Section 43B of the Act is applicable only in respect of any amount paid as interest to a scheduled bank. A scheduled bank as defined in Explanation 4 to Section 43B of the Act would have the same meaning as contained in the Explanation to Section 11(5) (iii) of the Act.
This issue is covered by the decision of the Hon’ble High Court of Karnataka in the case of Yokogawa India (cited Supra), wherein it has been held that for computing the deduction u/s 10A of the Act, the profit of eligible units have to be deducted at source and do not enter into the computation of income and as a consequence of which, the losses suffered by non eligible units cannot be set off against the profits of eligible units.
It has also been decided to allow Standalone health insurance companies to avail the services of Agents, Corporate Agents of other Life and/or Non-Life insurance companies to distribute their products provided such Agents and Corporate Agents undergo 25 hours training as mandated at para (2) above.
R. Kumar, B.Com. MBA (Finance) Introduction: Normally the partnership would stand dissolved on the death of a partner unless it is otherwise contracted for, but if it is found from the subsequent conduct of the parties that despite the death of partner, partnership business continued to function, then it would be taken that it continued […]
Notification No. 19/2004 –CE (NT) dated 6.09.2004 prescribes the conditions and procedure relating to export under claim of rebate. This notification is applicable for Manufacturer exporter as well as Merchant exporter.
There is confusion in the minds of dealers/assessees as to the appellate forum to be approached in case of assessment orders passed under Sections 6A(1), 6A(2) and 6A(3) of the Central Sales Tax Act, 1956
CMA Arif Farooqui As next year budget is just round the corner, everyone is expecting something from Finance Minister but we should understand, he has some limitations due to heavy fiscal deficits. There are numbers of points which we are expecting from this budget but I would limited my article to points which affecting salaried […]
In view of decision of Hon’ble Supreme Court in the case of Kettlewell Bullen & Co. Ltd. Vs. CIT: (1964) 53 ITR 261, It was held that the compensation received for loss of an asset of enduring value would be regarded as capital receipt.
Over the last several years, there has been considerable liberalization in the inbound investment regime, The Industrial Policy Resolution of 1956 and the statement on Industrial Policy of 1991 provides the basic framework for the overall industrial policy of Indian Government. The process of liberalization started in India with the statement on Industrial Policy of 1991.
The Authority has power to make a detailed review of the guidelines on an ongoing basis for such modifications as may be deemed necessary towards protection of the interests of the policyholders
