A brief explanation of the landmark rulings of the Supreme Court and High Courts on agricultural income Raja Benoy Kumar Sahas Roy: In this case, the Supreme Court held that agricultural income is exempt from income tax under the Indian Income Tax Act, 1922. The Court also clarified that any income earned by an assessee from agricultural land, whether directly or indirectly, falls within the definition of agricultural income. Namdhari Seeds: In this case, the Supreme Cour..
Rights in rem and rights in personam are two different legal concepts that refer to different types of rights in property law. Rights in Rem When you sign a contract, you are given certain rights that are attached to the specific thing or property mentioned in the contract. These rights are called "rights in rem" or "property rights". They allow you to protect your property from anyone who tries to steal or interfere with it, no matter where they are in the world. This ..
The Importance of Title Investigation Report When it comes to purchasing property, it's important to be diligent in verifying the legal status of the property before making a decision. One key tool in this process is a Title Investigation Report (TIR), which is designed to provide buyers with a clear understanding of the legal status of the property they're interested in purchasing. List of documents that legal experts review when creating a TIR report Sale Agreemen..
Patent registration is essential for any individual to protect their unique product or process from being copied by others. No other company or individual will be able to copy the product if the original creator holds a patent from the law of India. If you have designed a unique product and want to register a patent for it, this is the right blog for you. In this article, we have covered the process of registering a patent in India. What is patent registration? A patent is an ..
As you are aware that the amendment in Hindu Succession Act, 1956 in year 2005 is a revolutionary amendment, which has changed the whole criteria of holding of properties in Hindu Families. First time the constitution acknowledged the equal rights of daughter on equal footings with the son. The amendment act has also taken care of widows of Hindu Families. Through this amendment a daughter even after her marriage became Coparcener in the family of her father and gained right to claim at par as s..
ADR is a substitute for the more common judicial process. ADR includes methods like negotiation, conciliation, mediation and arbitration. It avoids the cost and time involved in the normal Court procedures. So. Alternative dispute resolution (ADR) refers to the different ways people can resolve disputes without a trial. It refers to any method of resolving disputes without litigation. ADR regroups all processes and techniques of conflict resolution that occur outside of any governmental autho..
We have witnessed various scams and frauds during regime of previous Congress Governments. The businessmen were in collaborations with political leaders have looted public money and many bank officials are also involved in those scams. Some businessmen had settled abroad after plundering public money from banks. They are still residing like king on various parts of World. Those big scams had been done with the help of our corrupt politicians and we are still waiting that Current Government will ..
PROCEDURE FOR FILING WRIT PETITION BEFORE HIGH COURT / SUPREME COURT The writ petition, for the violation of fundamental rights, can be filed either in the High Courts or in the Supreme Court. Under Article 32, a person can file a writ petition in the Supreme Court for the violation of his/her fundamental rights. Under Article 226, a person can move to the High Courts to file a writ petition when there is a violation of his/her fundamental rights. It should be noted that the..
Question Whether a Director has locus standi to file a defamation case against a publisher for and behalf of company. Answer Let's answer above question through a case of Mr. John Thomas Vs. Dr.K.Jagdeesan [Appeal No. 688 of 2001 SCC (Crl) 974]. BRIEF FACTS 1. A renowned hospital in the Metropolis of Madras (Chennai) has been caricatured in a newspaper as the abattoir of human kidneys for trafficking purposes. 2. When the Director of the Hospital complained of defamation, t..
The Ministry of Finance has notified Foreign Exchange Management (Overseas Investment) Rules, 2022 ("Rules") with a view to ease the restrictions on outbound investments in India. The Overseas Direct investment ("ODI") rules were earlier governed by Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations 2004 and Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations 2015. The Central Government ha..
As you are aware that "Accident", the term means an event that is without apparent cause, or is unexpected, an unfortunate event especially one causing physical harm or damage, bought about unintentionally a mishap, hadsa or durghatna. Any person – a child, a young man, a young woman, a blind person, a student, a teacher, a lawyer, an engineer, a baboo, an officer, a pedestrian, a cyclist, a scooterist, a motor car owner/driver/passenger – who puts his feet on the road, fac..
Central government is actively working on "New SEZ Policy" which is expected to be introduced by end of this year to make SEZ units more attractive and to boost the domestic and foreign trade. In the interim, considering the increasing trend for hybrid work model, the Ministry of Commerce and Industry has amended Special Economic Zone Rules 2006 and notified Special Economic Zone (Third Amendment) Rules 2022 on 14th July 2022. Key features of amended rules have been discussed bel..
As you are aware the importance of insurance in our life. Every person to some extent requires insurance to protect him and his family from financial loss in case injury, damage or destruction. Life insurance Policies /Term Insurance Policies are long-term policies and benefit-based policies. Generally, we choose life insurance policies for investment and security purposes and Term Insurance Policies to protect our family members from unfortunate events and keep them financially stable in case o..
In order to protect the interests of investors insecurities market and to promote the development of, and to regulate the securities market, Securities and Exchange Board of India (SEBI) vide Circular No. SEBI/HO/IMD-I/DOF1/P/CIR/2022/77 dated 02nd June,2022 has issued notification related to "Procedure for seeking prior approval for change in control of Portfolio Managers" in exercise of the powers conferred under Section 11(1) of theSecurities and Exchange Board of India Ac..
Arbitration and conciliation are two methods of dispute resolution. Arbitration is a process in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In contrast, conciliation is a process in which a third party assists the disputing parties in resolving their differences. What is Arbitration? According to Section 2 subsection (1) (a) of the Arbitration and Conciliation Act, arbitration means "any arbitration ..
As you are aware that "India" comes from the name of river "Indus River" which runs across India. It is originally taken from Sanskrit Word, "Sindhu" means river. The people of Persia called it "Hind." The Latin called it River Indus and generally all those people living east side of " Indus River" is called Indian. The world "India" means the world where "Hindus" are living and afterward it becomes "Hindustan." It m..
The Security Exchange Board of India through Notification No. SEBI/LAD/-NRO/GN/2022/80 dated 25th April, 2022 issued SEBI( LODR) ( Fourth Amendments) Regulations, 2022 for amending SEBI ( LODR) Regulations, 2015. Earlier Securities and Exchange Board of India vide notification dated 13th August 2021 has amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), and the said amendment is named as Securiti..
Banks are vital to the prosperity and well-being of any society or country. Banks enable a society to create the platform for the satisfaction of wants of its people by managing and maintaining the flow of money to carry out transactions. The role of banks may be likened to the heart in a human being, circulating and managing money through the economy, thereby playing a crucial role for its good health. Banks in India and their activities are regulated by the Banking Regulation Act, 1949. ..
The law relating to Related Party Transactions(RPTs) got murkier and tougher under SEBI Regulations - An analysis of the Amendments made in recent times SEBI has in the year 2021 put through, inter alia, several amendments to the SEBI(Listing Obligations and Disclosure Requirements)(LODR)Regulations 2015 with critical changes being made which pertain to the domain of RPTs. Some of the changes rung in have already become operational from the onset of the Calendar year 2022 whilst some will app..
Securities and Exchange Board of India (SEBI) vide notification no. SEBI/HO/IMD/IMD-I DOF5/P/CIR/2022/10dated 31st January, 2022, in exercise of powers conferred under Section 11(1) ofthe Securities and Exchange Board of India Act, 1992, read with the provisionsof Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, has issued a notification on “Change in co..
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