The assessee, a director and shareholder in a company engaged in share trading, returned income of Rs. 78,89,499 earned by her on transfer of shares as a “short-term capital gain”. The AO took the view that as there were voluminous transactions, the assessee was engaged in share trading and the income was assessable as “business income”. This was upheld by the CIT (A). On appeal, HELD dismissing the appeal:
The assessee, engaged in management consultancy, offered profits of Rs. 1.03 crores earned by it on sale of shares as long-term and short-term “capital gains” depending on the period of holding. The AO took the view that as the assessee was regularly dealing in shares throughout the year,
This study examines the recent debate on the need for a new global reserve currency in the context of the recent global financial crisis, which has, to an extent, eroded the confidence in the US dollar as a numero uno global reserve currency and momentum is building up for reforming the international monetary system. Against this backdrop, China is stepping up efforts to find ways to “internationalize” its currency.
Manufacturing of a new product with a new technology at the same place after taking a fresh approval from SEZ authority does not amount to ‘splitting up or reconstruction’ of an existing business for the purpose of section 10A of the Act.
Under the Indian Tax Laws (ITL), a taxpayer carrying on the business of generation of electricity, which qualifies for income-linked deduction (eligible business), can opt to claim such deduction for a period of 10 assessment years (AYs) out of 15 years, beginning from the year in which the taxpayer commences generation of power.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Volume 1).
Union industry minister Anand Sharma on Saturday disappointed the industry of North-East as he could not assure any timeframe to restore the excise duty benefits that the industry of the region enjoyed under the North-East Industrial and Investment Promotion Policy (NEIIPP) 2007, till March 2008.
Big corporate houses in India may not have to live under fear of having to seek the competition watchdog’s approval for every small merger or acquisition in India or abroad. The Competition Commission of India (CCI) is now planning to set a turnover limit of Rs 600 crore and asset-size limit of Rs 200 crore separately for both the acquiring and target company in an M&A deal. While this does help big corporates, it will bring all mid-sized M&A deals under the regulatory ambit.
Though the Centre and states officially exuded confidence in meeting the revised deadline to roll out GST from the next fiscal, an agreement over the structure for the proposed indirect tax system does not seem to be so easy. While the states have proposed two rates for goods under GST on the grounds that necessary items should attract lower rate, the Centre has suggested one rate, saying a two-rate structure would pose problems.
The government may soon allow infrastructure special purpose vehicles (SPVs) to raise long-term funds by issuing tax-free bonds to individual households. The scheme is an extension of a plan to allow private infrastructure firms to issue such securities, which was announced by finance minister Prana Mukherjee in March.
