While everybody appreciates the legislative intention behind enacting special legislations like RDDB Act, 1993 and SARFAESI Act, 2002, when it comes to the sale of mortgaged property through auction, many interesting points would emerge for consideration. If it is a sale of mortgaged property pursuant to the Recovery Certificate issued by the Debt Recovery Tribunal in an Application filed by the Bank under Section 19 of RDDB Act, 1993, the Recovery Officer or the Bank shall have to follow the provisions contained in Schedule II and III of Income Tax Act with such modifications as may be necessary.
On merits, s. 32(1)(ii) allows depreciation in respect of know-how, patent, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. The term “commercial rights” are such rights which are obtained for effectively carrying on business and commerce. “Commerce” is a wide term which encompasses many a facet. Accordingly, any right obtained for carrying on business with effectiveness comes within the sweep of meaning of “intangible asset”. Goodwill, being the positive reputation built by a person over a period of time is of “similar nature” as the other items enumerated in the definition of “intangible assets.
Circular No. 133 / 2 / 2011 – ST F.No.332/36/2010-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit North Block, New Delhi 18th January 2011 To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax (All), […]
An ordinance to notify IFRS is likely to be promulgated by early next month. Sources tell us that IFRS convergence standards, what will now be called IndAS have been vetted by the ministry of law. Infact the changes which need to be made to the compa
Patent and trademark seekers will no longer have to wait for weeks to get the go-ahead for their applications from the government’s patent registrar . The commerce and industry ministry has thrown open the entire trademark and patent database for fre
The finance ministry has rejected the 9.5% interest pay out proposed on provident fund savings for 2010-11 saying the ‘surplus funds’ found by the PF department from its past accounts were ‘unverifiable.’ Labour Minister Mallikarjun Kharge had recom
Indirect tax collections registered a growth of 42.8 per cent during April-December, 2010 which is 75.7 per cent of the Budget Estimates for the fiscal 2010-11.crore customs collections increased 68.1 per cent and covered 86.8 per cent of total Budge
Union Finance Minister Shri Pranab Mukherjee held a meeting with noted economists to get their inputs for General Budget 2011-12, here today. This was the fifth meeting in the series of pre-Budget consultations held by Finance Minister with the stake
The Supreme Court last week settled different views expressed by the Bombay and Karnataka high courts and allowed the appeals of the Commissioner of Income Tax, ruling that interest under Sections 234B and 234C of the Income Tax Act shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB. In two appeals by the commissioner, against rulings in favour of Rolta India Ltd and Export Credit Guarantee Corporation, the Supreme Court delivered judgement in favour of the revenue department on the issue which arose, namely, interest under Section 234B can be charged on the tax calculated on book profits under Section 115JA. In other words, advance tax was payable on book profits under Section 115JA. Appeals by Nahar Exports and Lakshmi Precision Screws Ltd were dismissed.
The Supreme Court held last week that an arbitrator is bound to give detailed reasons for his award and if he does not do so, the award will be invalid. In this case, State of Uttar Pradesh vs Combined Chemicals Co Ltd, the company agreed to supply zinc sulphate to the state agricultural department. However, when the government received a lower offer, it did not carry forward with the arrangement with Combined Chemicals.
