ITAT: Claim for Deduction Under Section 80IC is Permissible After Filing of Return but Before Completion of Assessment The Income Tax Appellate Tribunal (ITAT), Delhi bench, while partly allowing the appeal filed by Canadian Specialty Vinyls (assessee), has reiterated that for making a claim under Chapter VI-A of the Income Tax Act, 1960 (the Act) which also includes provision of deduction under Section 80IC of the Act and the making of such claim for deduction is permissible even after filing of the return, but, before completing the assessment meets directory requirement in the filing of r ..read more

Supreme Court Agrees to Hear Delhi Govt Plea Challenging High Court Order on Bike-Taxi Services by Rapido The Supreme Court’s vacation bench comprising of Justices Aniruddha Bose and Rajesh Bindal agreed to hear the Delhi government’s plea challenging the High Court order staying its notice to bike-taxi aggregator Rapido and allowing it to ply till the final policy has been notified. Senior Advocate Manish Vashisht, appearing for the Delhi government, said the High Court’s decision to stay its notice till the final policy is notified is like virtually allowing the writ petition by Rapido. Th ..read more

Anand Desai of DSK Legal appointed member of London Court of International Arbitration He is recognized as a leading practitioner in India across a wide spectrum DSK Legal is elated that its Managing Partner, Anand Desai has been appointed as a member of the London Court of International Arbitration (LCIA) for a five-year term. On the appointment, Desai said, “This is a great honor. I am excited to serve as a member of the LCIA, and believe this appointment will provide me a unique opportunity to contribute to the success of an organization dedicated to making a positive impact in the world ..read more

Delhi High Court Rules: Section 35(10)(cc) of Delhi Co-operative Societies Act, 2003 by 2011 Amendment is not Ultra Vires The Delhi High Court by its division judges bench comprising of Justices Saurabh Banerjee and Manmohan, while holding that an amendment made to an existing Statute cannot be modified, looked into or set aside simply because the same is not viable or suitable to a party, observed that Section 35(10)(cc) of the Delhi Co- operative Societies Act, 2003 is not ultra-vires as there is no mala fide and/ or personal gain to anyone or the legislature in inserting Section 35 (10)(c ..read more

Data- Center Operator Cyxtera Files for Bankruptcy Miami, Florida-based data-center operator Cyxtera Technologies Inc., has filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. The company cited financial difficulties and a significant funding shortage as the primary reasons behind the decision. Cyxtera aims to utilize the Chapter 11 process to strengthen its financial position, reduce its debt burden, and ensure long-term success for its business. The company specializes in providing co-location services, enabling businesses to store their privately-o ..read more

China regulator penalizes two pharma firms for monopoly Antitrust crackdown has been taking place on industries since 2020 The China regulator has fined two pharma firms, Grand Pharmaceutical and Wuhan Healcare Pharmaceuticals, for entering into a deal and monopolizing the trade. It fined Grand Pharmaceutical 136 million yuan ($19.68 million) and confiscated 149 million yuan of illegal revenue and penalized Wuhan Healcare 4.13 million yuan and confiscated over 30 million yuan of its revenue. Since late 2020, Chinese regulators began antitrust crackdowns on multiple industries, particularly ..read more

Delhi High Court: Dispute under Insurance Policy Claims Not to be Referred to Arbitration when Quantum of Claim is Disputed The Delhi High Court by its single judge Justice Prateek Jalan has shed light on the scope of arbitration clauses in insurance policy disputes. The Court clarified that that when an insurer denies liability entirely, the dispute cannot be referred to arbitration. “However, if the insurer disputes specific claims falling outside the policy’s coverage, while admitting overall liability, such disputes are within the purview of arbitration. This distinction is crucial in de ..read more

Prime Minister Modi inaugurates new Parliament building Strap – Seeks blessings from high priests of various adheenams in Tamil Nadu Prime Minister Narendra Modi inaugurated the new Parliament building with much fanfare on Sunday morning. Dressed in traditional attire, the PM walked into Parliament premises from Gate No.1 and was welcomed by Lok Sabha Speaker Om Birla. Later, he installed the historic Sengol in the Lok Sabha chamber. A multi-faith prayer was held to mark the occasion and amid Vedic chants by priests from Karnataka's Shringeri Math, the PM performed Ganapati Homam to invoke ..read more

NGT orders pollution boards to look into Delhi's illegal dyeing factories The matter will be heard on 4 October The National Green Tribunal (NGT) has directed the Supreme Court-appointed monitoring committee, the Central Pollution Control Board (CPCB), and the Delhi Pollution Control Committee (DPCC) to look into illegal dyeing units in the national capital. The tribunal also ordered CPCB and DPCC to jointly file an action-taken report on the compliance status of the units named in the application. NGT was hearing a petition claiming that dyeing factories in Bindapur, Matiala, Ranhola, Khyal ..read more

British government plans a price cap on basic food products British Retail Consortium blames new regulations for the ever-increasing costs The UK government is contemplating directing retailers to cap the prices of basic food items, including bread and milk, as the price of such essentials continues to rise in the double digits. While it has been reported that Britain’s health minister, Steve Barclay declined of being aware of any such move, 10 Downing Street, the office of Prime Minister Rishi Sunak, is known to be in talks with supermarkets. It intends to pursue a deal similar to France ..read more