In the matter of Laxmilal Badolla vs. NFAC (ITAT Bangalore), the issue is concerned with the levying of penalty u/s 271D of the Income Tax Act, 1961, concerning cash receipts in the course of the AY 2016-17. A Detailed summary of the judgment delivered by the ITAT Bangalore has been stated below- Backdrop: Laxmilal Badolla, an individual, had sold two properties at the time of the pertinent year and received a total of Rs. 8,39,000 in cash from the buyers. Against him, penalty proceedings under section 271D have been initiated…
Category: Income Tax for the West Bengal Govt employees
1st case of robot suicide: Overworked South Korean droid throws itself down stairs | Technology News
A robot working for the Gumi City Council in South Korea was recently found unresponsive at the bottom of a two-meter staircase. Locals are labelling it country’s first robot “suicide”. According to The Daily Mail, the incident occurred on June 20 around 4 pm. Witnesses who saw the robot a few minutes before it “took its own life,” said that the robot, dubbed ‘Robot Supervisor’ was behaving strangely and “circling in one spot as if something was there.” Made by Bear Robotics, a California-based company, city council officials quickly collected…
What is sovereignty and how philosophers define it | UPSC Current Affairs News
(The Indian Express have launched a new series of articles for UPSC aspirants written by seasoned writers and erudite scholars on issues and concepts spanning History, Polity, International Relations, Art, Culture and Heritage, Environment, Geography, Science and Technology, and so on. Read and reflect with subject experts and boost your chance of cracking the much-coveted UPSC CSE. In the following article, political scientist Amir Ali elucidates the concept of sovereignty.) In many contemporary political crises and issues, the concepts of sovereignty and territorial integrity played out clearly. For instance, the…
Over 4% newborn deaths linked to climate change in lower, middle income countries: Study | World News
Over four per cent of newborn deaths are related to high and low temperatures, driven by climate change, according to research looking at 29 low- and middle-income countries (LMICs), mainly in sub-Saharan Africa and Asia. Of the four per cent, on average, 1.5 per cent of annual newborn deaths across these countries were linked to extreme heat, while nearly three per cent were linked to extreme cold, said researchers who studied the data between 2001 and 2019. Further, 32 per cent of all heat-related deaths in newborn babies over the…
After Team India’s T20 World Cup victory parade, BMC collects 11,500 kg waste from Mumbai’s Marine Drive | Mumbai News
From shoes and clothes to plastic bottles — a day after a barrage of Mumbaikars gathered to cheer for the T20 World Cup winning Indian Cricket Team’s parade, the Brihanmumbai Municipal Corporation (BMC) collected a whooping 11,500 kg (11.5 metric tonne) of waste along the Marine Drive stretch. A senior BMC official said, “Due to the large number of people who had arrived in the area, the cleanliness activities were hampered at several intervals. Even then, the drive was completed by 8 am, by which time, we cleared and loaded…
Assam Floods: Man risks life to rescue calf from drowning, video goes viral | Trending News
The flood crisis in Assam has reached critical levels, resulting in 52 fatalities, and impacting approximately 21.13 lakh individuals across 29 districts in the state. Amidst the havoc caused by the floods in Assam, numerous alarming videos have surfaced on social media. One particularly viral video shows a local man risking his life to rescue a calf, struggling in neck-deep water. The video was shared by @voiceofaxom on X, with a caption saying, “The flood situation in Assam has worsened | A resident from Duliajan, Assam, risks his life to…
Classification Errors Don’t Disqualify Deductions in ITR
In the case of National Contracting Company (India) Private Limited vs. Deputy Commissioner of Income Tax (DCIT), the Chennai Income Tax Appellate Tribunal (ITAT) delivered a ruling. On June 24, 2024, the decision, pronounced, addresses the problem of whether a wrong classification in an Income Tax Return (ITR) can result in the refusal of a legitimate deduction. Case Overview: National Contracting Company (India) Private Limited, the appellant, filed its income return for the AY 2020-21 on December 18, 2020, declaring a total income of Rs 38,10,910. The Centralized Processing Center…
Mumbai sees drop in dengue cases from 353 to 93; malaria from 649 to 443 | Mumbai News
Mumbai city has witnessed a drop in dengue and malaria cases in June by 70 and 30 per cent respectively, compared to that of same month in last year. According to the data furnished by the Brihanmumbai Municipal Corporation (BMC), while 353 cases of dengue were reported in June 2023, the number of cases dipped to 93, this June. The cases of malaria have also declined with the BMC reports reflecting that 443 recorded patients were afflicted with the disease between June 1 and June 30, this year, as against…
OpenAI’s internal AI details stolen in 2023 breach: Report | Technology News
A hacker gained access to the internal messaging systems at OpenAI last year and stole details about the design of the company’s artificial intelligence technologies, the New York Times reported on Thursday. The hacker lifted details from discussions in an online forum where employees talked about OpenAI’s latest technologies, the report said, citing two people familiar with the incident. However, they did not get into the systems where OpenAI, the firm behind chatbot sensation ChatGPT, houses and builds its AI, the report added. Microsoft Corp-backed OpenAI did not immediately respond…
ITC on GST paid on Repair of Vehicles by Insurance Companies
As you are aware, an insurance company insures various types of motor vehicles and indemnifies financial losses in case of any event that may be specified. There are various types of products related to motor vehicles offered by various insurance companies on the market. These insurance companies generally pay repair charges for vehicles to garages in two ways: cashless and by reimbursement of payments made by the insured to the garage. Cashless payments are generally held to net-work garages by the insurance companies directly, since invoices are generally…