IT/ILT : While computing arm's length price of international transaction, adjustment should be allowed on account of lower capacity utilization
Tuesday, 12 January 2016
SEBI issues FAQs on listing obligations and disclosure requirements
SEBI : Faqs on SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
President clears Sugar Cess (Amendment) Act, 2015
CORPORATE LAWS/INDIAN ACTS & RULES : Sugar Cess (Amendment) Act, 2015
Commodity derivatives exchanges liable to exit if they have no trading operations for more than 12 m
SEBI : Mandatory Requirements/Exit Policy for Commodity Derivatives Exchanges
Builder not guilty of unfair trade on its failure to deliver flats if buyer failed to prove booking
Competition Law: Where complainant had failed to adduce cogent corroborative evidence to prove booking of flat in building proposed to be constructed by respondent and execution of agreement for delivery of said flat, respondent could not be held guilty of unfair trade practice on its failure to deliver said flat
SEBI approves framework for providing exit opportunity to dissenting shareholders
SEBI : Sebi Board Meeting – Review of Prudential Limits on Investments by Mutual Funds; Introduction of Primary Market Debt Offering Through Private Placement on Electronic Book; Exit Opportunity to Dissenting Shareholders under Companies Act, 2013 etc.
Cost of improvement disallowed as assessee failed to establish that renovation was carried out in fl
IT: Assessee's claim towards cost of improvement while computing capital gain on sale of a flat was rejected where assessee failed to establish his claim of renovation being carried out in said flat with any cogent or reliable evidence
Monday, 11 January 2016
Clearing of cheques by clearing houses is liable to ST under "Banking and other financial services"
Service Tax: Charges recovered by clearing house for clearance of cheques of member-banks are taxable under Banking and Other Financial Services
Income initially disclosed before SetCom couldn't be said to be concealed if additions were made due
IT: Normally, income offered for tax in an application for settlement would bind parties concerned and any revision thereof, would prima facie, be evidence of original application for settlement not declaring full income, however in a case where correct determination of income is dependant upon application of appropriate transfer pricing rule which to an extent is subjective, if an additional income is declared during course of hearing in view of what emerges during debate before Commission, it
No TDS liability arises due to Retro-amendment in definition of 'FTS'
IT/ILT : Explanations to section 9(2) were inserted by Finance Act, 2010, with retrospective effect from 1-6-1976 by which payments made by assessee to non-residents were taxable in India as 'fee for technical services'; however in view of law as it existed at an earlier point of time when payments were made, it was not possible to comply with tax withholding liability
TDI Fun Republic Mall isn't dominant in Delhi/NCR; CAT rejects review petition filed by shop owners
Competition Act : Post decisional attempt made by applicant to procure documents which could have been available to it by exercising due diligence even before filing of information under section 19(1)(a) could not justify taking into consideration of those documents for purpose of reconsideration of a well-reasoned order passed by Tribunal declining to entertain prayer made in appeal
SEBI amends definition of associate under securities norms for Stock Exchanges/Clearing Corporations
SEBI/INDIAN ACTS & RULES : Securities Contracts (Regulation) (Stock Exchanges And Clearing Corporations) (Amendment) Regulations, 2016 – Amendment In Regulation 2
No denial of abatement if incorrect credit was reversed along with interest
Service Tax: Abatement in respect of construction services cannot be denied where 'minor credit' inadvertently taken by assessee has been reversed with interest
Govt. removes 5 days grace period for PF contribution by employers
CORPORATE LAWS : Payment Of Contribution By Employers By 15th Of Following Mont H – Removing Of Grace Period Of 5 Days
Income couldn't be estimated below 8% just because it was taxed at lower rate in earlier year
IT : Merely because, assessee's income from civil construction work had been accepted at six per cent of contract receipt in earlier year, it could not be ground to claim that for relevant year also, assessee's income was to be assessed at six per cent of contract receipt
Mediclaim of employees is ineligible for input service credit
Cenvat Credit : Mediclaim of employees is in nature of welfare measure and is voluntary and is not taken in compliance with any statutory requirement; therefore, a provider of advertising services cannot take input service credit of mediclaim insurance premium
Steel Sector Seeks Govt Support On Lines Of Textiles, Sugar
NEW DELHI: India's steel industry, which is facing a crisis due to cheap imports and subdued prices, has sought a government support package on the lines of the ones extended to textiles and sugar sectors.
After lobbying for imposition of import duty, safeguard duty and anti-dumping duty on imports from China, South Korea and Japan, the over USD 100 billion industry has now approached the government for a comprehensive Steel Package.
The demand includes a year-long moratorium on payment of interest and principle amount as well as segregation of debt into two categories - Sustainable and Balance.
According to analysts, domestic steel companies are sitting on a debt burden of Rs 3 lakh crore and falling prices have led to steeply lower realisation making it difficult to service the debt burden.
Besides, cheap imports from China, South Korea and Japan among others have further exacerbated the situation leading to a decline in the share of the firms in the domestic market.
As per industry, the sector's share in gross non- performing assets as well as restructured standard advances of scheduled commercial banks is 10-11 per cent. Besides, an estimated 26 per cent of the total advances to the iron and steel sector are under stress.
In a presentation made to the Steel Ministry last week, companies said cheap imports and fall in prices of steel products are eating into their working capital funds and is impacting their debt servicing capacity.
That apart, investments to expand capacity has led to large borrowings and huge financial charges.
Appreciating the efforts taken by the government to help the sector, the firms in their presentation said that there is an "urgent need for a far more comprehensive relief (Steel Package) involving participation from all stakeholders, including the Banking sector".
The government has provided similar support to industries such as textiles and sugar, the presentation said.
Under the package, the one-year moratorium will be a short term measure to ensure continued operations, while various remedial measures are put into place.
Besides, segregating debt into Sustainable and Balance will help the industry in managing its financial burden.
While, Sustainable Debt will include long-term debt and working capital loans that are required to run the business as well as maintain cash flows to pay debt obligations.
The remaining -- termed as Balance Debt -- will be repaid over an extended period of time by converting it into Redeemable Preference Shares with a nominal rate of about 0.01 per cent.
"Considering the financial position of the companies due to various factors beyond their control, the industry would require a comprehensive package for its survival," the presentation explained.
Source :economictimes.indiatimes.com
Mines Ministry For Scrapping Export Duty On Iron Ore
NEW DELHI: The mines ministry has recommended scrapping of export duty on iron ore to bolster miners' revenues amid weakening prices and competition from overseas exporters. The recommendation to the finance ministry follows representations from the iron ore industry, which has been hit hard by slackening demand for ore and a fall in its price in the local and international markets.
Asenior official said the ministries of mines and steel have asked the finance ministry to withdraw the 10% export duty on iron ore. The industry has stated that high level of taxation along with factors like fierce competition from international companies, low global and international demand and declining commodity prices have hit iron ore industry in the state. Last week, trade associations in Goa urged Prime Minister Narendra Modi to withdraw export duty on low-grade iron ore , citing similar reasons. Goa mainly produces low-grade iron ore that is uneconomical for domestic steel mills.
"The industry has to contend with an extremely high percentage of taxes to the tune of over 40% for low-grade iron ore. Most of the taxes were levied or increased during the past years when commodity prices were booming. These taxes are no longer sustainable in the current situation of low prices, which do not support such level of taxation," said Goa Mineral Ore Exporters Association in its letter.
Iron ore producers in Goa are struggling to resume operations and exports of low-grade iron ore as commodity prices in general, and that of iron ore in particular, have crashed, according to the association. Prices of lowgrade iron ore have reduced to a fifth in the last four years.
Source :economictimes.indiatimes.com
Resale Price Method shouldn't be applied if exp. incurred by assessee didn't suggest that it was a d
IT/ILT: Where Tribunal held in earlier year in assessee's case that RPM was appropriate method as assessee was distributor, but prima facie facts of relevant year suggested that assessee was not merely a distributor, matter should be reconsidered afresh
Coal Exports From Australian State Of Queensland Up Despite Mining Backlash Sydney
Jan 11 Coal exports from Australia's Queensland state hit record levels for the second year in 2015, with shipments to India up sharply despite stalled attempts by Indian conglomerates to win approvals to dig new outback mines, data showed on Monday.
The state's exports rose 2 percent to 220 million tonnes in 2015 from the previous record of 216 million tonnes in 2014, and continue to grow, according to the Queensland Resources Council lobby group.
India's Adani Enterprises, which wants to ship millions of tonnes of coal a year to India, has been a target of environmental opposition since starting work on a new mine in the state's Galilee Basin six years ago.
GVK Hancock, along with more than a half-dozen other companies, is also seeking approvals to dig a mine in the basin, a 247,000-square kilometre (153,000-sq mile) expanse in north-eastern Australia.
Tim Buckley, an Australia-based director of the Institute of Energy Economics and Financial Analysis, said despite the increase, coal exporting countries such as Australia face a market in structural decline as India exploits more of its domestic coal reserves and switches to cleaner forms of energy.
"The supply is excessive, demand is weaker than expected, the last thing we need is more supply," Buckley said.
The International Energy Agency forecasts India would increase overall thermal coal imports to 204 million tonnes by 2020, a 73-percent rise over its 2014 estimate.
From one Australian port alone, Gladstone, exports to India were up by a fifth in the second half of last year, data showed.
Some 80 percent of the coal mined in Queensland is metallurgical grade used to make steel.
The state's biggest producer of metallurgical coal, a company jointly owned by BHP Billiton and Mitsubishi Corp, is expected to show a year-on-year rise in December quarter output when data is released on Jan. 20.
Source :.reuters.com
Thrust On Sezs To Revive Exports
SEZs have the potential to revive exports, which have contracted for the twelfth month running. Global demand is weak, though the recent devaluation of the yuan could benefit exporters.
"Incentivising manufacturing in SEZs would help in the Make in India initiative and also boost exports. We have taken up the issue with the finance ministry and are hopeful that the budget would address the concerns," a senior commerce ministry official said.
The commerce ministry has pitched for the exemption of the 20-per- cent minimum alternate tax (MAT) on SEZs to make merchandise globally competitive.
The Finance Act, 2011 broadened the scope of MAT by bringing SEZ developers and units under its ambit, significantly diluting the benefits offered by the economic enclaves.
Finance minister Arun Jaitley in his budget speech for 2014-15 said that manufacturing was of paramount importance for the growth of the economy. He said the government was committed to revive SEZs and make them effective instruments of industrial production, economic growth, export promotion and employment generation.
Exemption from MAT is offered to certain individuals whose adjusted total income does not exceed Rs 20 lakh. The limit of Rs 20 lakh is inadequate considering the huge amount of investments made in the export sector.
The commerce ministry is also working on streamlining the SEZ policy to bring more clarity and improve the competitiveness of exporters in the global market, which is mired by a currency war and falling orders.
During April-November this fiscal, exports declined 18.46 per cent to $174.3 billion. Imports stood at $261.8 billion and the trade deficit was $87.5 billion.
The SEZ revival package is likely to include incentives to investors to make use of the land and other facilities lying idle in the existing zones.
Other sops may include removal/lowering of MAT and dividend distribution tax as well as the permission to SEZ units to sell in the domestic market by paying the same duty applicable to imports from countries with which India has a free trade agreement (FTA).
SEZs, which are tax-free enclaves, have to pay duties for sales in the domestic market. This make the products costlier compared with imports from FTA partner countries that come in at zero or lower-than- regular duties.
As on March 2015, India had 202 operational SEZs across the country, which contributed close to a fourth of overall exports at $310 billion. Although fiscal concessions and tax sops are allowed to SEZs under the SEZs act, the Centre continued with MAT for years.
The finance ministry has justified MAT by saying that the government was forgoing considerable revenues, which were estimated at Rs 26,534 crore in 2014-15.
Source :.telegraphindia.com
Benefit of composition scheme in Kerala VAT couldn't be denied by imposing new conditions in mid of
CST & VAT : Kerala VAT - Where for assessment years 2005-06 and 2006-07, assessee applied for payment of tax on compounded basis at lower rate under section 8(a)(i) and in meanwhile section 8(a)(i) was amended on 28-8-2005 with effect from 1-4-2005 and assessee in order to satisfy conditions laid down in amended section 8(a)(i) applied for cancellation of its central sales registration for assessment year 2005-06 after 28-8-2005 and for assessment year 2006-07 at commencement of said year, asses
No addition on basis of docs seized from brother if such docs weren't corroborated
IT: Addition to assessee's income merely on basis of papers seized from possession of assessee's brother was unjustified when material sought to be relied on was not corroborated
Sunday, 10 January 2016
Ignorance of law is not reasonable cause to waive penalty under service tax
Service-tax: Where delayed payment was not due to any bona fide confusion occurring in prevalent statue and related provisions were quite crystal clear, penalty cannot be waived merely on ground of ignorance of law, as it is not a reasonable cause under section 80
In combination, acquisition of less than 10% of voting rights shall be treated as investment
COMPETITION ACT/INDIAN ACTS & RULES : Competition Commission of India (Procedure in Regard to The Transaction of Business Relating to Combinations) Amendment Regulations, 2016 – Amendment in Regulations 5, 6, 9, 13, 14, Schedule I & Form I and Omission of Regulation 31
Leather Association allowing outsiders in its trade-fair on negligible fee was entitled to sec. 11 r
IT : Where assessee-association was formed with an object to promote leather trade, in view of fact that assessee's receipt of rent from non-members by allowing them to keep their stalls in trade fairs organised by assessee was negligible in comparison to total trade receipts, assessee's case could not be said to be covered under proviso to section 2(15)
Penalty levied on co. as its directors tried to evade service tax with help of internal auditors
Service Tax: Where internal auditor of company perpetrated fraud by booking 'service tax due' as 'income'/'commission' in books of account and it was found that directors of company were aware thereof, company was liable to evasion penalty for consequent non-payment of service tax
Educational institution won't disqualify for sec. 10(23C) registration just due to existence of prof
IT: At stage of registration, under section 10(23C) authority is only required to examine nature, activity and genuineness of institution and mere existence of some profit does not disqualify applicant if sole purpose of its existence is not profit making but educational activities
Saturday, 9 January 2016
Conditions of section 147 can't be skipped when an assessment made under sec. 143(1) is sought to be
IT: Requirements of section 147 cannot be dispensed with when an assessment made under section 143(1) is sought to be reopened
No addition of whole exp. on birthday bash of grandson if invitation given by son and daughter-in la
IT: Interest on loan, which was taken subsequent to purchase of property, cannot be allowed as deduction under section 24(b)
Services used for transportation of employees in connection with business are eligible input service
Cenvat Credit : Services by way of hiring of vehicles to be used by employees: (a) for their movement within refinery premises or (b) for outward travelling in connection with business, is eligible for input service credit
Exclusive tie-up of super specialty hospital with a stem-cell bank isn't ant-competitive
Competition Act : Private super specialty hospital's exclusive tie-up with a stem-cell bank for collection of stem-cells from patients availing maternity services in the hospital and not allowing other stem cell banks to collect stem cells from its maternity services patients has no adverse effect on competition in the facts of the instant case
High value shown in stock statement sent to banks couldn't be held as unexplained investment
IT : Where revenue failed to establish that there was any difference in quantity of stock and Assessing Officer didn't make any enquiry in respect of explanation of assessee that stock belonging to another entity was included in stock statement submitted to bank, addition for unaccounted stock was liable to be deleted
Exp. incurred by ice-cream manufacturer on aborted project of manufacturing dairy products was busin
IT: Expenditure incurred by assessee, engaged in manufacturing of ice-creams, on aborted project of 'Mawa', which was covered by nature of assessee's declared business of dairy/milk products, and was under same management and control, was allowable deduction
Friday, 8 January 2016
IRDA permits insurers to adopt existing General Micro Insurance Products for implementation of new r
INSURANCE : Filing of Micro Insurance Products Subsequent to Implementation of IRDAI (Micro Insurance) Regulations, 2015
Delhi Govt. revises conditions for auto-downloading of statutory DVAT forms
VAT/INDIAN ACTS & RULES : Notified Conditions for Downloading Central Statutory Forms Online
Delhi Govt. mandates production of Sugam-2 before check-post incharge for bringing goods into Delhi
VAT/INDIAN ACTS & RULES : Delhi Sugam-2 (DS2) – DS2 to be One of Documents to be Carried by Owner, Driver or Person in-Charge of Goods Vehicle who is Bringing Goods Into Delhi
Lumpsum contract for 'Hamali Work' isn't taxable under manpower supply services
Service Tax: Lumpsum contract for doing 'hamali work' cannot be regarded as contract of 'manpower supply services', as there is no supply of labour per se and it is only a contract for doing 'work'
Self-serving certificate of payer didn't show that it was Govt. undertaking; TDS liability arise on
IT : Where assessee failed to prove that interest paid by it to a cooperation was a payment to Government and would fall under section 196(i), it was liable to deduct tax at source on such interest at applicable rate
Holding period of property isn't reckoned from date of registration of GPA if possession has already
IT: Where assessee had acquired substantial domain over ownership of property since 2004, however there being a dispute could get it registered in its favour only in 2007; having held property for more than 36 months it will be entitled for deduction under section 54F on sale of property as claimed by it
Value ascertained by DVO can't be deemed as fair value of an immovable property if it exceeds stamp
IT: In terms of section 50C, in case assessee challenges valuation before Assessing Officer and Assessing Officer calls for valuation report from Valuation Officer and valuation adopted by Valuation Officer exceeds value adopted by State Stamp Duty Authority, it would be valuation of such stamp duty authority which would prevail for purpose of computing capital gain
Non-consideration of contentions raised by assessee would be deemed as mistake apparent from record
Excise & Customs: Non-consideration of issue of time-bar raised by assessee would amount to a mistake apparent from record and same can be rectified by Tribunal and would not amount to 're-appreciation of evidence'
Encashment of guarantee for deficiency in coverage of Commonwealth Games wasn't in nature of penalty
IT: In case of order passed by DRP, right to file an appeal by department does not extend to a point decided either way by Assessing Officer/TPO himself, which remains intact even after direction given by DRP
Timely filed refund claim couldn't be rejected due to confusion prevailing on jurisdiction
Excise & Customs: Where assessee's refund claim filed within period of limitation was rejected by both probable jurisdictional Commissionerates, such rejection was unsustainable
Deeming fiction of sec. 50C meant for seller and not for buyer of a property
IT : In case of purchase of property by assessee, in absence of any positive material on record, mere higher value of property estimated by DVO or Registered valuer could not form basis for making addition under section 69B
President clears ordinance to amend Enemy Property Act
CORPORATE LAWS/INDIAN ACTS & RULES : Enemy Property (Amendment and Validation) Ordinance, 2016
Sec. 194A doesn't make a distinction between Co-operative Bank and Co-operative society engaged in b
IT : None of the State or Central enactments make any distinction between a co-operative society engaged in carrying on banking business and a co-operative bank. Section 7(1) of the Banking Regulation Act,1949 which obliges co-operative society carrying on the business of banking to use the words "bank", "banker" or "banking" as part of its name clinches the issue. Therefore, a co-operative bank will be covered under the category "co-operative society engaged in carrying on banking business" and
Stock exchange couldn't plead to summon business records of creditor in response to a recovery suit
SCRA: Where in a money suit filed by respondent company, petitioner stock exchange filed application seeking to summon record of business transactions of respondent-company, application was to be dismissed as documents were not relevant having regard to nature of suit
Mark-up earned on currency conversion for credit card transactions wasn't liable to service-tax prio
Service Tax : Mark-up earned by credit card companies on foreign currency conversion in case of cardholders visiting outside India, is not taxable under Banking and Other Financial Services. Moreover, same is a service received, rendered and consumed abroad and accordingly, outside scope of service tax in India
Advance money illegally retained by seller couldn't be treated as interest free loan granted by buye
IT: Where assessee advanced money to unrelated company 'V' for purchase of a property and money was retained by company 'V' till legal notice was sent, same could not be said to be an interest free loan or advance for disallowing interest under section 36(1)(iii)
Interest earned on application money deposited in bank is taxable in year of allotment of shares
IT : Interest earned on application money deposited in bank is taxable in year of allotment of shares
Thursday, 7 January 2016
Payment received in INR through foreign bank to be deemed as convertible foreign exchange to avail e
CENVAT: Where assessee, a provider of rent-a-cab service and outdoor catering service, claimed refund of cenvat credit against export of service, payment received by assessee in Indian rupees through foreign bank was receipt of payment in convertible foreign exchange and further above services would qualify as input service
No reassessment could be made merely on basis of audit objections
IT : Where while sending proposal for approval of reassessment, Assessing Officer maintained that audit objection raised by audit party that assessee being contractor, depreciation on dumper, lorries, etc. could not be allowed at rate of 30 per cent but at 15 per cent, was not acceptable, but he recorded said objection as reason to believe, re-assessment was not valid
CLB was justified in directing removal of director's who were wrongfully retaining control over co's
CL: Where son with a view to defraud his father collided with directors of father's old company and claimed possession of company's properties, CLB was justified in directing removal of directors of old company to handover charge of company's properties and assets to its newly appointed directors
Now persons having no loan can avail non-fund based facilities like LCs and BGs from banks
BANKING : Non-Fund Based Facility to Non-Constituent Borrowers of Bank
International Financial Services Centers can now open foreign currency current accounts
BANKING : Setting Up of IFSC Banking Units (IBUS) – Permissible Activities
RBI modifies prudential norms for classification, valuation and operation of investment portfolio by
BANKING : Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by FIS – Amendment in Master Circular DBR.No.FID.FIC.3/01.02.00/2015-16, Dated 1-7-2015
Rent for displaying client's advertisement on own billboards isn't taxable under advertisement agenc
Service Tax : Where assessee : (a) took certain prominent places in city on rental basis, (b) installed infrastructure/boards thereon, (c) displayed advertisement of clients in form of billboards thereon, and (d) collected rent for such display, then, said rental could not be charged to service tax under 'advertising agency's services'
No denial of sec.10B relief even in case of reconstruction of business if new machinery was used for
IT: Where Assessing Officer disallowed assessee's claim for deduction under section 10B on plea that assessee was formed by reconstruction of business of one 'F' and Commissioner (Appeals) allowed claim of deduction holding that there was no transfer of old plant and machinery by 'F' to assessee and manufacturing activity carried on by assessee was by use of new plant and machinery, since said findings had not been rebutted by revenue, order of Commissioner (Appeals) deserved to be upheld
Sum received by 'Subrata Roy' from his firm can't be deemed as dividend even if such firm indebted t
IT: SLP dismissed against High Court's order wherein it was held that amount advanced to assessee-partner by firm could not be taxed as deemed dividend merely on ground that some amount lying in firm's account was collected by firm on behalf of company of which assessee was a MD-cum-shareholder
Acts done by a director or MD by misusing office couldn't be deemed as valid
CL : The benefit of Section 290 of the 1956 Act (section 176 of the 2013 Act) is generally available to third parties who enter into transactions with a company not knowing what the internal structure and mechanism of the company is
Order of TPO couldn't be used as basis to make reassessment when reference to TPO itself was void
IT/ILT: Reference under section 92CA made to TPO where there was no assessment pending was invalid and bad in law, hence, order of TPO pursuant to illegal reference could not be used in reassessment proceedings by Assessing Officer and therefore reassessment proceedings based on illegal reference were held to be void ab initio
Trusts claiming sec. 80G exemption should maintain proper accounts, says Karnataka HC
IT: Trusts or organizations, which claim exemption under section 80G and perform their duties to further their aims and objects, are duty bound to maintain proper accounts
CIT(A) can't make sec. 14A disallowance on ad-hoc basis without following method prescribed under ru
IT: When assessee itself admitted that a disallowance had to be made with regard to expenditure for earning of income which was exempted from taxation under Act, such expenditure had to be computed not on ad hoc basis by estimating same but as per method prescribed under rule 8D(2)
HC upheld additions as assessee failed to show that entries found in seized docs were recorded in re
IT: Where assessee failed to justify his stand that there was no unaccounted sale as indicated in seized documents, addition made on basis of seized documents was justified
Transport Ministry is Line Ministry to certify excise exemption on goods required for execution of h
EXCISE : Reference Regarding Proper Certificate Under Notification No.108/95-C.E., Dated 28-8-1995
Income-tax SetCom has no right to direct a special audit: Delhi High Court
IT : Income Tax Settlement Commission has no right to direct a special audit u/s 142(2A) in the course of settlement proceedings under Chapter XIX-A of the Act as assessment of the type contained in section 143(3) is outside the purview of settlement proceedings
Filament Yarns Export From India Falls
In November 2015, all types of filament yarns export aggregated 28 million kg worth US$46 million. Filament yarns include polyester, nylon, polypropylene and viscose filament yarns and were exported to 73 countries during the month. Around 88 per cent of filament yarns were of polyester, of which, DTYs were the largest at 72 per cent.
About 982,000 million kg of viscose filament yarns were exported in November to 24 countries from India valued at US$4 million. During the month, 230,000 kg of VFYs were exported to Japan. It was followed by Germany and Egypt.
26.7 million kg of polyester filament yarns were exported worth US$40 million. Brazil and Turkey continued to be the major importers of polyester filament yarns, followed by South Korea. The three together accounted for 40 per cent of polyester filament yarn exports. Brazil was also major importer of polyester DTYs and Turkey was major importer of PFYs.
Sri Lanka was the major importer of nylon filament yarn in November with volumes at 47,000 kg worth US$0.28 million. In value terms, USA and Italy were the other largest markets for nylon filament in November, worth US$0.23 million.
Polypropylene filament yarns were exported to 12 countries in November with volumes at 160,000 kg worth US$0.32 million. Spain was the major importer of PP yarns. Djibouti and Bangladesh were the other major importers of PP filament yarns in November.
Source :.yarnsandfibers.con
Poor Offtake From Iran, Nigeria To Dent India’S Rice Exports
India’s rice exports for the current financial year are headed for a decline, both in value and volume terms, over the previous year on reduced purchases by large buyers, such as Iran and Nigeria, and drop in realisations.
Latest export trends suggest that total rice shipments – basmati and non-basmati – have declined 7.3 per cent in volumes and 18 per cent in value terms for the April-November period over the corresponding period last year.
While basmati shipments were up 23 per cent in volume terms, realisations were down 13 per cent in rupee terms and 18.5 per cent in dollar terms, on account of decline in grain prices.
Non-basmati rice shipments dropped by a fifth in volume terms and by a fourth in rupee terms. This was largely on account of stoppage of imports of parboiled rice by Nigeria due to the foreign exchange issue in the African nation.
Exports drop
“Going by the current trend, our exports may see a decline. We may end up shipping 10.5-11 million tonnes (mt) of rice, both basmati and non-basmati put together this year,” said Rajen Sundaresan, Executive Director, All India Rice Exporters Association. India had exported a total of 11.92 mt rice in 2014-15.
Basmati shipments to Iran, the largest buyer of the Indian aromatic rice variety in recent years, have dropped 25 per cent to 3.9 lakh tonnes during the April-October period of the current financial year against 5.18 lakh tonnes in the corresponding period last year.
Iran, which had stopped issuing fresh import permits for basmati in November 2014, began issuing new permits from December 2015, Sundaresan said.
As a result, basmati shipments were likely to pick up in the coming months. However, the quantum of permits issued by Iran so far could not be ascertained.
“Our basmati shipments, in volume terms, may increase by about 10 per cent this year, while in value terms there could be a decline of 20-25 per cent on lower realisations,” said AK Gupta, Director, Basmati Export Development Foundation.
Competing countries
Non-basmati rice exporters, who rely mainly on the African markets, are not optimistic about the outlook for exports in the absence of demand from Nigeria and the firming trend in domestic prices. “The market is not very buoyant because of low prices in countries, such as Pakistan and Vietnam,” said BV Krishna Rao, Managing Director of Pattabhi Agro Foods Pvt Ltd, a large rice exporter in Kakinada.
Rao said Indian rice is not competitive in the global market compared to rice from Thailand and Pakistan. The Centre should provide some incentive to rice exporters to help maintain their market share, he added. Rao expects the overall non-basmati shipments to be in the region of around five million tonnes this year.
Tejinder Narang, a grains trade analyst, said a depreciating Thailand currency (baht) will pose a challenge to Indian exporters, who are already battling a firming trend in domestic rice prices. “Lack of demand from Nigeria is bound to impact Indian exports,” he added.
Source :.thehindubusinessline.com
Sitting fee of part-time members of SEBI increases from Rs 1,000 to. Rs 10,000 per board meeting
SEBI/INDIAN ACTS & RULES : SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2015 – Amendment in Rule 19B
Eia To Test Food Procured By Southern Naval Command
KOCHI: Henceforth the food and other products procured by Southern Naval Command will be tested by Export Inspection Agency (EIA), Kochi under the Union Ministry of Commerce and Industry. A Memorandum of Understanding (MoU) for Laboratory testing of Provisions was exchanged between S K Saxena, Director (Insp and QC) Export Inspection Agency (EIA), Kochi and Commander Kamalender Sharma, Base Victualling Officer, Naval Base at a function held here on Wednesday.
Calling the agreement as ‘historic’, S K Saxena said that EIA will ensure that the food products the Naval Base get is of national standard. The Navy has been sending samples to Laboratories in Mumbai and Chennai for quality checking. But the entire exercise used to take many weeks to get the final result. With the new arrangement the Naval Base hopes to get the test results in less than a week.
The Export Inspection Council of India (EIC) was set up in 1963 as an apex body to provide for sound development of export trade through quality control and pre-shipment inspection. The EIC is assisted in its functions by the Export Inspection Agencies (EIAs) located in Chennai, Kochi, Kolkata, Delhi and Mumbai having a network of 37 sub-offices and laboratories to back up the pre-shipment inspection and certification activity. “Since 2009 we were on the lookout of testing laboratories to check the quality of our food items. Our aim was to make sure that the food is safe to eat. Earlier we used to send samples to many locations in the country. But all our search has finally been zeroed in on EIA Kochi. We have 70 dependent units in the country and our annual procurement comes to around Rs 50-60 crore. With the new association we hope to get test results soon and will be of mutual benefit,” said Commander Kamalender Sharma, Base Victualling Officer, Naval Base.
Saxena said that the facility is exploring ways to associate with more institutions in the country. “Our mandate is to make sure quality control of products, especially food products. This is our first association with Armed Forces to provide testing services. The country imports products worth $410 billion and exports $310 billion. The country imports $45 billion worth food products and exports $32 billion. Seafood, Buffalo Meat and Basmati Rice are the major contributors in the export basket. The government now plans to increase exports hence quality control is very important,” said Saxena.
Jayapalan G, Deputy Director In-charge, EIA-Kochi and Lt Deepak Poonia, Naval Base, Kochi were also present.
Source :newindianexpress.com
Sea Demands Cut In Oilseeds Import Duty To 5-10%
NEW DELHI: Industry body SEA has sought slashing of import duty on oilseeds like mustard to 5-10 per cent from 30 per cent to boost edible oil supplies to local markets and oilmeal crushers.
A sharp decline in domestic oilseeds output and crushing has encouraged edible oil imports, while discouraging exports of oilmeal, it said.
In fact, export of oilmeal -- used as animal feed -- has dropped by 85 per cent to 59,818 tonnes in December 2015, as against 4,10,178 tonnes in the year-ago period, it added.
"The Association has pleaded with the central government for reducing the import duty to 5-10 per cent from the current 30 per cent on high oil content oilseeds like rapeseed/mustard and sunflower seed," Mumbai-based Solvent Extractors' Association of India (SEA) said in a statement.
The reduction in import duty on oilseeds will reduce import of edible oils, larger availability of oilmeals for local consumption by feed industry and export, it said.
Further, the oilseeds imports will not have any adverse impact on the farmers as they are protected with an assured minimum support price by the government, it added.
Stating that "alarming" decline in oilseeds production and crushing has hit India's oilmeal exports, SEA said the overseas sale of oilmeals has almost come to a "standstill".
As per the latest data, India's oilmeal exports declined by 48 per cent to 9,63,442 tonnes in the April-December of this fiscal from 18,62,283 tonnes in the year ago period.
"Soybean crushing is very much reduced due to continuous disparity and high price of domestic market affecting overall domestic availability of both oils and meals. The capacity utilization is at the lowest," SEA said.
The industry is passing through a very tough time and many plants are closed down or operating at very low capacity due to disparity in crushing and export, it said.
Consequently, SEA said soyabean meal exports has fallen to 61,556 tonnes in April-December period of this fiscal from 4,44,736 tonnes in the year-ago period.
Export of rapeseed meal has fallen to 3,12,148 tonnes from 8,95,585 tonnes, while the shipment of groundnut meal has dropped to 606 tonnes from 2,244 tonnes in the said period.
However, export of castor seed meal rose marginally to 3,70,522 from 3,30,082 and ricebran extraction shipments increased to 2,18,610 tonnes from 1,89,636 in the said period.
India exports oilmeal to countries including South Korea, Thailand, Vietnam, Taiwan, Indonesia, Iran and European nations.
Source :economictimes.indiatimes.com
Export Of Soybean Meal Decreases 97% In December Y-O-Y
KOLKATA: Export of soybean meal during December, 2015 was just 5,667 tons as compared to 1,94,012 tons in December, 2014 showing a decrease of 97% over the same period of last year, according to Soybean Processors Association (SOPA).
On a financial year basis, the export during April 2015 to December 2015 is 61,559 tons as compared to 4,31,368 tons in the same period of previous year showing a decrease of 85.73%. Soybean meal is used for livestock feed and India is a major supplier of this.
During current Oil year, (October - September), total exports during October 2015 to December, 2015 is 18,814 tons as against 3,34,508 tons last year, showing a decrease by 94.37%.
The data has been collected and compiled by SOPA based on the information received from the members, port authorities and other agencies.
Source :economictimes.indiatimes.com
India's Oil Imports From Iran Fall By A Quarter In 2015
NEW DELHI: India's oil imports from Iran fell by about a quarter in 2015 as refiners slowed purchases early in the year to keep imports within the limits of sanctions, preliminary tanker arrival data obtained by Reuters shows.
Western sanctions against Iran's controversial nuclear programme limit the Gulf country's oil exports to 1-1.1 million barrels per day (bpd), with buyers such as India curbing annual purchases to 220,000 bpd.
The annual decline came as imports in December surged nearly 70 per cent from the previous month to 233,100 barrels per day (bpd), but were still down by a third from a year ago, according to the data and a report compiled by Thomson Reuters Oil Research and Forecasts.
India's December oil imports from Iran were the highest in six months.
Asian imports of Iranian oil have fallen as most of Iran's biggest crude buyers held off from increasing purchases after a July agreement that would grant relief to Iran from sanctions early this year if it curbs its nuclear programme.
India, Iran's biggest oil client after China, shipped in 208,300 bpd of oil and condensate in calendar 2015 compared with 276,800 bpd in 2014, the data showed.
New Delhi's imports of oil from Iran are expected to rise in the next fiscal year, beginning in April, when western sanctions are expected to be eased against Tehran.
Tehran was India's seventh-biggest supplier of oil in the 2014/15 fiscal year, down from the No. 2 spot before sanctions.
A drop in purchases of Iranian oil helped boost exports to India by rival producers Saudi Arabia and Iraq.
Indian refiners, including Reliance Industries, have shown interest in raising imports from Iran, Mohsen Qamsari, director general for international affairs of the National Iranian Oil Company (NIOC), told Reuters.
Reliance, which operates the world's biggest refining complex in India, halted imports of Iranian oil in 2010 under pressure from sanctions.
Source :economictimes.indiatimes.com
Revenue directed to furnish cash security to get cash and silver seizure by Police
IT : Where department filed an application under section 132A for handing over of silver bullion seized by police from assessee, in view of fact that neither police nor department had gathered any information regarding ownership of silver bullion, Trial Court was justified in passing order of handing over of goods to department subject to payment of cash security
Margin earned by franchisees on sale of SIM cards/vouchers of BSNL wasn't liable to service-tax
Service Tax: Where assessee-franchisee was only engaged in trading of SIM cards/recharge coupons of BSNL and his relationship with BSNL was on principal-to-principal basis and assessee was not acting as agent of BSNL and BSNL had already paid service tax on full MRP, no service tax could be demanded from assessee
Car couldn't be confiscated from buyer once it was released on payment of redemption fine by importe
Excise & Customs : Once goods were confiscated in hands of importer and allowed to be redeemed on payment of redemption fine and penalty, same cannot be re-confiscated in hands of bona fide purchaser of said goods
Sum paid to sisters to acquire absolute title to property held as exp. in connection with transfer
IT : Where assessee received a property with clause in his mother's will providing overriding title in favour of his three sisters, payment made by assessee to his sisters for acquiring absolute title in property would be reduced as expenditure while computing capital gain on sale of said property
Wednesday, 6 January 2016
HC's judgment continued to be binding even if it wasn't not challenged by revenue due to monetary li
Excise & Customs : Judgment passed by co-ordinate Bench of High Court is binding on another bench of High Court even if earlier judgment of High Court has not been appealed against by Revenue owing to monetary limits
Edu. Cess and surcharge aren't leviable on tax rates provided in DTTAs, says Kolkata ITAT
IT/ILT: Surcharge and education cess is not leviable when tax rate is prescribed under DTAA
Refundable deposits collected by Club from its members isn't liable to service-tax
Service Tax : Provision of a facility by club to its members is an 'activity' for consideration and since clubs and members are deemed to be separate persons under Explanation 3(a) to section 65B(44), Membership fee/Entrance fee for provision of such facilities is liable to service tax
Higher stock valuation given to bank to avail of credit limit couldn't be said to be unexplained inv
IT : Where there was no material to show that assessee had received any consideration in excess of amount shown in sale deed, merely because valuation given to bank to avail higher bank limit, no addition could be made
Delivery of export or import consignments booked by other courier agencies also amounts to courier s
Service Tax : Activity of collection/delivery of export/import consignments booked by other Indian/foreign courier agencies, also amounts to courier services, as it also involves time-sensitive transport of document/things; it cannot be classified as Business Support Services. Where such delivery/collection is performed in India, courier services cannot be regarded as exported, even if consideration is received in foreign currency
Govt. received 2,428 crore under compliance window of Black Money Act
IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Declarations and Payments made Under Said Act
4 year's period to rectify an amended order would begin from date of amended order and not from date
IT: Once an order is amended to give effect to appellate order, period of limitation under section 154 would commence from amended order and not from original order
No tax on foreign co. if services rendered by its PE were compensated at ALP and PE had paid taxes i
IT/ILT: Where assessee's branch office, which was considered as assessee's PE in India, was compensated at arm's length for performing services in respect of direct sales made by assessee in India, no part of assessee's profit could be taxed in India as profit attributable to Indian PE
Jewellery Exports May Decline To Six-Year Low
India’s jewellery exports are likely to decline 10 per cent in 2015-16 to a six-year low due to weak demand in the US and the European Union.
Jewellery exports declined 13 per cent in April-November 2015 to $21.45 billion from $24.70 billion in the corresponding period a year ago. With hardly any occasion left for fresh jewellery purchases in the West, chances of an export recovery are slim. Sentiment was upbeat in the US during the year-end season. The country consumes 38 per cent of the world’s jewellery production and the 45-day season ending in February contributes 40 per cent of annual sales in developed countries.
“A marginal recovery in exports cannot be ruled out. But, given that exports were 13 per cent lower in the first eight months, the financial year may end with a 10 per cent decline,” said Vipul Shah, managing director and chief executive officer, Asian Star, a city-based jewellery exporter.
Praveen Shankar Pandya, chairman of the Gems and Jewellery Export Promotion Council (GJEPC), had forecast a 25 per cent decline in exports this season. “But, the season has been much better,” he said.
Diamond De Beers, Alrosa and Rio Tinto have lowered their production targets for 2015. However, they are yet to announce actual cuts.
Indian importers of rough diamonds have cut purchases to reduce inventory. The GJEPC estimates India’s rough diamond imports to have declined 27.15 per cent to $8.65 billion during April-November 2015 from $11.87 billion in the corresponding period a year ago.
Jewellery exports may decline to six-year low
Imports of polished diamonds plunged 62 per cent to $18.52 billion during the period from $48.78 billion in the comparable period a year ago.
"India diamond processors have reduced their import of raw material in commensuration with global demand. As a consequence, overall inventory level has declined to the manageable level of 4.5 months as compared to over 6 months a recently," said Shah.
Interestingly, according to reports, Chinese government has strengthen regulations to discourage spends on luxuries in order to bring its economy back on growth path.
Source :business-standard.com
Jute Products' Exports Take A Hit On High Costs
Rising prices of jute goods, triggered by steep raw jute prices, have shrunk the export market for domestic manufacturers. A squeeze in export orders could wipe out profitability of the mills with major export orders.
Jute goods exports have logged almost flat growth from 2010-11 (0.19 million tonne) to 2013-14 (0.21 million tonne). However, jute goods exports declined sharply in 2014-15 to 0.15 million tonne, a fall of 27 %.
Raw jute prices have touched an all-time high of Rs 53,000 a tonne, double the level of Rs 26,000 per tonne in the year-ago period. This has escalated prices of jute goods as well. B Twill sacking prices are now ruling at Rs 74,000 a tonne whereas Hessian has moved beyond Rs 100,000 per tonne.
"Rising prices of jute goods has both a short-term and long-term impact on the export market. While exports may not be impacted in a big way in value terms, the decline would be felt in volume terms. We have already lost major export markets like Egypt and Syria. Also, there is no incentive from the Government of India on exports unlike Bangladesh which continues to incentivise jute exports", Manish Poddar, chairman, Indian Jute Mills Association (IJMA) told Business Standard.
A report by the Jute Commissioner Subrata Gupta says jute mills with substantial export orders have been adversely impacted as several had contracted orders with foreign buyers without expecting such huge jump in raw jute prices.
"While on one hand, this could wipe out profit for these mills, on the other, the increase in prices of these goods could also shrink the demand from foreign buyers. Further, the sharp increase in price of some products such as jute felt and Hessian can also adversely impact the opening up of new markets, such as those for geo-textiles and jute composites. These developments do not augur well for the health of the jute sector in the long term", the report adds.
Source :business-standard.com
Robusta Saves The Day For Indian Coffee Exports In 2015
KOCHI: Even as Arabica exports plunged, higher robusta shipments have pulled up the Indian coffee exports for 2015 marginally over the previous year.
Plagued with production woes from pest attacks and fluctuating prices, arabica is fast losing out to the sturdier robusta in coffee estates. The shift to robusta cultivation that started about four years ago has gained momentum of late.
In 2015, coffee exports stood at 307,726 tonnes, a rise of about 3.5% from a year ago. While the robusta shipments increased 23%, exports of arabica fell 26%. The re-exports of robusta by instant coffee makers increased 22%.
"Very few are selling arabica coffee which has been freshly harvested. Given the current prices it is not remunerative for the growers,'' said Ramesh Rajah, president of Coffee Exporters Association of India. The 2% reduction in export incentive was also a dampener for exports, he said. The average yield of arabica coffee has come down in India because of white stem borer attacks and the existing price doesn't cover the cost of production. Almost 70% of India's coffee output is exported. The March futures of arabica on ICE New York stood at $1.23 per pound on Tuesday. The prices have been hovering around this figure for some time.
It seems the prices are not likely to improve in the immediate future as coffee from other sources is compensating for the output fall in Brazil. As per the latest report of USDA, the global coffee output in 2015-16 is slated to touch 150.1 million bags (each bag of 60 kg), up 6 lakh bags as record output in Indonesia and Honduras, and better recovery in Vietnam more than offset the shortfall in Brazil, the largest producer.
Source :economictimes.indiatimes.com
Sodexo meal vouchers are not goods; not liable to octroi/duty: SC
Maharashtra Municipal Corporation Act : Where appellant was conducting business of providing pre-printed meal vouchers, i.e., Sodexo Meal Vouchers, to its customers, said vouchers were not goods within meaning of section 2(15) of Maharashtra Municipal Corporation Act and, therefore, not liable for either octroi or local body tax
Indian Sugar Export Prospects Fade As Domestic Prices Soar
LONDON/MUMBAI: Indian domestic sugar prices have surged, boosting incentives for production of low-quality white sugar for the local market and giving Brazil a competitive edge in the export market.
Sugar prices in India have risen more than 15 percent in a month on concerns over lower than expected output because of drought, making exports less attractive for mills even after export incentives, dealers said.
The government in India, the world's second-biggest sugar producer behind Brazil, has approved plans to pay farmers 45 rupees per tonne of cane produced, provided that mills manage to export their quota.
"The Indian (export) sugar that people were expecting isn't there," one senior European trader said.
Dealers quoted Indian low-quality white sugar at $415 a tonne FOB, equivalent to about $4 below ICE London front-month futures.
Offers of Indian sugar would need to be at discounts of about $30 a tonne to futures to compete against Brazilian supplies in key export markets.
One trader quoted Brazilian low-quality white sugar in containers at about $18 below London ICE futures.
"The traditional destinations for Indian sugar in Africa and the Middle East are not being taken," the European trader said.
"Indian sugar will stay in the Far East and Brazilian sugar will stay in West Africa."
Indian mills have contracted to export about 850,000 tonnes of sugar so far in the season that began on Oct. 1 and nearly 400,000 tonnes have already been dispatched, dealers said.
A Mumbai-based dealer with a global trading firm said: "The difference between local and overseas prices has been widening. Until last week mills were able to sign export deals at around $400 a tonne to Myanmar. Now sellers are quoting $430, which buyers are refusing to pay."
European and Indian traders said they see little prospect of Indian raw sugar exports in the near term because world prices are too low.
"Some mills are now waiting for an improvement in prices in the world market," said Sanjeev Babar, managing director of Maharashtra State Co-operative Sugar Factories Federation.
A New Delhi-based dealer with an Indian trading firm said that many mills think prices could jump sharply after the crushing season because of lower production. "Now mills don't want to sell sugar at a discount for export," the dealer added.
The first back-to-back drought in three decades is expected to cut Indian sugar production drastically this year, with a risk that output could drop below consumption for the first time in seven years in the 2016/17 season.
Source :economictimes.indiatimes.com
Govt To Import Rice From India, Pakistan
The government is sounding out the possibility of importing rice from India and Pakistan amid low rice stocks following a prolonged dry season.
“We are still negotiating imports with India and Pakistan,” said Trade Minister Thomas Lembong in Jakarta on Wednesday.
The government, Thomas said, was still preparing a government-to-government Memorandum of Understanding (MoU) on rice imports with the Pakistani government. The State Logistics Agency (Bulog) was studying the technical details of Pakistan’s rice stocks, he went on.
“We are also proposing an MoU with India, as it has for years been the world’s largest exporter of rice. They export between US$3 billion and $4 billion worth of white rice a year,” said Thomas.
Earlier, Coordinating Economic Minister Darmin Nasution said that because of last year’s prolonged El Niño, the rice planting season had been put back from October to November. As a result, harvest time in several areas across Indonesia suffered delays, leading to depleted rice stocks in the first quarter of 2016.
"We have calculated that we still have only 1.35 million tons of rice in March. Normally, we have 1.5 million tons. To fulfill the shortage of rice, we’re looking at signing MoUs with Myanmar and Pakistan,” Darmin told a press conference last week.
He further explained that the agreements were a precaution measure to anticipate reduced rice stocks, which could in turn lead to surging prices of basic commodities.
"The estimated domestic production of rice at the end of March this year will be 1.35 million tons From the end of March to April, our rice production will improve as the effects of El Niño gradually lessen,"
Source :thejakartapost.com
India's Coal Imports Fall For Sixth Straight Month In December
India's coal imports fell for a sixth month in December, a government official said Wednesday, as the world's third-biggest buyer of the fuel expands domestic mines to boost output and expand power generation.
India shipped in 12.35 million tonnes of coal last month, a 34.3 percent decline from the same month a year ago. Imports slipped thanks to a jump in production by state-run Coal India (COAL.NS), the world's biggest miner of the fuel that is opening one new mine a month as the government fast-tracks environmental clearances.
"Record coal production by Coal India leads to further reduction in imports," Coal Secretary Anil Swarup tweeted.
Coal India's April-December production grew by a record 9 percent, keeping the country on course to reduce annual imports for the first time in five years.
Source :reuters.com
Sodexo meal vouchers neither are goods nor liable to octroi/duty: SC
Maharashtra Municipal Corporation Act : Where appellant was conducting business of providing pre-printed meal vouchers, i.e., Sodexo Meal Vouchers, to its customers, said vouchers were not goods within meaning of section 2(15) of Maharashtra Municipal Corporation Act and, therefore, not liable for either octroi or local body tax
CIT couldn't disallow lease rental of car if AO had allowed deduction on directions of DRP
IT/ILT: Where Assessing Officer granted deduction on account of lease rentals to assessee in pursuance of directions of DRP, but Commissioner revised said order without recording as to how assessment order was erroneous, revision was unjustified
Adjudicating order violating principles of natural justice can be set aside in writ despite appeal r
Excise & Customs : Where adjudication order has been passed without giving reasons, same violates principles of natural justice and, therefore, same can be set aside in writ jurisdiction despite alternate appeal remedy
Only RBI can decide whether a co-operating society is a bank for sec. 80P relief
IT : In event of dispute as to primary object or principal business of co-operative society referred to in clauses (cciv), (ccv) and (ccvi) of section 56 of Banking Regulation Act, determination thereof by RBI shall be final before revenue authorities can term said society as a co-operative bank for purpose of section 80P
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