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flat from renowned builders, it's generally expected that they will adhere to the agreed payment schedule. However, a non-resident Indian (NRI) residing in London encountered an unfortunate situation with Godrej Properties. The builder requested 60% payment for the flat almost six months before the initially proposed deadline in December 2017. Unable to meet the new deadline, the NRI's flat booking was cancelled in March 2018 by the builder, who allegedly forfeited the NRI's Rs 97 lakh advance payment. Despite the NRI's plea to not cancel the booking, the builder asked for Rs 3.17 lakh as reinstatement fees and Rs 9 lakh as interest in April 2018. The NRI did not agree to the above terms and asked the builder to refund Rs 97 lakh he had already paid when the agreement for sale was registered in 2016. However, the builder refused to pay any money and cited legal terms and conditions. It was later proved in MahaRERA courts that after cancelling the NRI's flat booking, the builder resold these flats to another person for 'substantially' more money. «The Promoter forfeited the amount of Rs 56,66,800/- as per Clause 13(6) of the agreements for sale and did not refund the balance amount,» alleged the NRI in MahaRERA.

Lawyers for Steward Health Care CEO Ralph de la Torre say he won't comply with a subpoena to appear before a U.S. Senate committee investigating the hospital company's bankruptcy

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

A group of Atlantic City casino workers seeking to ban smoking in the gambling halls will launch an advertising campaign featuring their children

The chief executive officer of Kroger has insisted that merging with rival Albertsons would allow the two supermarket companies to lower prices and more effectively compete with retail giants like Walmart and Amazon

Delhi High Court on Wednesday said there was no infirmity in jail authorities' decision to deny visitation right to AAP's Rajya Sabha MP Sandeep Pathak for meeting Chief Minister Arvind Kejriwal in prison. Regarding Pathak's plea that he may be allowed to meet Kejriwal in the future, Justice Neena Bansal Krishna said he is at liberty to move an application seeking visitation, which shall be considered by the jail superintendent in accordance with law. The court, which had reserved its order on August 22 after hearing the submissions of the counsel for Pathak and Tihar Jail authorities, disposed of the petition. The jail authorities had allowed Pathak to meet Kejriwal twice in April but refused to give him permission this time, claiming that certain statements made by him after meeting the chief minister were in contravention of prison rules and mostly, politically motivated.

Beauty and fashion product retailer Nykaa has sued its former chief business officer Gopal Asthana, who now heads Tata Digital’s fashion business Tata Cliq, accusing him of breaching confidentiality, misappropriation of proprietary data and seeking to harm its business. It alleged that Asthana approached several Nykaa staffers who reported to him previously to join Tata Cliq and that some of them have made the switch over the past year. In its petition in the Bombay High Court, Nykaa said it had paid Asthana a substantial remuneration, including long-term incentives and in stock options. It sought a refund of around Rs 19 crore of employee stock option benefits availed of by him along with another Rs 5 crore citing loss of goodwill and other business metrics. The company also pleaded the court to restrain him from using any Nykaa business data for his work at Tata Cliq. The high court passed an interim order on Wednesday, directing Asthana to not engage in hiring executives for Tata Cliq from Nykaa.

An appeals court has upheld an earlier finding that the online Internet Archive violated copyright law by scanning and sharing digital books without the publishers’ permission

After a nationwide suspension of billionaire Elon Musk’s X platform in Brazil, social media users — including former independent presidential candidate Robert F

hearing as September 6 on the petition demanding ASI survey of the remaining parts of the Gyanvapi complex, a lawyer said on Wednesday. The representatives of the Muslim side were present in the court and are expected to put forth their views on the matter during the next hearing. The Civil Judge Senior Division Fast Track Court Jugal Shambhu fixed the fresh date after hearing the Hindu side, said advocate Madan Mohan Yadav, representing the Hindu side in the case. Yadav said the Hindu side has argued that the original place of Jyotirlinga is in the middle under the dome of the alleged mosque located in the Gyanvapi complex.

Mint. Mauritius Finance is the government-backed body that represents the country’s financial services sector. Last month, the Delhi High Court overturned an order of the Authority of Advance Rulings denying Tiger Global Management the benefits of the pre-2017 India-Mauritius Double Tax Avoidance Agreement (DTAA) on the capital gains made from selling its investments in Flipkart in 2018.

Bombay High Court on Wednesday refused to direct CBFC to issue a certificate as the Madhya Pradesh High Court has already ordered the Censor Board to decide the representations made by the Jabalpur Sikh Sangat, which have objected to the film and its Trailer. Further, the Bombay High Court ordered CBFC to decide the representations made by the Jabalpur Sikh Sangat or anyone else, latest by September 18. The next hearing has been scheduled for September 19. A division bench of Justices Burgess Colabawalla and Firdosh Pooniwalla heard the plea. It went through the order of the Madhya Pradesh High Court after hearing the arguments of senior advocate Venkatesh Dhond appearing for Zee Studios and advocate Abhinav Chandrachud representing the Central Board of Film Certification (CBFC).

home buyers in Jaypee Infratech. Suraksha Group, which acquired the project through insolvency resolution, offers to settle the dues or request a refund. A Times of India news report stated that 538 homebuyers who have paid 80% or more of the cost but failed to make a required claim under the Insolvency & Bankruptcy Code can now pay their dues. As per the revised plan approved by the Supreme Court, these homebuyers have a 30-day window to settle their dues. An additional 163 home buyers who have paid less than 80% of the flat's value are eligible for a refund under the approved resolution plan. Moreover, 430 other entities have booked apartments in projects deemed unviable. In their case, the refund will be determined according to the formula applied to other project participants, reported the Times of India.

Musk's satellite broadband firm, Starlink, on Tuesday said that it is complying with Brazil's top court order to block access to social media platform X in the country, a day after informing the country's regulator it would not obey the order. Starlink had emerged as a fresh battleground between Musk and Brazil, as top court judge Alexandre de Moraes ordered the freeze of the company's accounts for possible use to pay fines owed by X, which is also owned by Musk. «Regardless of the illegal treatment of Starlink in freezing of our assets, we are complying with the order to block access to X in Brazil,» Starlink, which has more than 200,000 customers in the Latin American nation, said in a post on X.

Elon Musk’s satellite-based internet service provider Starlink has backtracked and announced it will comply with a Brazilian Supreme Court justice’s order to block the billionaire’s social media platform, X

National Company Law Tribunal (NCLT) on Tuesday issued a notice to the suspended management of grounded budget carrier Go First, seeking its response to the Committee of Creditors' (CoC) decision to liquidate the airline. The counsel for the resolution professional (RP) informed the tribunal that the CoC had passed a resolution to liquidate Go First after finding that the resolution plans received under the insolvency resolution process were non-compliant with the law. Further, the counsel said since the CoC has already infused more than ₹200 crore in the insolvency resolution process, and with no cash being generated by the airline, the CoC has approved a resolution allowing third-party funding of the arbitration proceedings that Go First has filed against US engine maker Pratt & Whitney (P&W) at the Singapore Court of Arbitration.

Enforcement Directorate (ED) has attached a nearly ₹10 lakh fixed deposit of an accused in the alleged leak of medical entrance exam question paper, people in the know said. The agency had launched a probe under the Prevention of Money Laundering Act based on an FIR registered by CBI. It had issued summons to some of the accused. After conducting a preliminary investigation and identifying the alleged proceeds of crime, it attached the fixed deposit of one of the accused, the people said. The probe is continuing, and the agency is likely to attach the assets of more co-accused in the near future, they said. Last month, the Supreme Court, refusing to order a retest of the NEET-undergraduate examination, told the National Testing Agency that it «cannot afford to misstep, take an incorrect decision and amend it at a later stage». Instead, it should maintain the «highest standards of security and reliability» in conducting important competitive examinations, the top court told the testing agency that conducts the NEET and several other competitive exams.

Supreme Court has directed the registrar general of the Madras High Court to furnish a report following a claim by the Central Bureau of Investigation that a Madras High Court judge passed a single line order in its case but made the detailed order available after he demitted office. A division bench of justices Abhay Oka and Augustine George Masih was informed that the operative portion of the judgment was delivered before the judge retired. But the detailed judgment was made available on the high court website only after Justice T Mathivanan demitted office in May 2017. The judgment pertained to quashing a corruption case filed by CBI against an IRS officer.

MHA) has moved the Supreme Court seeking better accommodation and facilities for the Central Industrial Security Force (CISF) personnel stationed at the RG Kar Hospital and Medical College and hostels of resident doctors. In an applicationbefore the Supreme Court, the MHA argued that due to the long distance between the accommodation place and the RG Kar Hospital, the security personnel have been facing difficulties in ensuring efficient administration and prompt mobility during contingencies. The MHA has sought for the initiation of contempt proceedings against West Bengal officials in violation of the orders of August 20 and 22 in the event of failure to cooperate with the needs of the CISF troops.

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

When should income be taxed? Put another way, especially in the context of business income, how is profit for tax purposes computed?