Any compensation or other payment due to or received by the following persons is assessable as business Income :
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any person, by whatever name called, managing the whole or substantially the whole of the affairs of an Indian company, at or in connection with the termination of this management or the modification of the terms and conditions relating thereto.
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any person, by whatever name called, managing the whole or substantially the whole of the affairs of a company in India or any other company, at or in connection with the termination of the office or the modification of the terms and conditions relating thereto.
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any person, by whatever name called, holding an agency in India for any part of the activities relating to the business of any other person, at or in connection with the termination of the agency or the modification of the terms and conditions relating thereto.
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any person for or in connection with vesting in the Government or in any corporation owned or controlled by the Government under any law for the time being in force, of the management of any property or business.
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