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.
Crime
A powerful explosion near Delhi’s Red Fort… High alert across Delhi after the blast; 8 people killed; forensic team arrives at the scene.

New Delhi: A car explosion near Gate No. 1 of the Red Fort Metro Station on Monday evening caused widespread panic. The force of the blast was so intense that a part of the car landed on the Lal Mandir, located near the Red Fort. The temple’s glass shattered, and doors and windows of several nearby shops were damaged. Several people were reported injured in the incident.
Immediately after the blast, fires were reported in nearby shops. Tremors were felt as far as the Bhagirath Palace area of Chandni Chowk, and shopkeepers were seen calling each other to inquire about the situation. Several buses and other vehicles were also reported to have caught fire.
The fire department received a call about the car explosion in the evening. Following this, it immediately dispatched six ambulances and seven fire tenders to the scene. Relief and rescue operations are underway, and efforts are underway to control the fire.
The cause of the explosion is still unknown. Police have cordoned off the area, and investigating agencies are gathering evidence at the scene. Initial reports suggest the explosion occurred in a car, but its nature and cause are still unclear. Security has been increased throughout the Red Fort and Chandni Chowk areas following the incident.
National News
Maharashtra CM Devendra Fadnavis Orders World-Class Facilities, AI-Based Security At Jyotirlinga Temples

Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Monday directed officials to ensure world-class facilities and a state-of-the-art integrated AI-based security system for devotees visiting Jyotirlinga shrines in the state.
During a meeting held at Varsha, his official residence, Fadnavis reviewed the development plans for the Bhimashankar Temple in Pune district, Aundha Nagnath Temple in Hingoli, and Grishneshwar Temple in Chhatrapati Sambhajinagar.
“Jyotirlinga temples attract a large number of devotees throughout the year. Therefore, the development plans should be comprehensive and focused on creating excellent facilities and ensuring security,” he said.
The chief minister instructed officials to accelerate ongoing works and plan new ones effectively.
“An advanced, AI-based integrated security system should be developed to safeguard devotees and provide an immediate response during emergencies,” he said.
Fadnavis further said that facilities such as waiting halls, drinking water, accommodation, internal roads, cleanliness measures, information boards, tourist facilitation centres, parking management, emergency response systems, health facilities and eateries should be strengthened.
He emphasised that temple managements follow strict norms and residents and administrative bodies should be involved in planning and execution.
“Tourism projects that promote environmental conservation and local employment must be implemented quickly,” he said.
The chief minister said that the development plans presented at the meeting will receive funding after approval by a high-level committee, and he asked officials to organise a separate meeting with the Central government to secure clearances from the Archaeological Survey of India (ASI).
Crime
Thane: Man Stabbed To Death In Dombivali Hotel After Minor Altercation

Thane: A man was stabbed to death in Dombivali in Thane district during an altercation after he accidentally brushed against another person, a police official said on Monday.
The incident took place in a hotel in the early hours of Sunday in MIDC Phase 1 area, the Manpada police station official said.
“Akash Bhanu Singh (38) and his friends were having dinner at the hotel when he accidentally brushed against the accused, who picked up a fight. He along with some others stabbed Singh to death. Two of Singh’s friends, who tried to save him, also sustained injuries and have been hospitalised,” the official said.
Four persons were booked under Bharatiya Nyaya Sanhita sections for murder and other offences, though no arrest has been made, he said.
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