Latest news with #DBL
Time of India
4 days ago
- Business
- Time of India
Dalmia Bharat gets SC relief in ₹500 crore KKR investment tax dispute
The Supreme Court has put a hold on income tax reassessment proceedings against Dalmia Bharat and its subsidiaries. This involves a Rs 500 crore investment by KKR Mauritius Cement Investments in Dalmia Cement back in 2010-2011. The court is seeking a response from the income tax department regarding the reassessment. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Supreme Court on Friday stayed the income tax department 's decision to initiate reassessment proceedings against Dalmia Bharat and its two subsidiaries - Dalmia Cement (Bharat) and Dalmia Power - for assessment year issue relates to an investment of Rs 500 crore made by KKR Mauritius Cement Investments KKR ) in Dalmia Cement (Bharat) in financial year 2010-2011 (Assessment Year 2011-2012). KKR was allotted 37.92 million equity shares, accounting for 14.99% of the stake in the company. The shares were bought back by Dalmia Bharat (DBL) in 2016 for Rs 1218 crore.A Bench led by Chief Justice BR Gavai sought response from the income tax department on three separate appeals by Dalmia group firms challenging the Madras High Court's order upholding the income tax department's reassessment and its two subsidiaries argued that the transaction of the alleged purchase of shares by DBL from KKR is not even applicable in the relevant AY - 2011-2012 as there wasn't even a buyback. It was a simple sale transaction from KKR to DBL, senior counsel D Seshadri Naidu, appearing for the companies, submitted that even the jurisdictional requirement of Section 147 of the Income Tax Act, as to 'where income chargeable to tax has escaped assessment' is not satisfied in the Reasons for Reopening (Explanation 2 to section 147 of the IT Act).The Reasons for Reopening do not even justify reopening of the assessment after a period beyond four years, the appeals filed through counsel Mahesh Agarwal from the fact that all investments were through banking channels and RBI approvals, the investment itself was disclosed in the audited accounts with the Ministry of Corporate Affairs (compliances under Companies Act, 1956) and Reserve Bank of India for compliances under Foreign Exchange Management Act, 1999, the companies said.'Details of KKR's investments in petitioner, therefore, have been disclosed to various regulatory authorities, including the tax authorities in the relevant AY 2011-2012,' the appeals stated, adding that the Reasons for Reassessment are 'wholly vague and ambiguous.'Dalmia told the SC that no income is alleged to have escaped assessment on account of the investment KKR. On the contrary, the department had alleged that the shareholding of KKR in DCBL has been bought back by DBL from KKR at a value more than Rs 1200 crore and the whole transaction needs to be investigated properly to find out if any black money has been used and whether transaction had escaped any income tax Assessing Officer (AO) had proposed to reopen the tax assessments of the three companies as this amounted to round-tripping, the counsel the tax reassessment proposal, the companies had moved a single-judge bench of the HC, which had ruled against reopening on the grounds that Dalmia Cement (Bharat) had disclosed the investment made by KKR in their tax returns. However, the division bench ruled to the contrary relying on the AO's materials that prima facie indicated that KKR was a shell company and there was also round tripping.
The Independent
03-04-2025
- Entertainment
- The Independent
Rock band Muse postpone Istanbul show over promoter comments about anti-government protests
Rock band Muse have postponed a concert in Istanbul after the event's promoter branded the actions of some anti-government protestors in the city as 'treason'. The British group, fronted by singer Matt Bellamy, said on Wednesday (2 April) that they had pushed the gig – originally scheduled to take place on 11 June – back to 2026 in order to find a new promoter. 'After careful consideration and hearing the feedback from our fans whilst fully respecting their concerns, our show in Istanbul will now be postponed until 2026 so we can ensure DBL Entertainment will not be involved,' their statement said. Turkish fans had urged the band to scrap the gig after DBL's head, Abdulkadir Ozkan, criticised the actions of people taking part in nationwide protests against the arrest of Istanbul mayor Ekrem Imamoglu. "Plain and simple, this is hostility towards the capital. Act of treason," Abdulkadir Ozkan wrote on X/Twitter. He later posted another message, explaining his comments were not aimed at the 'constitutional right to protests'. Imamoglu was elected mayor of Turkey's largest city in March 2019, in a major blow to president Recep Rayyup Erdogan and the president's governing Justice and Development Party (AKP), which had controlled Istanbul for a quarter of a century. Erdogan's party pushed to void the municipal election results in the city of 16 million, alleging irregularities. The challenge resulted in a repeat of the election a few months later, which Imamoglu also won. He was jailed on suspicion of running a criminal organisation, accepting bribes, extortion, illegally recording personal data, and bid-rigging. A request for him to be imprisoned on terror-related charges was denied. The mayor has labelled all the claims 'unimaginable accusations and slanders', according to Sky News. Enjoy unlimited access to 100 million ad-free songs and podcasts with Amazon Music Sign up now for a 30-day free trial Reuters reports that Ozkan later said his comment had been misinterpreted and taken out of context, adding that DBL was withdrawing from all projects. He expressed regret for any 'misunderstanding'. Turkish journalists told The Independent last week that the crackdown on protests has been the worst they have ever seen, as tens of thousands faced tear gas, batons and rubber bullets as they marched through Istanbul. More than 1,400 people were taken into custody over seven days of demonstrations against Erdogan. 'He wanted to be another Putin, but the country is not ready to be another Russia,' journalist Can Dundar told The Independent. 'So now the people are resisting, and Erdogan is pushing.' Muse, who formed in Devon 1994, are known for songs that incorporate themes of government oppression and civil uprising, particularly in their 2009 album The Resistance and in 2022's Will of the People.
Reuters
02-04-2025
- Entertainment
- Reuters
Rock band Muse postpones Turkey show after promoter criticises protests
ISTANBUL, April 2 (Reuters) - British rock bank Muse said on Wednesday it postponed a planned show in Istanbul later this year so that it would no longer involve a Turkish concert promoter whose head criticised recent anti-government protests. "After careful consideration and hearing the feedback from our fans whilst fully respecting their concerns, our show in Istanbul will be now postponed until 2026 so we can ensure DBL Entertainment will not be involved," the band said on X. Turkish fans had urged the move after DBL's head, Abdulkadir Ozkan, criticised the actions of people involved in mass nationwide protests against the arrest two weeks ago of Istanbul Mayor Ekrem Imamoglu, a move slammed as politicised. He later said his comment was misinterpreted and taken out of context, adding that DBL was withdrawing from all projects.
