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Vodafone wins transfer pricing dispute
- In a landmark decision , the Bombay High Court reversed the decision of the Income Tax appellate tribunal which had initially set a demand of Rs 3,700 on Vodafone.
- This decision comes as a relief to Vodafone which in the financial year of 2007-2008 had sold its properties in India to Hutchinson.
- Transfer pricing is referred to the setting of the price for goods and services sold between related legal entities within an enterprise
- The tax authorities are expected to move the Supreme Court as a result of this verdict.
Tunisian group wins Nobel Peace Prize
- The 2015 Nobel Peace Prize was awarded to the National Dialogue Quartet in Tunisia for its decisive contribution to the building of a pluralistic democracy in Tunisia in the wake of the Jasmine Revolution of 2011
- The National Dialogue Quartet consists of four organisations in Tunisian civil society – the Tunisian General Labour Union , the Tunisian Confederation of Industry, Trade and Handicrafts , the Tunisian Human Rights League , and the Tunisian Order of Lawyers .
- The Quartet was formed in the summer of 2013 when the democratisation process was in danger of collapsing as a result of political assassinations and widespread social unrest. It established an alternative, peaceful political process at a time when the country was on the brink of civil war
- It was thus instrumental in enabling Tunisia, in the space of a few years, to establish a constitutional system of government guaranteeing fundamental rights for the entire population, irrespective of gender, political conviction or religious belief.
- Other contenders for the Nobel Peace Prize included German Chancellor Angela Merkel and Pope Francis among others.
Pakistan outraged at presence of Baloch activist in India.
- Pakistan has complained at the presence of Baloch leader Nawabzada Hyrbyair Marri in India and stated that India is once again fermenting terror in Balochistan.
- Vikas Swarup, official spokesperson of the Ministry of External Affairs, said the presence of the Baloch representative proves again that “India has always been home to the persecuted people from all over the world.”
- The Hyrbyair Marri-led Baloch Liberation Front/Free Balochistan Movement, has begun campaigning for the freedom of Balochistan from Pakistan.
- Balochistan has long been a troubled region in Pakistan mainly due to its oppressive and genocidal policies towards people living in the region.
Tax sops on molasses
- Sugar mills supplying ethanol to oil public sector undertakings (PSUs) in 2015-16 season starting this month, will be eligible to avail input credit on the excise duty paid on the raw material molasses, a move aimed at promoting 10 per cent ethanol blending with petrol.
- Welcoming the move, Indian Sugar Mills Association (ISMA) Director General Abinash Verma said, “Today’s notification will benefit the 130 ethanol producing sugar mills in the country, by way of increase in their revenue realisation on ethanol supplies.”
- Although 10 per cent blending of ethanol with petrol is allowed, oil marketing companies (OMCs) will achieve 3.5 per cent in 2014-15 season (October-September).ISMA expects that ethanol blending with petrol could rise to five per cent in 2015-16 season. OMCs have already floated tenders for 266 crore litres for 10 per cent blending. So far, contracts nearly 100 crore litres have been finalised.
- Blending with ethanol is an integral component in the production of bio-fuel and serves as one of the ways to reduce environmental pollution caused by petroleum.