It is clarified, that the Reserve Bank issues a Certificate of Registration for the specific purpose of conducting NBFI activities. Investments in fixed deposits cannot be treated as financial assets and receipt of interest income on fixed deposits with banks cannot be treated as income from financial assets as these are not covered under the activities mentioned in the definition of “financial Institution” in Section 45I(c) of the RBI Act 1934. Besides, bank deposits constitute near money and can be used only for temporary parking of idle funds, and/or in the above cases, till commencement of NBFI business.
SC held that was nothing unnatural or unusual in the decision of Shri Harishankar (father) to give his share in the joint family property to the appellant (Son who taken care of him). Any person of ordinary prudence would have adopted the same course and would not have given anything to the ungrateful children from his/her share in the property. The bench said that in the present case the evidence clearly proved that Harishankar had willed the property to Mahesh Kumar instead of the other two sons as the former along with his wife and kids had taken care of the aged parents till their death.
Notification No. 19/2012-CUSTOMS (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.) dated, the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
Circular No. 153/04/2012 – Service Tax The work relating to Service Tax has grown multi-fold over the years with the expansion of tax base and there is an imminent need for addressing the issues referred by the field formations expeditiously for issue of suitable directions by the Board. Further, TRU is also over burdened with a number of references on technical matters from the Commissionerates.
Adverting to facts, the expenses under reference could not be strictly called ‘social welfare expenses’, and stood rightly considered as ‘donation. They are in fact toward promotion of activity in specific discipline, viz., music, flower growing – and that too of a particular variety, et. al., and rather in the nature of extending patronage thereto by sponsoring events (to that extent), showcasing talent therein, of interest and, consequently, visited largely by enthusiasts in those areas/disciplines.
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