Interest earned on fixed deposits have an immediate nexus with the export business would be treated as income from business and interest earned on fixed deposits which does not have an immediate nexus with the export business, it would be treated as income from other sources. The court opined that when the interest was earned […]
Fashion Television India Pvt Ltd v/s fTV BVI (Delhi High Court) – The Court lays down important principle that an interim relief to enforce a negative covenant under a contract would be refused if the same would render a party to a contract idle unless it continues to perform the positive obligations under the contract. It was held that mere existence of a negative covenant is enough to persuade a court to grant an interim injunction to enforce it. Under Section 14 (1) (c) SRA a contract which is in its nature determinable cannot be specifically enforced.
CIT Vs. Asahi India Safety Glass Ltd (Delhi High Court)- Software is nothing but another word for computer programmes, i.e., instructions, that make the hardware work. Software is broadly of two types, i.e., the systems software, which is also known as the operating system which controls the working of the computer; while the other being applications such as word processing programs, spread sheets and data base which perform the tasks for which people use computers.
On Saturday, the Maharashtra Secretary of Bahujan Samaj Party (BSP), who is also a builder involved in the development of a Slum Rehabilitation Authority (SRA) project in Bhandup, was brutally attacked by his chartered accountant in his house. Shailesh Kamitkar, 35, a chartered accountant who helps the victim Ashok Chandrapal Singh, 45, with his finances, attacked the builder with a chopper. Singh is currently admitted in Bhandup’s SS Hospital’s intensive care unit with multiple wounds on his head, face and legs.
Section 21 of Punjab VAT Act, 2005 read with Rules 3,4,5,6 of Punjab VAT Rules provides the process for registration. Second proviso to section 21(3) of Punjab Vat Act, 2005 provides that during the pendency of an application for registration the applicant shall file return and pay the due amount of tax, in the prescribed […]
CIT vs. Bhari Information Tech Systems (Supreme Court of India)- Deduction under Section 80HHC (Section 80HHE also falls in Chapter VI‐A) is to be worked out not on the basis of regular income tax profits but it has to be worked out on the basis of the adjusted book profits in a case where Section 115JA is applicable. In the said judgment the dichotomy between regular income tax profits and adjusted book profits under Section 115JA is clearly brought out.
Stephens College, Delhi vs. St. Stephens College Alumni Association and Others (Delhi High Court ) For the reasons given in the preceding paragraphs, defendant No. 1 is restrained from using the name St. Stephens College Alumni Association. It is also restrained from using the official crest, logo or motto of St. Stephens College, Delhi as also the domain name http://ststephensalumni.co.in. Defendant No. 1, however, will be entitled to use the name „Association of Old Stephanians‟, subject to the condition that it will display an appropriate disclaimer on its website, as and when it is started under a new domain name, that it is not the official/approved/recognized alumni association of St. Stephens College and it has no connection or affiliation either with St. Stephens College, Delhi or St. Stephens College Alumni Association.
CIT vs. Kotak Securities Limited (Bombay High Court) – Transaction charges paid by the assessee to the stock exchange constitute ‘fees for technical services’ covered under Section 194J of the Act and, therefore, the assessee was liable to deduct tax at source while crediting the transaction charges to the account of the stock exchange.
Industrial Policy Main features Objectives of the Industrial Policy of the Government are – • to maintain a sustained growth in productivity; • to enhance gainful employment; • to achieve optimal utilisation of human resources; • to attain international competitiveness and
The Government of India has announced a national manufacturing policy with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs. It also seeks to empower rural youth by imparting necessary skill sets to make them employable. Sustainable development is integral to the spirit of the policy and technological value addition in manufacturing has received special focus.
