News Updates
Transfer Application Of CAPF Personnel Can't Be Kept In Limbo Merely Because New Procedure Is Yet To Be Evolved: Meghalaya High Court
The Meghalaya High Court on Tuesday held that transfer application of a CAPF personnel shall not be kept in halt on the ground that earlier procedure has been kept in abeyance or a new procedure has not yet been evolved.The division bench comprising Justice Sanjib Banerjee, Chief Justice and Justice W. Diengdoh observed,"There is no doubt that a new body or a new procedure will be put...
Union Budget 2023: Income Tax Exemption For Development Authorities
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed the income tax exemption to development authorities etc.It has been proposed to provide exemption to any income arising to a body or authority or board or trust or commission, (not being a company) which has been established or constituted by or under a Central or State Act with the purposes of satisfying the need...
Finance Minister Proposes Tax Incentives To International Financial Services Centre
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed tax incentives to the international financial services centre (IFSC).Over the past few years several tax concessions have been provided to units located in the International Financial Services Centre (IFSC) under the Act to make it a global hub of the financial services sector.In order to further incentivize...
Protection Under Domestic Violence Act Not Available To Husband Or Male Member Of Family: Delhi High Court Stays Case Filed By Husband Against Wife
Expressing a prima facie view, the Delhi High Court has said that the protection under Protection of Women from Domestic Violence Act, 2005 is not available to a husband or male member of the family, in view of sections 2(a) of the statute.Section 2(a) defines an “aggrieved person” as any woman who is, or has been, in a domestic relationship with the 'respondent' and alleges to have...
Confession Recorded By Forest Ranger Has No Legal Sanctity: Kerala High Court, Calls For Amendments In Wild Life (Protection) Act
The Kerala High Court on Friday said that only the Assistant Director Of Wild Life Preservation or Assistant Conservator of Forests authorised by the State Government are competent to record confession statements under Wild Life (Protection) Act, 1972.Granting pre-arrest bail to three accused who have been booked for offences punishable under the Act, Justice A. Badharudeen observed that...
Conversion Of Physical Gold To Electronic Gold Receipt Will Not Attract Any Capital Gains: Finance Minister
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed that the conversion of physical gold to Electronic Gold Receipt and vice versa is proposed not to be treated as a transfer and not to attract any capital gains. This would promote investments in the electronic equivalent of gold.In order to promote the concept of Electronic Gold, it is proposed to exclude the conversion...
'Hisab Kitab' Remark| 'Acts Promoting Divisiveness Impinge Upon Pluralism': Allahabad HC Denies Relief To UP MLA Abbas Ansari
The Allahabad High Court today refused to quash criminal proceedings initiated against Mau Sadar MLA Abbas Ansari, the son of jailed politician Mukhtar Ansari in connection with the Hisab-Kitab Remark case. The bench of Justice Dinesh Kumar Singh said that considering the context and the intention with which the offending words were spoken in a public meeting by Ansari, at this stage it...
Budget 2023-24: Payment Received By Agniveers From Agniveer Corpus Fund Proposed To Be Exempted From Taxes
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed to make various amendments in order to allow deduction from the computation of total income of Agniveer, any contribution made by him or the Central Government to his Agniveer Corpus Fund account and to exempt from tax any payment received by Agniveer or his nominee, from the Agniveer Corpus Fund.It is proposed to insert...
Orissa High Court Refuses To Reverse 29 Yrs Old Acquittal Order In 'Civil Dispute' Painted As Theft Case
The Orissa High Court has recently declined to interfere in an appeal against acquittal of some persons, which was recorded by a Magistrate Court in 1994, for allegedly cutting and removing away paddy from the complainant’s field. While dismissing the appeal, the Single Judge Bench of Justice Gourishankar Satapathy said: “One of the important facts, which weighed in the mind...
Finance Minister Proposes To Extend Date Of Incorporation For Eligible Start-Ups For Exemption
In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed to extend the date of incorporation for eligible start-ups for exemption.The existing provisions of the section 80-IAC provides for a deduction of an amount equal to 100% of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years,...
Finance Minister Proposes Penalty For Cash Loan/Transactions Against Primary Co-operatives
Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has proposed penalty for cash loan/transactions against primary co-operatives.The government has proposed to amend section 269SS of the Income Tax Act to provide that where a deposit is accepted by a primary agricultural credit society or a primary co-operative agricultural and rural development bank from its member or a loan...
Budget 2023-24: Relief To Start-Ups In Carrying Forward And Setting Off Losses
Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has provided relief to start-ups in carrying forward and setting off of losses.Section 79 of the Income Tax Act restricts carrying forward and setting off of losses in cases of companies, other than the companies in which the public is substantially interested. It prohibits setting off of carried forward losses if there is change...