• NATIONAL

Loss claimed by company due to foreign exchange fluctuation allowable as expenditure: SC

The Supreme Court in the case of ONGC Vs. Commissioner held that the loss claimed by a company on account of fluctuation in the rate of foreign exchange as on the date of the balance sheet is allowable as expenditure under Section 37 of the Income Tax Act. The court also ruled that ONGC was entitled to adjust the actual cost of imported capital assets, acquired in foreign currency, on account of fluctuation in the rate of exchange at each of the relevant balance sheet dates pending actual payment of the varied liability.

Legal action if State Maharashtra government failed to implement Cabinet decision to impose entertainment tax on the Indian Premier League (IPL) matches

The Bharatiya Janata Party (BJP) has stated that it is contemplating taking legal action if the Maharashtra government failed to implement a Cabinet decision to impose entertainment tax on the Indian Premier League (IPL) matches.

Uttar Pradesh told to reopen cases of units using high speed diesel 08-MAR-10

The Apex Court has directed the Uttar Pradesh trade tax authorities to reopen the cases of more than 130 industrial units in the state which had been issued show cause notices asking them to explain why concessional rates for high speed diesel (HSD) given to them should not be withdrawn. The Allahabad High Court had earlier quashed the show cause notices to some units which have been getting concessional rates from oil companies.

Centre Government plans 850 rural courts

The Central government is planning to set up 850 rural courts across the country over the next two years. The said rural courts will be set up to facilitate the villagers get justice at their doorsteps. Apart from this, the government also plans to initiate measures to implement mobile courts to ensure quick disposal of the pending cases.

Disclaimer in Tide Naturals ad

The Madras High Court has directed Procter & Gamble (P&G) to issue a prominent disclaimer in Tide Naturals ads that the product does not contain lemon and chandan; however, it is unlikely to end the battle between two of the country's biggest fast moving consumer goods firms as Hindustan Unilever is determined to convince the court that P&G should drop the word 'Naturals' from the name and merely displaying a disclaimer is not enough.

• INTERNATIONAL

Iraq election officials reject calls for recount of ballots

Iraqi election officials rejected calls for a recount of the ballots from the March 7 parliamentary election despite demands for a recount on account of close election results. The High Election Commission has stated that a total recount of the ballots would not be feasible and is not necessary due to checks against fraud.

Philippines lawyers protest against Supreme Court ruling allowing President to appoint Chief Justice

Philippine lawyers and activists protested in front of the Supreme Court in Manila following against the Apex Court's ruling which held that the constitution does not prevent President Gloria Macapagal-Arroyo from replacing retiring Chief Justice Reynato Puno prior to the May presidential elections. The right to protest is guaranteed in Article 3, Section 4 of the Philippine Constitution.

FDA announces final rule restricting tobacco sales and promotion to youth

The US Food and Drug Administration (FDA) announced a final rule restricting tobacco sales and promotions directed at youth. The Regulations Restricting the Sale and Distribution of Cigarettes and Smokeless Tobacco to Protect Children and Adolescents are a set of broad regulations "designed to significantly curb access to and the appeal of cigarettes and smokeless tobacco products to children and adolescents in the United States."