Section 297
Querist : Anonymous
Reply soon
Yes.....
Section 297 does not apply to:
1. Giving or taking loans.
2.Contract in respect of immovable property (as it is not 'good' ).{Letter No. 9/4190-CL-X dated 27.03.1990}.
3.Contract between two public Companies.
4.Contract of employment of director or managing or whole time director.[ Circuler No.8/11/75-CL-V dated 27.03.1975]
5.Contract for employment of relative of director.
6.Contract entered into by the company with the dealer on principle to principle basis. [Circuler No. FM 8/297/56-PR dated 02-08-1956]
7. Professional services of the nature given by firms of solicitors and advocates, etc.[circuler No. 8/11/75-CL-V dated 05.06.1975]
8.hiring of office premises on rent as the transaction is in immovable property. [Department Clarification dated 10-09-1990]
i) Goods is not defined in Co's Act,1956.
ii) So Sale of goods Act,1930 has to be referred to.
iii) Goods, as per the act referred in clause (ii)above, means every kind of movable property.
Thus sale or purchase as also lease of immovable property is out side the scope of 297.
Querist : Anonymous
Really very useful solution!!!!
Querist : Anonymous
But as per budget 2010 definition of services in Finance Act includes renting of immovable property.
is after this amendment section 297 applies on renting of immovable property????
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