From a reading of section 10A(7A), it is clear that its provisions apply to a situation where an undertaking whose income is deductible under section 10A is transferred in a scheme of amalgamation or demerger before the end of the specified 10 years. In the present case the STPI undertaking of the assessee stands transferred in a scheme of demerger before the completion of the specified period and, therefore, provisions of section 10A(7A) apply.
Assessee was engaged in the speculation transaction of sale and purchase of units without taking delivery and the account was settled by crediting the difference. The Tribunal after considering section 18 of the Sale of Goods Act, 1930 observed that no property in the said units passed on to the assessee inasmuch as the assessee never acquired the property in the units as the units contracted to be bought were future unascertained goods. Similarly, it could not pass on the property to the party to whom the units were contracted and therefore, there was no ‘sale’ or ‘turnover’ effected by the assessee in the legal sense for the purposes of getting the accounts audited under section 44AB.
For those assesses who are liable to pay service tax on their income from renting on immovable property, the Central Government vide Notification No. 29/2012-ST, dated 20th June, 2012 and w.e.f. 1st day of July, 2012 has exempted the taxable service of renting of an immovable property, from so much of the service tax leviable thereon under section 66B of the said Finance Act, as is in excess of the service tax calculated on a value which is equivalent to the gross amount charged for renting of such immovable property less taxes on such property, namely property tax levied and collected by local bodies:
Food processing sector is indispensable for the overall development of an economy as it provides a vital linkage and synergy between the agriculture and industry. It helps to diversify and commercialise farming; enhance income of farmers; create markets for export of agro foods as well as generate greater employment opportunities. Through the presence of such industries, a wider range of food products could be sold and distributed to the distant locations.
The term ―Finance‖ is often understood as being equivalent to ―money‖. However, finance exactly is not money; it is the source of providing funds for a particular activity. Providing or securing finance by itself is a distinct activity or function, which results in Financial Management, Financial Services and Financial Institutions.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government, with immediate effect, makes an amendment in Column 4 (Export Policy) in Serial Number 38 in Chapter 4 of Schedule 2 of ITC (HS) Classification of Export & Import Items. The existing entry Prohibited is substituted by the entry Free.
Any lender or borrower who wishes to extend an existing lent or borrow position shall be permitted to roll-over such positions i.e. a lender who is due to receive securities in the pay out of an SLB session, may extend the period of lending. Similarly, a borrower who has to return borrowed securities in the pay-in of an SLB session, may, through the same SLB session, extend the period of borrowing. The roll-over shall be conducted as part of the SLB session.
