Lkp forex limited
N Touristic AG” but the name was changed following the 2001 acquisition of Thomas Cook. The Group was jointly owned by Lufthansa and Karstadt, until the latter bought out Lufthansa’s share on 23 December 2006. Thomas Cook Worldwide had five wholly owned subsidiaries Thomas Cook UK, Thomas Cook Netherlands, Thomas Cook France, Thomas Cook Belgium, and Thomas Cook Destinations, along with majority holdings in Condor and TC Touristik. In the United Kingdom, Thomas Cook conformed to the model of a ‘vertically integrated travel company’ operating an airline, a retail arm and also a tour operator. This tour operator division was previously known as Thomas Cook Tour Operations but in early 2006 was restructured as the ‘Holidays Division’, incorporating the previously separate Thomas Cook Signature brand alongside the Thomas Cook, JMC and Sunset brands. In 1999, Thomas Cook AG sold off its worldwide foreign exchange business to Travelex to concentrate only on tours and holidays.
HH Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai. Following this, Thomas Cook Overseas Limited, a wholly owned subsidiary of Thomas Cook UK was sold off, this time again to Dubai Financial LLC. Thomas Cook AG soon entered the market again, this time to sell off two more of its subsidiaries – Thomas Cook Thailand and Thomas Cook Middle East both to Dubai Financial LLC. Thomas Cook Middle East consists of the Middle East region, which experienced a boom in travel and tourism, especially in places like Dubai, Qatar, Oman and so on. June 2004 providing travel and financial services. Thomas Cook Canada was sold to Transat A.
2006, marking Thomas Cook’s exit from the North American market in terms of its own retailer. Thomas Cook Holidays Division, includes Airtours, Sunset, Manos, Panorama, Escapades, Thomas Cook Signature, Club 18-30, Neilson Active Holidays, Style and Sunworld Ireland. During the course of arguments, we have invited Mr. Suresh Kumar’s attention to Section 405 of the Indian Penal Code, 1860 and we find that prima facie, the reading of this Section together with its explanation furnishes enough ground to bring the persons like respondent Nos. 2 to 5 to book by applying provisions of Section 405 of the Indian Penal Code to them. Business Profits: Merely holding shares for a short period will not convert capital gain into business income.
This would be contrary to be legislative mandate which itself provides that investment held for less than 12 months is to be termed as short term capital gain. Besides for the earlier years the Revenue accepted the claim of short term capital gain. Thus the income has to be taxed as short term capital gain. We are of the view that respondent holding the shares for a short period, will not convert the capital gain into business income. In the present facts it is undisputed that the respondent assessee is in the business of development of real estate projects and letting of property is not the business of the respondent assessee. In both the decisions relied upon by Mr. Supreme Court on facts found that the appellant was in the business of letting out its property on lease and earning rent therefrom.