TP - Mere dissatisfaction with factual findings of ITAT regarding selection of comparables after application of quantitative/qualitative filters cannot be contested u/s 260A: HC (See 'TOG Latest')I-T - Assessee is eligible to claim exemption u/s 54 where possession of flat held by him since date of allotment is handed over & capital gain is paid on transfer of property 'held': ITAT (See 'TOG Latest')Customs - Classification of imported goods cannot be decided based on internet search results when Department could have obtained expert opinion or technical write-up: CESTAT (See 'TOG Latest')Central Excise - Demands cannot be raised under rent-a-cab service where Department is unable to prove that vehicle was capital goods of assessee & was registered in its name: CESTAT (See 'TOG Latest')ISA - India to host first general conclave (See 'TOG News')New convention & expo centre to reflect economic progress: Modi (See 'TOG News')TP - When agreement between two resident companies does not provide for any markup on total cost then no addition is permitted by applying margin of international transactions: ITAT (See 'TOG Latest')I-T - If interest income does has no direct link with eligible business or business activity then it can be considered for deduction claimed u/s 80IB & 80IC: ITAT (See 'TOG Latest')Central Excise - Cenvat credit be availed on supplementary invoices rasing demand for 'royalty charges' & 'stowing excise duty', 'paryavaran upkar', 'vikas upkar', 'forest fee' & 'Entry tax': CESTAT (See 'TOG Latest')Service Tax - Extended period of limitation cannot be invoked where issue of taxability of commission received from banks was contested during period of dispute: CESTAT (See 'TOG Latest')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Delhi Govt inks pact with Seoul for better infrastructure & public health (See 'TOG News')Govt launches star rating based on efficient energy use (See 'TOG News')DTAA - Tax Residency Certificate constitutes sufficient evidence for accepting status of residence as well as beneficial ownership for seeking treaty benefits: ITAT (See 'TOG Latest')I-T - Pre-deposit of duty demanded from cooperative institution can be waived off considering that its members come from marginal sections of society: ITAT (See 'TOG Latest')Customs - Duty exemption under Notfn No 46/2006-Cus can be denied where entire quantity of imported goods were not used to manufacture final product: CESTAT (See 'TOG Latest')Central Excise - Cenvat credit cannot be allowed on Outdoor Catering service which is utilized for personal use by employees & has no nexus with manufacture of final product: CESTAT (See 'TOG Latest')
Tax on Go
Budget 2015
Click the banner to download Documents
HOME       GST     INDIRECT TAX     INCOME TAX     DTAA     TP     MIXED BAG     LIBRARY    

TOG NEWS

New Automotive policy to curb emissions & boost R&D
By TOG News Service
Feb 16, 2018

TOG News Service, NEW DELHI, FEB 16, 2018: THE Department of Heavy Industry has been working towards development of a National Automative Policy for the holistic development of the automobile sector in India. Thereafter upon conducting a series of one-to-one consultation with stakeholders in the industry, the Department released the draft Automative Policy.

 

For starters, the draft policy advocates adopting a long-term roadmap for emission standards beyond BSVI and harmonize the same with global standards by 2028. It also talks about rolling out CAFE norms till 2025 and beyond and setup incentives and penalties. The policy also recommended adopting a composite criterion based on length and Carbon Dioxide (CO2) emissions to classify vehicles for differential taxation purposes.

The Automative Policy further emphasized the need harmonize automotive standards over the next 5 years in line with WP-29. Also with regard to skill development and training, the Policy adovcates improving and enhancing skill development and training eco-system. The Policy also aims to increase accountability of ASDC and implement a Labor Market Information System. With regard to research & development in the automobile sector, the policy also encourages giving tax exemption on different levels of R&D expenditure with strong audit control. The Policy also recommends scaling-up of indigenous R&D with commercially viable innovations.

Moreover, turning towards Bureau of Indian Standards (BIS), the Policy sought to harmonize Automative Industry Standards (AIS) with the BIS w.r.t. safety on critical parts over next 3 years. The Policy also recommended fast-tracking the adoption of Bharat New Vehicle Safety Assessment Program. The draft Automotive Policy is available in the Department of Heavy Industry's website ( www.dhi.nic.in ) for information of all stakeholders and for seeking their comments by 26 th February 2018.