Appellant has rented out / leased the land along with the entire building, swimming pool and restaurant, bar, parking etc. with all the facilities as provided in the base building and the amenities and facilities under an agreement on monthly rental basis and a hotel is being run in the said building by M/s. Royal Orchid Banjara Pvt. Ltd. – in view of Explanation-1, clause (d) to the entry in section 65(105)(zzzz), it cannot be said to renting of immovable property.
Even though assessee is following the cash system of accounting, following the decision of the Hon’ble Supreme Court in the case of Commissioner of Income tax. v. Shoorji Vallabhdas & Co, 46 ITR 144 relied on by the Counsel before the Bench that mere advance received does not partake the character of income, it is necessary to examine whether the advances are in the nature of revenue receipt or not. Not only that the amounts accrued to the applicant out of the advance received in the assessment year 2005-06 were already transferred to professional income and were assessed as such.
The assessee is an approved Developer of SEZ. The only activity carried on by the assessee is developing a sector specific SEZ. It has leased out the developed plots to the entrepreneurs who had obtained the letter of approval from the competent authority. Sec.80-IAB provides that setting up of a SEZ is the business of developing SEZ. Therefore, the assessee is not expected to perform any other activity than developing of a SEZ to qualify for deduction. In the facts and circumstances of the case, we find that the lower authorities are not justified in refusing deduction under sec.80-IAB. The claim of deduction made by the assessee under sec.80-IAB is in accordance with law. The assessing authority is directed to give the deduction.
Kicking off the golden jubilee celebration of Institute of Chartered Accountant of India’s (ICAI) Ahmedabad branch today Chief Minister Narendra Modi said that chartered accountants are capable of putting a stop to corruption and black money. They should come out for fulfill their obligation towards the nation and bringing transparency in the economy.
In today’s Global Economy BOT Contracts are playing vital role in the Development of infrastructure but there is no proper legislation and pronouncements which clarifies the status of taxability on these type of transactions. It is very disappointing to point out that tax authorities in their enthusiasm to generate more revenue are trying their level best to cover these types of transactions in the category of works contract whereas infact in my opinion these transactions are outside the purview of taxability under the works contract.
The Union Cabinet today approved the proposal for extending the scheme of interest subvention of 1% on housing loans upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh for the year 2012-13 and to amend the operational part of guidelines for release of funds.
The listing agreement for equity shares prescribed under the Securities Contracts (Regulation) Act, 1956 inter alia specifies a period of one month for registering transfer of shares from the date of lodgment. With a view to expedite the transfer process in the interest of the investors, it has been decided, in consultation with Registrars Association of India (RAIN), Stock Exchanges and market participants to reduce the time-line for registering the transfer of shares to 15 days. The same time-line shall also be applicable for transfer of debt securities.
In order to strengthen the compliance mechanism and the role of the Boards of Registrars to an Issue and Share Transfer Agents, it has been decided to review the norms and format for periodic reporting. The revised format as given in the Annexure includes the status of regulatory compliance and investor grievances red ressal.
Learned counsel for the petitioner-management had also argued that right to transfer an employee is implicit in every contract of service and therefore, the respondent-workman could still be transferred from one office of the petitioner-management to another.
In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Maharashtra Tax Laws (Levy Amendment and Validation) Act 2012 (Mah. VIII of 2012) the Government of Maharashtra
