Home Highlights February 2016 Year 2016 This

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1. FDI Policy Clarification on After-Sale/Repair Services - any standalone sale of spare parts/accessories etc. shall be construed as retail trading for the purposes of FDI policy

2. Permission for export of Finished Leather, Wet Blue and EI Tanned Leather through ICDs. - Public Notice

3. Value of sale of spare parts should be excluded if sales tax/VAT liability has been discharged on such sales as is evident from the invoices/bills issued in this regard - AT

4. Processing of Merchandise Exports from India Scheme (MEIS) applications for SEZs Exports - Public Notice

5. Valuation - For authorized service stations, the cost of the spare parts and cost of handling of spare parts are not to be included in the value of the services rendered - AT

6. Transfer pricing adjustment – export to associated enterprises of spares and components required for the purpose of servicing of vehicles sold by assessee - the...

7. Capital expenditure - Disallowance of Expenditure on machines - Spare part or machine itself - No material has been brought to show by the revenue that the TUP is not a...

8. Authorized service station - valuation – the cost of the spare parts and cost of handling of spare parts are not to be included in the value of the services rendered - AT

9. Marketibility of goods - sale of spare part of automobile procured locally and imported after packing or unpacking - MRP based levy u/s 4A - prima facie case is against...

10. Allocation of quantity for export of preferential quota sugar to USA under TRQ quota - Public Notice