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Hindustan Times
23-05-2025
- Business
- Hindustan Times
HC acts against Thane Dy Collector for hurried compensation disbursal
MUMBAI: The Bombay High Court has directed disciplinary proceedings against the Thane Deputy Collector (Land Acquisition) for hurriedly disbursing around ₹12 crore in compensation in a case where six agriculturalists had allegedly falsely claimed to be owners of the land. The direction was given by a division bench comprising Justice MS Sonak and Justice Jitendra Jain, which was hearing a land dispute case. 'We note that instances are on the rise where SLAOs (special land acquisition officers) and competent authorities, ignoring legal provisions and decision of the Hon'ble Supreme Court and this Court, and even Government Resolutions (GR), rush to disburse the compensation amounts,' the court noted on May 6. The court was perusing a GR which stated that compensation in apportionment proceedings should not be disbursed for a minimum four weeks. The deputy collector had earlier been told to file an affidavit detailing the circumstances under which he had delivered his April 21 order, and his hurried disbursal of ₹12,74,00,000 by April 29. Apportionment refers to dividing compensation received for acquired land among several individuals or parties with different interests in the land. In his affidavit, the deputy collector stated that since there was no stay by an appellate authority or any court, he assumed he was at liberty to decide the apportionment dispute himself, without referring it to the appropriate authority or the court. The court, however, observed that there was a dispute regarding ownership of the acquired land, which the deputy collector was not competent to decide. The court was further told that the money received by the agriculturalists had been transferred to various relatives and invested in gold and real estate within days after the compensation was disbursed. The court has now directed the agriculturalists to deposit the investments and money within their control with the court. It also referred huge cash withdrawals made to the Income Tax authorities.
Indian Express
22-05-2025
- Climate
- Indian Express
BMC asks slum dwellers in landslide-prone areas to shift to safer locations
With the city bracing itself for the onset of monsoon and amid ongoing pre-monsoon spell, the Brihanmumbai Municipal Corporation on Thursday appealed to slum dwellers in the landslide-prone areas identified in Vikhroli and Ghatkopar west (N ward) to relocate to safer locations. Directing residents of the area to exercise caution, civic officials said people in the identified areas have also been issued notices to vacate their homes along the slopes and migrate to safer pockets. During the course of heavy showers and strong winds in monsoons, several reports of house collapses, landslides, flooding are reported in the slums built along the hill slopes of the city, each year. While no major catastrophic incident has been reported in the past few years, in 2021, 32 people lost their lives in a series of landslides in Chembur and Vikhroli in the suburbs. As per surveys conducted by the Geological Survey of India (GSI), the highest number of landslide–sensitive areas have been identified in the eastern suburbs' Ghatkopar, Vikhroli, Bhandup among others. This year, the civic body has identified landslide-prone homes in the N ward such as Vikhroli's Parksite, Varsha Nagar, Ramnagar, Sanjay Gandhi Nagar, Rahul Nagar, Ganesh Nagar, Khandoba Hill. Azad Nagar, Prem Nagar, Anand Nagar among others. Issuing precautionary notices to the residents of the area to relocate to safer places, the BMC said that the responsibility of the residents continually residing here without migrating lies with the inhabitants. 'The BMC will not be responsible for any accident or loss of life or property due to a natural disaster,' said the civic body. The slopes of these hills consist of informal settlements inhabited by Lower Income Groups (LIG) and members from marginalised communities, who continue to reside in their perilous zones owing to lack of alternate means of residence.
Time of India
21-05-2025
- Business
- Time of India
New Income tax bill: Get one-time set off of long-term capital loss against short-term capital gains from tax year 2026–27
A one-time tax relief proposed under the new Income Tax Bill, 2025 could significantly reduce capital gains tax liabilities for many individual taxpayers. The new Income Tax bill allows long-term capital losses (LTCL) incurred up to March 31, 2026, to be set off against any short-term capital gains (STCG) from tax year 2026–27 onwards. This marks a key departure from the current provisions under the Income Tax Act, 1961, which only allow LTCL to be set off against long-term capital gains (LTCG). The proposed change, found in Clause 536(n) of the new bill, enables broader capital gains tax planning and faster loss absorption. 'Under clause 536(n) of the new tax bill, 2025 any capital loss, whether long-term or short-term, computed under the old Income Tax Act, 1961 and brought forward as on 31 March 2026, may be set off and carried forward against 'income under the head Capital gains' under the new tax bill 2025. Notably, this provision does not draw a distinction between long-term and short-term capital gains for the purpose of set-off,' said Chartered Accountant Dr Suresh Surana, according to an ET report. What's changing? Currently, under Section 74 of the Income Tax Act, 1961, long-term capital losses can only be set off against LTCG. This restriction limited the flexibility for taxpayers to manage losses. 'Currently, the Income Tax Act, 1961 allows the set-off of brought forward LTCL only against LTCG, limiting taxpayers' flexibility to offset LTCL with STCG,' said Aseem Mowar, Tax Partner at EY India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ตลาดหุ้นกำลังส่งสัญญาณว่าอยู่ในช่วงขาลง? IC Markets สมัคร Undo However, as per the transitional provision in the new Income Tax Bill, this restriction is being eased — but only temporarily — for losses incurred up to March 31, 2026. 'The proposed new Income Tax Bill, 2025 continues this restriction for LTCL incurred after April 1, 2026, but the 'Repeal and Saving' clause in Section 536 (specifically 536(2)(n)) permits the set-off of LTCL incurred until March 31, 2026, against any capital gains under ITB 2025 for tax years starting on or after April 1, 2026, for up to eight financial years immediately succeeding the financial year in which such loss was first computed under the current Income Tax Act, 1961,' Mowar explained. Why it matters This one-time relief can significantly reduce tax outgo for individuals who have accumulated LTCL over the years and have struggled to match it with sufficient LTCG. 'The transitional provision under Section 536(n)... carries significant implications for taxpayers holding accumulated capital losses, particularly long-term capital losses (LTCL), as on 31 March 2026,' Surana said. 'By permitting the set-off of such brought forward losses, whether long-term or short-term, against any form of capital gains... the legislation offers a temporary but meaningful departure from the restrictive loss-set-off rules under the current Income-tax Act, 1961.' It also opens the door for tax planning strategies ahead of FY 2026–27. 'Taxpayers can sell investments likely to incur long-term losses before April 1, 2026, allowing them to offset these losses against future short-term capital gains,' Mowar added. 'This dispensation, albeit temporary, allows taxpayers to leverage their losses more effectively, reducing overall tax liabilities.' Why is this only a one-time relief? Since the relief falls under the 'Repeal and Saving' clause of the new bill, it is designed to offer transitional assistance as the old Income Tax Act, 1961 is replaced. 'It is important to note that 'Repeal and Saving' clauses are typically included when old legislation is replaced with new one, ensuring that certain rights or obligations under the old law are preserved,' said Mowar. 'The majority may argue that this appears to be a well-thought-out dispensation... others may view it as an oversight, as it contradicts established provisions. Thus, it remains to be seen how the provision is ultimately enacted.' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
11-05-2025
- Business
- Time of India
IRS officer has 2.5cr benami flat in Mumbai
1 2 Hyderabad: The CBI's FIR against IRS officer Jeevan Lal Lavidiya, Commissioner of Income Tax (Exemptions), Hyderabad, exposed a sprawling bribery network involving benami property deals, hawala transactions , and quid pro quo in tax appeal decisions. At the centre of the allegations is a flat worth 2.5 crore in Mumbai, reportedly received as a bribe and registered in the name of a benami, apart from large cash payments from multiple agency states that Lavidiya, who also held charge of Appeals Units 7 and 8 under the Principal Chief Commissioner of Income Tax, Hyderabad, colluded with several intermediaries to collect bribes from parties with pending tax included middlemen — Natta Veera Naga Sri Ram Gopal of Visakhapatnam, Sairam Palisetty of Srikakulam, and CA Rayapureddy Narendra of Hyderabad. Operation Sindoor 'Our job is to hit target, not to count body bags': Air Marshal Bharti on Op Sindoor Precautionary blackout imposed across parts of Rajasthan, Punjab 'Indian Navy was in position to strike Karachi': Vice Admiral on Operation Sindoor In one case, Lavidiya allegedly obtained a flat from NDW Development Corporation LLP — through its group company Aviation Hotels — while handling its appeal. The property was registered in the name of Dandela Venkateswarlu from Khammam, and the documents were kept by Lavidiya lens on hawala routesBribe amounts of 20 lakh and 15 lakh were allegedly received from Ventura Securities, Thane, and Nitin Anandrao Shitole of Mumbai respectively, routed via bank accounts linked to Landa Varahalau of Visakhapatnam and through hawala channels, the FIR notes. A 15 lakh payment was also allegedly taken from Ahmedabad-based Hemantkumar Rajendrakumar Shah to influence a pending most significant ongoing deal mentioned in the FIR involves 1.2 crore allegedly demanded from Shapoorji Pallonji Infrastructure Gujarat, with 15 lakh already collected through intermediaries Sajida Majhar Hussain Shah and Prakash Sambhaji Pawar of Chembur, Mumbai. The remaining 70 lakh, according to the FIR, was approved by the company's management and was expected to be delivered source noted that Lavidiya directed CA Rayapureddy Narendra to expedite the final order in favour of Shapoorji Pallonji once the submission and the pending bribe were case, registered under multiple sections of the Prevention of Corruption Act and Bharatiya Nyaya Sanhita, names 15 individuals and entities, including senior executives and firms from Mumbai, Thane, Ahmedabad, and Hyderabad. The investigation is led by inspector Shakti Kumar of the CBI's Anti-Corruption Branch. Get the latest lifestyle updates on Times of India, along with Mother's Day wishes , messages , and quotes !
Indian Express
11-05-2025
- Entertainment
- Indian Express
Javed Akhtar on why Indian actors don't speak up against govt: ‘There was no income tax raid on Meryl Streep…'
Javed Akhtar has been one of the few vocal members of the Indian film industry who are able to freely criticize the Central Government. Despite being one of the lone voices, he doesn't seem to hold it against other film industry members, including A-list actors, for not dissenting like he does. 'Meryl Streep gave a statement (against the US government), but there was no income tax raid on her. Whether this insecurity is really there or not, I don't want to get into the debate. But this is indeed the perception. If this perception, this terror is in one's heart, one would be scared of the ED (Enforcement Directorate), the CBI (Central Bureau of Investigation), an Income Tax raid, that one's files would be exposed and one would be investigated,' said Akhtar. In a chat on Kapil Sibal's YouTube channel, the veteran screenwriter, poet and lyricist claimed that the absence of dissent in the film industry stems not from within, but outside of the film industry. 'They may be working in the film industry, but they operate in this society, right? They're working like other regular people, just that there's more dhoom dhaam in this profession,' added Akhtar. Also Read | Javed Akhtar felt it was 'impossible' for Shatrughan Sinha to pay Rs 60 as rent, refused to live with him: 'You will get me evicted as well' Notably, back in 2017, Hollywood actor Meryl Streep turned a Golden Globe acceptance speech into a scathing attack on US President Donald Trump, saying she had been heartbroken by his imitation of a disabled reporter during his campaign. 'There was one performance this year that stunned me,' Streep said as she was honoured with the Cecil B. DeMille lifetime achievement award. 'It sank its hooks in my heart. Not because it was good. It was that moment when the person asking to sit in the most respected seat in our country imitated a disabled reporter,' she said. The three-time Oscar winner was referring to a 2015 incident at a South Carolina rally when Trump flailed his arms and slurred in his speech in an apparent mocking of New York Times reporter Serge Kovaleski, who has a physical disability. Trump later denied that he was imitating the reporter. 'It kind of broke my heart when I saw it and I still can't get it out of my head because it wasn't in a movie. It was real life,' Streep said. 'This instinct to humiliate when it's modelled by someone in the public platform by someone powerful it filters down into everybody's life. Disrespect invites disrespect. Violence incites violence,' she added. Also Read | Salim Khan had the 'final say' in our relationship, says Javed Akhtar as he reveals if Amitabh Bachchan was behind their split: 'Didn't work with him for 10 years' While Streep did not name Trump directly, she used almost the entire speech to criticize his behaviour and policies, while calling for Hollywood to stand strong against any attacks and to support a free press through organizations such as the Committee to Protect Journalists.
