspondingly affected, it added.
Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country's current account deficit.
Source :dnaindia.com
IRDA notifies norms on issuance of capital by Indian insurance Companies
INSURANCE/INDIAN ACTS & RULES : IRDAI (Issuance Of Capital By Indian Insurance Companies Transacting Other Than Life Insurance Business) Regulations, 2015
'Event management services' are eligible input services for advertising agency
Cenvat Credit : Event management services availed by advertising agency to procure advertising space in shows, etc. organized by such event managers, is eligible for input service credit in hands of such advertising agency
Advances written off by finance co. are allowable as bad-debts even if same are shown as investment
IT : Where assessee-company advanced money to another company in ordinary course of its business activity of finance and interest on it was assessed as its business income and on issue of debenture by said company amount due to said company could be written off under section 36(1)(vii)
Commissioners to send report of cases on which cost was imposed by CESTAT due to poor adjudication:
EXCISE : Imposition Of Cost By Cestat On Grounds Of Quality Of Adjudication Order
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