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;
Please refer to the Press Release dated August 10, 2009 on issuance of Government of India Cash Management Bills (CMBs), wherein, it has been stated that the Government of India, in consultation with the Reserve Bank of India, has decided to issue a new short-term instrument, known as Cash Management Bills, to meet the temporary cash flow mismatches of the Government. The CMBs will be non-standard, discounted instruments issued for maturities less than 91 days. Further, it has been stated that the CMBs will have the generic character of Treasury Bills.
the Assistant Commissioner of Central Excise or Assistant Commissioner of Customs and Central Excise or Deputy Commissioner of Central Excise or Deputy Commissioner of Customs and Central Excise, as the case may be, may extend the aforesaid period of three months by a period of three months and that the Commissioner of Central Excise or Commissioner of Customs and Central Excise, as the case may be, may further extend the period by a period of six months;
CBN Circular No. 1 1. Service Providers are made application users of CBN Application Software. Service Providers will access CBN database of Income Tax Department through Personal Computer (PC) installed in their premises and connected to Bharti network. 2. Service Providers will connect CBN Application as application users by running appropriate link in Internet Explorer.
CBN Instruction No. 4 Users who have assigned role to access Assessee Information System (AIS) module can now access CBN Application for Permanent Account Number (PAN) query. This facility can be accessed from menu option ‘CBN’ provided in AIS module main menu. They no longer have a need to login CBN server directly for PAN query. However, present facility has not been withdrawn and
In exercise of the powers conferred by section 74 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules further to amend the Re-export of Imported Goods (Drawback of Customs Duties) Rules, 1995, namely: –
