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...

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...