The Ministry of Corporate Affairs has introduced a new integrated e-form INC-29 w.e.t 1st May. 2015. INC-29 will provide applicants a facility to avail of the following services through a single e-form: (i) Allotment of Director Identification Number; (ii) Name of a company; and (iii) Incorporation of a company.
Held, that the assessee company in acquiring the head leases and in granting the sub-leases was carrying on a business within its memorandum of association and that the increased salami received from the sub-lessees represented profits of that business, liable to be included in the assessable income for purposes income-tax and business profits tax.
Sultan Brothers (P) Ltd. v. Commissioner of Income Tax’ [1964 (5) SCR 807]. Whether a particular letting is business has to be decided in the circumstances of each case. It would not be the doing of a business if it was exploitation of his property by an owner.
The income derived by the company from shops and stalls is income received from property and falls under the specific head described in section 9. The character of that income is not altered because it is received by a company formed within object of developing and setting up markets.