CBDT and CBIC Raise Threshold Limit for Filing of Appeal
The Central Board of Direct Taxes (“CBDT”) and Central Board of Indirect Taxes & Customs (“CBIC”), in order to reduce the litigation on income-tax matters, has increased the pecuniary limit for filing of appeal before the judicial authorities. The new limit for filing of the appeal before Income Tax Appellate Tribunal, various High Courts and the Supreme Court shall be INR 20,00,000/- (Rupees Twenty Lakh only), INR 50,00,000/- (Rupees Fifty Lakh only) and INR 1,00,00,000/- (Rupees One Crore only) respectively.
Justice Srikrishna Committee to Table Data Protection Bill
The Justice Srikrishna Committee, headed by former Supreme Court Justice B N Srikrishna is set to finally submit the draft of the Data Protection Bill based on the white paper published by them and the modifications made to the white paper pursuant to the inputs received from stakeholders. The Committee was set up by the Government of India on July 31, 2017. The Bill has, with respect to the issues pertaining to data privacy, specifically addressed the right to be forgotten, data localisation, formation of data protection authority and user consent among other things. The Bill, upon publishing, will then be submitted to the Parliament to be passed and enacted as valid law.
Delhi HC on Frustration of Contract
The Delhi High Court in its judgement in Bharat Heavy Electricals Limited v G+H Schallschutz delivered on July 09, 2018, held that if parties agree to fulfil their contractual obligation(s) despite intervening circumstances including force majeure events which deem the contractual obligations impossible to perform, then in that case the underlying contract will not stand frustrated and shall be held enforceable. Further, Section 56 of the Indian Contract Act 1872 which deems impossible contracts void, shall not be applicable in these cases.