Charitable
or religious trust - Assessee, a Statutory Authority
established under provisions of Gujarat Maritime Board Act, 1981
for predominant purpose of development of minor ports within State
of Gujarat, management and control of which was essentially with
State Government having no profit motive, was not precluded from
claiming exemption under section 11(1) in light of definition of
words 'charitable purposes' as defined under section 2(15), even
if it had ceased to be a local authority under section 10(20)
n
Supreme
Court Judgment dated 14-12-2007 on section 32A of Income-tax Act -
CIT v. Lucas T.V.S. Ltd.
From
ITAT
n
Business
income - Since non-compete fees received by assessee was for
undertaking restrictive covenants of not undertaking or engaging
himself in business of assessee or joining employment with any
other concern, same was also not liable to tax under head 'income
from other sources' (Delhi)(SB)
FEMA
Statutes
n
FDI
by Citizen/Entity incorporated in Bangladesh - A. P. (Dir Series)
Circular No. 22, dated 19-12-2007
n
Exim
Bank's Line of Credit of USD 45 million to the Government of the
Republic of Mali for Electricity Transmission and Distribution
Project - A. P. (Dir Series) Circular No. 21, dated 19-12-2007
SECURITIES
LAWS
Statutes
n
Short
selling and securities lending and borrowing - Circular No. MRD/DOP/SE/DEP/CIR-
14 /2007, dated 20-12-2007
NEWS
Direct
Tax Laws
n
Saroj Bala becomes
CBDT member
n
'Tax
rate on sale of securities by NRIs remains unresolved'
Service
Tax/VAT
n
No
tax on education and health services meant for common man
n
Consumers
likely to gain from dual goods, services tax
n
Chamber advises
caution on VAT in UP
Other
Laws
n
COAI moves HC against
tribunal order
n
Tax
component: Kingfisher, Jet issued show cause notices
n
Octroi, entertainment
& entry tax may survive GST
n
Panel to suggest GST
rates next month
n
States, not Centre,
should refund duties, says Nath
