News Updates
ESOP Cross Charges Paid To Overseas Ultimate Holding Company Is Allowable Expenditure: ITAT Allows Deduction To HP
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), while ruling in favour of the HP, held that employee stock option plan (ESOP) cross charges paid to overseas ultimate holding companies are an allowable expenditure.The two-member bench headed by N.V. Vasudevan (Vice President) and Chandra Poojari (Accountant Member) has observed that the ESOP expenditure incurred is...
J&K&L High Court Orders Expeditious Trial In Nadimarg Kashmiri Pandit Massacre Case, Proceedings To Resume After A Decade
The Jammu & Kashmir and Ladakh High Court on Saturday allowed a revision petition of J&K Police in the 2003 Nadimarg massacre case — the verdict means the trial which had abruptly halted more than a decade back can now resume.Justice Vinod Chatterji Koul in the judgment pronounced today afternoon ordered the trial court to take all necessary measures for ensuring examination...
Cash Deposits Made Out Of Withdrawals For The Purpose Of Daughter's Marriage: ITAT Delete Addition
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee had explained that deposits were made out of cash withdrawals made earlier for the purpose of her daughter's marriage.The bench of Saktijit Dey (Judicial Member) has observed that the explanation furnished by the assessee was believable when the Assessing Officer has not brought on record any contrary...
CBIC Instructs Regarding The Acceptance Of E-CoO Issued Under India-UAE CEPA
The Central Board of Indirect Taxes and Customs (CBIC) has issued instructions on acceptance of an Electronic Certificate of Origin (e-CoO) issued under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).The Board has received representations regarding the India-UAE CEPA, stating that importers are having difficulty obtaining preferential tariff treatment based on e-CoO issued...
NGT Admits Plea Against Punjabi Ghasitaram Halwai For Using Traditional Fuelwood, Causing Pollution
The National Green Tribunal (West Zone) has questioned Maharashtra's Pollution Control Board for prima facie failing to take action against Punjabi Ghasitaram Halwai (Pvt) Ltd. for allegedly using pollution-causing traditional fuel at their manufacturing unit at Mahim in Mumbai. The court directed officers of MPCB to visit the site of one of Mumbai's oldest sweet meat unit and submit...
In Matrimonial Dispute Case, Delhi High Court Directs Wife To Return Audi Q7 To Husband's Company
In a case connected to a matrimonial dispute, the Delhi High Court on Friday directed a woman to return an Audi Car to a private company, while ruling that the corporate veil cannot be permitted to be lifted to hold that even though the vehicle belongs to the company, it is owned by her husband.The woman had been permitted by a Mahila Court to retain the car last year after she...
Allahabad High Court Stays Demolition Order Against UP Hospital Accused Of Transfusing Fruit Juice To A Dengue Patient
The Allahabad High Court has stayed, for 6 weeks, the proposed demolition of a Prayagraj Hospital which is presently embroiled in controversy for allegedly administering Mosambi (sweet lime) juice instead of platelets to a 32-year-old dengue patient.The bench of Justice Surya Prakash Kesarwani and Justice Vikas Budhwar gave the liberty to one Malati Devi who owns the land and the property...
Denying The Customs Duty Exemption Despite The Valid Country Of Origin Certificate Is Not Sustainable: CESTAT
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that denying the benefit of customs duty exemption despite the valid country of origin certificate is not sustainable.The bench of Rachna Gupta (Judicial Member) has noted that it will hinder the free flow of trade between agreeing nations if the exemption requested under the applicable rules is denied...
Stipulation For Termination In Appointment Order Loses Its Significance When Not Resorted To In Initial Years Of Contract: J&K&L High Court
The Jammu and Kashmir and Ladakh High Court recently ruled that an order of appointment with a stipulation that the services are terminable by one month's notice of either side loses its significance when it was not resorted to during the initial period of contract. The observation was made by Justice Sanjeev Kumar while hearing a plea in terms of which the petitioners invoked...
'Sevayats' Object To Local Administration's Involvement In Mathura's Banke Bihari Temple Affairs: Allahabad HC Seeks UP Govt's Reply
Certain Sevayats of the Banke Bihari temple (in Mathura) have objected to the involvement of local administration in the Temple affairs. This submission was made before the Allahabad High Court which is presently hearing a PIL plea with regard to the safety and security of pilgrims visiting Banke Bihari Temple in Mathura.For the uninitiated, Bankey Bihari Temple is situated in Vrindavan,...
Kantara Movie Song In Copyright Dispute : Kerala Court Restrains Playing Of "Varaha Roopam" In Theatres, Streaming Platforms
A Kerala Court has passed an order of temporary injunction to restrain the makers of Kannada super hit movie "Kantara" from using the song "Varaha Roopam" in theatres and streaming platforms.The Principal District Court at Kozhikode passed the ad-interim order in a suit filed by Kerala based rock music band "Thaikkudam Bridge", which alleged that "Varaha Roopam" has been plagiarized from its...
