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The Constitution and List I in the seventh schedule says that tax on income is imposed by the Union government. The Constitution concedes exempt to state governments from charging income tax, also, state’s property and income is exempted from union taxation.

The exemption provided is for government as well as non-government activities of a state. But, state-owned companies or corporations claimed that their trade or business is carried on behalf of the state government and in reality, it is the state government which carries on business through them. The surplus generated by such activities belongs to the state government. Hence, they are entitled to be treated as state.

After receiving cabinet’s clearance of a follow-on public offer, BEML is looking to file the red herring prospectus with SEBI this month. “The company was in the process of filing the red herring prospectus (RHP) with SEBI this month. “We intend to hit the market in the first half of June this year," said Natarajan, BEML chairman and managing director.
According to Natarajan, Rs 440-crore public issue would be made entirely through the book-building route. After the follow-on public offer, government holding in BEML would be 55% and the balance would be held by public and financial institutions.

The Income-Tax Appellate Tribunal (ITAT) has directed the IT department to refund the amount it has recovered from Mumbai-based brewing company, Skol Breweries.
Rs 2.68 crore was recovered from Skol while an interim stay order passed by ITAT was in operation. ITAT, the quasi-judicial body for settling tax disputes, determined that IT department’s action was beyond its jurisdiction. The extraordinary order was approved by vice-president of ITAT, G E Veerabhadrappa, and its judicial member, Madhavi Devi.
As per case facts, on March 27, 2007, Skol Brewery requested the Tribunal, by moving an emergency stay petition, to intervene as the department had attached all its bank accounts after the I-T Commissioner rejected its stay petition.

The rupees closed at 42.90 in comparison to dollar on Thursday, which has been recorded as the highest closing in past eight years. The rupee was grown to 42.84 per dollar and closed at 43.08 on Wednesday in intra-day trade. Treasury (British cabinet that is responsible for economic strategy) cleared that bargainers make short position in the hope that Reserve bank of India would not interfere to limit benefits. The rupees were around the 43.15 for the most part of the day.

The hiking rates of Reserve bank of India may shatter your dreams to buy your dream cars. The interest rates on car loans have been lifted up anything between 75 - 100 basis points, by Car loan lenders. This increase will result in Rs 50 monthly increase on a five year loan which has a daily rest basis.

According to report of the Direct selling agents (DSAs) of ICICI Bank to TOI, they have received a communique from the bank about the hike effective from Monday. Officials said, “We used to lend at rack rates of 15% per annum, we are now been told that the new rates will be 16% effective from Monday,”

On Thursday, a banker to the deal