IT/ILT : Rule 12(1)(a) of Income-tax Rules and Form for filing return of income couldn't go beyond the provisions of the Act - Income-tax includes surcharge which is a receipt in the nature of additional income-tax - Tax has to be computed on the total income as assessed under normal provisions of the Income-tax Act as increased by applicable surcharge and education cess - MAT credit to be granted thereafter
Saturday, 19 April 2014
Ministry notifies Capital Investment Subsidy Scheme for industrial units located in HP and Uttarakha
IT/INDIAN ACTS & RULES : Central Capital Investment Subsidy Scheme, 2013
No reassessment to deny secs 80-JJA and 80-IB reliefs if such issues were already dealt with in orig
IT : Where only after raising specific query and, verifying claims of deduction under section 80-JJA and 80-IB was allowed in scrutiny assessment, re-assessment to disallow same was not permitted
HC unfreezes assessee's account as depart. had frozen that account without any SCN or adjudication
Service Tax : Where department had frozen assessee's bank account without even issuance of show-cause notice and without any adjudication, High Court set aside such action and directed department to issue show-cause notice
Premium paid for Keyman Insurance Policy taken on life of a partner is an allowable exp.
IT : When Keyman Insurance Policy is obtained on a life of a partner to safeguard firm against a disruption of business, payment for premium on such policy is allowable as business expenditure
Non-payment of ST even prior to 10-5-2013 was a offence in view of new provisions introduced by Fina
Service Tax: Non-payment of service tax despite collection from customers is a continuing offence; in case of outstanding dues exceeding Rs. 50 lakhs for period prior to 10-5-2013, arrests can be made as per provisions amended by Finance Act, 2013
Loan to shareholder is deemed dividend even in absence of beneficial ownership; Bhumik Colour's case
IT : It is only where a loan is advanced by company to registered shareholder and other conditions set out in section 2(22)(e) are satisfied, said amount of loan would be liable to be regarded as deemed dividend within meaning of said section
Concealment penalty couldn't be imposed merely because ITAT confirmed quantum of additions made by A
IT : In course of penalty proceedings, findings recorded in quantum proceedings can be referred to and relied upon, but then confirmation of quantum addition by itself, cannot be reason enough for imposing concealment penalty under section 271(1)(c)
No recovery to be initiated before expiry of time-limit to challenge demand in appeal
Service Tax : Department cannot recovery confirmed demand before expiry of time-limit to file appeal as it would lead to injustice to an assessee, as assessee's opportunity to obtain stay from appellate authority would stand foreclosed; and inherent right of appellate authority to stay said demand would be rendered futile
CAG is empowered to audit private Telecos; SC dismisses SLP of service providers
CL : When nation's wealth, like spectrum, is being dealt with either by the Union, State or its instrumentalities or even the private parties the CAG has the powers to conduct the revenue audit of all accounts drawn by the service providers in relation to revenue receipt
Loss shall be carried forward if profit declared in return filed timely turned into losses after ass
IT: Where original return filed was not a loss return but loss was determined in assessment proceeding, carry forward of loss on account of violation of section 80 could not be denied
Friday, 18 April 2014
Depart. couldn't waive off security covering VAT dues merely on basis of sympathy
CST & VAT : Where assessee's track record in paying VAT and filing returns was bad and owing to that, department has asked for security, Tribunal had no jurisdiction to waive such requirement only on grounds of sympathy
CIT(A) had rightly admitted additional evidences after giving hearing opportunity to parties: HC
IT: Where Commissioner (Appeals) before admitting fresh evidence, had called for remand report from Assessing Officer and full opportunity was provided to both parties, no interference with Commissioner (Appeals)'s order was called for
Companies with similar functionality couldn't be excluded from comparable list because it had lower
IT/ILT : Where functional profile of a comparable is same that of assessee-company, it cannot be excluded from list of comparables merely for reason of having low turnover
HC denied rebate of duty on exports as purchases were made by assessee under fake invoices
Excise & Customs : Where it is found that alleged supplier of goods do not exist and purchases are made under bogus invoices, assessees cannot be allowed to take credit of duty and/or rebate of duty paid on export
Matter initiated under repealed MRTP Act, Continued under Competition Act; steel producers gets scot
Competition Law : Where steel producers like in many oligopoly markets recognized their interdependence and simply mimicked their rival's conduct while declaring prices of steel, there was no cartelization in contravention of Act
Ministry issues consolidated FDI policy; effective from April 17, 2014
FDI/FEMA/ILT : Consolidated FDI Policy effective from 17-4-2014
Iran Oil Exports Fall For First Time In Five Months
Iran's crude oil exports fell for the first time in five months in March, and are slated to drop further in April, moving closer to the levels stipulated by November's temporary nuclear deal that eased some sanctions on Tehran, Reuters reported on April 17
Under the agreement reached in Geneva, Iran's oil exports were to remain at an average 1 million barrels per day (bpd) for the six months to July 20, but since the signing last year, shipments to Asia alone had topped that mark until this month.
The drop in crude exports to just over 1 million bpd in March and to 953,000 bpd for April, according to ship loading data seen by Reuters, reduces pressure on Tehran ahead of talks next month to finalise an end to the decade-old nuclear dispute.
The drops have come mainly because Japan did not take any cargoes in March and South Korea is not scheduled to take any shipments in April, according to the tanker data.
"When the Iranian exports increased, the market noticed so I'm not surprised that they might try to cut back some in the upcoming period," IHS oil consultant Victor Shum said.
"As far as China is concerned, the offtake is a bit higher, but it goes up and down, so on average, for the year, China will keep it under the target," he said.
Iran's biggest customer China will increase loadings this month to 552,000 bpd, about a third higher than a year ago, after a decline in March to 458,000 bpd.
Chinese buyers will account for almost 60 percent of oil shipped by tanker from Iran in April.
Crude going to India, Tehran's No.2 customer, surged nearly 43 percent in the first quarter of 2014, bringing a warning from the United States that it needed to hold the shipments closer to end-2013 levels of 195,000 bpd.
India is scheduled to load in April about 145,000 bpd of Iranian crude, down from imports of 412,000 bpd in January.
It's not immediately clear if the reductions in Japan, India and South Korea are a response to pressure to hold to the terms of the temporary nuclear agreement, or if they are related to a seasonal drop in imports because of refinery maintenance.
Tehran denies that its atomic energy programme is a front for developing nuclear weapons, and says it seeks only electricity from its enrichment of uranium.
In the second half of the last decade Iran was pumping around 4 million bpd, but tough international sanctions the past two years have slashed the country's oil production and exports.
The temporary deal between Iran and world powers, struck in November and implemented on Jan. 20, also freed up $4.2 billion in back oil payments to Tehran in return for curbs on its nuclear programme.
Negotiators from Iran and the United States, Russia, China, Britain, France and Germany, known as P5+1, will begin their next round of talks in the Austrian capital on May 13.
DECLINING SHIPMENTS
Seasonal maintenance plans may explain why Japan and South Korea area are loading less oil from Iran, Shum said.
"Q1 may be still part of the winter season and there is a bit of a peak in demand, but in Q2 typically the crude demand starts to come down with the spring maintenance," he said.
Buyers from Japan may also have held off from loadings amid uncertainty over whether Tokyo would roll over a sovereign insurance scheme to cover oil shipments after commercial insurers complied with an EU ban on coverage for Iranian oil.
Iran's oil exports, including condensate, totalled 1.25 million bpd in March, down 19 percent from 1.55 million bpd in February. They are set to fall almost 5 percent further in April to 1.19 million bpd, according to the loading data.
Earlier this month, the International Energy Agency had pegged Iran's crude shipments in February at 1.65 million bpd - including condensate - the highest since June 2012.
Iran's deputy oil minister for international trade said on Monday that the Islamic republic's oil exports had held at around 1 million bpd for the last six months.
South Korea loaded 129,000 bpd last month compared with 217,000 bpd in February and will load no crude during April, according to the tanker data obtained by Reuters.
Japan, the other of Iran's four biggest buyers, didn't load crude in March, but Japanese tankers are scheduled to pick up 146,000 bpd this month, compared with 119,000 bpd in February.
Turkey is the other main destination for loadings in March and April. Since sanctions were imposed in 2012, more than halving Iran's oil sales, China, India, South Korea, Japan and Turkey have bought nearly all of Tehran's crude.
Source:- zawya.com
16.57 Lakh Tonne Of Wheat Arrive In Haryana
Over 16.57 lakh metric tonnes (MT) of wheat has so far arrived in Haryana during the current procurement season.
Stating this here today, a spokesman of the Food and Supplies Department said while the government agencies have procured 16,57,354 MT of wheat, traders had purchased 113 MT of the foodgrain.
He said the Food and Supplies Department has purchased the highest 5.16 lakh MT of wheat, while HAFED had bought 5.14 lakh MT of the grain.
Other agencies that procured wheat are: Haryana Agro Industries Corporation (1.26 lakh MT), Haryana Warehousing Corporation (1.90 lakh MT), CONFED (36,244 MT) and Food Corporation of India (2.72 lakh MT).
He said Karnal district is leading in the wheat arrival with about 2.80 lakh MT of the grain arriving in the mandis, followed by Kaithal with 2.34 lakh MT.
Source:- newindianexpress.com
No. waiver of pre-deposit requirement on merits of case unless undue hardship was caused to assessee
Excise & Customs : Assessee cannot be allowed dispensation of pre-deposit on merits i.e., on ground that demand itself is wrong and illegal, if he has not claimed that it would cause undue hardship to assessee
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