IT/ILT: While determining ALP under CUP method, if number of comparable uncontrolled transactions are available, it is arithmetic mean of price charged in all such transactions, which is considered for determining ALP of an international transaction; in such a case, neither Assessing Officer nor Transfer Pricing Officer can resort to cherry-picking
Monday, 21 December 2015
CBEC decides to withdraw pending cases before HC/CESTAT if SC has already decided on identical matte
EXCISE : Withdrawal of Cases Pending Before High Court/CESTAT on Basis of Earlier Supreme Court's Decision on Idential Matters
High Court can hear appeal involving issue of 'manufacture'
Excise & Customs : Section 35G only excludes appeal from an order of Tribunal relating, among other things, to 'rate of duty' or to 'value of goods'; it does not exclude appeal against Tribunal order on issue of 'manufacture' therefore, High Court may entertain appeal involving issue of manufacture
CBEC raises monetary limits for filing appeal by revenue
EXCISE : Reduction of Government Litigation – Providing Monetary Limits for Filing Appeals by Department Before CESTAT/High Courts and Supreme Court
Annual disclosure to be made under Reg. 8(3) of takeover code even if there is no change in sharehol
SEBI: Obligation under regulation 8(3) requiring annual disclosures to be made by listed company to stock exchanges is mandatory, even if there was no change in shareholding of persons/promoters set out under regulations 8(1) and 8(2) because not merely shareholding as on last day of financial year but also changes, if any, between current and previous financial year has to be disclosed
Pen drive, networking equipment and printers are part of computer system; eligible for 60% depreciat
IT: Where assessee, engaged in business of process management services for credit cards, paid licence fee in order to get limited right to use a software programme belonging to other company, amount so paid was to be allowed as business expenditure
Credit can't be denied if capital goods are removed from factory due to paucity of space after intim
CENVAT : Where manufacturer had intimated department about shifting of machines to rented premises near factory and submitted proper documents and no job work was done, Cenvat credit could not be denied
Payment of buy-back premium is deductible if buy-back is made to settle dispute between shareholders
IT : Where no income had been accrued or received by assessee on built-up area to be constructed on one plot under an agreement to transfer two plots owned by assessee, same would not be taxable in hands of assessee
Indian agent procuring ad air time for National Geographic & Fox Channel held as agency PE of foreig
IT/ILT : Agent of US based company procuring advertisement airtime for National Geographic Channel and Fox International Channel held as its agency PE in India. Thus, profits attributable to PE of foreign company on sale of advertisement airtime were taxable in India.
Order dismissing appeal in absence of pre-deposit can't be challenged without challenging pre-deposi
Excise & Customs : Where pre-deposit order directing assessee to make a pre-deposit was not at all challenged, same had attained finality and once pre-deposit order has attained finality, dismissal of appeal for non-compliance with pre-deposit condition cannot be independently challenged
No Sec. 153C assessment proceedings only on basis of survey
IT : Matter restored to file of Commissioner (Appeals) to readjudicate issue whether survey under section 133A could be made basis for assessment framed under section 153C
SC directs tribunal to decide whether value of software meant for upgrading could be included in val
Excise & Customs : Where Tribunal rendered conflicting view on 'inclusion of value of software in value of imported mobile phones', Supreme Court remanded matter for consideration of issue by larger bench of Tribunal
No best judgment assessment if dept. fails to prove how assessee failed to assess tax as per law
Service Tax : Where assessee had filed returns in due time, department could not invoke best judgment assessment under section 72 without even specifying how assessee failed to assess tax as per law and which details were not supplied by assessee
Period of 30 days to be considered and not British Calendar month to calculate interest for delayed
IT : For calculating interest under section 201(IA), term 'month' must be given ordinary meaning of term of 30 days period and not British calendar month
No best judgment assessment if dept. fails to prove how assess failed to assessee tax as per law
Service Tax : Where assessee had filed returns in due time, department could not invoke best judgment assessment under section 72 without even specifying how assessee failed to assess tax as per law and which details were not supplied by assessee
Rupee Moves Up 9 Paise Against Us Dollar In Early Trade
MUMBAI: Rising for the fifth straight session, the rupee gained 9 paise at 66.31 against the dollar in early trade today at the Inter-bank Foreign Exchange on increased selling of the US currency by exporters.
Forex dealers said sustained selling of the American unit by exporters and the dollar's weakness against some currencies overseas supported the rupee, but a lower opening in domestic equity market restricted the gains.
The rupee had appreciated by a modest two paise to settle at 66.40 against the greenback on Friday.
It had gained 69 paise in the past four trading sessions.
Meanwhile, the benchmark BSE Sensex fell 105.68 points, or 0.41 per cent, to trade at 25,413.54 in early trade.
Source :timesofindia.indiatimes.com
Copper Falls By 0.3% On Weak Global Cues
Copper futures fell 0.28% to Rs 317 per kg today as speculators trimmed positions amid weak trend in the global markets.
Moreover, muted demand at domestic spot markets also put pressure on prices.
At the Multi Commodity Exchange, copper for delivery in April next year declined by 90 paise or 0.28% to Rs 317 per kg in a business turnover of seven lots.
The metal for delivery in February fell by 85 paise or 0.27% to Rs 312.45 per kg in a business volume of seven lots.
Analysts said a weak trend in copper in the global market after climbing the most in over two months and subdued demand at the domestic spot markets, weighed on copper futures.
Globally, copper for delivery in three-months fell 0.4% at $4,667.5 per tonne at the London Metal Exchange.
Source :.business-standard.com
No reassessment on exclusion of forex gains from total income as such info was available during asse
IT: Where reassessment was initiated on ground that assessee had excluded foreign exchange fluctuation gains while computing total income while, in fact, same computation was available on record during assessment, reassessment was bad
Now auditors shall report only on frauds of one Crore or more to Govt
COMPANIES ACT, 2013/AAA/INDIAN ACTS & RULES : Companies (Audit and Auditors) Amendment Rules, 2015 – Substitution of Rule 13 and Amendment in Rule 14 & Form No.ADT-4
For Oil-Producer Nigeria, India Is Top Export Destination
India has taken the first place as Nigeria's major export destination with earnings of $2.02 billion from the sale of crude oil, representing 17.5 per cent of the country's total export for the third quarter of this year, the National Bureau of Statistics (NBS) said.
For the 2014-15 financial year, the Indian High Commission said, the country imported $13.53 billion worth of crude and petroleum products $13.96 billion in 2013-14.
"Bilateral trade between India and Nigeria in 2014-15 stood at $16.36 billion, which was two percent less compared to the previous year's figure of $16.98 billion," the high commission added.
It said India's exports to Nigeria have grown gradually during the last few years - from $1.08 billion in 2007-08 to $2.68 billion in 2014-15. Nigeria is India's largest trading partner in Africa and India is the largest trading partner of Nigeria globally
From the NBS figures, Netherlands is the second major export destination with $1.2 billion representing 10.5 percent, followed by Spain with $1.04 billion representing 9.1 percent, the NBS said.
The NBS said the value of the nation's merchandise exports totaled $11.58 billion in the third quarter of 2015 and represented a decrease of $1.59 billion or 12.1 percent, over the previous year's figure of $13.17 billion.
The decline was attributed to a fall in crude oil exports by $1.85 billion or 18.8 percent over the preceding quarter. "Nevertheless, the structure of exports is still dominated by crude oil, which contributed $7.99 billion or 69.1 percent to the value of total domestic exports in 2015. Natural liquefied gas recorded $1.31 billion of the total export value during the period under review," the NBS added.
Nigeria's total external merchandise trade decreased by $1.67 billion to $1.9 trillion in the third quarter of this year.
It attributed the decline to a $320.6 billion or 12.1 percent decline in the value of exports as well as imports decline of 17.4 billion or 1.0 percent against the levels recorded in the preceding quarter.
Soorce :.business-standard.com
Subscribe to:
Posts (Atom)