Govt. authorizes 4,412 PNB branches to receive subscription under PPF and Senior Citizen Saving Sche

IT : Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004 – Notified Branches of Punjab National Bank to Receive, with Immediate Effect, Subscriptions under Said Schemes

Govt. notifies rules for recruitment in departmental canteens

IT/INDIAN ACTS & RULES : Income-Tax Department, Non-Statutory Departmental Canteens (Group 'C' Posts) Recruitment Rules, 2015

No extended period due to issuance of subsequent notices if dept. was aware of all facts while issui

Excise & Customs : When department was aware of all facts while issuing initial three notices and said three notices had been dropped on merits subsequently, fourth notice cannot invoke extended period to raise demand

Govt. constitutes two new regional benches of CESTAT at Chandigarh and Hyderabad

EXCISE : Constitution of Cestat Bench at Chandigarh

Rajeev Kher appointed as member of Competition Appellate Tribunal

COMPETITION ACT : Section 53C, Read With Section 53F of the Competition Act, 2002 – Appellate Tribunal – Composition of - Notified Member

No additions on nursing home alleging non-disclosure of receipt from patients without support of sei

IT : Where pursuant to search proceedings, Assessing Officer made addition to assessee's income on ground that in nursing home run by assessee, treatment was given to various patients and amount received form them was not reflected in books of account, since said conclusion was not supported by seized material, impugned addition was to be set aside

TPO couldn't make addition by considering current year data if revenue had used multiple years data

IT/ILT : TPO could not make addition to assessee's ALP for rendering content related services to its AE by using only current year data at time of selection of comparables when revenue itself had adopted multiple years data in preceding years and there was no change in circumstances during assessment year in question

Income from offshore services isn't taxable if it is provided outside India without any connection w

IT/ILT : Where Japanese company executed Engineering, Procurement, Construction and Commissioning contracts in India through Indian project office, income from offshore services, though chargeable under section 9(1)(vii) was exempt under DTAA and, hence, could not be charged to tax in light of section 90(2)

Amendment in SSI notification covering arms and ammunition parts isn't retrospective

Excise & Customs : Where, after several representations, Government amended SSI-extending exemption to 'parts of Chapter 93' only from 1-10-2001, said amendment could not be regarded as retrospective

Income of business run by assessee as Karta of HUF after his father's demise can't be taxed in his i

IT : Where father of assessee got registered HUF, doing lottery business two months before his death and thereafter, assessee carried on said lottery business as karta of HUF, undisclosed income related to said business declared on search was to be assessed in hands of HUF and not in hands of assessee in his individual capacity

Environmental impact assessment related consulting didn't cover under consulting engineer's service

Service Tax: Environmental studies being: (a) Environmental Biotechnology, (b) Environmental Impact Assessment, (c) Environmental Monitoring, (d) Environmental Policy Analysis and (e) Hazardous Waste Management, being in nature of scientific consultancy, are outside scope of consulting engineer

Vehicle comprising of auto track and semi-trailer is classifiable as tractor and not as light motor

Excise & Customs: In view of Chapter Note 2 to Chapter 87 of Tariff, vehicle comprising 'Auto Track/Hauling Unit and Semi-trailer' is classifiable as 'tractor' under Heading 8701, not as 'Light Motor Vehicle' under Heading 8704

SC stayed IT proceedings as Kerala Govt. didn't take steps to amend provisions related to Court fees

IT : As section 52A of Kerala Court fees, Act specified court fee in appeal before High Court at 1% of income assessed by Assessing Officer, but in many cases such assessed income might not at all survive, State Government had to make required amendment; High Court opined that instant matter was to be stayed till information about steps taken by State Government was provided

IRDA asks intermediaries to file undertaking on compliance of 'Indian owned and controlled' requirem

INSURANCE : Guidelines on “Indian owned and controlled” for insurance intermediaries

No rectification if error relating to denial of credit on export services couldn't be discovered wit

Excise & Customs : An error, which has to be established by a long drawn process of reasoning on points where there may conceivably be two opinions does not amount to 'error apparent on face of record' and is not a rectifiable mistake

Delhi Govt. mandates full reduction of tax-credit on stock transfer of Cigarettes outside Delhi

VAT/DELHI/NOTIFICATION/INDIAN ACTS & RULES : Delhi Value Added Tax (Amendment) Rules, 2015 – Amendment in rule 7 and DVAT form 16

Independent directors can exercise ESOPs if granted prior to commencement of new ESOP norms

SEBI : Frequently Asked Questions on SEBI (Share Based Employee Benefits) Regulations, 2014

AO couldn't tax interest on accrual basis if recovery of principal amount of loan is doubtful

IT : Where assessee was in fact not receiving any interest on loan advanced and it had to write off said loan finally in subsequent year, no addition could be made on account of accrued interest just because assessee was following mercantile system of accounting

Now Commissioner can admit DVAT refund application from embassies upto 1 year of end of relevant qua

VAT/DELHI/NOTIFICATION/INDIAN ACTS & RULES : Delhi Value Added Tax (Amendment) Rules, 2015 – Amendment in rule 35

Winding-up petition admitted as co. never raised any defence until statutory notice was served by su

CL: Where respondent-company had admitted its liability to pay amount due to petitioner against supply of books and they had no defence for amount admitted and claim was not disputed contemporaneously but was disputed only when demand for payment came to be raised through statutory notice, winding up petition against respondent was to be admitted

Indirect Tax Ombudsmen to hold meetings with trade and industry associations to hear problems of tax

SERVICE TAX/CIRCULAR : Chairman, CBEC holds a meeting to strengthen institution of Indirect Tax Ombudsmen (ITOM)

Rebate on exported goods under Excise Rule 18 is available for inputs as well as finished goods: (SC

Excise & Customs : Word 'or' in rule 18 of the Central Excise Rules, 2002, to be interpreted as 'and' and therefore, the exporters are entitled to both rebates under rule 18 (viz. input-stage rebate as well as output stage rebate on finished goods) and not one kind of rebate

Delhi Govt. hikes sales tax on Aviation Turbine Fuel to 25%

VAT/DELHI/NOTIFICATION/INDIAN ACTS & RULES : Delhi Value Added Tax Act, 2004 – Amendment in Third & Fourth Schedule

High Court upset with errant behaviour of AO in imposing tax on two assessees for same income

IT: Where assessee had given a building on rent to Government and Assessing Officer fixed rent of building at a higher amount than disclosed by assessee and record showed that penalty proceedings under section 271(1)(c) were initiated against assessee and on verification of matter they were dropped, once penalty proceedings were dropped, rent for building must be taken as disclosed by assessee

Sec. 54(4) contemplates investment in house before due date of filing of belated return

IT : When sale consideration/capital gains has been utilized for purchase or construction of new asset before due date for furnishing return of income under section 139(4), assessee is entitled to claim deduction in respect of amount so utilized under section 54F

Kelkar Committee presents its report to FM on PPP Model of infrastructure development

IT : Report of Kelkar Committee on revisiting and revitalizing PPP Model of infrastructure development submitted to Finance Minister

Profitability in transaction doesn't indicate that it is at Arm's length price

The answer to the issue whether a transaction is at an arm's length price or not is not dependent on whether the transaction results in an increase in the assessee's profit

Share transactions carried out with six brokers out of borrowed fund held as business transactions

IT: Where assessee borrowed funds for purchase of shares, transactions was carried out with many brokers and transactions had resulted in crores of rupee, income earned on such transactions was to be assessed as 'business income'

Reasons for making reassessment must be given at the time of assessment and not during appellate pro

IT : Where reasons recorded for reassessment were not supplied to assessee at time of assessment but during appellate proceedings, there was violation of principle of natural justice

Govt. plans to phase-out corporate tax exemptions and deductions

IT/ILT : Finance Minister's Budget Announcement – Phasing out plan of deductions under Income-tax Act

Rbi Sets Rupee Reference Rate At 66.09 Against Dollar

MUMBAI: The Reserve Bank of India on friday fixed the reference rate of the rupee at 66.0940 against the US dollar and 70.8594 for the euro.

These rates were fixed at 66.1105 and 70.7779 respectively on Thursday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 101.0379 and 53.82 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

 

 

 

 

 

 

 

 

Source : timesofindia.indiatimes.com

New grounds may be raised before Apex Court on issues involving wide ramifications

Excise & Customs : Where issue involved is an important question having reasonably wide ramifications, appellant may be allowed to raise new grounds for first time before Supreme Court

‘Two Weeks On, Govt. Gets Just 400 Gm Yellow Metal

 Gold Monetisation Scheme, launched by Prime Minister Narendra Modi earlier this month, has so far attracted 400 grams of gold, industry body GJEPC on Thursday said. According to official estimates, around 20,000 tonnes of gold worth over Rs.52 lakh crore is lying idle with households and temples in the country.

Gem and Jewellery Export Promotion Council’s (GJEPC) northern region Chairman Anil Sankhwal said, “Under gold monetisation scheme 400 grams have been deposited so far.”

Industry representatives on Thursday met Economic Affairs Secretary Shaktikanta Das and discussed ways for opening more centres for gold testing.

“If the 13,000 BIS-certified jewellers are allowed to act as collection agents, then I am hopeful that the scheme will take off in a good way,” Mr. Sankhwal said.

Apart from gems and jewellery industry, the meeting was also attended by representatives from the Reserve Bank of India, Bureau of Indian Standards (BIS), MMTC and private banks.

Vice-Chairman, Export Promotion Council for EOUs and SEZs and CEO, P. P. Jewellers, Rahul Gupta, said: “We requested Finance Ministry to allow jewellers registered with BIS to act as collection point for gold.”

At present, there are 3.5 lakh jewellers in the country, of which 13,000 are BIS-certified. Now the Finance Ministry in principle have agreed to make them eligible as testing centres.

According to a ministry official, 55 gold purity testing centres would come up by December, up from 29, at present. Also number of gold refinery would go up to 20, up from four at present. Mr. Sankhwal said Economic Affairs Secretary had asked BIS to fasten the process of registration of jewellers as collection agents and give out the licences within 15 days.

Under Gold Monetisation Scheme, launched on November 5, banks were authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time. Depositors will earn up to 2.50 per cent interest per annum, a rate lower than bank deposits. As far as the scheme is concerned, earnings are exempt from capital gains tax, wealth tax and income tax.

There will be no capital gains tax on the appreciation in the value of gold deposited or on the interest made from it.

The designated banks will accept gold deposits under the short-term (1-3 years) bank deposit as well as medium (5-7 years) and long-term (12-15 years) government deposit schemes. The designated banks may sell or lend the gold accepted under the short-term bank deposit to MMTC for minting India Gold Coins and to jewellers, or sell it to other designated banks participating in the scheme.

To meet the growing domestic demand, India imports about 800-1,000 tonnes of gold annually.

Source : .thehindu.com

 

RBI clarifies on applicability of consolidated capital adequacy norms to Non-operative Financial hol

BANKING : Non-Operative Financial Holding Company (NOFHC) – Application Of Capital Adequacy Norms

IRDA notifies norms on 'other forms of Capital'

INSURANCE/INDIAN ACTS & RULES : IRDAI (Other Forms Of Capital) Regulations, 2015

Big Deal For Cotton, Textile Industry

The Council for Scientific and Industrial Research (CSIR) has introduced new pest-resistant cotton varieties within the savannah ecological zones to improve production of the cash crop to feed the textile industry.

The new pest-resistant cotton varieties Round Up Flex (RRF) is a trait tolerant to glyphosate and the Roundup Ready Flex/Bollgard 2 herbicides  are also tolerant to glyphosate in addition to offering insect protection, and are those currently being tried for the farmers.

The Bacillus Thuringiensis (BT) cotton, which is able to withstand insect protection trials in the three northern regions, is aimed at revamping the cotton industry to feed the textile industries and enhance the economy.

The new varieties, which were introduced in partnership with Savannah Agricultural Research Institute (SARI), are expected to produce high-quality cotton so as to revamp the cotton industry which employs a lot of people in the northern sector.

Some farmers who spoke to the B&FT said the new varieties will help them produce cotton to boost the countrya??s textile industry, and also generate revenue for government through exports.

The farmers are eager to access the seeds for cultivation after being sensitised and taken through field demonstrations on the best agricultural practices, and urged SARI to make the seeds accessible and affordable for them.

They therefore called on the National Bio-Safety Authority to hasten its investigations to approve release of the new varieties to help farmers access them for the next season.

The farmers spoke to B&FT at an open field-day for farmers and stakeholders, held at Nyankpala in the Northern Region by the CSIR-SARI in collaboration with Monsanto of Burkina Faso.

The event was aimed at observing and evaluating the performance of Roundup Ready herbicides on cotton varieties under the Ghana Cotton Growing Environment.

It was also to determine the effectiveness of the two glyphosate formulations on weeds when applied on the two genetically modified (GM) cotton varieties tolerant to glyphosate and protection.

Dr. Emmanuel Chamba, Principal Investigator CSIR-SARI, said farmers who adapt to the new technology will increase their yields.

He noted that the institute is embarking on the new varietiesa?? trials in the three northern regions of the country to ascertain the producta??s quality.

According to him, samples have been sent to the Public Procurement Regulatory Authority (PPRA) and the National Bio-Safety Authority (NBA) for approval, and when done will be commercialised to farmers.

He said the trials are being undertaken to ensure that all the safety precautions are observed to avoid any negative impact on the environment.

According to Dr. Chamba, while trying the BT cotton seeds. ?We sprayed the BT cotton two times only as compared to the six times we did for the non-BT (conventional) cotton.

So with the BT, it was proven how farmers can cut down their spraying cost; how they will also reduce the impact of the chemicals on their environment; and again how farmers will be able to save time.

He said the CSIR-SARI is committed to undertaking relevant research activities based on an approved and appropriate national regulatory framework.

The process, he said, aims at developing technologies and innovations that are to enhance and sustain agricultural productivity in the savannah ecological zone.

Dr. Mashad Abdulai, Chairman Institutional Bio-Safety Committee (IBC), said most farmers after cultivation leave their cotton-crops to the mercy of the unwanted weeds and concentrate on the other crops, which results in bad yields.

With this technology, he said, no manual weeding is needed; only spray twice and kill the weeds, leaving the crop alone.

Source: Cotton market news
 

No denial of sec. 10B benefit if only a part of manufacturing is outsourced which was under direct c

IT: Where only a part of manufacturing activities was got done by assessee from outside agency and that too under direct control and supervision of managerial and technical staff available with assessee, assessee was entitled to exemption under section 10B

India's Mines Ministry Propose Scrapping Export Tax On Iron Pellets

NEW DELHI: India's mines ministry has written to the finance ministry to propose scrapping a 5 percent export duty on iron ore pellets, Mines Secretary Balvinder Kumar told Reuters, adding the government could also look at abolishing duty on low-grade iron ore.

He said miners in Goa have written to him seeking the cancellation of the 10 percent duty on overseas shipments of iron ore from the state. Goa is known for low-grade ore used mainly by Chinese steel mills.

India was also looking at a request to raise the import duty on aluminium to 7.5 percent from 5 percent to protect local companies from rising supplies from countries like China.

 

 

 

 

 

 

 

 

Source :economictimes.indiatimes.com

Us Opposes India's Latest Round Of Incentives To Boost Textile Exports

NEW DELHI: The United States has opposed India's latest round of incentives to provide a fillip to exports, alleging violation of a global trade rule for export competitiveness in textiles.

Commerce department officials said the US raised this issue more than a week ago, after India increased support for exports of several products including textiles while expanding the scope of the Merchandise Exports from India Scheme (MEIS) on October 30.

The government included exports of cotton fabrics, both woven and knitted, and made-ups to leading markets including African countries under the MEIS. Under the World Trade Organisation's agreement on subsidies and countervailing measures, when the export share of a developing country with per capita income below $1,000 a year touches 3.25% in any product category for two consecutive calendar years it is deemed to have gained "export competitiveness".
 

 

 

 

 

 

 

 

 

Source :economictimes.indiatimes

HC nods to Amalgamation Scheme framed for tax planning as it didn't affect public interest

CL: Where main purpose of proposed scheme of amalgamation between trnsferee company and transferor companies was to streamline affairs of companies,tax planning and scheme did not in any manner affect interest of any of stake holders, including public,proposed scheme of amalgamation was to be sanctioned.

Gold Bar recovered from gold mud held as primary gold; exempt from excise duty

Excise & Customs : 'Gold bar' recovered from 'gold mud' is a 'primary gold' derived from 'mud form of gold'; hence, same is exempt from duty and exemption cannot be denied merely because 'gold mud' was, in turn, recovered from 'anode slime'

RBI allows Regional Rural Banks to provide internet banking facility for non-transactional services

BANKING : Internet Banking Facility For Customers Of Regional Rural Banks

Now banks offering factoring services can decide pre-payment amount on basis of their own assessment

BANKING : Review Of Provision Of Factoring Services By Banks

Mere non-intimation of amendments to trust deed couldn’t lead to cancellation of its registration

IT : Mere non-intimation of amendments in trust deed to department cannot ipso facto lead to cancellation of registration under section 12AA(3)

Floor covering of jute with plastic coating is classifiable as textile product not as plastic produc

Excise & Customs : Plastic laminated jute fabrics, meant for floor coverings, are dominantly jute products; hence, they are classifiable as 'floor covering made of jute with plastic coating' under Heading 5904 and not as 'plastic product' under Chapter 39

Major shareholders of Pvt. Banks to seek prior approval of RBI for acquiring shares or voting rights

BANKING : Prior Approval For Acquisition Of Shares Or Voting Rights In Private Sector Banks : Directions, 2015

Business losses can’t be set off against betting income

IT: Where assessee suffered loss in business, said loss could not be set off against betting income and total betting income was liable to be taxed under section 115BB

HC denies to restraint rights issue as promoter didn't plead during discussions before SEBI

SEBI : Where plaintiff was aware from September 2013 about its non-inclusion as part of promoter and promoter-company of defendant No. 1 in shareholding pattern filed by defendant No. 1 with stock exchange, but it did not approach SEBI when there was discussion about Letter of Offer or issue of right shares by defendant-company suit filed by plaintiff to pass a decree declaring Letter of Offer issued by defendant as unlawful, null and void ab-initio for depriving plaintiff of its special right

Interim increase in controlled price of sugar by HC to be considered for levying excise duty

Excise & Customs : Where, vide interim orders of High Court, 'controlled prices' of sugar were enhanced and assessees were allowed to sell sugar at 'higher prices', excise duty was also payable based on 'higher prices'

ALP of royalty couldn’t be determined at Nil if royalty payments were periodically approved by RBI

IT/ILT : Where assessee, engaged in business of manufacturing pre-engineered building system products, made certain royalty payments to its AE, since said payments were periodically approved by RBI, TPO was not justified in determining ALP of same at nil

Highest MRP to be taken to determine excise duty when different MRPs of various areas are affixed on

Excise & Customs : In case three different MRPs are affixed on 'same package' even though for 'different areas', goods will be assessed to duty as per Explanation 2(a) to section 4A taking highest MRP as the basis.

Government Launches Fund For Msmes To Acquire Clean Manufacturing Technology

NEW DELHI: Commerce ministry has launched the Technology Acquisition and Development Fund ( TADF) under National Manufacturing Policy being implemented by Department of Industrial Policy & Promotion( DIPP).

The fund will help the Micro, Small & Medium Enterprises (MSMEs) acquire clean and green technology at affordable cost across sector. Launching the fund commerce and industry minister Nirmala Sitharaman said that the fund will facilitate MSMEs in acquiring clean, green and energy efficient technology in form of customised products, specialised services, patents, industrial design available in the Indian or global markets.

The Scheme is conceptualised to catalyse the manufacturing growth in MSME sector to contribute to Prime Minister Narendra Modi's "Make in India" initiative.

The fund will support, manufacturing of equipment machines, devices for controlling pollution, reducing energy consumption and water conservation via subsidies. The manufacturing units will be provided with a subsidy of up to 10% of capital expenditure incurred on new plant & machinery subject to a maximum of Rs. 50 lakhs.

The scheme will facilitate resource conservation activities in industries located in NIMZ through the introduction of incentive, subsidy schemes for energy, environmental, water audits, construction of green buildings, implementation of waste treatment facilities and implementation of renewable energy projects through financial support.

 

 

 

 

 

 

Source :economictimes.indiatimes.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Booking rights of fictional property not to be deemed as transferable capital assets

IT : Rights in a property couldn't be deemed as transferable capital assets when such property was neither in existence nor its building plan or specifications were approved from the Municipal Corporation and neither any construction activity nor commencement of the project had started

Pre-deposit is mandatory for all appeals filed on or after Aug. 6, 2014: HC

Central Excise: Section 35F, as substituted by the Finance (No. 2) Act, 2014, mandating pre-deposit of 7.5% or 10% as a pre-condition for filing appeal is valid.

Sum paid to IFA to create awareness of 'Vaish Associates' by constructing meeting hall in its name i

IT: Where partnership deed executed provides that each partner shall be entitled to an annual salary equivalent to his percentage share of profits 'multiplied by' 'Allocable Profits', salaries paid to partners was in accordance with section 40(b) not to be disallowed

No capital gains tax on assessee just because property docs not mutated in name of wife pursuant to

IT: No capital gains tax on assessee just because property docs not mutated in name of wife pursuant to family settlement

Gold Recovers On Global Cues, Jewellers' Buying

NEW DELHI: Snapping its two-day losing streak, gold prices recovered from four-month low by gaining Rs 155 to Rs 25,780 per 10 grams at the bullion market today, tracking a firm trend overseas along with fresh buying by jewellers.

Silver also inched up by Rs 100 to Rs 34,200 per kg on scattered enquiries from industrial units and coin makers.

Bullion traders said besides firm global trend where gold rose from a five-year low, emergence of buying by jewellers at prevailing levels to meet wedding season demand supported the upside in the precious metals.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.7 per cent to USD 1,078 an ounce and silver by 1.1 per cent to USD 14.33 an ounce, while it ended 0.02 per cent higher at USD 1,070 an ounce in New York yesterday.

In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 155 each to Rs 25,780 and Rs 25,630 per ten grams, respectively. The precious metal had lost Rs 525 in last two days.

The sovereign, however, remained flat at Rs 22,200 per piece of eight gram in limited deals.

Tracking gold, silver ready edged up by Rs 100 to Rs 34,200 per kg and weekly-based delivery by Rs 95 to Rs 33,760 per kg.

On the other hand, silver coins continued to be traded at last level of Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces in restricted buying activity.

 

 

 

 

Source :economictimes.indiatimes.com

Media should refrain from publishing unauthenticated stories on conciliation in Vodafone case: CBDT

IT/ILT : Clarification on Unautheticated Reports on Conciliation in Vodafone Case

Local Yarn Stores Offer Little Boxes, Black Friday Deals

Have you heard about Little Boxes, Portland's shop-local movement? It's a deeply cool program that targets Black Friday and Shop Local Saturday. This year, five of our local yarn stores – Twisted, Fiber Rhythm Craft & Design, Knit Purl, Yarnia and Northwest Wools – are participating. Check out Anna Marum's story on the program:

Little Boxes returns to Portland for its fifth year

Little Boxes returns to Portland for its fifth year

This year, the annual shop-local program hopes to top last year's sales.

And that's not all that's on tap for Black Friday weekend. Reports from stores are still coming in, but below is what I've rounded up so far. I'll keep tabs on Black Friday yarn store sales and compile them all into a master post as Black Friday draws nearer.

Twisted: The store's Pajama Jammy Jam from 9 a.m.-7 p.m. Friday, Nov. 27. "Escape Black Friday craziness and join us for a cozy day at Twisted!" the store writes. "We'll be open an hour early, and have some great deals for you with 10 percent off storewide (some exclusions apply) and up to 40 percent off select items. PLUS receive a coupon for $20 off a qualifying purchase in January IF you wear your jammies!" Twisted is at 2310 N.E. Broadway in Portland.

Fiber Rhythm Craft & Design: On Black Friday (Nov. 27) only, get 50 percent off all reflective products, including Retroglo reflective yarn. "Other reflective products include Reflective Knit Bicycle Helmet Ear Covers and Reflective Dog Leashes," the store writes. "Mix and Match allowed." On Small Business Saturday (Nov. 28), the store's got a special deal on Plymouth yarn products. "Make an in-store purchase of $50 of Plymouth Yarn products on Saturday November 28th and receive a Plymouth Yarn coupon for $20 off their next $50 purchase of Plymouth Yarn products," the store writes.  "Coupon valid from December 1st thru December 31st, 2015." Fiber Rhythm Craft & Design is at 3701 S.E. Milwaukie Ave. in Portland.

For Yarn's Sake: On Black Friday (Nov. 27): " Join us from Noon to 5 as we knit ornaments for our tree," the store writes. "A virtual fire, hot mulled cider, and holiday treats for all.  Special savings throughout the store!" And there's a tree-trimming event, too! "From now though Christmas Eve, bring us a hand-knit or crocheted ornament for our shop tree, and we'll give you an early Christmas gift. Ho! Ho! Ho!" For Yarn's Sake is at 11767 S.W. Beaverton-Hillsdale Highway in Beaverton.

Know of more yarny Black Friday deals? Email me the details at mmooney@oregonian.com and I'll add them. Look for the master Black Friday post next week.

Source :oregonlive.com

Dealer isn’t liable to pay differential excise duty on fluctuation in rate of petroleum product

Excise & Customs : Assessee, being only a "dealer" and not a "manufacturer" was not liable to pay differential amount of excise duty under section 11D on fluctuation in rate of petroleum products

Textile Industry Welcomes Interest Equalisation Scheme

Indian Texpreneurs Federation today thanked the Centre for announcing Interest Equalisation Scheme and also adding readymade garments, made ups and all types of fabrics in the eligibility list.

The timely support from the government, like MIES amendment last month and increase in duty drawback rates a couple of days ago will help the textile industry regain the export market share and grow further, ITF Secretary Prabhu Damodaran said in a statement here.

The industry was confident of achieving export growth in the coming months and assured the Government about its commitment towards improving the competitiveness of Indian textile industry to make it globally competitive, he said.

"We will try to move up the value chain to make more value added products in textiles to grab bigger global market share and in this process, we will create inclusive growth by providing new job opportunities to rural population", Prabhu said.

 

 

 

 

 

 

 

Source : business-standard.com

Govt. extends time limit for establishing 'Central KYC Records Registry' under PMLA norms

MONEY LAUNDERING/FEMA/ILT/INDIAN ACTS & RULES : Prevention Of Money-Laundering (Maintenance Of Records) Fourth Amendment Rules, 2015 – Amendment In Rule 9A

Gold Futures Gains By 0.3% On Firm Global Cues

Gold prices moved up by 0.33% to Rs 25,177 per 10 grams in futures trade today as speculators enlarged positions, tracking a firm global trend.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 83, or 0.33%, to Rs 25,177 per 10 grams in a business turnover of 158 lots.

Likewise, the yellow metal for delivery in far-month February next year gained Rs 76, or 0.30%, to Rs 25,331 per 10 grams in 20 lots.

Analysts said speculators enlarged their positions on the back of firm global trend where precious metal rose from a five-year low, mainly influenced gold prices at futures trade.

Globally, gold rose 0.7% to $1,077.65 an ounce in Singapore.

 

 

 

 

 

 

 

Source : business-standard.com

Director's failure to explain source of cash and dubious entries in survey leads to conversion of su

IT: Where during survey conducted under section 133A, department found huge cash and incriminating documents and director of assessee-company failed to provide explanation with regard to cash and dubious entries in seized documents, survey could be converted into search under section 132 after due approval of competent authority

Insurers to ensure preparedness of 'Corporate Agents' to work under new norms for registration of co

INSURANCE : Instructions For Obtaining Certificate Of Registration Under IRDAI (Registration Of Corporate Agents) Regulations, 2015

SetCom can impose penalty on company and its directors for intentional evasion of duty

Excise & Customs: Settlement Commission is entitled to exercise its discretion in imposing penalty on company as well as against its directors on recording elements of mens rea in concealing duty liability

Now NRs or NRIs may acquire units of 'Real Estate Investment Trusts'

FEMA/ILT /INDIAN ACTS & RULES : FEM (Transfer Or Issue Of Security By A Person Resident Outside India) (Eleventh Amendment) Regulations, 2015 – Amendment In Regulations 2, 5, 9 & 12 And Insertion Of Schedule 11

India To Reign As The Top Buffalo Meat Exporter In 2016: Usda Report

 India's current global supremacy in the buffalo meat export is expected to continue in 2016 as the demand improves in southeast Asia, Middle East and North Africa, says the latest report of United States Department of Agriculture (USDA).

The report predicts gains for major countries including India, Brazil and the US. The global production of beef is forecast to rebound 1 per cent higher to 59.2 million tonnes in 2016 as exports by the main traders are expected to rise 3 per cent to 9.9 million tonnes on stronger demand.Unlike other countries, India exports only buffalo meat as slaughter of cows and bullocks are banned in most states.

India's exports in the first six months to September, 2015 has shown a dip. The buffalo meat exports have fallen 10 per cent in value despite 3 per cent increase in quantity than a year earlier at 710,791 tonnes valued at Rs 12,171 crore as per the data of 'Agricultural and Processed Food Products Export Development Authority (Apeda). However, Indian companies are expecting the situation to get better in the coming months.

"We expect increased orders from the buyers. Apart from traditional buyers like Vietnam and Malaysia, other countries like Philippines have also started buying Indian buffalo meat," said Priya Sud, partner of Al-Noor Exports.

The devaluation of Brazilian currency real seems to have hit buffalo meat exports from India. Brazil is currently the principal competitor of India. India has been attracting buyers because of competitive rates for its buffalo meat. In 2014-15, India exported 1,475,526 tonnes va . 29,282 crore.lued at ` The USDA report indicates the India will widen lead over Brazil as top exporter. It points out that con tinuing herd expansion will drive production higher for the main ex porting countries.

 

 

 

 

Source :economictimes.indiatimes.com

Income from share dealings taxable as capital gain if 75% of profit came from shares held for more t

IT : Where assessee earned profits on sale of shares, in view of fact that number of share transactions entered into during relevant year was not high and moreover 75 per cent of profits came up from shares held for more than nine months, amount in question was to be taxed as short-term capital gain

RBI allows FDI in REITs

FEMA/ILT /INDIAN ACTS & RULES : FEM (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015 – Amendment In Regulation 4

Charges paid for installation and commissioning of machine at buyer's site isn't includible in excis

Excise & Customs : Transaction value is determined at time of clearance of goods at factory; hence, installation and commissioning charges for Erection, Commissioning, Installation, etc. of machines at buyer's site cannot be included in value

Assessee can't escape concealment penalty just because wrong claim is based on auditor's report

IT: Auditor's report cannot override provisions of Act and, thus, merely because assessee's false claim for deduction is supported by a Chartered Accountant's opinion, this fact per se cannot absolve assessee from penalty under section 271(1)(c)

Delhi Govt. devised mechanism to prohibit misuse of auto downloading facility for DVAT forms

VAT : Status Of Statutory Forms Downloaded By Dealers

Now Delhi dealers required to submit details of goods sold via each e-commerce website

VAT/INDIAN ACTS & RULES : Delhi Value Added Tax (Amendment) Rules, 2015 – Amendment In Forms Dvat-16, Dvat-30, Dvat-31 And Insertion Of Annexure IE

Cabinet approves protocol amending India-Kuwait DTAA; includes internationally accepted standard for

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 – Kuwait – Protocol Amending Said Agreement

Criminal proceedings rightly initiated against assessee as he wilfully evaded payment of tax: HC

IT: High Court upheld criminal proceedings initiated against an assessee under Section 276(c) for non-payment of tax. The Court sets aside the contention of assessee that prosecution proceedings could not be initiated when no notice of demand under section 156 was furnished. The High Court held that separate notice of demand was not required if intimation under section 143(1) regarding tax payable by assessee was furnished.

Rupee Trims Initial Losses, Down 9 Paise Against Dollar

:The rupee opened at 66.12 a dollar and touched a high and a low of 66.09 and 66.20, respectively

The Indian rupee on Wednesday weakened against the US dollar after local equity markets fell over 300 points.

At 2.12pm, the home currency was trading at 66.19, down 0.24% from its previous close of 66.03. The local unit opened at 66.12 a dollar and touched a high and a low of 66.09 and 66.20, respectively.

At 2.20pm, the benchmark Sensex index fell 1.37%, or 355.05 points, to 25,509.42. The Sensex fell in 15 out of 20 sessions. Since 19 October till date, Sensex has fallen 6.4% or 1,750 points.

Investors are awaiting information from global policy makers. The US Federal Reserve releases minutes from its last meeting Wednesday, while the Bank of Japan began a two-day meeting, Bloomberg reported.

The yield on India’s 10-year benchmark bond was trading at 7.687% compared with its Tuesday’s close of 7.67%. Bond yields and prices move in opposite directions.

The employees of the Reserve Bank of India are set to go on a strike on Thursday for the first time in more than six years to protest against the government taking powers from the central bank, threatening to disrupt bond and foreign currency markets, which could affect settlements under the payment platform operated by the central bank, Bloomberg reported, quoting Rajeev Radhakrishnan, Mumbai-based head of fixed income at SBI Funds Management.

Foreign institutional investors (FIIs) sold equities in eight out of 10 sessions. Since 30 October to 16 November, FIIs sold $651.22 million in equities. Since 27 October to 16 November, FIIs sold $494.09 million in debt.

In fiscal year 2016 so far, FIIs have sold $2.05 billion in equity, the steepest selling since fiscal year 2009. In FY16, FIIs were the net sellers in equity in five out of eight months.

Data on Tuesday offered a mixed view of the health of the US economy—consumer prices increased 0.2% in October after two straight months of declines, while industrial production fell. The modest rise in inflation could bolster chances of the US central bank, the Federal Reserve, raising interest rates next month, but weak industrial output raised concerns about the robustness of fourth-quarter economic growth, Reuters reported.

Since the beginning of this year, the rupee has lost 4.8%, while FIIs have bought $3.95 billion from local equity and $8.51 billion from bond markets.

Most Asian currencies were trading lower. Indonesian rupiah was down 0.53%, South Korean won 0.16%, Taiwan dollar 0.1%, China renminbi, while China offshore and Thai baht were down 0.1% each. However, Japanese yen was up 0.11%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.498, down 0.13% from its previous close of 99.631.

Source : livemint.com

Split sales couldn’t be treated as slump sales just because unit was transferred as going concern

IT : Where assessee had sold tea estate and assigned values to every movable property transferred to buyer, it could not be said that transfer was slump sales only for the reason that the tea estate was transferred to buyer as a going concern.

Steel Prices To Fall By In Rs 1-1.5K/Tn

Steel pricing will depend upon exchange rate and international demand, says TV Narendran, MD & CEO of Tata Steel. Safeguard duty by the government has helped stabilising demand. He expects steel prices fall by Rs 1,000-1,500 per tonne this quarter. Talking to CNBC-TV18’s Archana Shukla, Narendran says that he is positive on steel demand, but not on prices. He is positive that steel industry will pick-up once India clocks in 7-8 percent gross domestic product (GDP) and government starts investment in infrastructure. Tata Steel has managed to record 20 percent earnings before interest, tax, depreciation and amortization (EBITDA) margin in last two quarters despite imported iron ores. The company is prepared to ride the cycle down by managing cost, Narendran says adding that the company is better places than its competitors. The company has received approvals for iron ore mines in Orissa till 2030 and is currently ironing issues in Jharkhand. The company’s demand is being taken care of currently, he says. On the company’s Kalinagar plant, he says that strong marketing franchise will help production. The plan is to start exports soon after domestic demand becomes visible, he says. Positive Europe EBITDA margins were driven by Netherlands business, he says adding that the Europe market is important for structural growth. The company does not have any plans to sell stake for debt reduction, he says. “We have headroom in debt as we largely used internal accruals for Kalinagar plant,” he adds. The company has managed nearly Rs 6000 crore this year. Tata Steel is looking to sell its long production business as the main focus in UK is on strips, he says. After a failed due diligence with a buyer, the company is looking at options. The company is also focusing on ramping up its B2C business 0- services & solutions segment - in value-added steel portfolio to 30 percent from the current 1-2 percent in five years.

 

 

 

 

 

 

Source : metaljunction.com

Sez Proposals Strike Fear In Villagers

Despite the positive spin by officials, locals facing economic zones in Mae Sot believe their lives will change for the worse
NO HEAVY industry will be promoted in the proposed special economic zones (SEZs) in the border provinces, government officials have emphasised.

However, locals near the proposed economic zone in Tak's Mae Sot district said they feared their livelihoods would soon be changed forever as people in two villages would have to move away from their land.

They were also worried about the future environmental impact of the industrial estates.

Representatives of the Office of the National Economics and Social Development Board (NESDB) and the Industrial Estate Authority of Thailand (IEAT), who are responsible for the creation of 10 border SEZs, addressed villagers' concerns about the possible environmental impact and the problem of land reclamation to the Thai Journalist Association yesterday.

Pojanee Artarotpinyo, NESDB's deputy secretary-general, said 13 industry types were promoted by the government to invest in the new SEZs. All are light industry, and only one of them needs to be processed under the Environmental Impact Assessment (EIA) consideration.

The 13 industries are agricultural product processing, ceramics, textile, furniture, jewellery, medical equipment, automobile parts, electronics, plastics, medicine, logistics, other industrial zones and assistance to the tourism industry.

Together with these industries, it was reported recently that the Board of Investment of Thailand had added another 10 to the list of promoted industries that would receive tax benefits if they invested in the new SEZs.

"I was assured that these 13 promoted industries were light industry, mostly based on labour and environmentally friendly," Pojanee said.

Attapon Jirawatjanya, IEAT specialist, clarified that due to the location of all SEZs in the rural area, close to the border, only specific types of industry were suitable to invest there, such as logistics and commodities industries. The area was not appropriate for heavy and polluted industry such as petrochemicals.

"We have come up with guidelines for the appropriate types of industry in specific SEZs and they will fit with the local environment and resources," Attapon said.

He also revealed that the industries in the area were planned to help local people benefit first from the SEZs. The zone would generate a suitable atmosphere for economic growth and create jobs and opportunities for locals.

However, Chomphunuth Kreau-kamwang, a resident of Mae Sot district, claimed she was among those affected by the SEZs project and was concerned that life would change forever.

"My family and several neighbours will have to move out from our lands as they are to be reclaimed by the state to set up the SEZs. We are farmers who make a living from this land and we have no place to go," Chomphunuth said.

She revealed that people who lived in two villages near the proposed SEZs' area were very ill-informed on the project.

"The prime minister said locals would be the ones to benefit from the project - but I cannot see how industry in the area could be good for the community. Furthermore, I am worried the industries will pollute our environment," she said.

 

Source : nationmultimedia.com

 

Deputation of employees of foreign AE in India isn't manpower supply if their salary is reimbursed b

Service Tax : Where Tribunal had found that employees deputed by foreign group company were actually appointed by assessee in India and only a portion of their salary was paid to employees by foreign group company and reimbursed on actual basis, same would not, prima facie, amount to manpower supply services

Textile Sector Welcomes Revision

The textile sector has welcomed the increase in drawback rates and value caps for several textile products, which will come into effect from November 23. Cotton Textiles and Export Promotion Council Chairman, R. K. Dalmia, has said in a press release that increase in the drawback rates for cotton made ups and garments would encourage export of value added products. However, some high value items such as ‘boiler suits’ and ‘protective wear’ made of cotton and manmade fibre blends have not been covered. According to the Southern India Mills’ Association (SIMA) Deputy Chairman P. Nataraj, increase in the rates for value added products will encourage the sector to focus on value addition. Indian Texpreneurs Federation has said that the importance given to manmade fibre based yarn and fabrics in the drawback revision will give a boost to value addition in man-mande fibre segment.

 

 

 

 

 

 

 

 

 

 

Source :thehindu.com

 

 

 

 

 

Sale of goods from Kerala to SEZ unit isn't deemed as export; liable to sales tax

CST & VAT : Kerala VAT - As per SEZ Act, Sales to SEZ unit is regarded as taxable sales unless any specific exemption in respect thereof is provided under CST Act or under the respective state legislation. In the instant case, it was held by the High Court that sale of sandalwood from Kerala to SEZ unit in Madras does not qualify to be export sales under Kerala VAT as no specific exemption has been provided either under Kerala VAT Act or under CST Act.

Pest Invasion To Push Cotton Production To Five-Year Low

AJKOT: Cotton production in Gujarat, the largest producer of this staple fiber in India, may drop by 30% due to massive invasion of pink bollworm pest and sukaro (para wilt) disease. Farmers and agriculture experts fear the production may fall to a five year low to less than 90 lakh bales - down from 125 lakh bales in 2014-15. Besides farmers, the lower production threatens to hit the textile trade.

The unprecedented magnitude of the dual menace has forced thousands of cotton growers in Saurashtra and north and central Gujarat to destroy their standing crop, rendered useless due to infec tion. The crisis claimed its first victim, a 30-year-old farmer from Supedi village near Rajkot, who committed suicide after pest attack destroyed cotton grown on 85 bigha land.

"Cotton production will be 30% less this year. The area under sowing in 2015-16 was already down at around 27 lakh hectares as against 30 lakh hectares the previous year as farmers switched to other cash crops like groundnut," said N M Sharma, managing director, Gujarat State Co-operative Cotton Federation Ltd (Gujcot). Sharma said that the production may not cross 90 lakh t bales, the lowest in five years.r Bhikhu Vekariya, a farmer in Devrajiya village of Amreli, said, "Due to pink bollworm, I got just around 200 kg per bigha instead of 600 kg per e bigha earlier. None of the pesti cides are effective."

The market prices of cotton have also declined to Rs 32,100 Rs 32,200 per candy (356 s kg) from Rs. 32,800-Rs 32,900 h per candy a month back on global cues. Farmers want the , minimum support price (MSP) e to be hiked from Rs 810 per 20 kg to over Rs 900 per 20 kg. It's a delicate situation for ginners too who are I wary of government hiking MSP . "We won't be able to afford raw cotton if the MSP is hiked above Rs 900 per 20kg.

The yarn market is reeling under slowdown and mills are already facing problems due to subdued textile market," said Dilip Patel, president, All Gujarat Ginners Association. "This pest can be controlled only if it's detec ted early. Once it enters the cotton balls, pesticides are not effective," Dr. K L Raghvani, head of entomology department at Junagadh Agricultural University , said. Raghubha Vaghela, a farmer from Derala village of Maliya-Miyana said, "I lost around 40% cotton in my 40 bigha land due to sukaro and pink bollworm." "Half of the cotton crop in my 86 bigha land is destroyed. I destroyed the infected crop after first round of plucking and sowed wheat and sesame as I have irrigation facility'' says Natubha Parmar, a farmer from Godavari village in Muli taluka of Surendranagar.

Entomologists say sukaro (para wilt) disease occurs due to many reasons, one of the main being lack of nutrients in the land where cotton is sown.

Source :timesofindia.indiatimes.com

Gold Falls To Near 6-Year Low With Fed Still In Focus

Gold prices fell more than 1 percent to the lowest price in nearly six years on Tuesday, pressured by expectations that the United States will raise interest rates in December, and as the dollar rose and stocks rebounded from losses suffered after Friday's attacks in Paris.

The other precious metals followed gold down, with silver dropping for the fourteenth straight session to a 2-1/2-month low and platinum tapping a seven-year low.

Spot gold was down 1.1 percent at $1,070.18 an ounce, after falling to $1,065.18, the lowest since February 2010.

U.S. gold futures for December delivery settled down 1.4 percent at $1,068.60.

 

 

 

 

 

 

 

Source : cnbc.com
 

CCI slapped penalty on Jet Airways, Indigo and Spice Jet for forming cartel to fix fuel surcharge

Competition Act: Where opposite parties i.e. Jet Airways, Indigo and Spice Jet had acted in a concerted manner in fixing and revising fuel surcharge (FSC) rates for transporting cargo, conduct of OPs was anti - competitive and penalty was to be imposed upon them

Stay to be granted when TPO determined ALP of AMP exp. by following ratio of LG’s case instead of So

IT/ILT : Where assessee challenged demand made on account of T.P. adjustment on basis of Tribunal's decision, but High Court had disallowed said decision, assessee had good prima facie case for stay on said demand

MCA releases new Form MGT 7 with more clarifications

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Management And Administration) Third Amendment Rules, 2015 – Substitution Of Form MGT-7

Sum paid to US based co. to review design of cranes could be 'FTS' if major changes were suggested i

IT/ILT: Where assessee-company engaged a company registered in USA, for review of design of cranes but it could not be discerned from records whether suggestions given by U.S. company would bring brought any major change or improvisation in design of crane, matter should be reconsidered afresh

Penalty on attempt of illegal export can also be levied after illegal export

Excise & Customs : Since 'illegal export' is preceded by an 'attempt towards illegal export', confiscation under section 113 and penalty under section 114 are attracted against 'attempt of illegal export' even after goods have been actually exported

No penalty when additional income was declared in revised return after seized books were returned by

IT: Admission of income by assessee in revised return cannot give jurisdiction to Assessing Officer to levy penalty under section 271(1)(c)

Tax Authorities can’t attach Cash Credit Account of taxpayer to recover tax dues

IT: Where Assessing Officer raised huge tax demand upon assessee and in meantime bank account including cash credit account of assessee had been attached by income tax authorities, in view of decision of Madras High Court in case of K.M. Adam v. ITO [1958] 33 ITR 26, cash credit account of assessee could not be attached and it was entitled to be discharged

No penalty due to non-charging of ST on bank's commission as issue of its taxability was sub-judice

ST : Since taxability of business auxiliary service for which commission was paid to bank and insurance company and business support services for which handling charges was paid for RTO registration of vehicle, were subjudice in various forums, penalty could not be imposed for failure to deposit in government exchequer amount of service tax deducted; however, in respect of services of motor vehicle where assessee failed to deposit service tax, penalty was to be imposed

Foreign tax credit should be given on tax liability computed under MAT provisions

IT/ILT : There is no provision in Income-Tax Act, debarring granting of credit for tax paid abroad in case income is computed under Section 115JB

Co. having unreliable financial data can't be chosen as comparable for TP study

IT/ILT : A software product company could not be compared with assessee-company, which was primarily designing and developing software on contract basis for its AE

SEBI releases guidelines on Annual System Audit, Business Continuity Planning and Disaster Recovery

SEBI : Annual System Audit, Business Continuity Plan (BCP) and Disaster Recovery (DR)

SEBI issues circular to streamline framework of investor redressal and Arbitration Mechanism

SEBI : Investor Grievance Redressal System and Arbitration Mechanism

Oil And Gas Block Auction Policy To Be Ready By Fy16: Dharmendra Pradhan

Government expects to finalise the new policy for auction of oil and gas blocks during the ongoing financial year, Oil Minister Dharmendra Pradhan said.

"We have brought this consultation paper and suggestions will come in by November 30. We will make the policy after considering all the views and take it to the Cabinet. It will be our endeavour to make the policy during this financial year only," Pradhan told reporters on the sidelines of Bio-Energy Summit 2015 organised by CII here.

Yesterday, Oil Ministry had issued a paper on new fiscal and contractual regime for award of hydrocarbon acreages with a view to revive investor interest in oil and gas exploration by simplifying rules.

It proposes to free natural gas pricing as well as replace the controversial Production Sharing Contract (PSC) with simpler revenue-sharing regime for all future field auctions in the backdrop of low gas prices not attracting investors in exploration and production sector.

Global players like BP and domestic companies including RIL as well as state-owned ONGC have been seeking pricing freedom as the current rates make new investments unviable.

"There were suggestion on the issue from institutions like CAG. In order to make new bidding round more progressive, transparent and market friendly, we have brought in this consultation paper," the minister explained.

In September, the government had allowed pricing freedom for the gas produced from 69 small and marginal fields it plans to auction shortly.

On the Indian basket crude oil price cracking below USD 40 barrel mark to touch USD 39.89, the minister said, "We have to accept the changing geopolitical scenario of the world. Let's see how things are coming up. But this kind of price is certainly favourable for the Indian market."

While addressing the conference, he made it clear that lower crude prices will not change India's stance on increasing share of renewables sources in its energy mix.

He also indicated that as much as 20 GW of output from bio-energy will be achieved against the envisaged 10 GW under the total renewable energy target of 175 GW till 2022.

On LPG gas subsidy to households, Pradhan said: "There should be a public discourse on the issue whether LPG subsidy should be given to higher income groups. We will take a decision on this."

The government is planning to stop providing LPG subsidy to the consumers whose income is above Rs 10 lakh.

On the issue allowing premium pricing on gas produced from difficult deep-water and ultra deep-water blocks, he said oil and finance ministries will take a decision on the issue after achieving consensus.

Speaking at the same occasion, Railways Minister Suresh Prabhu said: "We are launching our first wind turbine in Jaisalmer by the end of this week. We need to invest in R&D in green power."

Source : economictimes.indiatimes.com

Insurers no more required to state in ads that "insurance is subject-matter of solicitation" -IRDA

INSURANCE/INDIAN ACTS & RULES : IRDAI (Insurance Advertisements and Disclosure) (Amendment) Regulations, 2015 – Amendment in Regulation 9

CCE(A) has to consider request for extension of pre-deposit which is made before due date of pre-dep

Excise & Customs : Commissioner (Appeals) has power to extend due date for making pre-deposit and he does not become functus officio as regards extension till due date for making pre-deposit