Archive for September, 2009

SUMMARY OF CASE LAW In order to claim deduction of an expenditure as revenue which otherwise gives enduring advantage, the onus is on assessee to prove that the ownership of the property even during subsistence of lease, vests with the lessor and the assessee enjoyed the benefit of reduced license fee. Full Article

SUMMARY OF CASE LAW A primary agricultural co-operative credit society is not a co-operative bank and therefore, not entitled to any deduction under section 80P(2)(a)(i) as a bank; but as it is a primary co-operative credit society, it may be entitled to some deductions on the income earned by it from its transactions with its [...] Full Article

SUMMARY OF CASE LAW A teacher can teach any subject in which he has proficiency and need not be employed as a teacher in a school or a college to get into the definition of `teacher’; if somebody uses his expertise and knowledge on a specific subject to train a large number of people, he [...] Full Article

SUMMARY OF CASE LAW If the activities undertaken by the trust are undisputably for the well being of a section of the public at large, it meets the requirements of both the expressions i.e. `general public’ and the `general public utility’ as per section 2(15) of the Act; so long as the public utility motive [...] Full Article

The Union Budget 2009 presented by the Hon’ble Finance Minister, Mr. Pranav Mukherjee , inter alia also provided the much awaited tax treatment for the new corporate business vehicle viz., Limited Liability Partnerships (“LLP”). With this proposal, the unclear picture surrounding the tax aspects of LLPs seems to have been cleared. Full Article

Introduction of Interest Rate Futures- NBFCs RBI/2009-10/165 DNBS.PD.CC.No.161/3.10.01/ 2009-10 September 18,  2009 All NBFCs (excluding RNBCs) Dear Sir Introduction of Interest Rate Futures- NBFCs Please refer to the Directions issued by the Reserve Bank of India in terms of Notification No. FMD. 1 /ED(VKS) – 2009 dated August 28, 2009, covering the framework for trading of [...] Full Article

RBI/2009-10/ 164 RPCD.CO.Plan. BC. 24 /04.09.01/2009- 10 September 18, 2009 The Chairman/ Managing Director/Chief Executive Officer [All scheduled commercial banks (excluding Regional Rural Banks)] Dear Sir, Priority Sector Lending -Categorisation of activities under service under the MSMED Act, 2006 In terms of paragraphs 2.1.1 and 2.1.2 of Section I of the Master Circular dated July [...] Full Article

RBI/2009-10/ 162 – DNBS (PD) CC.No. 160/03.10.001/ 2009-10 Dated: September 17, 2009 All deposit taking NBFCs (excluding RNBCs) Dear Sirs, Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of NBFCs accepting deposits Under Section 45 IA (4)(c) of the RBI Act, 1934, a certificate of Registration can only be given [...] Full Article