section 297
This query is : Resolved
09 May 2011
whether Co. has to take prior approval of Central government if its paid up Capital is More than 1 crore, and contract is entered into for cash at prevailing Market price ?
as Subsection (2) states that nothing in clause (a)of sub section (1) shall affect if the contract for purchase or sale of goods is for cash at prevailing market price.
and proviso to subsection (1) of section 297 states that prior approval is required of central government.
please clarify....?????
as Subsection (2) states that nothing in clause (a)of sub section (1) shall affect if the contract for purchase or sale of goods is for cash at prevailing market price.
and proviso to subsection (1) of section 297 states that prior approval is required of central government.
please clarify....?????
09 May 2011
Hi...
The provisions of Section 297 will not be applicable in case of contract entered into between the parties specified therein, is for purchase /sale of goods/materials for cash at prevailing market prices. Hence, no approval of the Central Government is required.
Pls. note that this exemption is not application in case of a contract for supply of services for cash at prevailing market prices.
God Bless
CS Udit Sharma
The provisions of Section 297 will not be applicable in case of contract entered into between the parties specified therein, is for purchase /sale of goods/materials for cash at prevailing market prices. Hence, no approval of the Central Government is required.
Pls. note that this exemption is not application in case of a contract for supply of services for cash at prevailing market prices.
God Bless
CS Udit Sharma
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
