eMinds Legal Advocates & Solicitors
eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.
A:544, Tower B2, Spaze i-Tech Park Gurgaon, Haryana, India
Sebi mulls cash sops for traders
The Securities and Exchange Board of India will allow stock exchanges to infuse liquidity into their futures and options (F&O) segments by a liquidity enhancement mechanism. The guidelines would be applicable only for the equity derivative segment of stock exchanges and not cover interest rate derivatives and currency futures . The proposal under consideration includes… Read More
Sole transaction in shares liable for Capital Gains – ITAT
Nagindas P. Sheth (HUF), Mumbai; (2) ACIT, Mumbai vs (1) ACIT, Mumbai; (2) Nagindas P. Sheth (HUF), Mumbai CLR View: ITAT has held that the Sole transaction in shares liable for Capital Gains and will not be liable to be taxed under Business and Profession. INCOME TAX APPELLATE TRIBUNAL, 05 Apr 2011 Capital Gains -Assessee (HUF) earned… Read More
Bombay High Court held that Section 43(5) has prospective effect from 1.4.2006
Commissioner of Income-tax, Mumbai vs Bharat R. Ruia (HUF), Phoenix Mills Premises, Mumbai [BOMBAY HIGH COURT, 18 Apr 2011] Assessee (HUF), engaged in the business of trading in shares and securities, entered into certain derivative transactions which resulted in loss amounting to Rs. 28,37,707/- - Assessee claimed said loss as business loss - Assessing Officer… Read More
No penalty to be paid by the Asseessee u/s 271 for additions made by AO
Nayan Builders and Developers Private Limited vs Income Tax Officer [INCOME TAX APPELLATE TRIBUNAL, 18 Apr 2011] Assessing Officer made addition in return of assessee in respect of 3 items and levied penalty u/s 271(1)(c) of the Act on assessee - On appeal, Commissioner upheld the order of the AO - Tribunal also upheld said… Read More
Instrument used in Research Laboratories are not entitled for exemption under CST
Commissioner of Trade Tax, U.P. Appellant versus M/s. Kartos International Etc. Respondent Decision Date- 6 April, 2011 UP Trade Tax Act, 1948 ” Central Sales Tax Act, 1956 ” exemption from payment of tax ” whether scientific and biological instruments/equipments manufactured and sold by the respondent/assessee would be entitled to get exemption from payment of… Read More
Ways and Means (WMA) Limits fixed for the FY 2011-12
Press Release : 2010-2011/1542 CLR Note:- The Reserve Bank of India has been decided with the Government that the Ways and Means Advance limits will changed and interest rate will also changed. It has been decided in consultation with the Government of India that the limits for Ways and Means Advances (WMA) for the financial… Read More
Finance Ministry says No for Anti-dumping duty on import of drugs
The finance ministry has rejected recommendation from Directorate General of Anti-Dumping & Allied Duties to impose anti-dumping duty on import of two key drug ingredients i.e. Penicillin-G and 6-APA from China and Mexico used to make antibiotics worth about Rs 3,000 crore. In January, the commerce ministry recommended duty of $2.5 per billion on units of Penicillin-G imported… Read More
Government cannot ban exports with retrospective effect
The Bombay High Court, in his order has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder. It also said that such restriction cannot be applied to concluded contracts where letters of credit were opened prior to… Read More
SEBI to frame rules for Art works & Antiques to check black money flow
With a view to safeguard the interest of genuine investors, SEBI may soon frame a stringent set of rules for funds invested in art works, antiques, coins and stamps, to check black money flow into these products Fearing flow of illicit wealth into these funds and also a high level of risk posed by them… Read More
Foreign Exchange Reserves dip by USD 286 mn
Foreign exchange reserves reduced by $286 million on account of revaluation of non-dollar assets in reserves. Total reserves are now at $307.9 billion. According to the latest data released by the Reserve Bank of India , foreign currency assets, comprising dollars, pounds and euro, among others, dipped $311million during the week. The value of gold in… Read More
Direct Tax collection grows @ 16.69% for Gujarat
The direct tax collections in Gujarat stood at Rs 17,782.50 crore for the FY 2010-11 against the Rs 15,239.70 crore of previous year, showing a yearly growth of 16.69 %. In the previous year the revised target set, was almost reached, but this year in spite of achieving the growth rate, there is seen a dip of… Read More
Register your TAN online
Registration of TAN made online. Consolidated TDS/TCS file requested online is also available for download The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors: Request for quarterly consolidated TDS/TCS statement. View status and… Read More
ICAI inviting experts for XBRL
In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their… Read More
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