News Updates
Loss Arising From Investment In Equity Shares, Non-Convertible Debentures, Zero Coupon Redeemable Preference Shares Covered Under "Business Loss": ITAT
The Income Tax Appellate Tribunal (ITAT) has held that the claim of loss arising from investment in equity shares, non-convertible debentures and zero coupon redeemable preference shares is not a capital loss. The loss is eligible for deduction in the computation of business income as a business loss. The two-member bench of Mahavir Singh (Vice-President) and Manoj Kumar...
SFPs Classifiable As Parts Of Telecom Equipment: CESTAT Allows Customs Duty Exemption To Reliance Jio Infocomm
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has granted the customs duty exemption to Reliance Jio Infocomm and held that Customs Excise and Service Tax Appellate Tribunal (CESTAT) is classifiable as part of telecom equipment. The two-member bench of S.K. Mohanty (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that the SFP...
CBDT Notifies Conditions For Income Tax Deduction For Expenditure On COVID Treatment
The Central Board of Direct Taxes (CBDT) has notified the conditions for income tax deduction for expenditure on COVID-19 treatment.The notification shall be deemed to have come into force from the 1st day of April, 2020 and shall apply in relation to the assessment year 2020–2021 and subsequent assessment years. The Board has notified that the income tax deduction can be claimed on...
Income Tax Dept. Can't Withhold Refunds In Mechanical And Routine Manner: Delhi High Court
The Delhi High Court has held that an order under Section 241A of the Income Tax Act cannot be passed in a mechanical and routine manner. The refunds cannot be withheld just because the notice under Section 143(2) has been issued and the department wants to verify the claim for deduction under Section 10AA of the Income Tax Act.The division bench of Justice Manmohan and...
Persons With Disabilities Act Shifts Focus From Their Protection To Empowerment: Calcutta High Court
The Calcutta High Court on Monday quashed a resolution passed by the Governing Body of a College refusing to consider a person with physical impairment for appointment in the physically handicapped category, finding it to be in violation of the Right of Persons with Disabilities Act, 2016. Justice Moushumi Bhattacharya observed that the 2016 Act which replaced the Persons with Disabilities...
NCLT Will Only Hear Urgent Cases Due To Shortage Of Members
The Benches of National Company Law Tribunal (NCLT) will only hear urgent matters from 08.08.2022 due to the shortage of members. A notification in this regard is issued by the Registrar of NCLT after prior approval of the Justice Ramalingam Sudhakar, President, NCLT. NCLT is currently functioning at its 50% strength owing to the retirement of 15 members in July, 2022 as the...
Parliament Passes Central Universities (Amendment) Bill, 2022
The Rajya Sabha today passed the Bill to amend the Central Universities Act, 2009, which provides for establishing central universities in various states. It was passed by the Lok Sabha on August 3.The Bill seeks to convert the National Rail and Transportation University, Vadodara, a deemed to be University, into Gati Shakti Vishwavidyalaya, an autonomous Central University...
Supreme Court Issues Notice To Centre In Plea Seeking Measures To Control "Population Explosion"
The Supreme Court on Monday issued notice to the Centre in a petition seeking directions to the Centre to control "population explosion" in order to secure citizens' fundamental rights guaranteed under Articles 14, 15, 19 and 21 of the Indian Constitution. The petition stated that the cause of action for the current petition arose from a December 2020 affidavit submitted by the Centre (signed...
Lok Sabha Passes Energy Conservation Amendment Bill 2022
The Lok Sabha has passed the Bill to amend the Energy Conservation Act, 2001, to reduce fossil fuel-based energy consumption and resultant carbon emissions to the atmosphere. It empowers the central government to specify energy consumption standards and require designated consumers to meet a minimum share of energy consumption from non-fossil sources. It also seeks to provide...
Electricity Connection Cannot Be Denied Only Because Dispute Regarding Ownership Of Land Is Pending: Gujarat High Court
The Gujarat High Court has clarified that occupiers of a land cannot be denied electricity connection only because a dispute regarding ownership of the land is pending. Justice AS Supehia referred to a division bench judgment stating that right and title and ownership or right of occupancy has no nexus with grant of electrical connection to a consumer. The Petitioners, current occupiers...
Orissa High Court Pulls Up Utkal University For Delay In Publication Of LLB Results
The Orissa High Court has come down heavily on the authorities of Utkal University for delay in publication of results of B.A. LL.B. semester examinations. A Division Bench of Dr. Justice Bidyut Ranjan Sarangi and Justice Sanjay Kumar Mishra was hearing a writ petition filed by a final year student of University Law College, Utkal University, Bhubaneswar. The petitioner had...