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Archive: 14 December 2010

Posts in 14 December 2010

Though main object is to do business in shares, shares can be held as a capital asset

December 14, 2010 6291 Views 0 comment Print

Whether, only because the assessee can deal in shares as per the memorandum of objects, any transactions undertaken by the assessee for sale or purchase of shares, in the earlier years is to be treated as business transaction, and the gains and loss resulting from the same to be assessed under the head business income and not capital gains.

Service Tax- Conditions relating to Refund Claim of Rs. 500/- (Part 4 of Johnny and Service Tax Refund -Series- II)

December 14, 2010 1308 Views 0 comment Print

we are attempting to present the grounds on which departmental authorities are disallowing the refund claims relating to “Amount of 500/-” against the services on which refund has been claimed. This complete state of affairs is humorously picturized

Alternative Energy-The Quest

December 14, 2010 240 Views 0 comment Print

The day of Oil and Coal is going to come to an end. Don’t get shocked by hearing what I said. Coal and Oil is not going to get depleted neither not going to get evaporated from the earth. We know that when the crude price was floating around $147/barrel the world economic condition was under severe pressure .Prices of commodity became expensive and inflation stated picking up followed with application monetary restriction polices. Apart from oil price affects on commodity and cost living, coal imposed further pressure on the cost of production and operation of the industries globally. The industrial sector uses more energy globally than any other end-use sector, currently consuming about 50% of the world’s total delivered energy. Energy is consumed in the industrial sector by a diverse group of industries—including manufacturing, agriculture, mining, and construction—and for a wide range of activities, such as processing and assembly, space conditioning, and lighting.

Silver – The New Gold

December 14, 2010 255 Views 0 comment Print

We are all witness to the fact that silver has out smarted its senior- gold. Silver has now emerged as a necessary part of one’s portfolio. Given the present trend and future demand, silver will extinct faster than gold and silver prices are expected to rise sharper than that of gold.

Minority Shareholders In A Company – the protection?

December 14, 2010 2014 Views 0 comment Print

I have been continuously focusing at the complications in the corporate world and especially about the protection to the shareholders in a Company. I have seen cases where the majority does everything in order to deny the rightful share of the minority shareholders or the group; or to make the company a shell company.

SEBI : Acceptance of third party address as correspondence address

December 14, 2010 400 Views 0 comment Print

The depository participant should further ensure that the statement of transactions and holding are sent to the BO’s permanent address at least once in a year.

SEBI allows Acceptance of Third Party Address as Correspondence Address

December 14, 2010 382 Views 0 comment Print

This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Section 19 of the Depositories Act, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

CPC commences issue of IT refunds for AY 2010-11 returns

December 14, 2010 522 Views 7 comments Print

Centralized Processing Center (CPC), Bangalore has begun processing of returns for AY 2010-11. Till 10/12/2010 it has processed over 15 lakh e-filed returns of AY 2010-11 in ITRs 1, 2, 3, 4 and issued refunds in over 1.6 lakh cases

Finance Ministry starts probing more than 100 overseas deals for tax evasion

December 14, 2010 276 Views 0 comment Print

The Finance Ministry has begun its maiden investigation into over 100 offshore “financial structuring deals” undertaken by Indian business entities in foreign tax havens to allegedly evade the taxman’s net.

Department of telecom to issue notice to errant telecom companies from Monday

December 14, 2010 306 Views 0 comment Print

It’s payback time. The department of telecom (DoT) will issue on Monday its first set of show cause notices to companies that were ineligible to receive 2G licences/spectrum in 2008, as well as to those that failed to meet their basic rollout obligat

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