National News
Bombay High Court Grants Exemption To Foreign Institutional Investors In Capital Gains Tax

The Bombay High Court has granted exemption to Foreign Institutional Investors (FII) in the matter of capital gains from alienation of any property taxable in Singapore. The HC was hearing an appeal filed by the Commissioner of Income Tax, challenging the 2017 order of the Income Tax Appellate Tribunal in favour of M/s Citicorp Investment Bank (Singapore) Ltd for taxing capital gains of the firm in Singapore.
A division bench of Justices KR Shriram and Firdosh Pooniwalla, recently observed, “The Singapore authorities have certified that the capital gain would be brought to tax without reference to the amount remitted or received there. The assessing officer(AO) could not have come to a conclusion otherwise.”
Citicorp says they have FII debt segment with SEBI
According to Citicorp, a tax resident of Singapore, it’s an FII in debt segment with the Securities and Exchange Board of India. It filed its return on September 30, 2009, declaring total income of nearly Rs34 crore. In its return, it declared a capital gain of nearly Rs 86.62 crore on the sale of debt instruments and claimed exemption under Article 13(4) of the India-Singapore Double Taxation Avoidance Agreement (DTAA). During the assessment, the assessee was asked to explain as to how the provisions of Article 24 of DTAA stood complied in order to claim capital gain exemption in India.
Company says its is liable to pay tax in Singapore
The company contended that being an FII, it was liable to tax in Singapore on its worldwide income. Even the Singapore Revenue Authority has confirmed the taxation on the company. As per Article 13 (4) of DTAA, if the company is offering its worldwide income for taxation in Singapore then remittance of such income to Singapore has no relevance for the purpose of claiming benefit under the DTAA. The AO, however, rejected the certificate.
Singapore authorities confirm company liable to pay tax in the Southeast Asian country
Senior advocate PJ Pardiwalla, appearing for Citicorp, contended that the limitations of relief under Article 24 of the DTAA would only arise when the entire capital gain is taxed in Singapore on the remitted amount and not the entire amount. Since the Singapore authorities have also certified that under the Singapore Laws, the income derived by the assessee from buying or selling Indian Debt Securities would be considered under Singapore tax law as accruing in or derived from Singapore, such income would be brought to tax in Singapore.
National News
SC allows NBE to schedule NEET-PG 2025 exam on August 3

New Delhi, June 6: The Supreme Court on Friday allowed an application filed by the National Board of Examinations (NBE) seeking permission to schedule the National Eligibility-cum-Entrance Test (NEET)-PG 2025 on August 3.
A Bench of Justices Prashant Kumar Mishra and Augustine George Masih took note of the submission that August 3 was the earliest possible available date given by its technology partner for conducting the NEET-PG 2025 examination in terms of the recent apex court order.
Allowing the application filed by the NBE to conduct the NEET-PG 2025 examination on August 3, the Justice Mishra-led Bench clarified that no further time extension will be allowed by the top court.
In an order passed on May 30, the Supreme Court deprecated the practice of conducting the NEET-PG exam in two shifts and opined that holding the examination in two shifts leads to arbitrariness and cannot give a level playing field to the candidates.
It ordered the NBE to make necessary arrangements for holding the NEET-PG 2025 examination in one shift, duly ensuring that complete transparency is maintained and secure centres are identified and commissioned.
“The question papers in two shifts can never be of the same difficulty level. Last year, it (NEET-PG 2024) may have been held in two shifts in the facts and circumstances of that stage. But the examining body ought to have considered making arrangements for holding the examination in one shift,” the Supreme Court had remarked.
The apex court was dealing with a clutch of petitions challenging the lack of transparency in the conduct of the NEET-PG examination.
In their plea filed before the apex court, NEET-PG aspirants claimed that the introduction of two shifts, normalisation method, and change in the tie-breaker criterion affected medical students adversely. The petitioners said that NEET-PG had never been held in two shifts before and had always remained a single-shift and single-day examination to ensure a uniform examination standard and fairness of the national test.
National News
J&K eagerly awaits PM Modi heralding a new dawn of progress

Jammu, June 6: As Prime Minister Narendra Modi arrives in Jammu and Kashmir on Friday to flag off the Vande Bharat train service from Katra to Srinagar and lay the foundation/inaugurate projects worth Rs 46,000, people are eagerly looking forward to a new developmental dawn on the union territory’s horizon.
PM Modi is scheduled to rewrite history by realising the over 70-year-long dream of the people in Kashmir, for whom the journey from the landlocked Valley to the rest of the country looked a distant prospect.
As the entire security apparatus drawn from the special protection group (SPG), army, CAPFs and the local police are maintaining the hawkeyed vigil on the security situation to ensure a peaceful and hassle free visit of the PM, the common man in J&K is enthusiastic about the events of the day going to change the future of the UT.
The Jammu-Srinagar national highway has always been the heartburn for millions of people living in the Kashmir Valley because of the highway’s undependability.
A small trickle of rain would trigger landslides, mudslides, shooting stones and caving in of the road, resulting in a blockade lasting days at a stretch on the Jammu-Srinagar highway.
The blockade of the Jammu-Srinagar highway is going to be of little consequence after Saturday, when the commercial operations of the Vande Bharat train service begin.
“All our horticulture, agriculture and handicrafts, including shawls, carpets, and walnut wood furniture, etc., suffer because of the huge transportation cost and the time taken for such products to reach the terminal markets.
“For Kashmir’s future generations, this story is now going to be a forgotten tale of the past. Goods trains will now transport our produce in the shortest possible time at low freight and without any uncertainty about arrival,” said Abdul Salam Mir, 64, a businessman living in Srinagar city.
Students travelling to seek admissions in professional colleges, patients going out for treatment, businessmen travelling to outside markets, and the common man looking for comfort, affordability and certainty of travel, all people living in Kashmir Valley are going to benefit from the train coming to Kashmir.
People outside the Valley, including tourists, businessmen and professionals, will equally benefit.
“From the point of view of integration and unity of the country, the railway link between Kashmir to Kanyakumari is a powerful political message the PM is going to send from Katra town today”, said Krishen Chand, 52, a resident of Katra town.
Crime
Stampede case: RCB Marketing Head, DNA staffers among four held in Bengaluru

Bengaluru, June 6: Four people, including the Royal Challengers Bengaluru (RCB) Marketing Head and DNA Event Management Company staffers, were arrested on Friday in connection with the stampede near the Chinnaswamy Stadium in Bengaluru that claimed 11 lives.
Nikhil Sosale, Head of Marketing for RCB, along with Sunil Matthew, Kiran, and Sumanth from DNA Event Management, have been arrested, according to the police.
Police said the accused have been arrested in a joint operation at the Bengaluru International Airport.
The police have also raided the residences of Karnataka State Cricket Association (KSCA) Secretary Shankar and KSCA Treasurer Jayaram.
The personnel of the Cubbon Park police, who have registered the case in this regard and the special wing of the Central Crime Branch (CCB) conducted the joint operation.
The arrested individuals were on their way to Mumbai. All four accused have been brought to the Cubbon Park Police Station, where they were being interrogated by Seshadripuram Assistant Commissioner of Police (ACP).
Even after the permission for the victory parade was not given, Sosle posted a message on social media about the victory parade and later deleted it, the police said.
He also announced that free tickets are available at the Stadium for the victory celebration event.
He allegedly further announced that the tickets would be available at Gate numbers 9 and 10 at 1 p.m. on Wednesday, and did not make arrangements to distribute the tickets.
The post was also made on the Royal Challengers’ official handle that the entry will be given at 3 p.m. This post has led to the gathering of lakhs of people, police said.
The DNA Company has acted as per the directions of Sosle. Among the total 21 gates, only three gates were opened, creating chaos.
Karnataka Chief Minister Siddaramaiah on Thursday announced the suspension of five senior police officers, including the Bengaluru Police Commissioner and DCP (Central Division), in connection with the stampede incident on June 4.
“Such an incident has not occurred since I became an MLA, minister, Dy CM, and Chief Minister. This incident has deeply saddened us,” he stated.
The Karnataka Police in the FIR claimed that the accused parties — RCB franchise, DNA event management firm, and the Karnataka State Cricket Association (KSCA) Administrative Committee — organised the victory celebration without the necessary permissions.
The FIR has been registered under Sections 105 (culpable homicide not amounting to murder), 115(2) (voluntarily causing hurt), 118(1) (voluntarily causing hurt or grievous hurt by using dangerous weapons or means), 118(2) read with Section 3(5) (voluntarily causing grievous hurt, when the act is done by several persons in furtherance of common intention), 190 (unlawful assembly), 132 (criminal force to deter a public servant), 125(a) (filing false affidavit), and 125(b) (rash and negligent acts that endanger human life) of Bharatiya Nyaya Sanhita.
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