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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.

Crime

UP Shocker: Mother Of 5 Children Dies After Beaten Up By 24-Year-Old Lover Over Breakup In Noida

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A mother of five children died after her 24-year-old allegedly beaten her up following a heated argument over breakup on Monday in Noida. According to reports, the victim has been identified as Neeraj. The police registered a case of culpable homicide not amounting to murder and arrested the accused boyfriend.

According to police, woman’s husband Satish, originally a resident of village Hathni Gud in Badaun district, works in a private company. He lives on rent in a house located in Mamura village with his wife Neeraj and five children. Neeraj had an extramarital affair with Arjun, a resident of village Sahpur in Shahjahanpur district who lived in the neighbourhood, for the past three years.

Arjun worked as a housekeeper in a private company located in Sector-59. Husband Satish was unaware of their affair. Neeraj went to meet Arjun in his room in the neighbourhood on Monday evening around 6 PM. Here, a fight broke out between the two about breakup. After the argument, Arjun physically assaulted Neeraj. During this, Neeraj became unconscious and fell to the ground.

Panicked Arjun rushed her to a nearby hospital, from where the woman was referred to Kailash Hospital. Seeing no improvement in her condition, the woman was referred to the district hospital, where doctors declared her dead.

After being alerted, police arrived and sent the body for the post-mortem. They also took boyfriend Arjun into custody. Family members allege that Arjun murdered Neeraj by strangulation.

According to police, the woman had married Satish about 13 years ago. The couple has five children. To educate the children, Satish brought Neeraj from his ancestral village to Noida about five years ago. While living in lane number eight, Neeraj became friends with Arjun, who lived in the neighbourhood. Gradually, the friendship between the two turned into a love affair. Arjun is 24 years old and unmarried.

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National News

Odisha Self-Immolation Case: Congress Workers Stage Protest Over Balasore Student’s Death Outside AIIMS Bhubaneswar

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Bhubaneswar (Odisha): Tensions flared outside AIIMS Bhubaneswar on Tuesday morning as Congress workers staged a protest following the death of a 20-year-old student from Balasore who had attempted self-immolation.

The protesting Congress workers were detained by police.

AIIMS Bhubaneswar Confirms The Death Of The Student

Earlier on Monday, the All India Institute of Medical Sciences (AIIMS) Bhubaneswar confirmed the death of the 20-year-old student from Fakir Mohan Autonomous College in Odisha’s Balasore, who had attempted self-immolation.

The Department of Burn Centre, AIIMS Bhubaneswar, said in a statement that the patient was brought to the casualty on July 12 and was referred from Balasore District Headquarters Hospital to AIIMS Bhubaneswar.

“She was admitted to the Burns Centre ICU. The patient was resuscitated with IV fluids, IV antibiotics, intubated and put on mechanical ventilation. Despite adequate resuscitation and all possible supportive management, including renal replacement therapy at the Burns ICU, she could not be revived and was declared clinically dead at 11:46 PM on July 14,” the statement said.

The 20-year-old student set herself on fire after allegedly facing prolonged sexual harassment by her college’s Head of Department. Despite lodging a formal complaint and seeking help from the principal, her pleas were ignored, leading to the tragic incident. The incident occurred at Fakir Mohan (Autonomous) College.

Odisha CM Mohan Charan Majhi Expresses Grief

Odisha Chief Minister Mohan Charan Majhi expressed grief and assured the family of the deceased that all those guilty in this case will face the strictest punishment as per the law.

In a post on X, CM Majhi said, “I am deeply saddened to hear the news of the demise of the female student from Fakir Mohan Autonomous College. Despite the government’s fulfilment of all responsibilities and the tireless efforts of the expert medical team, the victim’s life could not be saved. I pray for the eternal peace of her departed soul and beseech Lord Jagannath to grant strength to her family to bear this irreparable loss.”

“I assure the family of the deceased student that all those guilty in this case will face the strictest punishment as per the law. For this, I have personally issued instructions to the authorities. The government stands firmly with the family,” the Odisha CM emphasised.

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UP Rains Fury: 13 Dead, Villages Cut Off Amid Lightning Strikes, Floods In Bundelkhand & Purvanchal

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Torrential rains wreaked havoc across Bundelkhand and eastern UP on Saturday, claiming 13 lives and displacing hundreds. With no immediate relief in sight, multiple districts reported house collapses, electrocutions, and flood related isolation.

According to the meteorological department, Chitrakoot saw the highest rainfall at 216 mm, followed by Kanpur (126 mm) and Banda (115 mm). Rain continued through the night in many parts of Purvanchal, flooding homes and cutting off access in rural areas.

In Banda’s Badokhar area, lightning struck a mud house, killing one child and injuring two others. Another lightning strike in Kamaisin village killed a farmer. Across the state, five deaths were reported due to lightning, including in Azamgarh, Jaunpur, Chandauli, and Bhadohi.

In Chitrakoot, a wall collapsed as flash floods claimed three lives. In Mahoba, swelling rivers and overflowing drains cut off 20 villages, forcing residents to travel an extra 30 km for basic access. Schools and homes flooded, leaving children stranded. In Unnao, a youth died while planting paddy in a field during a lightning strike. Hamirpur recorded one fatality and multiple injuries from a similar incident, with fields turning into death traps amid the downpour.

Rescue efforts continued late into the evening, including the dramatic 10-hour rescue of a farmer stranded on an island in Banda after the Ranj river’s sudden rise. With more rain forecast through the week, residents brace for further disruptions and losses.

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