IT/ILT : Export of commodities to AE at the same price at which those were purchased from local market did not call for transfer pricing adjustment if transaction was made by assessee to retain the status of Star Export House
Wednesday 30 December 2015
No abuse of dominance by GAIL for invoking ‘pay for if not taken’ liability as per gas sales agreeme
Competition Act: Where OP, distributor of natural gas, invoked 'pay for if not taken' liability under gas sales agreement (GSA) with informant, conduct of OP was not abusive as GSA was entered into by parties after thorough negotiation
Goods used for execution of work contract entitled for CST registration even if not transferred to c
CST & VAT : Central Sales Tax - Where assessee, a works contractor, applied for inclusion of construction equipment, plant, machinery and tools used in process of execution of works contract in certificate of registration under Central Sales Tax Act, said items were eligible for inclusion
Export commission paid to NR agent via banking channel couldn’t treated as unverifiable; allowable
IT: Books of account were rejected, where majority of purchases were found to be not verifiable
MCA extends deadline to file Annual Return and Financial Statements forTamil Nadu and Puducherry
COMPANIES ACT, 2013 : Section 137 of The Companies Act, 2013 - Accounts of Companies - Copy of Financial Statement to be Filed with Registrar - Relaxation of Additional Fees and Extension of Last Date of in Filing of Forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) for State of Tamil Nadu and Union Territory of Puducherry
CBDT mandates e-filing of appeal before CIT(A) for taxpayers who are liable to e-file tax return
IT/ILT : Section 249 of The Income-Tax Act, 1961 – Commissioner (Appeals) – Form of Appeal and Limitation – Electronic Filing of First Appeal Before Cit (Appeals)
No abuse of dominance by 'Uber' in providing taxies at low fares; CCI rejects complaint of Meru Cabs
Competition Act : Where there was existence of yellow taxis which posed a significant competitive constraint on other taxi operators in the city of Kolkata. In such a scenario, it was difficult to accept the contention of the Meru cabs regarding UBER Group's dominance in providing the radio taxi services in Kolkata
AO should grant stay in high pitch assessment considering old Instruction of CBDT
IT : In case of high pitch assessment Assessing officer should follow Instruction No. 95 to grant stay of demand. Instruction No. 95 was not superseded by subsequent Instruction No. 1914.
LIC can't refuse to register multiple assignments of life insurance policies, rules Apex Court
Insurance Laws: Life Insurance policies are freely tradable and assignable and, thus, multiple assignments are permitted [Position prior to amendment of section 38 of the Insurance Act, 1938 substituting section 38(2) by the Insurance Laws (Amendment) Act, 2015]
No abuse of dominance by 'Uber' in providing taxis at low fares; CCI rejects complaint of Meru Cabs
Competition Act : Where there was existence of yellow taxis which posed a significant competitive constraint on other taxi operators in the city of Kolkata. In such a scenario, it was difficult to accept the contention of the Meru cabs regarding UBER Group's dominance in providing the radio taxi services in Kolkata
SC to rule whether addition of deemed dividend can be made to concern in which shareholder has subst
IT: SLP granted against High Court's ruling that where recipient of loan, namely, assessee-company was not a shareholder of lending-company, section 2(22)(e) would not apply merely because two shareholders of lending-company had a beneficial ownership of shares in assessee-company
Cabinet approves signing of protocol amending India-Slovenia DTAA
IT/ILT : Section 90 of the Income-Tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Slovenia – Protocol Amending Convention Between India and Slovenia
Cabinet approves signing and ratification of agreement for exchange of information between India and
IT/ILT : Section 90 of the Income-Tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Maldives – Agreement Between India and Maldives for Exchange of Information With Respect to Taxes
No addition of notional interest in excisable value on booking amount collected by Hero Honda
Excise & Customs: Interest on deposits received by assessee from customers cannot be added to excisable value where price is market-driven and not determined on 'cost plus basis and deposits were not significant enough to influence price
Co. having income from sale of IP rights can’t be compared with a software development service provi
IT/ILT: A company having income from sale of I.P. rights is incomparable to software development service provider
India Offers To Import More Crude From Iran
New Delhi: India offered to step up crude oil imports from Iran as soon as sanctions imposed by the West are lifted early next year.
The offer was made at a high-level meeting in the capital on Monday between external affairs minister Sushma Swaraj and visiting Iranian minister of economic affairs and finance Ali Tayyebnia.
A person privy to the discussions said that payment channels for oil shipments, which are partly blocked now, will be opened next year, allowing for higher imports from Iran, which supplied 6.5 million tonnes of crude in the first half of the fiscal.
“Iran offers 90-day credit and free shipping, which makes Iranian crude attractive for Indian refiners,” said the person, who asked not to be named.
Currently, India pays 45% of the import bill in rupees through UCO Bank. The remaining, which is to be paid in euros, is blocked on account of the restrictions on financial institutions dealing with Iran. This amount will be paid once channels open.
Sanctions are expected to be lifted in January. On 20 July, Iran reached an agreement with the US, the European Union and the UN, accepting long-term restrictions on its nuclear programme in return for lifting of trade and financial sanctions.
“The amount of extra crude to be purchased from Iran would depend on the terms offered,” said the person.
The mix of crude Indian refiners import (Indian basket) has now fallen to a decade low of $33-34 a barrel and a further decline in price appears likely. Refiners source about 10-20% of their requirement from global spot markets to take advantage of falling prices.
Swaraj and Tayyebnia discussed the prospects of boosting oil trade at the India-Iran Joint Commission meeting in the capital. The visiting official had also met Prime Minister Narendra Modi to discuss cooperation between the nations on oil and gas, investment and connectivity on Monday.
Indian refiners importing Iranian crude—Mangalore Refinery and Petrochemicals Ltd (MRPL) and Essar Oil—are likely to bargain hard considering the downward pressure on crude prices.
“A large part of the Middle East and African crude earlier supplied to the US is now being diverted to Asia in the wake of surplus oil in America. The US, which had 5.5 million barrels per day production a few years ago, now has an output of over 9 million barrels a day. The lifting of export ban on American producers too is expected to influence the price of oil in world markets,” said R.S. Butola, former chairman of state-owned refiner Indian Oil Corporation.
The economic slowdown in China and the sluggish growth in Europe too are expected to add to the bearish sentiment in crude prices in the short term. Refiners like MRPL and Indian Oil Corp. Ltd have been a beneficiary of the decline in crude oil price, though it has dealt a blow to upstream producers like ONGC and Oil India Ltd.
Iran is currently the fifth largest oil supplier to India. Kuwait, Saudi Arabia, Nigeria and Venezuela are the other leading suppliers. It was India’s second largest supplier, after Saudi Arabia, till 2010-11, and lost its share on account of the sanctions.
India, which has 22 refineries with a capacity of 215 million tonnes a year, hopes to become a refining hub catering to regional demand and will import about 188.23 million tonnes of crude oil this financial year.
Source :livemint.com
Service of order at assessee’s address and receipt thereof by his nephew is a valid service : HC
Service Tax: If order is served on a member of family, it is duly served and there is sufficient service; hence, receipt of order by assessee's nephew at assessee's correct address amounts to a 'valid service'
CLB’s jurisdiction in respect of an oppression plea ceases where final relief is granted
CL: Once CLB disposes of petition complaining of oppression and mismanagement finally by making a final adjudication of rights of parties and ordering final relief under section 402, it ceases to exercise any jurisdiction
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