Connect with us
Monday,23-June-2025
Breaking News

National News

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

Published

on

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

241 dead, one survivor as Air India Dreamliner crashes after takeoff from Ahmedabad: Air India

Published

on

New Delhi, June 13: In what is being described as one of the worst aviation disasters in Indian history, an Air India Boeing 787-8 Dreamliner carrying 242 people crashed shortly after takeoff from Ahmedabad airport.

The aircraft, operating as Flight AI-171 from Ahmedabad to London Gatwick, plunged into a residential complex near BJ Medical College, killing 241 people on board.

The ill-fated flight had 230 passengers, 10 cabin crew, and two pilots. According to officials, only one person, a British national of Indian origin seated in 11A, survived the crash and is currently undergoing treatment at a local hospital.

The aircraft took off from Sardar Vallabhbhai Patel International Airport at 1.38 p.m. (IST) on Thursday before losing control moments later and crashing into a densely populated area, igniting a massive blaze and triggering emergency response teams across the city.

Air India confirmed the accident in an official statement on X: “UPDATE: Air India confirms that flight AI171, operating from Ahmedabad to London Gatwick on 12 June 2025, was involved in an accident. The 12-year-old Boeing 787-8 aircraft departed from Ahmedabad at 1338 hrs, carrying 230 passengers and 12 crew. The aircraft crashed shortly after take-off. We regret to inform that, of the 242 aboard, there are 241 confirmed fatalities. The sole survivor is being treated in a hospital.”

The airline also shared the nationality breakdown of passengers: 169 Indian nationals, 53 British, seven Portuguese, and one Canadian.

“Air India offers its deepest condolences to the families of the deceased. Our efforts now are focused entirely on the needs of all those affected, their families and loved ones. A team of caregivers from Air India is now in Ahmedabad to provide additional support,” the statement added.

The national carrier has pledged full cooperation with authorities investigating the cause of the crash and has established dedicated helplines for families seeking information.

Domestic callers can reach the support team at 1800 5691 444, while international callers are advised to dial +91 8062779200.

Regular updates will be provided through Air India’s official website and its X handle.

Continue Reading

National News

Plastic nurdle spill from sunken cargo ship reaches TN’s Dhanushkodi sanctuary, raising alarm

Published

on

Chennai, June 10: A plastic nurdle spill from the sunken cargo ship MSC ELSA 3 has spread into the newly declared Dhanushkodi Greater Flamingo Sanctuary in Ramanathapuram district, threatening one of India’s most fragile coastal ecosystems.

The MSC ELSA 3, a Liberian-flagged vessel, sank off the Kochi coast a few weeks ago while carrying 640 containers, including 13 with hazardous materials, 12 with calcium carbide, 367 tonnes of furnace oil, and 84 tonnes of diesel.

The ship’s cargo manifest remains undisclosed, fuelling speculation about the full extent of environmental risk.

Dhanushkodi Sanctuary, located within the Gulf of Mannar Biosphere Reserve, supports 128 species of birds — including Greater and Lesser Flamingos — and is home to sea turtles, crustaceans, molluscs, and fish. Its dunes, marshes, and seagrass beds form part of the Central Asian Flyway for migratory birds.

The nurdles — tiny plastic pellets used in industrial manufacturing — resemble fish eggs and can be deadly to marine life. When ingested, they cause internal blockages, starvation, and often death. They also absorb toxins, entering the food chain and posing long-term health hazards.

About 80 bags, each weighing 25 kilograms, have reportedly washed ashore along a 12-km coastal stretch. Affected sites include the Dhanushkodi old church, Irattaithalai, Mugandharayan Chathiram, Gothanda Ramar temple, and Patchappatti village.

Carried by ocean currents from the Thiruvananthapuram-Kanniyakumari coast, the spill now threatens the adjacent Gulf of Mannar Marine National Park, home to vital coral reefs and seagrass beds.

Experts warn these habitats could be smothered by plastic debris, blocking sunlight and disrupting photosynthesis.

Ramanathapuram District Collector Simranjeet Singh Kahlon said, “We’ve identified between 15 and 30 nurdle bags along the coast. A special team has been deployed for cleanup, and additional teams are monitoring for further debris.”

He urged the public not to panic, stating that swift action was underway.

The disaster evokes memories of the 2021 X-Press Pearl incident in Sri Lanka, where 1,680 tonnes of nurdles led to mass marine deaths and crippled fisheries.

Studies showed severe impacts on plankton and larval life forms, threatening entire food chains.

Cleanup efforts in Ramanathapuram face challenges due to the nurdles’ buoyancy and small size, worsened by monsoon waves that break them into microplastics.

With the 61-day annual fishing ban nearing its end, fishermen fear reduced fish catches and consumer hesitancy could harm their livelihoods if the spill worsens.

Environmentalists are calling for urgent intervention, cargo transparency, and long-term containment measures to prevent irreversible damage to one of India’s most critical marine ecosystems.

Continue Reading

National News

Eight Punjab and Haryana HC judges take lead to boost Kashmir tourism post Pahalgam terror attack

Published

on

Srinagar, June 9: To give a boost to Kashmir tourism post Pahalgam terror attack, eight judges of the Punjab and Haryana High Court are visiting the valley along with their families.

The visit of the legal personalities along with their families carries a powerful message for the revival of tourism in Kashmir, which got shattered after the Pahalgam terror attack.

On April 22, Pakistan-backed terrorists of Lashkar-e-Kashmir (LeT) killed 26 civilians, including 25 tourists and a local pony owner.

The pony owner sacrificed his life while trying to protect the tourists from the bullets of the terrorists.

The terror attack caused outrage in the entire country, and to avenge the killings of innocent civilians, the Indian Armed Forces carried out airstrikes against terror infrastructure in Pakistan under Operation Sindoor.

In retaliation for India’s attack on terrorist infrastructure, Pakistan resorted to heavy mortar shelling on civilian facilities in Poonch, Rajouri, Baramulla, Kupwara and Bandipora districts.

Eighteen civilians were killed in Pakistan shelling, 13 of them in Poonch district, in addition to the destruction of scores of homes, shops, a temple, a mosque, a church and a Gurudwara.

The itinerary of the visiting high court judges includes visits to the Mughal Gardens of Nishat and Shalimar, Shikara rides on the Dal Lake, a visit to the historic Pari Mahal and buying a few handicrafts at the local market.

There could be no better omen for the revival of tourism in Kashmir than the decision of the honourable justices of the High Court to come here along with their families.

Coinciding with the visit of these dignitaries, local tour and travel operators and hotel owners are reporting a gradual rise in the tourist bookings that had virtually stopped after the Pahalgam terror attack.

Tour and travel operators and others connected with the tourist industry have expressed hope that the visit by the most respected legal dignitaries, like the high court judges, will restore confidence among visitors, both domestic and foreign, that Kashmir is a safe tourist destination.

Continue Reading

Trending