Amount Equivalent To Capital Gains Utilised For Acquisition Of New House: ITAT Allows Capital Gain Exemption

The Delhi Bench of the Income Tax Appellate Tribunal has allowed the capital gain exemption under section 54 of the Income Tax Act on the grounds that the amount equivalent to the capital gains has been used for the acquisition of a new house.The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. B. R. R. Kumar (Accountant Member) has observed that the agreement for sale was signed...

GST Council Recommends Changes In GST Rate For Various Goods And Services

The 48th GST Council, presided over by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs made various recommendations relating to changes in GST rates on the supply of goods and services.The council has exempted the husk of pulses, including chilka, and concentrates, including chuni, churi, and khanda. Early on, 5% GST was payable on the husks of pulses.Due to...

'Need To Give Financial Autonomy To Govt Hospitals': Bombay High Court On Non- Availability of Essential Medicines & Equipment

The Bombay High Court at Nagpur has urged the Maharashtra Government to decentralize purchase of medicines and medical equipment by Government Hospitals giving them reasonable financial autonomy to serve the interest of patients. The court observed that the policy wherein all Government Hospitals are required to place orders to the Haffkine Institute must've been done with...

Supply of Tata Garbage Tipper Vehicle To Municipalities Attracts 28% GST: AAR

The Maharashtra Authority of Advance Ruling (AAR) has held that the supply of Tata garbage tipper vehicles to Municipalities shall attract 28% GST.The two-member bench of M. Rammohan Rao and T.R. Ramnani has observed that garbage tipper vehicles can be used for the transportation of goods. The starting words of Entry 8704 are "Motor Vehicles for the Transport of Goods." Thus, the rate of...

48th GST Council Meet: GST Not Applicable On No Claim Bonus Offered By Insurance Companies

The 48th Meeting of the GST Council was held on 17th December 2022 through Video Conference, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The council recommended that no claim bonus by insurance companies will not attract GST."Circular to be issued to clarify that No Claim Bonus offered by the insurance companies to the insured is...

Land Received In Lieu Of Business Loan Foregone, Is A Business Asset Not A Capital Asset: ITAT

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the land received by the assessee in the normal course of its finance business, in lieu of a business loan foregone, would assume the character of a business asset and not a capital asset, irrespective of its treatment in the assessee's books of accounts. The bench of Mahavir Singh (Vice President) and...

Section 9 Application, Against Cashing Unconditional BG; Court To Consider Only Terms Of BG: Allahabad High Court

The Allahabad High Court has ruled that while dealing with an application under Section 9 of the Arbitration and Conciliation Act, 1996 (A&C Act), seeking to restrain the invocation or encashment of the Bank Guarantee, the Court is only required to consider the terms of the Bank Guarantee Agreement and not the conditions contained in the main Contract between the parties, in terms...

Arbitral Tribunals Exercising Power U/S 17 Not Strictly Bound By CPC: Calcutta High Court

The Calcutta High Court has held that the arbitral tribunals while exercising powers under Section 17 of the A&C Act are not strictly bound by the technicalities of CPC. The Court held that the ambit of power given to the tribunals for grant of interim relief is to be guided by the basic principles of CPC, however, the strict technicalities cannot prevent the tribunal from securing...

ULB Polls Quota Matter| Allahabad HC Extends Stay On Issuance Of Polls Notification Till Dec 21, Clubs Similar Pleas

The Allahabad High Court today clubbed all the pleas moved before it challenging the State government's December 5 notification whereby it sought objections to fixing of OBC quota in the Urban Local Body Elections. The Court has posted the matter for further hearing on December 21.The Court has also extended its earlier order restraining the State Election Commission from announcing Urban...

India Is Not A Monolith, Indians Have Different Views On Different Issues And Are Entitled To Air Their Views: Delhi High Court

The Delhi High Court on Tuesday said that India is not a monolith and lots of Indians have different views on different issues, while asking defence analyst Abhijit Iyer Mitra to not arrogate to himself the responsibility of airing Indian point of view on India-China border tensions."Each one of them (Indians) is entitled to air their views, including you," said Justice Prateek Jalan,...

'Will Have To Justify His Act; If These Are Your Views Then Why Are You Before Us?': Delhi High Court To Abhijit Iyer Mitra

Questioning Abhijit Iyer Mitra about his act of retweeting a tweet that calls Indian judiciary "biased and unaccountable", the Delhi High Court on Tuesday said that even though he is entitled to hold such a view, he will have to "justify his own acts."Justice Prateek Jalan was hearing a suit filed by Mitra, who is a research fellow at the Institute of Peace and Conflict Studies,...

[Advocates' Strikes In UP] Allahabad HC Issues Notice To BCI, Asks State Bar Council To Consider Resolving Local Disputes

The Allahabad High Court has issued a notice to the Bar Council of India in a Public Interest Litigation (PIL) Petition seeking relevant directions pertaining to the issue of strike calls of the Advocates across the state. The Bench of Chief Justice Rajesh Bindal and Justice J. J. Munir has issued the notice to the Bar Council of India through its Secretary for January 18, 2023. Essentially,...