Onus is on assessee to prove existence of reasonable cause for waiver of penalty

Service Tax : Onus to establish that there was a reasonable cause for delay in payment of tax, is on assessee; hence, where assessee failed to justify delay in payment of tax by producing materials evidencing financial hardship, etc., there was no reasonable cause for delay and therefore, penalty could not be waived

CBDT officials directed to use new proforma to request info exchange from foreign tax authorities

IT/ILT : Jurisdiction of Competent Authorities in Foreign Tax & Tax Research Division, Usage of Form-A Prescribed in Manual on Exchange of Information Issued by CBDT in May, 2015 and Updated Contact Details of Officers Dealing with Exchange of Information Under Various Treaties

SEBI requires Depositories to credit 5% of profit from operations to Investor Protection Fund

SEBI/INDIAN ACTS & RULES : SEBI (Depositories and Participants) (Amendment) Regulations, 2016 – Amendment in Regulation 53c

No abuse of dominance by Omaxe Ltd. as many other real estate developer were selling flats in Jhajja

Competition Act : Where several other major real estate developers were operating in relevant market of provisions of services relating to development and sale of residential flats in Jhajjar, OP was not dominant in relevant market and, therefore, its conduct was not to be examined under section 4

No VAT or CST on inter-state stock transfer if goods were eventually exported to foreign countries

CST & VAT: Andhra Pradesh VAT - Where Secunderabad branch of assessee purchased chillies from farmers (unregistered dealers) and transferred it to Cochin branch by way of stock transfer for export to foreign countries and Cochin branch, in turn, had exported chillies to foreign buyers, no purchase tax could be levied on stock transfer of chillies under section 4(4)(iii) of VAT Act

Sum paid to power transmission Co. for using its transmission network isn't liable to Sec. 194J TDS

IT: Where assessee, engaged in buying and selling electricity, paid transmission charges of power to KPTCL from generation point to consumers, since there was neither transfer of any technology nor any service attributable to a technical service was offered by KPTCL, tax was not required to be deducted at source under sec. 194J while making payment of transmission charges

AAR taxes entire revenue under sec. 44BB; rejects splitting between onshore and offshore activities

Where applicant enters into contract with RIL for providing 'Floating Production storage and offloading' (FPSO) facilities, in view of fact that in terms of 'Change Order' certain amendments were carried out such as fabrication and installation of new living quarters onboard and mobilising and commissioning team of applicant, since both original contract and amendments therein by way of 'Change Order' are inextricably linked with extraction, processing, production, storing & offloading of crude

No denial of exemption due to non-reversal of credit and violation of Cenvat Credit Rules

Cenvat Credit : If assessee has not lapsed/reversed credit under rule 11 of CENVAT Credit Rules, 2004 on opting for exemption, then, for violation of CENVAT Credit Rules, action may be taken under CENVAT Credit Rules, but, exemption itself cannot be denied

Rupee Trades Higher At 67.94 Against Us Dollar

Mumbai: The Indian rupee erased all the morning losses and was trading little changed against the US dollar, following cues from the local equity markets.

At 2.18pm, the rupee was trading at 67.94 a dollar, up 0.01% from its previous close of 67.96. The local currency opened at 67.89 a dollar and touched a high and a low of 67.82 and 68.10, respectively. The rupee has fallen in 10 out of 14 trading sessions.

India’s benchmark equity index, BSE Sensex, was trading at 24,057.89 points, down 0.02% or 5.62 points. Earlier in the morning, the Sensex gained as much as 250 points.

Most Asian currencies were trading higher. Indonesian rupiah was up 0.51%, Malaysian ringgit 0.45%, Philippines peso 0.11% and Hong Kong 0.1%. However, Taiwan dollar was down 0.27% and China offshore spot 0.17%.

So far this year, the Sensex is down over 7.5% and the rupee has weakened 2.5%. So far this year, foreign institutional investors have sold $1.23 billion from local equity markets and bought $242.80 million from the debt market. Brent crude is down 24.4%.

Traders are cautious ahead of the European Central Bank’s policy meet on interest rates later today. The ECB is expected to warn that inflation could stay ultra-low for longer due to plunging oil prices, weak Chinese growth and the lack of decisive fiscal policy action at home, Reuters reported.

The yield on India’s current 10-year benchmark bond stood at 7.751% compared with its Wednesday’s close of 7.797%. It opened at 7.797% and touched a low of 7.736%, a level last seen on 8 January. Bond yields and prices move in opposite directions.

The Reserve Bank of India (RBI) sees scope for policy easing if disinflation persists. “Going forward, we have to disinflate a little more. So, at the meeting (on 2 February), we will take all these factors into account and decide what the next step is, but broadly I would say we are on the right path,” RBI governor Raghuram Rajan said in an interview to CNBC at Davos.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.0536, down 0.03% from its previous close of 99.091.

 

Source :.livemint.com

No stay on initiation of prosecution proceedings under sec. 276D just because appeal proceedings are

IT : Pendency of appellate proceedings has no bearing on initiation of prosecution under Act

Extended period can't be invoked to demand duty on inter-unit transfer of goods

Excise & Customs: In case of inter-unit transfer of goods, where transferee unit can take credit of duty paid by assessee-transferor, department cannot allege suppression of facts with intent to evade duty and, therefore, extended period of limitation cannot be invoked

Commerce Ministry Backs Measures To Boost Sezs

The Commerce Ministry is in the process of identifying reasons for the slowdown in the Special Economic Zones (SEZ). It has also asked the Finance Ministry to consider steps to ensure greater investment and employment generation in these enclaves to boost exports from SEZs.

The commerce ministry has taken up with the finance ministry issues raised by the SEZ developers and units including removal or reduction of Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT) on SEZs, according to a government statement. It is also looking into the developers’ opposition against a proposal considered by the finance ministry for abolition of all direct tax benefits for SEZs not operationalised before April, 2017. Finance ministry has been asked to extend the Sunset Clause (provision relating to the expiry of the benefits to SEZs) on SEZs up to 2023.

This follows a meeting that the Commerce Minister Nirmala Sitharaman held on Tuesday with a delegation of Export Promotion Council for export oriented units and SEZs (EPCES).

Opposing the proposal that was being considered by the Central Board of Direct Taxes for abolition of all direct tax benefits for SEZs not operationalised before April, 2017, EPCES said it would create uncertainty in the minds of investors and lead to an increase in the number of applications for de-notification of approved SEZs. The commerce ministry said Sitharaman informed that the issue has already been taken up with Finance Minister Arun Jaitley, adding that IT/ITeS industry body Nasscom has also taken up this issue.

The imposition of MAT and DDT on SEZs has led to a slowdown in terms of growth in exports from these enclaves, reduced number of SEZ notifications, slower operationalisation of SEZs and increased number of applications for de-notification of approved SEZs, EPCES said. It has also dented the investor-friendly image of SEZs, created uncertainty in the minds of foreign and domestic investors, EPCES said, adding that MAT should be totally withdrawn or reduced to its original rate of 7.5 per cent.

The EPCES also wanted SEZ units to be allowed to sell in the domestic tariff area (DTA or domestic market) by shelling out the same duty applicable to imports from nations who are free trade agreement (FTA) partners of India.

Since SEZs are duty and tax free enclaves, they have to pay regular duties for sales in the domestic market, which in turn makes their items costlier as compared to imports from FTA partner nations that enter India at zero or lower than regular duties, they said. Ms. Sitharaman assured the delegation that this matter will be looked into, according to the statement.

The delegation comprised of senior representatives of Reliance Industries Jamnagar SEZ, Adani Port & SEZ, Tata Steel SEZ, DLF Ltd., Serum Institute of India Ltd, P.P. Jewellers, Phoenix Infocity, J. Matadee Free Trade Zone, ION Kharadi – Panchshil Group.

 

Source :.thehindu.com

Commerce Ministry Backs Measures To Boost Sezs

The Commerce Ministry is in the process of identifying reasons for the slowdown in the Special Economic Zones (SEZ). It has also asked the Finance Ministry to consider steps to ensure greater investment and employment generation in these enclaves to boost exports from SEZs.

The commerce ministry has taken up with the finance ministry issues raised by the SEZ developers and units including removal or reduction of Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT) on SEZs, according to a government statement. It is also looking into the developers’ opposition against a proposal considered by the finance ministry for abolition of all direct tax benefits for SEZs not operationalised before April, 2017. Finance ministry has been asked to extend the Sunset Clause (provision relating to the expiry of the benefits to SEZs) on SEZs up to 2023.

This follows a meeting that the Commerce Minister Nirmala Sitharaman held on Tuesday with a delegation of Export Promotion Council for export oriented units and SEZs (EPCES).

Opposing the proposal that was being considered by the Central Board of Direct Taxes for abolition of all direct tax benefits for SEZs not operationalised before April, 2017, EPCES said it would create uncertainty in the minds of investors and lead to an increase in the number of applications for de-notification of approved SEZs. The commerce ministry said Sitharaman informed that the issue has already been taken up with Finance Minister Arun Jaitley, adding that IT/ITeS industry body Nasscom has also taken up this issue.

The imposition of MAT and DDT on SEZs has led to a slowdown in terms of growth in exports from these enclaves, reduced number of SEZ notifications, slower operationalisation of SEZs and increased number of applications for de-notification of approved SEZs, EPCES said. It has also dented the investor-friendly image of SEZs, created uncertainty in the minds of foreign and domestic investors, EPCES said, adding that MAT should be totally withdrawn or reduced to its original rate of 7.5 per cent.

The EPCES also wanted SEZ units to be allowed to sell in the domestic tariff area (DTA or domestic market) by shelling out the same duty applicable to imports from nations who are free trade agreement (FTA) partners of India.

Since SEZs are duty and tax free enclaves, they have to pay regular duties for sales in the domestic market, which in turn makes their items costlier as compared to imports from FTA partner nations that enter India at zero or lower than regular duties, they said. Ms. Sitharaman assured the delegation that this matter will be looked into, according to the statement.

The delegation comprised of senior representatives of Reliance Industries Jamnagar SEZ, Adani Port & SEZ, Tata Steel SEZ, DLF Ltd., Serum Institute of India Ltd, P.P. Jewellers, Phoenix Infocity, J. Matadee Free Trade Zone, ION Kharadi – Panchshil Group.

 

Source :.thehindu.com

Manufacturer cum service provider can take credit of ST directly in ER-1 instead of routing it throu

Cenvat Credit : In case of an assessee being manufacturer cum service provider, credit of input services may be taken directly in ER-1 returns instead of taking it first in ST-3 and then, transferring to ER-3 return

Maruti Export To Lanka Ebbs After Duty Changes

 Maruti Suzuki’s export to Sri Lanka, its biggest foreign destination last year, is losing speed after an increase in import duty by the island nation two months earlier.

Last year, Sri Lanka overtook Maruti’s hitherto top export markets of Chile and Philippines, after the government there had reduced the duty. The move acted as a stimulus for demand and India emerged a big beneficiary. “The pent-up demand following the duty relaxation last year has been served. There was also advancement of purchase, and market growth in Sri Lanka was abnormally high. After the reversal of import duty, the short-term surge in demand ended,” said a Maruti spokesperson.

As new imports would become expensive, sales dropped but are expected to normalise soon, the spokesperson added, without disclosing the number of units shipped.

In November, the import duty on 1,000cc vehicles was increased from 50 to 70 per cent, impacting Maruti's WagonR, for instance. Import duty on vans was increased from 85 per cent to 150 per cent.  

Maruti’s Alto and Celerio models are in high demand in Lanka. In the past, Maruti had contemplated setting up an assembly unit in Lanka. Its export there has fluctuated with changes in the tax structure. Lanka was Maruti’s biggest market in 2011-12. The company has a distributor there, which operates through a network of at least 20 retail outlets and 15 workshops. Maruti also trains the service staff.  Maruti, this country’s largest car maker, is the second largest exporter of passenger vehicles from India, after Hyundai. Close to a tenth of production is exported to markets in Asia, Africa and Latin America.

ALSO READ: Maruti December sales up 8.5% at 1,19,149 units
 
In the passenger vehicle export market, a weak demand is quite often offset by a surge in demand from others. Economic and political changes are the usual causes. Changes in regulations also impact the export numbers. For instance, Sri Lanka grew last year but the markets in Algeria and Britain declined for Maruti.

Expansion of the export portfolio by addition of the Ciaz, Ertiga, DZire and Swift models led to five per cent growth in shipments by Maruti in the April-December period (first nine months of this financial year), to 96,841 units.

Compact cars form a large chunk of exports for Maruti, which last year also started shipping the bigger vehicles like the Ciaz and Ertiga. The company is now preparing to ship its latest hatchback, the Baleno, to various destinations.

Source :business-standard.com

Groundnut Exports Unlikely To Improve Despite Lifting Of Ban By Vietnam

 Despite Vietnam lifting its ban on Indian groundnut imports, India is finding it tough to match last year's export figure. This is due to the overall slack in demand for the commodity in the international market.

Earlier, Vietnam had placed a ban on Indian groundnut over poor quality issues. It recently lifted the ban, allowing imports of groundnut from India after lobbying by the Indian Oilseeds and Produce Export Promotional Council (IOPEPC). However, according to industry players, this will not help much in touching even last year's total export mark, leave alone registering a growth.

As per IOPEPC data, during 2014-15, India had exported 708,390 tonnes groundnut and this year, the country's export have so far been 219,739 tonnes groundnut in first seven months of 2015-16 as against 281,898 tonnes in corresponding period last year. According to industry sources, groundnut exports may not cross 500,000 tonnes mark by end of March this year.

In terms of Vietnam, the data showed that India had exported about 148,000 tonnes to Vietnam alone, thereby forming 26 per cent of total Indian groundnut exports during 2014-15. According to exporters, some fresh demand from Vietnam may generate in near future. However, a ban of last 9-10 months has created a void which is not likely to be fulfilled this fiscal.

"Import banned by Vietnam is the one of the major reasons for sharp fall in groundnut export from India this year. The country had banned groundnut import from April 2015 as it had found pests in Indian consignments. By end of March, country's total export is likely to be about 500,000 tonnes this year", said Sanjiv Sawla, chairman of IOPEPC.

Cautioning the exporters, Sawla stressed on the need to focus on quality of groundnuts since more and more countries are applying stringent norms on imports of food products considering the quality standards and food safety systems.

Vikram Duvani, managing director of Rachana Seeds Industry said, "Crop size was lower last year and domestic consumption was good which increased the groundnut price. Competing countries are offering cheaper rates. All this translated into lower export from the India."

Competing countries like Africa, Argentina, Brazil and the US offer groundnut at about $950-1,100 per tonne while India's groundnut prices are ruling at $1,000-1,150 per tonne in international market.

Country's export have decreased by 22 per cent to 219,739 tonnes groundnut in first seven months of 2015-16 as against 281,898 tonnes in corresponding period last year. IOPEPC data suggests that out of 281,898 tonnes export in the corresponding period 2014-15, Vietnam was the second largest importer with 43,983 tonnes after Indonesia that had imported about 102,230 tonnes. On the other side, demand from Indonesia has also decreased about 36 per cent to 65,602 tonnes in April to October period. Industry sources said that overall weak economy has affected the trade this year.

The council needs to closely examine the procedure for groundnut shipments to Vietnam. Preliminarily, it appears that the procedure is complex. Processors and exporters will have to take extra precaution for groundnut shipments to Vietnam. This positive development will boost exports of Groundnuts from India, said Mumbai based exporter.

 

Source :business-standard.com

Groundnut Exports Unlikely To Improve Despite Lifting Of Ban By Vietnam

 Despite Vietnam lifting its ban on Indian groundnut imports, India is finding it tough to match last year's export figure. This is due to the overall slack in demand for the commodity in the international market.

Earlier, Vietnam had placed a ban on Indian groundnut over poor quality issues. It recently lifted the ban, allowing imports of groundnut from India after lobbying by the Indian Oilseeds and Produce Export Promotional Council (IOPEPC). However, according to industry players, this will not help much in touching even last year's total export mark, leave alone registering a growth.

As per IOPEPC data, during 2014-15, India had exported 708,390 tonnes groundnut and this year, the country's export have so far been 219,739 tonnes groundnut in first seven months of 2015-16 as against 281,898 tonnes in corresponding period last year. According to industry sources, groundnut exports may not cross 500,000 tonnes mark by end of March this year.

In terms of Vietnam, the data showed that India had exported about 148,000 tonnes to Vietnam alone, thereby forming 26 per cent of total Indian groundnut exports during 2014-15. According to exporters, some fresh demand from Vietnam may generate in near future. However, a ban of last 9-10 months has created a void which is not likely to be fulfilled this fiscal.

"Import banned by Vietnam is the one of the major reasons for sharp fall in groundnut export from India this year. The country had banned groundnut import from April 2015 as it had found pests in Indian consignments. By end of March, country's total export is likely to be about 500,000 tonnes this year", said Sanjiv Sawla, chairman of IOPEPC.

Cautioning the exporters, Sawla stressed on the need to focus on quality of groundnuts since more and more countries are applying stringent norms on imports of food products considering the quality standards and food safety systems.

Vikram Duvani, managing director of Rachana Seeds Industry said, "Crop size was lower last year and domestic consumption was good which increased the groundnut price. Competing countries are offering cheaper rates. All this translated into lower export from the India."

Competing countries like Africa, Argentina, Brazil and the US offer groundnut at about $950-1,100 per tonne while India's groundnut prices are ruling at $1,000-1,150 per tonne in international market.

Country's export have decreased by 22 per cent to 219,739 tonnes groundnut in first seven months of 2015-16 as against 281,898 tonnes in corresponding period last year. IOPEPC data suggests that out of 281,898 tonnes export in the corresponding period 2014-15, Vietnam was the second largest importer with 43,983 tonnes after Indonesia that had imported about 102,230 tonnes. On the other side, demand from Indonesia has also decreased about 36 per cent to 65,602 tonnes in April to October period. Industry sources said that overall weak economy has affected the trade this year.

The council needs to closely examine the procedure for groundnut shipments to Vietnam. Preliminarily, it appears that the procedure is complex. Processors and exporters will have to take extra precaution for groundnut shipments to Vietnam. This positive development will boost exports of Groundnuts from India, said Mumbai based exporter.

 

Source :business-standard.com

Government To Increase Oil Imports From Africa: Dharmendra Pradhan

NEW DELHI: India is looking at raising crude oil imports from Africa as part of efforts to diversify sourcing of energy and reducing dependence on the Middle East, Oil Minister Dharmendra Pradhan said on Thursday.

India imports nearly 80 per cent of its oil needs. Nearly two-third of this volume traditionally was supplied by exporters in the Middle-East led by Saudi Arabia, Iraq and Kuwait. This dependence over time has been brought down.

The country imported 99.36 million tons of crude oil in April-September this fiscal, 57 per cent of which came from the Middle-East region.

"We imported 32 million ton of crude in 2014 from Africa, including 3 million tons from North Africa and 29 million tons from West Africa, mainly from Nigeria and Angola. This constitutes approximately 16 per cent of our consumption. This is going to increase in the coming years," Pradhan said.

Speaking at the inaugural session of the 4th India-Africa Hydrocarbons Conference, he said over the past two decades, the African hydrocarbon sector has been expanding rapidly as also the interests of Indian oil companies in the continent.

"As a matter of policy, the present Indian government is keen to move towards a geographically diversified energy basket. This has resulted in India's greater focus on Africa as a vital region for sourcing petroleum products in coming years," he said.

Crude import from Africa has played an important role in India's energy security.

Of the 99.36 million tons of crude oil India imported in April-September this fiscal, Africa supplied a third of it while South America accounted for a little less than 16 per cent.

At 11.59 million tons, Nigeria is the third largest supplier of crude oil to India in April-September, behind Saudi Arabia (19.56 million tons) and Iraq (17.01 million tons).

Pradhan said India's scarcity of domestic energy resources can be offset by Africa's surplus energy reserves - which accounts for about 15 per cent of current proved accessible global oil reserves.

"Over the past two decades, the African hydrocarbon sector has seen rapid growth. The new discoveries in Africa have seen oil reserves grow by over 100 per cent and gas reserves grow by over 55 per cent. We believe that this will greatly improve Africa's position as an exporter of not only oil but also gas," he said.

India has emerged as the fastest growing major economy in the world with over 7 per cent GDP growth, he said, adding that the country's energy consumption has been constantly increasing.

The Compound Annual Growth Rate (CAGR) of Indian primary energy consumption in the last 15 years has been about 7.3 per cent as compared to a global CAGR of 3 per cent. "I expect energy demand to go up further," he said.

Pradhan said as per the International Energy Agency's (IEA) World Energy Outlook 2015, India will contribute around 25 per cent of the growth in global energy demand. It would thus be the single largest contributor to energy growth globally.

Indian upstream companies have been active in Africa's hydrocarbon sector.

"In Mozambique, Sudan and South Sudan, Indian companies have major presence in exploration and production segments with total investments of nearly $7-8 billion now," he said. "Indian companies also hold interest in key oil and gas projects in Gabon, Libya and Egypt."

"We are confident that India, apart from being an attractive market for crude oil and gas, would be an able partner for African nations across the industry value chain," he said.

Indian companies are already providing comprehensive Engineering, Procurement and Construction (EPC) services to the hydrocarbon sector in Africa. Presently, they are working in Algeria, Nigeria, Libya, Sudan and Ghana.

Pradhan had said during the India Africa Forum Summit in October last year, Prime Minister had announced 50,000 scholarships for African students and research scholars.

India has also offered a concessional credit of $10 billion over next 5 years for African countries.

"We have good scope to tap into this line of credit for oil and gas projects in Africa. I call upon public and private sector both in India and Africa to identify viable projects which can be financed and pursued through this line of credit," he said.

Source :economictimes.indiatimes.com

Government To Increase Oil Imports From Africa: Dharmendra Pradhan

NEW DELHI: India is looking at raising crude oil imports from Africa as part of efforts to diversify sourcing of energy and reducing dependence on the Middle East, Oil Minister Dharmendra Pradhan said on Thursday.

India imports nearly 80 per cent of its oil needs. Nearly two-third of this volume traditionally was supplied by exporters in the Middle-East led by Saudi Arabia, Iraq and Kuwait. This dependence over time has been brought down.

The country imported 99.36 million tons of crude oil in April-September this fiscal, 57 per cent of which came from the Middle-East region.

"We imported 32 million ton of crude in 2014 from Africa, including 3 million tons from North Africa and 29 million tons from West Africa, mainly from Nigeria and Angola. This constitutes approximately 16 per cent of our consumption. This is going to increase in the coming years," Pradhan said.

Speaking at the inaugural session of the 4th India-Africa Hydrocarbons Conference, he said over the past two decades, the African hydrocarbon sector has been expanding rapidly as also the interests of Indian oil companies in the continent.

"As a matter of policy, the present Indian government is keen to move towards a geographically diversified energy basket. This has resulted in India's greater focus on Africa as a vital region for sourcing petroleum products in coming years," he said.

Crude import from Africa has played an important role in India's energy security.

Of the 99.36 million tons of crude oil India imported in April-September this fiscal, Africa supplied a third of it while South America accounted for a little less than 16 per cent.

At 11.59 million tons, Nigeria is the third largest supplier of crude oil to India in April-September, behind Saudi Arabia (19.56 million tons) and Iraq (17.01 million tons).

Pradhan said India's scarcity of domestic energy resources can be offset by Africa's surplus energy reserves - which accounts for about 15 per cent of current proved accessible global oil reserves.

"Over the past two decades, the African hydrocarbon sector has seen rapid growth. The new discoveries in Africa have seen oil reserves grow by over 100 per cent and gas reserves grow by over 55 per cent. We believe that this will greatly improve Africa's position as an exporter of not only oil but also gas," he said.

India has emerged as the fastest growing major economy in the world with over 7 per cent GDP growth, he said, adding that the country's energy consumption has been constantly increasing.

The Compound Annual Growth Rate (CAGR) of Indian primary energy consumption in the last 15 years has been about 7.3 per cent as compared to a global CAGR of 3 per cent. "I expect energy demand to go up further," he said.

Pradhan said as per the International Energy Agency's (IEA) World Energy Outlook 2015, India will contribute around 25 per cent of the growth in global energy demand. It would thus be the single largest contributor to energy growth globally.

Indian upstream companies have been active in Africa's hydrocarbon sector.

"In Mozambique, Sudan and South Sudan, Indian companies have major presence in exploration and production segments with total investments of nearly $7-8 billion now," he said. "Indian companies also hold interest in key oil and gas projects in Gabon, Libya and Egypt."

"We are confident that India, apart from being an attractive market for crude oil and gas, would be an able partner for African nations across the industry value chain," he said.

Indian companies are already providing comprehensive Engineering, Procurement and Construction (EPC) services to the hydrocarbon sector in Africa. Presently, they are working in Algeria, Nigeria, Libya, Sudan and Ghana.

Pradhan had said during the India Africa Forum Summit in October last year, Prime Minister had announced 50,000 scholarships for African students and research scholars.

India has also offered a concessional credit of $10 billion over next 5 years for African countries.

"We have good scope to tap into this line of credit for oil and gas projects in Africa. I call upon public and private sector both in India and Africa to identify viable projects which can be financed and pursued through this line of credit," he said.

Source :economictimes.indiatimes.com

Interest earned by developer on surplus funds parked with banks is taxable as income from other sour

IT: Where assessee, engaged in construction activities, deposited its surplus funds in FDRs, interest earned thereon was to be taxed as 'income from other sources'

CBEC's circular prevails over Education guide for valuation of flats given by builders to landowners

ST : Report of High Level Committee Recommending Valuation of Flats for Levy of Service Tax

Twisting Aluminium wire along with steel wire to form 'plaited wire bands' amounts to manufacture

Excise & Customs: Cabling/twisting together of Aluminium wires/wire rods along with steel wire to form 'plaited wire bands' would amount to manufacture because plaited wire bands, etc. have a different name, character and use and are classifiable separately.