On a careful perusal of the various decisions, it becomes clear that the facts prevailing in each case and the intention of the parties have to be considered in order to decide the question whether the lease/rental income is to be treated as house property income or business income. The nomenclature given to the said income is irrelevant.
Explanation-I to section 37(1) provides inter-alia that any expenditure incurred for any purpose which is prohibited by law shall not be deemed to have been incurred for the purpose of business and no deduction or allowance shall be made in respect of such expenditure. This provision is clearly applicable to the case of the assessee. In a nutshell, it is held that misuse charges and interest on misuse charges are not deductible in computing the total income of the assessee.
The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion for permitting FDI in multi-brand retail trading, subject to specified conditions.
It is thus clear that ‘willingness to perform’ for the purposes of Section 53A is something more than a statement of intent; it is the unqualified and unconditional willingness on the part of the vendee to perform its obligations. Unless the party has performed or is willing to perform its obligations under the contract, and in the same sequence in which these are to be performed,
The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for Review of the policy on Foreign Investment (FI) in companies operating in the Broadcasting Sector.
The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for permitting foreign investment up to 49 percent, in Power Trading Exchanges.
The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy and Promotion for permitting foreign airlines to make foreign investment, up to 49 percent in scheduled and non-scheduled air transport services.
Trade Notice No. 04/2012 Issue of import license by RAs of DGFT would commence from 17th September 2012 & end on 20th September 2012. In case any applicant/firm is found to have submitted false or erroneous information or have made any misdeclaration / misrepresentation, such applicant / firm, (a) shall forfeit the allocation made in this Trade Notice,
It has come to the notice of the Reserve Bank of India (RBI) that a fraudulent email has been sent and signed in its name as `Reserve Bank of India’. The mail has referred to provisions of Banking Regulation act, 1949 and Prevention of Money Laundering Rules, 2005
The applicant were discharging their Service Tax liability in respect of tuition fee being charged by them from their students. Their premises were visited by the officers on 7.1.2010 and scrutiny of various records maintained by the appellants revealed that no Service Tax was being paid by them on pre-schooling coaching, sale of text books, conducting of mock test series etc.
