No tax relief for educational trusts geared for profit: Supreme Court (OCT 20, 2022)
Section 10(23C) of the 1961 Income Tax Act provides for tax exemption to charitable trusts, societies or institutions existing “solely” for educational purposes and not for the purposes of profit.
The word “solely” was, however, interpreted by two previous judgments of the top court in 2008 and 2015 to mean that the test for determination was whether the principal or main activity was education or not, rather than whether some profits were incidentally earned.
KARNATAKA HIGH COURT
Firm compromises national security, it's shocking, says Karnataka High Court (OCT 20, 2022)
The Karnataka High Court has refused to interfere in the investigation against a company and its director after the court found out that they had compromised national security.
In his judgement on October 17, he dismissed the criminal petition filed by IB Track Solutions Pvt Ltd and its director Sudhendra Dhakanikote. The company is based here, and the petition sought to quash the case pending before the I- ACMM court based on a complaint by the directorate of revenue intelligence.
The company is engaged in procuring and supplying of e-seals with radio frequency identification (RIFD) technology which are placed on containers exported from India.
'Go To Supreme Court': High Court To Petitioner Against Aadhaar Contracts (OCT 20, 2022)
The Karnataka High Court on Thursday directed a petitioner to seek relief against his challenge to the Aadhar infrastructure contracts being issued to foreign companies.
Since the petitioner, Colonel (retired) Mathew Thomas had already approached the Supreme Court earlier regarding privacy concerns of Aadhar, the HC division bench of Chief Justice Prasanna B Varale and Justice Ashok N Kinagi said it would be proper for him to place this issue before the apex court.
The petitioner had claimed that four foreign entities were entrusted with collecting data and biometrics for Aadhar.
BUSINESS NEWS
SEBI clears govt proposal to turn Vodafone Idea dues into equity: Sources (0CT 20, 2022)
Last year, India had approved a rescue package for debt-strapped telecom companies that allowed them to convert interest on deferred adjusted gross revenue owed to the government into equity.
The government's stake in Vodafone after the conversion could be more than 30%, the official added, which would make it one of the largest shareholders in the company along with UK's Vodafone Group and Aditya Birla Group.
NEWS AT GLANCE
- Prime Minister Narendra Modi launches Mission LiFE movement at Kevadiya in Gujarat; Asserts, Mission LiFE makes fight against climate change democratic.
- Competition Commission imposes penalty of more than 392 crore rupees on online travel firms for adopting unfair business practices.
- NIA arrests highly radicalized ISIS operative, Basit Kalam Siddiqui in the ‘Voice of Hind’ module case.
- Delhi Government to fine people found to be bursting crackers in the National Capital.
WORD OF THE DAY
A writ of execution is a court order that puts in force a judgment of possession and directs law enforcement personnel to begin the transfer of property as the result of a legal judgment.
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