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On the basis of representations received seeking enhancement of limits, it has been decided that banks may waive margin/security requirements for agricultural loans from the existing level of Rs. 50,000/- to Rs. 1,00,000/- with immediate effect. Para 3 of our above circular, therefore, stands suitably modified.
In a case where a company is dealing in the sale and purchase of shares, prima-facie the profits derived from the sale and purchase of shares would be treated to be business income of the assessee since the assessee is a trader in shares, that does not mean that a trading firm cannot make long term investment in shares and income from sale of such shares may fall under the head of capital gains but when a trading firm is involved the onus would be heavily on such a firm to show that this investment was actually a long term investment.
The assessee is entitled to deduction on account of R&D expenditure but the same has to be restricted in proportion to the turnover between the agricultural division and the commercial division, and the amount relatable to commercial division can alone be allowed as business expenditure
There is discretion available to the Company Judge in a creditor’s winding-up petition, both at the time of admission and at the post-advertisement stage; the Company Court may refuse to admit a winding-up petition founded on an ex parte decree if it finds the original claim or cause of action to be substantially mired in doubt.
Whereas the designated authority had initiated anti dumping investigation in the matter of imports of five phosphorous based chemical compounds, namely; (1) Phosphorous trichloride (PCL3), (2) Phosphorous Pentachloride (PCL5), (3) Phosphorous oxychloride (POCL3), (4) Triphenyl phosphite (TPPI), (5) Trimethyl phosphite (TMP), originating in or exported from European Union and China PR, vide notification No. 14/3/2009-DGAD, dated the 13th February, 2009;
