"March, 2010" Archive

Loss on purchase and sale of units issued by UTI not a speculative loss and not a colourable device even if entered into with a motive to avoid taxes

Porrits & Spencers (Asia) Limited Vs CIT (High Court of Punjab and Haryana)

The taxpayer, Porrits & Spencers (Asia) Limited, is a public limited company incorporated under the Companies Act, 1956. It is in the business of manufacturing of engineered fabrics and industrial textiles. During the financial year 1990-91 it purchased, on credit, 2.5 million units ofUS64 (the units) of Unit Trust of India (UTI ) on 21 M...

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Clarification on dealings between a client and a stock broker

Circular No. MIRSD/ SE /Cir- 5/2010 31/03/2010

This is with reference to SEBI circular No. MIRSD/SE/Cir-19/2009 dated December 3, 2009 in terms of which the stock brokers were directed to take necessary steps to implement the circular immediately and ensure its full compliance in respect of all clients - existing and new - latest by March 31, 2010....

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MCA Press Release No. 3/2010 on Implementation of IFRS Dated 31st March, 2010

PRESS RELEASE-3/2010 31/03/2010

In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance companies, banking companies and non-banking finance companies. The Roadmap recommended by Sub-Group I for such classes of companies is as under:-...

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Custom Notification No 40/2010- Amending Notification 21/2002 – Customs, dated 1st March, 2002

Notification No. 40/2010-Customs 31/03/2010

bulk consumer is a person, establishment or industrial unit using or consuming more than ten quintals of sugar per month as a raw material for production or consumption or use in any manner other than sale. (ii) the said certificate shall be issued by the Chartered Accountant after taking into account monthly use or consumption of sugar...

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Custom’s Notification No 27/2010 (NT)- Amending Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Notification No. 27/2010–Customs (N.T.) 31/03/2010

Notification No. 27/2010 – Customs (N.T.)- In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Fina...

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Notification No. 19/2010-Income Tax Dated 31/3/2010

Notification No. 19/2010-Income Tax 31/03/2010

Notification No. 19/2010-Income Tax S.O. It is hereby notified for general information that the organization B.M. Birla Scientific & Technology Centre, Jaipur has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the ...

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Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Projects under Implementation

RBI 2009-10/ 375, DBOD.No.BP.BC. 85/21.04.048/2009-100 31/03/2010

these guidelines will, however, not be applicable to restructuring of advances covered under the paragraph 14.1 of the Master Circular on IRAC Norms (Advances classified as Commercial Real Estate exposures; Advances classified as Capital Market exposure; and Consumer and Personal Advances) which will continue to be dealt with in terms of ...

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MVAT circular 14T of 2010 related to changes in rate of tax

Trade Circular No. 14 T of 2010 31/03/2010

While presenting the budget for the year 2010-11, Hon. Finance Minister announced that the exemption granted to some essential commodities up to 31-3-2010 would be extended till 31-3-2011 or till the date of implementation of Goods and Services Tax, whichever is earlier. In pursuance of the announcement made by Hon. FM, the Govt. has iss...

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Notification No. 20/2010-Income Tax, Dated: 31.03.2010

Notification No. 20/2010 31/03/2010

For serial number 80 and the entries relating thereto, the following serial number and entries shall be substituted namely....

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Genuine transactions with tax saving motive are valid

Porrits & spencer (Asia) Ltd. Vs. Cit (Punjab & Haryana High Court)

Tribunal was not right in law in holding that the transactions for purchase and sale of 25 lacs units called `US-64' of the assessee with the Bank, after holding that those transactions were genuine, were (a) not bona fide transactions, (b) entered into with a motive to avoid liability for tax etc....

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