CL: Where petitioner was sacked as an employee of respondent-company and as a result of personal rivalry petitioner filed oppression and mismanagement petition, which suffered from many defects, it was to be dismissed
Tuesday, 6 January 2015
AO could disturb net profit for MAT purposes if assessee failed to prove adherence to accounting pri
IT : Where in course of reassessment, Assessing Officer finds that certain income other than item of escaped income for assessment of which, assessment originally completed was reopened, also have escaped from original assessment, he is bound to assess such item or items of income, as well
Issue of unjust enrichment can be decided on basis of does and judicial precedents, says Madras High
Excise & Customs : Question 'whether incidence of duty has been passed onto buyer' has to be decided in light of documents submitted and precedent decision
Full risk bearer service providers couldn't be chosen as comparable for restrictive ITES service pro
IT/ILT : Where assessee was only a restrictive service provider of IT enabled design engineering services to its parent company, TPO could not make addition to its ALP by selecting comparables who were full fledged risk bearers owning intellectual property rights both related to technology and brand name
No reassessment alleging TDS liability on sum paid to AE if AO had analyzed such issue at assessment
IT/ILT : Assessment order passed by Assessing Officer in case of assessee engaged in general insurance business after making detailed inquiries could not be revised on ground that assessee had made payment to its AE for providing reinsurance business without deducting tax at source
Interest subsidy received under 'technology upgradation scheme' is capital receipt
IT: Interest subsidy received under Technology Upgradation Fund Scheme is capital receipt
No sec. 69 addition as assessee had proved that source of deposit was proceed of land by filing copy
IT : Where assessee explained source of bank deposit as sale proceed of agricultural land and produced copies of sale/purchase agreements, no addition under section 69 without disproving said evidences
Non-compliance with summons issued under sec. 142 due to failure of CA won't lead to levy penalty on
IT : Where assessee handed over summons to Chartered Accountant who could not appear due to his personal illness, assessee could not be imposed penalty under section 271(1)(b)
Govt. permits 100% FDI via automatic in manufacturing of medical devices
FDI/FEMA/ILT : Consolidated FDI Policy Circular of 2014 – Review of the Policy on FDI in Pharmaceutical Sector – Carve out for Medical Devices
Even prior to 2013 India-UK protocol benefit of DTAA was allowed to fiscally transparent firm establ
IT/ILT: Where non-resident partnership was a firm under section 2(23)(i) and therefore it was a 'person' under section 2(31)(iv) and attracted operation of paragraph 2 of article 3 of Indo-UK treaty, revenue's view that said partnership was not covered by said convention failed
CCI rightly rejected application for appointment of law expert in absence of LLB degree and work exp
Competition Law: Where petitioner had failed to attach law degree and work experience alongwith application for appointment as a law expert, CCI was justified in rejecting said application
No seizure of goods lacking declaration if it was proved that goods weren't meant for sale where the
CST & VAT: U.P. VAT - Where assessee was transporting raw rubber from Tripura to Faridabad through State of U.P. and Assessing Authority having found that declaration form as required under section 52 was not available with driver seized raw rubber, since assessee had successfully rebutted presumption under section 52, there was no occasion to seize goods
Mandatory pre-deposit is payable even in case of duty drawback; CBEC clarifies
EXCISE & CUSTOMS LAWS : Clarification on mandatory pre-deposit of duty or penalty for filing appeal
[DGFT Public Notice] : Online IEC applications: Postponement of the date of operationalisation of Public Notice No. 76 dated the 27th of November, 2014
To be published in the Gazette of India Extraordinary Part-I, Section (I)
Government of India
Ministry of Commerce & Industry
Department of Commerce
Udyog Bhawan, New Delhi
Public Notice 80 / (RE-2013)/2009-2014
Dated the 06 January, 2015
Subject: Online IEC applications: Postponement of the date of operationalisation of Public Notice No. 76 dated the 27th of November, 2014
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy (2009-2014), the Director General of Foreign Trade hereby postpones the date of operationalisation of the Public Notice No. 76 (RE-2013) /2009-2014 dated 27th of November, 2014 vide which a mendments in ANF 2A of Handbook of Procedure Vol. I (Appendices and Aayat Niryat Forms), 2009-2014 were made.
2. Vide the Public Notice No. 76 (RE-2013), IEC applications were mandated to be submitted online with effect from 01.01.2015. However, due to some unforeseen technical problems it has not been possible to operationalise the new online IEC system. Therefore, till such time the new online system is operationalised and made effective, from a new date to be notified subsequently, applicants seeking to obtain IEC may fill the Application Form and submit requisite documents and fees (Rs.250/) to the concerned jurisdictional RAs as per the procedure, as existing prior to 01/01/2015.
3. Effect of this Public Notice: Operationalization of Public Notice No. 76 (RE-2013)/2009-2014 dated the 27th of November, 2014, vide which a mendments in ANF 2A of Handbook of Procedure Vol. I (Appendices and Aayat Niryat Forms), 2009-2014 were notified, has been postponed and the new date for the same will be notified at a later date. Till such time the new system is operationalised, applicants seeking IEC may submit their applications in the earlier format as per the earlier procedure (existing prior to 01/01/2015), along with requisite documents and fees to the concerned jurisdictional RA.
(Pravir Kumar)
Director General of Foreign Trade
E.Mail:dgft@nic.in
[F.No.01/93/180/20/AM-13/ PC-2(B)]
CBEC asks officials to use 'designation based NIC email-IDs' and to appoint nodal officers for repor
EXCISE & CUSTOMS LAWS : Building of a comprehensive MIS in CBEC
CBDT issues draft standard operating procedures for administering TDS
IT/ILT : Standard operating procedures (SOP) for administering TDS incorporating the re-engineered processes developed by the CPC-TDS
Monetary limits for filing appeal would apply to cases of recurring nature and to composite orders:
EXCISE & CUSTOMS LAWS : Section 35B, read with sections 35G & 35L of the central excise act, 1944 – appellate tribunal – appeals to - clarifications on monetary limit for filing appeal in tribunal/courts
Govt. releases chart indicating sector-specific FDI policy for industrial and other sectors
FDI/FEMA/ILT : Consolidated FDI policy Circular of 2014 – mapping of the sector specific FDI policy in terms of national industrial classification (NIC)-2008
Mango Treatment For Exports
Fruit flies were a major impediment for mango producing countries like Pakistan to market the ‘king of the fruits’ to developed countries. Mr A.Q. Khan Durrani, a researcher, is credited with saving and promoting Pakistan’s mango exports at a time when Indian mango exports to the European Union were banned.
Different countries have their own requirements for processing and treatment, but the most commonly used method in vogue is hot water treatment (HWT), radiation and vapour treatment.
Around 300 rejected mango consignments led to the imposition of a ban by the EU on the import of Indian mangoes at the start of the mango season on May 30, 2014 for two years.
But Pakistan — whose rejected consignments to the EU during 2013 stood at a lesser 234 — was warned that it will face a ban if five more of its shipments were rejected.
At this critical juncture, Mr Durrani — who has invested 27 invaluable years of his life on research for developing an indigenous HWT technology suited to Pakistani conditions— came to the exporters’ rescue, which helped the country earn $57m from mango exports in 2014.
Talking to this writer at his industry and research centre located opposite Baqai University on Super Highway, Mr Durrani said he has designed world’s three largest HWT plants, each with the capacity to process 12 tonnes of mangoes per hour.
Giving details about the technology, he said he had initiated the research work in 1983, but it took him 27 years to come up with a full solution to the fruit fly issue, in 2010.
According to international quarantine standards for HWT, the recommended temperature is 48 degrees Celsius, and the time for processing is 60 minutes. This results in producing pulp (mango) temperature at 46.6 degrees Celsius.
However, Mr Durrani said his research showed that under HWT, the temperature should be kept at 50 degrees, so that pulp’s temperature of 47.5 degree could be achieved. This is necessary to completely destroy or de-fertile fruit fly eggs.
Supporting his theory of keeping the temperature higher by two degrees over international standards, he said the mango produced in India and Pakistan has a very thin skin and the fruit fly thus easily manages to sting deeper into the fruit to lay eggs.
Yet, a number of issues crop up with the higher temperature, particularly the excessive opening up of mango pores and cells. In order to deal with this situation, a system has been developed where these pores and cells are semi-sealed by use of wax and shellac during the HWT process.
During a tour of these plants, Mr Durrani drew the writer’s attention toward a unit inside a small room and next to the HWT plant, which releases the wax and shellac, when needed.
After using ethylene process to fast ripen the fruit, another process is used to prolong the mango’s shelf life, he added. For this treatment, another plant developed by him rapidly cools the fruit to reverse the ageing process and also stops dehydration caused by HWT.
He explained that only the first step of HWT is needed for air shipments, whereas the two subsequent treatments (of sealing the pores and reversing the ageing and dehydration process) are done for sea shipments due to the time-taking journey.
Surprisingly, the world standard for the shelf life of fresh fruits and vegetables is not more than 7-8 days, but Pakistan has managed to develop an indigenous technology that has increased it to 35-40 days. Thus, they could still be labelled ‘fresh’ and not frozen, Mr Durrani claimed.
Meanwhile, radiation is Australia’s quarantine standard for treating mangoes. But when a team of experts carried out successive inspection and audits from 2010 to 2013, they approved HWT for mangoes.
Durrani added that Australia is also facing similar issues, and even after treating its mango shipments to China in 2012, they were rejected. However, Pakistani consignments were cleared even after it took them 23 days to reach there, against 12 days it took Australia’s shipments.
The approval and certification given by Australia to both Pakistan and India for HWT in 2013 benefited our exports because no Pakistani mango shipments were rejected by Australia, but India had to face a ban as all its three consignments were rejected.
However, when the mango export season started on June 5, Mr Durrani held video conference with EU officials for 26 days. During the discussions, the EU officials pointed out that they had initially rejected two Pakistani mango consignments, but there were no complaints after that.
Mr Durrani explained that the initial mango shipments were directly made from approved orchards, but were not processed under HWT. However, all the subsequent shipments were being treated under HWT. He regretted that even after having a technological edge, Pakistan exported only 4,700 tonnes of mangoes to the EU.
In fact, Pakistan’s mango export target of 9,000 tonnes per annum should have captured India’s share of around 7,000 tonnes exports to the EU.
A qualified mechanical engineer Mr Durrani focused on a single point agenda: that being an agricultural country, Pakistan could not progress without giving due importance to the farming sector.
He also came up with a solution for processing kinnow for the export market, and guided growers and exporters. Around 250 kinnow processing plants are operating on his technology today, and the country is earning around $124-147m from kinnow exports.
Source:dawn.com
Iran Ban, Iraq Duty Hike To Take A Toll On Rice Exporters
India's rice exporters may end the current fiscal on a damp note as Iraq has doubled the import duty to 40%, while Iran has clamped an outright ban at a time when price realisation has slipped 15-20% in overseas markets.
A senior official of All India Rice Exporters' Association (AIREA) told ET that traders are currently shipping only rice consignments with permits of last year to Iran. "We are hoping that Iran will lift the ban. We are planning to send a delegation to Iran in early February to sort out the issue," said the official, requesting not to be named.
The official added that the sudden increase in import duty by Iraq has come as a major blow and it is bound to impact exports to the country.
According to an estimate by exporters, basmati shipments are likely to come down to 35 lakh tonne from 37 lakh tonne in the previous year.
Iran has barred rice from other countries as its local crop is reported to be good this year and is set to arrive in the market there.The country imported over 12.5 lakh tonne of rice during April-July 2014, compared with 14.5 lakh tonnes in the year-ago period.
In the past two years, Iran has bought over 2.5 million tonne of basmati rice from India. The average price realisation has declined to $800-1,100 per tonne from $1,0001,300 per tonne last year.
Exports of basmati rice in the first seven months of the current fiscal declined over 8% to 19.36 lakh tonne from 21.13 lakh tonnes in the year-ago period. However, exports of non-basmati rice between April and October 2014 stayed almost the same as in the previous year, at about 4.2 lakh tonne.
The lacklustre export demand of basmati rice has pushed down prices in the domestic market as well, with farmers getting Rs 3,200 per quintal for Pusa 1121 crop, compared with Rs 4,100 last year.
Retail prices of basmati rice may fall further in the domestic market if exports slump, said Bal Krishna Mittal, managing director of Gurdaspur Overseas, which deals in basmati rice.
Output of basmati rice in the kharif, or summer, season in 2014 was robust at about 81 lakh tonnes, up from 66 lakh tonnes in the previous year.
Source:economictimes.indiatimes.com
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