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Time of India
32 minutes ago
- Time of India
Karnataka high court rejects I-T appeal against Sony India Software Centre
Bengaluru: Karnataka high court has dismissed an appeal filed by the income tax (I-T) department against Sony India Software Centre Pvt Ltd, Bengaluru, in a case involving tax treatment of free assets and foreign consultancy payments. The appeal challenged a June 12, 2024 order of the I-T commissioner (appeals), Bengaluru, which had partly allowed the company's challenge to its assessment for the financial year 2016-17 (assessment year 2017-18). That order was later upheld by the Income Tax Appellate Tribunal (ITAT), Bengaluru, on Dec 13, 2024. At the centre of the dispute were two additions made by the assessing officer. The first, of more than Rs 1.4 crore, concerned assets received by the company from its overseas associated enterprises without cost. The second, a disallowance of nearly Rs 9.6 lakh, related to payments made to Singapore-based JL Services and Consultancy for employee workshops, allegedly without deduction of tax at source (TDS). You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru | Gold Rates Today in Bengaluru | Silver Rates Today in Bengaluru Sony India Software Centre had declared an income of Rs 40.1 crore under "profits and gains from business" and "income from other sources" in its AY 2017-18 return. The assessing officer increased this to Rs 44.8 crore by adding the value of the assets and disallowing the consultancy fee. The company argued that the assets were prototypes supplied solely for testing and were not income under Section 28(iv) of the Income Tax Act. It also maintained that the payments to the Singapore firm were for independent personal services and were exempt from TDS under the India–Singapore Double Taxation Avoidance Agreement (DTAA). The CIT(A) accepted both arguments. It ruled that the fixed asset addition was unwarranted as the assets were covered under an Advance Pricing Agreement and depreciation had been factored in. The I-T department contended that the workshops did involve technical services and that TDS should have been deducted under Section 195. A division bench of Chief Justice Vibhu Bakhru and Justice CM Joshi rejected this view, noting there was no dispute that the free assets were returned and that the workshops were general training sessions for staff, without transfer of technical know-how. Finding no grounds to interfere, the court upheld the earlier orders and dismissed the appeal. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
Time of India
an hour ago
- Time of India
Kishtwar cloudburst: 60 dead; PM Modi vows support; dozens still missing
The death toll from the cloudburst in Kishtwar rose to 60 on Friday, with scores still missing as rescue operations continued for the second consecutive day. Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency Officials said over 100 people were injured, including 38 with serious injuries. More than 160 people have been rescued from the debris, while dozens remain unaccounted for. So far, over 35 bodies have been identified, and the process of identifying the remaining continues. "It felt like the wrath of God. The debris was flowing like a mad dragon out to chew us all. We were extremely lucky to survive," said Sham Lal, a survivor from Jammu. The cloudburst triggered massive landslides and mudslides, burying houses, temples, a bridge, government buildings, and several vehicles. A community kitchen set up for pilgrims, where scores had gathered, along with a nearby security camp, was washed away. Prime Minister Narendra Modi spoke with Jammu and Kashmir Chief Minister Omar Abdullah and Lieutenant Governor Manoj Sinha on Friday, assuring them of full support. "Spoke to Jammu and Kashmir LG, Shri Manoj Sinha Ji and CM Shri Omar Abdullah Ji regarding the situation in the wake of the cloudburst and flooding in Kishtwar. Authorities are working on the ground to assist those affected," the Prime Minister wrote on X. The cloudburst struck around 12:30 PM on Thursday in the Chisoti area, about 90 km from Kishtwar town - the last motorable village en route to the Machail Mata temple. A large number of pilgrims were in the area for the annual yatra, which began on July 25 and was scheduled to conclude on September 5. The 8.5 km trek to the 9,500-feet-high shrine starts from Chisoti. Many people were also stranded in nearby Hamori village and could not be contacted, as power lines were down and mobile devices had run out of charge. CM Omar Abdullah visited Chisoti on Friday afternoon to take stock of the situation. His cabinet minister, Javed Dar, confirmed that 65 people had been killed so far. Locals claimed to have seen some bodies floating in the Chenab River, but officials have not confirmed those reports. The exact number of casualties, injuries, or missing persons is yet to be finalised as rescue operations continue. Officials warned that the toll may rise as several people are still missing. Rescue efforts by the National Disaster Response Force (NDRF), State Disaster Response Force (SDRF), police, army, paramilitary forces, and volunteer groups are ongoing. Chopper deployment has been hindered due to poor weather conditions. The Jammu-based White Knight Corps of the Indian Army stated that additional rescue and medical teams have been deployed and are working around the clock. "Teams on the ground are prioritising saving lives and providing assistance to those in need in close coordination with other agencies," the army said. Volunteer teams from humanitarian organisations, including Ababeel, with nine ambulances, and Hilal Volunteers, are also on the ground, helping in rescue efforts and transporting the injured to hospitals in Kishtwar, Udhampur, and Jammu. "Rescue operation is going on, but the debris is too heavy and difficult to remove. We have shifted several critically injured people to hospital," said Shagun Parihar, BJP legislator from Kishtwar, speaking to ET. BJP leaders, led by party president Sat Sharma, also visited the affected area.
Time of India
an hour ago
- Time of India
HRTech startup Darwinbox raises $40M from Canada's TVG
Hyderabad: HRTech startup Darwinbox raised US$40 million (approx. Rs 350 crore) from Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan (OTPP). Though the Hyderabad-based startup did not disclose the quantum of stake TVG has acquired, it said the Canadian fund picked up stake through primary and secondary transactions. The latest round comes less than six months after Partners Group and KKR led a $140 million funding round, which largely included a secondary fundraise where some of the early investors offloaded a portion of their stake and a small primary fundraise component. Darwinbox also has investors such as Microsoft, Salesforce, Peak XV, Lightspeed, and TCV. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad The startup said this funding will enable it to fuel its Agentic AI-led innovation and global expansion plans, especially in the North American market, where it claims 3X growth year-on-year since its entry in 2022. Darius Vakil, Director, TVG India, said their investment will help Darwinbox leverage their global network and expertise to drive future growth. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Starting ₹2.20 Cr* All Inclusive Park Crescent at Alembic City, Vadodara – Luxury Homes Alembic City West Learn More Undo Darwinbox co-founder Jayant Paleti said the investment will help it scale to the next stage. "HR tech, when done right, can unlock outsized value for every enterprise, yet the old guard of HCM vendors still falls short of that leap," he added. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
