Finance Minister Proposes To Ease Deduction Claim On Amortisation Of Preliminary Expenditure

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman has proposed to ease claiming of deduction on amortisation of preliminary expenditure.At present for claiming amortisation of certain preliminary expenses, the activity is to be carried out either by the assessee or by a concern approved by the Board. In order to ease the process of claiming amortisation of these...

SC Judge Justice Dipankar Datta Recuses From Hearing Bail Pleas of Two Persons Facing UAPA Charges For Alleged Islamic State Links

Supreme Court judge Dipankar Datta on Wednesday recused himself from hearing an appeal against Karnataka High Court’s decisionto deny bail to two terror accused with Islamic State links. Both applicants were arrested by the National Investigation Agency for allegedly entering into a criminal conspiracy to radicalise and recruit impressionable young Muslims to join the proscribed...

Finance Minister Proposes 15% Concessional Tax To Promote New Manufacturing Co-Operative Society

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman proposed 15% concessional tax to promote new manufacturing co-operative society. In order to promote the growth of manufacturing in co-operative sector, a new co-operative society formed on or after 01.04.2023, which commences manufacturing or production by 31.03.2024 and do not avail of any specified incentive...

Final Orders Of Armed Forces Tribunal Can Be Challenged Before High Court: Delhi High Court Full Bench

A full bench of Delhi High Court has clarified that final orders of the Armed Forces Tribunal can be challenged before High Court.A full bench of Justice Manmohan, Justice Suresh Kumar Kait and Justice Neena Bansal Krishna answered a reference seeking a clarification that whether the right of appeal against the final orders of the Armed Forces Tribunal excludes the remedy of judicial review...

Finance Minister Proposes To Carry Forward Accumulated Losses & Unabsorbed Depreciation Allowance In Case Of Amalgamation After Strategic Disinvestment

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman announced the measures for facilitating certain strategic disinvestments. To facilitate certain strategic disinvestments, it was proposed to allow carry forward of accumulated losses and unabsorbed depreciation allowance in the case of amalgamation of one or more banking company with any other banking institution or...

Madras High Court Asks Income Tax Department Not To Take Coercive Steps Against Higher Education Minister K Ponmudi In Illegal Wealth Case

The Madras High Court has directed the Income Tax Department not to take any coercive steps against Higher Education Minister K Ponmudi in a case alleging that the minister had received illegal wealth from one SRS Mining Company. Justice Abdul Quddhose allowed the Income Tax department to file their counter and posted the matter to 27th February. Post the matter for counter and disposal...

PIL In Bombay HC Seeks To Restrain Vice President, Law Minister From Discharging Duties Over Remarks On Basic Structure Doctrine, Collegium

A PIL has been moved in the Bombay High Court to restrain the vice president Jagdeep Dhankhar and law minister Kiren Rijiju from discharging their duties after constant public criticism of the ‘collegium system’ and remarks against the basic structure doctrine. Petitioner - the Bombay Lawyers Association claims that the two have disqualified themselves from holding constitutional...

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...

5 Things Budget 2023-24 Brings In For Investors

The Finance Minister Nirmala Sitharaman has presented the Budget 2023-24. Here are 5 things budget 2023-24 brings in for investors:1. No Exemption on proceeds of insurance policies with premiums more than Rs. 5 LakhsIn order to curb misuse, it is proposed to tax income from insurance policies (other than ULIP for which provisions already exists) having premium or aggregate of premium above...