Latest news with #SupremeCourtofIndia
Mint
6 minutes ago
- Business
- Mint
Google Play Store: Tech giant moves SC to appeal NCLAT order supporting CCI's allegations against unfair practices
Google has moved to the Supreme Court of India (SC) to appeal the National Company Law Appellate Tribunal's March order which partially upheld the Competition Commission of India's allegations of unfair practices against the tech giant, according to a report by Bar & Bench on July 24. The CCI in its findings said the company abused its dominance in the Android ecosystem by imposing unfair Play Store policies and promoting its own payments app, Google Pay, the report added. It noted that the CCI began its probe in November 2020 looking into Google's billing practices on the Play Store. (This is a breaking story, more updates coming…)
Mint
3 days ago
- Business
- Mint
How are right entitlement transfers taxed?
I am a non-resident Indian (NRI) currently residing in the United Arab Emirates (UAE). I hold shares of Mahindra Logistics Ltd, and it has just announced a rights issue. I don't want to subscribe to the issue, but want to sell the rights entitlements to a fellow NRI. What are the tax implications of doing that? The right to subscribe to financial assets (such as equity shares) is distinct from such assets themselves. The Hon'ble Supreme Court of India has held that the right to subscribe to additional securities on a rights basis arises only after the company announces the rights issue. Until such an announcement, this right, though inherent in the shareholding, remains inchoate and does not crystallise. Upon announcement, this 'Right Entitlement' (RE) becomes a separate and independent capital asset, transferable independently of the underlying shareholding. If not exercised or renounced before the issue closing date, REs lapse and are extinguished. These REs are generally qualified as short-term capital assets, as the offer for rights issues is typically open for a limited period during which the REs can be renounced. REs for listed companies are credited to the demat accounts of eligible equity shareholders who may renounce either: • On-market, via the stock exchange (which attracts Securities Transaction Tax (STT)), or • Off-market, through a private transfer (which does not attract STT). In both scenarios, any gain from the transfer of REs is taxable as short-term capital gain at the applicable slab rates, with the entire sale consideration becoming taxable, since the cost of acquisition is deemed to be nil as per Indian tax law. From a cross-border tax perspective, since REs are distinct from equity shares, they fall under Article 13(5) of the India-UAE Double Taxation Avoidance Agreement (DTAA), which is the residuary clause that covers gains from the alienation of property not covered elsewhere in Article 13. Under this clause, such gains are taxable only in the country of residence, i.e., the UAE, and not in India. Consequently, capital gains from the sale of REs by a UAE tax resident are not taxable in India under the India-UAE DTAA. To claim this benefit under the India-UAE DTAA, the following compliance is required: (a) obtain a valid Tax Residency Certificate (TRC) from UAE authorities; (b) submit Form 10F on the Indian income tax portal and (c) file an income tax return in India disclosing the capital gain and reporting it as exempt under Article 13(5). Harshal Bhuta is a partner at P. R. Bhuta & Co. Chartered Accountants.
Indian Express
4 days ago
- Politics
- Indian Express
Opposing unchecked infiltration from across border: Himanta hits back at Mamata's ‘persecution' barb
Amid a simmering row over the alleged harassment of Bengali-speaking people in BJP-ruled states, West Bengal CM Mamata Banerjee on Saturday accused the BJP in Assam of threatening people with 'persecution' for upholding their mother tongue. Assam CM Himanta Biswa Sarma hit back, accusing the TMC supremo of 'compromising Bengal's future' by 'encouraging illegal encroachment by a particular community'. Accusing BJP-led governments of branding Bengalis as illegal Bangladeshis or Rohingya, Banerjee had recently led a protest march in Kolkata in the backdrop of large-scale evictions in Assam, mostly affecting Bengali-speaking people. Sarma had said the decision was aimed at 'protecting demographic change'. Banerjee said on X Saturday, 'The second most spoken language in the country, Bangla, is also the second most spoken language of Assam. To threaten citizens, who want to coexist peacefully respecting all languages and religions, with persecution for upholding their own mother tongue is discriminatory and unconstitutional.' 'This divisive agenda of BJP in Assam has crossed all limits and people of Assam will fight back.' Sarma launched a counterattack and in a post on X accused the Bengal CM of indulging in appeasement politics at the cost of national integrity. He said that the government is not fighting 'our own people' but instead opposing 'ongoing, unchecked Muslim infiltration from across the border, which has already caused an alarming demographic shift.' 'In several districts, Hindus are now on the verge of becoming a minority in their own land. This is not a political narrative — it's a reality. Even the Supreme Court of India has termed such infiltration as external aggression. And yet, when we rise to defend our land, culture, and identity, you choose to politicise it. We do not divide people by language or religion. Assamese, Bangla, Bodo, Hindi — all languages and communities have coexisted here. But no civilisation can survive if it refuses to protect its borders and its cultural foundation,' he said. 'While we are acting decisively to preserve Assam's identity, you, Didi, have compromised Bengal's future — encouraging illegal encroachment by a particular community, appeasing one religious community for vote banks, and remaining silent as border infiltration eats away at national integrity — all just to stay in power.'
Time of India
4 days ago
- Politics
- Time of India
We're fighting infiltration, not our own people, says Assam CM
1 2 Guwahati: Assam CM Himanta Biswa Sarma on Saturday hit back at his Bengal counterpart Mamata Banerjee following her social media allegations that BJP was pursuing a "divisive agenda in Assam". Sarma said his administration's stance targeted "unchecked" Muslim infiltration from across the border and not its own citizens. In response to Banerjee's claims that the Assam govt was threatening Bengali-speaking residents for asserting their linguistic identity, Sarma accused her of jeopardizing Bengal's future by allegedly promoting illegal encroachment by a "particular community" for electoral gains. Sarma posted on X: "Didi, let me remind you — in Assam, we are not fighting our own people. We are fearlessly resisting the ongoing, unchecked Muslim infiltration from across the border, which has already caused an alarming demographic shift. In several districts, Hindus are now on the verge of becoming a minority in their own land." You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata He said this was not a political narrative, but a reality. "Even the Supreme Court of India termed such infiltration as external aggression. And yet, when we rise to defend our land, culture, and identity, you choose to politicise it," he added. "We do not divide people by language or religion," Sarma said, adding that Assamese, Bangla, Bodo, Hindi — all languages and communities have coexisted in Assam. Sarma said no civilisation can survive if it refuses to protect its borders.
Time of India
5 days ago
- Politics
- Time of India
Himanta defends anti-influx stance, slams Mamata for vote-bank politics
Guwahati: CM has hit back at his West Bengal counterpart, , following her social media allegations that is pursuing a divisive agenda in Assam. Sarma clarified that his administration's stance targets "unchecked" Muslim infiltration from across the border, not its own citizens. Tired of too many ads? go ad free now In response to Banerjee's claims that the Assam govt is threatening Bengali-speaking residents for asserting their linguistic identity, Sarma accused her of jeopardizing Bengal's future by allegedly promoting illegal encroachment by a "particular community" for electoral gains. Reacting to Mamata's post on X early on Saturday, Sarma replied on the same platform, "Didi, let me remind you — In Assam, we are not fighting our own people. We are fearlessly resisting the ongoing, unchecked Muslim infiltration from across the border, which has already caused an alarming demographic shift. In several districts, Hindus are now on the verge of becoming a minority in their own land." He said this is not a political narrative, but a reality. "Even the Supreme Court of India termed such infiltration as external aggression. And yet, when we rise to defend our land, culture, and identity, you choose to politicise it," he added. "We do not divide people by language or religion," Sarma said, adding that Assamese, Bangla, Bodo, Hindi — all languages and communities have coexisted in Assam. However, he cautioned that no civilisation can survive if it refuses to protect its borders and its cultural foundation. "While we are acting decisively to preserve Assam's identity, you, Didi, have compromised Bengal's future — encouraging illegal encroachment by a particular community, appeasing one religious community for vote banks, and remaining silent as border infiltration eats away at national integrity — all just to stay in power," Sarma alleged. Tired of too many ads? go ad free now Nevertheless, he vowed that Assam will continue to fight to preserve its heritage, its dignity, and its people — with courage and constitutional clarity. As both neighbouring states are going to polls next year, the identity and linguistic issues are likely to be pitched further as the election nears. Both states have been affected by illegal influx over the years. Mamata has already started targeting the govts in BJP-ruled states, accusing them of harassing Bengali-speaking workers in various BJP-ruled states by branding them as "Bangladeshis" or "Rohingya" just for speaking in Bengali. In her post on X on Saturday, Mamata wrote, "The second most spoken language in the country, Bangla, is also the second most spoken language of Assam. To threaten citizens, who want to coexist peacefully respecting all languages and religions, with persecution for upholding their own mother tongue is discriminatory and unconstitutional." She alleged that this 'divisive agenda' of BJP in Assam has crossed all limits and that the people of Assam will fight back. "I stand with every fearless citizen who is fighting for the dignity of their language and identity, and their democratic rights," she wrote in her post. CM Himanta Biswa Sarma is on a mission to clear encroachments in forest and govt lands in the state. On Tuesday, he said his govt successfully cleared encroachments from 160 square kilometres of forest and govt lands over the past four years. Sarma added that there is still a long way to go, as more than 63 lakh bighas of land, including 29 lakh bighas of forest land, are still under encroachment.
