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Archive: 18 June 2010

Posts in 18 June 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6354 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19380 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Credit Flow to Agriculture – Agricultural Loans – Waiver of Margin/Security Requirements

June 18, 2010 385 Views 0 comment Print

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.

When assessee is engaged in business of buying and selling shares, profit or loss on such shares would be profit and loss of such business unless assessee establishes that shares in question were bought as a long term investment

June 18, 2010 9555 Views 0 comment Print

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.

R&D expenditure has to be apportioned between agricultural and non-agricultural activities and portion attributable to non-agricultural activities is to be allowed as deduction in computing taxable income

June 18, 2010 678 Views 0 comment Print

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

Fetter on an executing court to not go behind decree is not placed on a Company Judge assessing a creditor’s winding-up petition founded on a decree

June 18, 2010 9387 Views 0 comment Print

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.

Customs Notification No 68/2010, Regarding anti dumping duty on imports of specified phosphorous based chemical compounds, originating in or exported from European Union and China PR

June 18, 2010 471 Views 0 comment Print

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;

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