IT : Expression 'even if delay in disposing of appeal is not attributable to assessee' as inserted in third proviso to section 254(2A) by virtue of Finance Act, 2008 failed to achieve its object that assesses should not misuse stay orders granted in their favour by adopting delaying tactics, same is to be struck down
Tuesday, 19 May 2015
Department can’t invoke extended period if it is aware of modus operandi of assessee
Excise & Customs : Issue of invocation of extended period of limitation raises a mixed question of fact and law; hence, if Tribunal found that department was aware of assessee's activities, extended period could not be have been invoked
Exemption couldn't be denied to a trust created for benefit of Christians but also serving public at
IT : Where objects of assessee-trust were strictly not for Christian community in particular, but were both for purposes of Christian community and other public at large, assessee was a charitable religious trust and provisions of section 13(1)(b) would not be applicable
Re-opening of assessment is valid as AO later found that foreign co. had a subsidiary PE in India
IT/ILT : Where at time of making assessment, assessee did not disclose about existence of PE of its parent company in India and as a result, Assessing Officer could not examine as to whether tax was deductible at source while making remittances to parent company located abroad, it was to be regarded as a valid ground for reopening of assessment
IRDA calls for prompt issue of acknowledgment on collection of premium; unveils guidelines for the p
INSURANCE : Guidelines on Issuance of Premium Acknowledgements – Acknowledgements on Collection of Premiums and Procedures for Refund of Premiums Received/deposits Remitted for Insurance
In case of common appeal, failure to comply with pre-deposit requirement by one assessee would affec
Excise & Customs : Where : (a) stay order provided for dismissal of 'all common appeals' in event of failure of 'P' in making pre-deposit and (b) said stay order was not challenged by 'other assessees', failure of 'P' in making pre-deposit would lead to dismissal of appeals filed by 'other assessees' as well
Calcutta HC didn't have jurisdiction to entertain suit for specific relief in respect of land situat
CL : Where suit for land situated in Maharashtra was filed in Calcutta High Court and parties had granted exclusive jurisdiction to Court of Mumbai, jurisdiction of Court at Calcutta was clearly ousted as per law
No deemed registration to a trust if its application under sec. 12AA wasn’t disposed of within given
IT : Non-disposal of an application for registration within 6 months as fixed by section 12AA(2) would not result in a deemed grant of registration
Loss arising on assignment of right to receive Iraqi debt in lieu of bonds issued by Indian Govt. wa
IT : Indian Government issued compensation bonds to assessee in consideration of assignment of debt receivables (in US dollars) from Iraqi Government. The assessee contended that the Iraqi debt was a capital asset which was transferred and that the full value of such consideration on account of transfer fell short of indexed cost of acquisition of bonds. Thus, assessee claimed loss under the head "Capital Gain" on account of assignment of right to receive its debts from Iraqi Government.
Settlement application can’t be rejected as ‘barred’ after same is allowed to be proceeded with
Excise & Customs : Once settlement commission is allowed to be proceeded with and revenue had no objection thereto, then, without even putting assessee to notice, Settlement Commission cannot reject application as barred under section 32-O on ground that 'an earlier settlement order levied penalty on assessee'
Notarized copy of passport can be relied on to determine residential status of individual if origina
IT/ILT: On loss of passport, secondary evidences such as notarized copy of passport, etc., were to be relied on where total stay in India of assessee for assessment years under consideration was less than 182 days in each of years assessee would fall in category of 'being outside India
CBEC asks field formations not to file SLP wherein disputed amount doesn't exceed 25 lakhs
EXCISE LAWS : Section 35L of the Central Excise Act, 1944 – Appeal to Supreme Court – Clarification on Non-Filing of Slps before Supreme Court in Cases Where Presently Revenue Is below Threshold Limit while Appeal Filed in High Court Before 1-9-2011
Activated Carbon Export Slumps By 8% As Coconut Production Falls
The exports of coconut and allied products have recorded an increase in the country but the activated carbon shipment has slipped 8% in the last fiscal year. Activated carbon, which is used in gold extraction and water purification, accounts for a major chunk of coconut products exports from the country.
The total exports registered 13.5% jump at Rs 1,312 crore in 2014-15. The activated carbon export of Rs 558 crore during the period is at value. Significantly, in volume, it plunged 44% to 54,345 tonne. The principal reason for the slump was the drop in coconut production.
Charcoal made from coconut shells are the main raw material for making activated carbon. "In addition to the paucity of raw material, the operation of an international company with branches in other coconut-producing countries like Indonesia, Thailand and Philippines has started affecting the domestic production. The company is able to reduce production cost by sourcing raw material from its other units," said MM Abdul Basheer, managing director of Indo German Carbons.
Around 24 companies, mostly located in south India, are producing activated carbon. They are dependent on coconut shells from Tamil Nadu, Karnataka and Kerala. "The prospects in the current year do not appear good unless the production gets better. Already many activated carbon producers have slashed the capacity by 50% to 60%," said Basheer, the president of Coconut Activated Carbon Manufacturers Association.
As per the survey conducted by the Coconut Development Board, the overall coconut output in the country registered a 10% fall in 2014-15. The fall has been severe in Andhra Pradesh, which faced multiple cyclonic storms, Kerala and Karnataka. The export of dry coconuts, however, has recorded an increase of 20% with Pakistan buying large quantities. "Pakistan and Gulf countries use it for edible purpose. There was heavy demand last year. However, it has tapered off a bit this year," said Mayilsamy, proprietor of Shrika Oil Industries.
Indian dry coconuts are preferred over the produce of other Asian countries because of better oil content and taste. Sri Lanka, Indonesia and Philippines also export coconuts to the Gulf countries. Pakistan used to buy more from other countries like Sri Lanka. But a shortage in Sri Lanka forced the country to increase purchases from India. The export of dry coconuts showed 20% increase at Rs. 194 crore in 2014-15.
"The demand is continuing despite the shortage of nuts. We export around 25 containers of coconuts to the Gulf countries every month," said Sujith, manager of Fair Exports India, which supplies to the hypermarkets of EMKE group.
Source:economictimes.indiatimes.com
Engagement of advocate isn’t required for hearing before Redressal Committee
Banking Laws : At stage of identifying a company as wilful defaulter, Grievance Redressal Committee merely classify wilful defaulter and does not decide any lis/dispute; engagement of advocate for hearing is not required
Notarized copy of passport is to be relied on to determine residential status of individual if origi
IT/ILT: On loss of passport, secondary evidences such as notarized copy of passport, etc., were to be relied on where total stay in India of assessee for assessment years under consideration was less than 182 days in each of years assessee would fall in category of 'being outside India
Doctrine of unjust enrichment introduced from 13-07-06; can't apply to assessments made before that
Excise & Customs : Doctrine of unjust enrichment was introduced in section 18 by way of amendment from 13-7-2006; hence, said doctrine cannot apply to refunds arising on finalization of provisional assessment under section 18 for period prior to 13-7-2006
Haryana VAT : No revision of order after expiry of 3 years from last date of filing of annual return
CST & VAT: Haryana VAT - Where for assessment year 2003-04 assessee filed annual return on 19-11-2004 and Assessing Authority passed a formal order on 25-11-2005 under section 15(1) as deemed assessment and thereafter Revisional Authority passed under section 34 revisional order dated 13-6-2008, limitation for passing order under section 34 was up to 30-11-2007
India’S Higher Potash Import Price Threatens Volumes
Having failed in a bid to avoid a price hike in the first two potash import deals for the financial year, fertiliser producers in India expected inward shipments of fertiliser minerals to drop during 2015/16.
Indian potash importers have concluded their first two deals of the year, of 1.3-million tonne and 80 000 t respectively with Canadian potash exporter Canpotex and Russia’s Urakali. Both the shipments would be at $332/t and remained fixed through the current year.
Senior government officials in the Department of Fertilisers said that the contracted price was a hike of $10/t over average price of shipments during previous financial year, and while price increases had been resisted, importers had clearly failed to negotiate deals with potash exporters, at last year’s prices.
However, having concluded two deals for the year, potash importers would set the price of $332/t as the ceiling for all other contracts for potash supplies for rest of the current year, the official said.
A section in the Department of Fertilisers was apprehensive that with the government keeping subsidy on potassic fertilisers unchanged for 2016/16, the higher contracted price for potash imports would push up retail prices of di-ammonia phosphate (DAP) and muriate of potash.
This, coupled with forecast of poor monsoon rains across the country, could depress demand for high-priced potassic fertilizers and imports of potash could dip by minimum of 50 000 t from a import estimate of five-million tontones during the year, the highest projected since 2011, the official added.
In fact, the government has ruled out any increase in subsidy to keep retail price of potassic fertilisers in check in wake of higher contracted price.
In 2010, the Indian government de-controlled potassic fertiliser prices, giving producers freedom to fix the maximum retail price (MRP). However, the government continued to provide a fixed subsidy announced each year based on retail price of fertilisers. Earlier this month, the government decided to keep the subsidies unchanged at previous year’s level of $196 /t in case of DAP and $147/t for muriate of potash.
Officials said that forecast of poor monsoon, would not only depress demand for potassic fertilisers and resultant possible reduction in imports of five-million tonnes as estimated last month, there would be larger shift to urea by farmers as this was sold at government administered retail prices entailing higher subsidy element.
The Indian Meteorological Department in the first of the series of monsoon forecast last month said that the country “would face 33% probability of rains being less than 93% of long term average” or drought conditions.
Deficient rainfall for the second consecutive year would definitely lead to fall in fertiliser consumptions and the demand situation would only get aggravated by the rise in potash import prices which would have to be passed onto farmers in absence of higher subsidy allocation, the official said.
Source:miningweekly.com
India Containerized Shredded Scrap Import Prices Remain Stable; Aluminium Scrap Prices Up
Indian containerized shredded scrap import prices remained flat in the week ended May 08, while Indian aluminium scrap prices on Scrap Register Price Index traded up.
According to The Steel Index, containerized shredded scrap prices for Indian imports remained stable at $298 a ton CFR Nhava Sheva during the week.
Scrap buying has been slow this week as local prices for sponge iron and scrap continue to offer more competitive routes to steel making.
Furthermore the inventories of most mills seem relatively well stocked for the period up to the middle of June, particularly when you take into account the slowdown in steel demand associated with the upcoming monsoons.
Rumours continue to circulate of parliamentary pressure to increase steel import duties from 5-15%, however until this measure has actually been implemented market sentiment looks set to remain depressed.
As per the Scrap Register Price Index, scrap prices for Aluminium Accessories, Aluminium ingots, Aluminium Rod Company, Aluminium Rod Local, Aluminium Sheet cutting, Aluminium utensil, Aluminium Wire traded up during last week.
Source:metal.com
India Utilities' April Thermal Coal Imports Rise 8% On Year To 7.8 Mil Mt
Indian power utilities imported around 7.8 million mt of thermal coal in April, the first month of fiscal 2015-16, up 8% year on year, according to latest data from the Central Electricity Authority (CEA) seen by Platts Tuesday.
Of the total, 4.3 million mt of coal were imported by 37 utilities for blending while 3.5 million mt were imported by nine utilities for power plants that use only imported coal. NTPC Ltd imported the largest amount of thermal coal in April at 1.6 million mt, followed by private sector power producer Adani Power at 1.3 million mt. For the current year, utilities are set to import 115 million mt of thermal coal.
Source:platts.com
Subscribe to:
Posts (Atom)