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

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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.

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Shanti Homam, 4-Hr-Long Ritualistic Cleansing Held At Andhra’s Tirupati Temple Amid Animal Fat In Laddoo Row

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Shanti Homam, 4-Hr-Long Ritualistic Cleansing Held At Andhra's Tirupati Temple Amid Animal Fat In Laddoo Row

Amid the controversy over the alleged presence of animal fat in Tirupati laddoos, a four-hour purification ritual known as Shanti Homam Panchagavya Prokshana is being performed at the Tirumala temple on Monday. According to temple officials, this ritual aims to cleanse and undo any desecration that allegedly occurred during the tenure of the Yuvajana Sramika Rythu Congress Party (YSRCP) government.

Details Of The Cleansing Rituals

The purification ceremony began today in the morning, involving the establishment of three homa gundas (sacrificial fire pits) where the rituals were conducted in strict accordance with the Shastras, traditional Hindu scriptures. According to an India Today report, eight temple priests, under the guidance of three Agama Shastra experts, conducted the Shanti Homam, which began at 5:40 am and lasted about two hours.

Alongside this, the Vastu Homam was also performed, focusing on cleansing the space and ensuring the sanctity of the temple. This included the purification of all the vessels, machines and ceremonial areas involved in the preparation of the prasadam, a sacred offering at the temple.

As part of the rituals, the Panchagavya Prokshana, a sacred sprinkling with a mixture of five cow products (milk, curd, ghee, urine, and dung) was performed to sanctify the environment. These rituals are aimed at seeking divine forgiveness from Lord Venkateswara Swamy for the alleged sacrilegious acts, including claims that animal fats were used in the preparation of Tirupati laddoos.

What Is The Controversy?

The controversy surrounding the laddoos erupted after Andhra Pradesh Chief Minister Chandrababu Naidu recently claimed that substandard ingredients, including animal fat, were discovered in the laddoos served at the temple during the previous government led by Jagan Mohan Reddy. Naidu cited a private lab report from Gujarat, which allegedly found traces of beef tallow, lard (pig fat) and fish oil in the ghee used for the prasadam.

However, former Chief Minister Jagan Mohan Reddy vehemently denied these allegations, stating that no such violation occurred during his administration. He also accused Naidu of using religion for political gain, calling him a pathological and habitual liar. Reddy further criticised Naidu for engaging in ‘politics in the name of God,’ attempting to dismiss the claims as politically motivated.

On Sunday, Tirumala Tirupati Devasthanams (TTD) Executive Officer J. Shyamala Rao reiterated that the ongoing rituals aim to dispel any negative influences and restore the spiritual purity of the laddu prasadam, ensuring the well-being of the temple’s devotees.

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Atishi Takes Charge As Delhi CM, Leaves Chair Empty For ‘Lord Ram’ Arvind Kejriwal; BJP Calls It ‘Kursi Stunt’

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Atishi Takes Charge As Delhi CM, Leaves Chair Empty For 'Lord Ram' Arvind Kejriwal; BJP Calls It 'Kursi Stunt'

New Delhi: Atishi officially assumed office as the eighth Chief Minister of Delhi on Monday, succeeding Arvind Kejriwal, who recently resigned. She was seen sitting on a chair keeping another one empty beside her in a heartfelt, yet symbolic gesture for the ex-CM & her party supremo Arvind Kejriwal.

In her inaugural remarks, she drew a symbolic parallel to the Hindu epic Ramayana, stating, “My situation is like that of Bharat, when Lord Shri Rama went into exile, and Bharat had to govern in his absence.” Atishi, 43, pledged to lead the government for the next four months until the upcoming elections, echoing Bharat’s role in ruling with Lord Ram’s khadaun (sandals) on the throne.

BJP Mocks Gesture As Publicity Stunt

The BJP in no time came forward and slammed the new CM of Delhi over her symbolic gesture, terming it as a publicity stunt. BJP spokesperson Shehzad Poonawalla posted a video on X mocking Atishi over the move. He termed her gesture towards Kejriwal as ‘kursi stunt’. “Delhi gets its new Manmohan Singh,” read the caption of the video post.

Atishi, after taking charge as CM lauded Kejriwal’s tenure as the CM and spoke on him being falsely implicated and kept in jail. She also mentioned that the empty chair in her office will stay until Kejriwal returns as the Chief Minister. “Arvind Kejriwal has set an example of dignity and morality. For the last two years, the BJP has left no stone unturned to malign the image of Arvind Kejriwal. False cases were put on him, he was arrested and put in jail for six months…Arvind Kejriwal has said that he will not sit on the CM’s chair until the public of Delhi shows trust in his honesty. So, he tendered his resignation,” said Atishi.

“The chair of the Delhi Chief Minister belongs to Arvind Kejriwal. I am hopeful that the public of Delhi will elect him again as the Delhi Chief Minister. Till that, the chair will remain in this office and wait for Arvind Kejriwal,” she added.

Atishi Sworn In As Delhi CM

Atishi was sworn in alongside her cabinet on September 21, marking a major transition in Delhi’s leadership. The Delhi Assembly is set to convene on September 26 and 27. Retaining her previous responsibilities, Atishi continues to oversee 13 portfolios, including education, revenue, finance, power, and public works.

Yesterday that she is expected to officially take charge on Monday, with other ministers likely to do the same. Saurabh Bharadwaj, who manages eight portfolios, more than any other minister has already assumed his duties as of Saturday.

Atishi’s New Cabinet

Newly appointed Mukesh Ahlawat has taken charge of several departments, including labor, SC and ST affairs, employment, and land and building. Gopal Rai will oversee development, general administration, and environmental affairs, maintaining the portfolios he held under Kejriwal. Kailash Gahlot has retained his roles in transport, home, administrative reforms, and women and child development.

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Snake Spotted Spiralled Inside Jabalpur-Mumbai Garib Rath Express; Passengers In Panic

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Jabalpur (Madhya Pradesh): After occurrence of showers from AC ducts of train coaches, a venomous snake was spotted spiralled on the handle of a train. The incident came to fore through a viral video which surfaced on Sunday.

According to information, the snake was found in Garib Rath Express which was travelling from Jabalpur to Mumbai. The emergence of the poisonous snake created a panic amongst the passengers.

The snake was seen near seat number 23 in coach G3, causing alarm among the passengers. 

In the video, it can be seen how the snake is spiralling on the handle between the seats and trying to reach the roof. 

The snake was first noticed by passengers as the train approached Kasara Railway Station. One of the passengers quickly recorded a video of the snake, which soon went viral. 

Passengers immediately informed the train staff, and the situation was brought under control.

Incidents of water leakage reported earlier

While there have been reports of water leaks in the train previously, this incident of a snake on board has raised serious concerns about passenger safety. Fortunately, no one was harmed, and efforts were made to safely remove the snake.

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