The CURRENCY MARKETS Blog: July 2019

Lithium, the world’s lightest metallic, is one of the latest metals in the investment field, mainly due to its link with the lithium ion batteries. 1. Lithium can be used in found in more than 60% of mobile phones. 2. In the 1800’s, lithium salts were used to take care of gout. 3. Lithium is the leading treatment for treatment of bipolar disorder because of the counteraction of both unhappiness and mania.

4. Neighborhoods whose drinking water contained larger amounts of lithium acquired lower suicide rates significantly. 5. Metallic lithium and lithium hydrides are used as high energy additives to rocket propellants. 6. Major companies of lithium include Chile, Argentina, China, Australia, Brazil, Canada, Zimbabwe and the united states. 7. Lithium deuteride was the preferred fuel in early versions of the hydrogen bomb. 8. Lithium can be used in red fireworks. 10. It was used in high temperature grease for aircraft motors in World War II. The shares range from microcaps to large companies that pay dividends. For example Sociedad Quimica y Minera (SQM), known as Chemical substance & Mining Co also. of Chile Inc., is the largest lithium maker in the global world.

FMC Corp. (FMC) has a department located in Argentina called FMC Lithium, which has the Salar de Hombre Muerto mine, containing 850,000 tons of reserves at up to 70 meters of depth. Advanced Battery Technologies, Inc. (ABAT) is mostly of the battery manufacturers producing a revenue. Another alternate is to invest in the new Exchange Traded Fund called Global X Lithium ETF (LIT), which was created to monitor the Solactive Global Lithium Index. This ETF just began trading a couple of days ago.

Provisions of s.14A can be applied with respect of dividend income earned by the assessee involved available of coping in shares and securities, on the shares held as stock in trade. Provisions of sub-s. (2) and (3) of s. 14A are procedural in nature, hence, appropriate retrospectively. In the light of Godrej & Boyce Mfg. Co. Ltd. As above (2010) 328 ITR 81 (Bom.) it was held that the plea of the assessee based on Minda Investments Ltd.

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Assessing Officer and regarding to guideline of precedence, later decision passed by similar power of the Bench needs to be followed in preference to the earlier decision. This had been made the decision by ITAT Delhi in the full case of Continental Companies Pvt. Regarding Pawan Kumar Parmeshwarlal vs. ACIT, it turned out decided the assessee being a stock broker & Member of BSE earned tax-free income by way of dividend interest on RBI bonds and PPF interest.

The ITAT Delhi in the case of Dy. CIT vs. Jindal Photo Ltd decided that it happened that Rule 8D r.w.s. 14A(2) can be invoked only when the Assessing Officer “having regard to the accounts of the assessee, is not satisfied with the correctness of the state of the assessee in respect of expenses incurred” in relation to tax-free income. ITAT Delhi again the situation of Dy.

CIT vs. Maharashtra Seamless Ltd. 14A shall apply to all pending issues. Conclusion: As could be seen from the above discussions a few issues need to be addressed by the law makers to avoid litigation. The disallowance of assumed indirect expenditures on a percentage basis would nullify the exemption itself.

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