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May 4, 2026
Show AI Summary
Section 80G donation deduction rules define eligible donees, deduction limits, cash restrictions, and verification requirements.
Section 80G allows deduction for donations to specified funds, charitable institutions, and approved bodies, subject to category-wise limits of 100% or 50% deduction, with or without a 10% adjusted gross total income cap. Eligibility depends on the donee being within the statutory list and, where required, meeting prescribed approval and compliance conditions. Cash donations above the prescribed amount are not deductible, the same donation cannot be claimed again under any other provision, and the donor must verify the donee's registration and reported information before claiming the benefit.
May 4, 2026
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Commercial wisdom in insolvency resolution plan selection shapes creditor choice over competing bids for Jaiprakash Associates.
Challenge to an insolvency resolution process for Jaiprakash Associates Ltd. centred on the Committee of Creditors' selection of Adani Enterprises' resolution plan over Vedanta's competing bid. The tribunal treated the CoC's decision as an exercise of commercial wisdom based on overall assessment of the resolution plans and found no material irregularity in the Resolution Professional's conduct of the process. The dispute arose in the CIRP context after approval of Adani Enterprises' resolution plan by the adjudicating authority.
May 4, 2026
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International trade education and policy research highlighted as IIFT marks its Foundation Day with new institutional initiatives.
The Indian Institute of Foreign Trade marked its 63rd Foundation Day with official appreciation of its role as an autonomous institution in advancing India's international trade, management education, policy research, and capacity building. The commemorations highlighted its expanding academic and institutional presence across New Delhi, Kolkata, Kakinada, and GIFT City, along with campus growth, alumni engagement, and new academic initiatives. The event also emphasized multilingual course offerings, a new website for improved accessibility and digital engagement, major conferences, research-led innovation, student recognition, and acknowledgment of retired employees and long-serving staff.
May 4, 2026
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Debt recovery tribunal reforms advance through e-filing, hybrid hearings, capacity building, and faster disposal measures.
Department of Financial Services convened a colloquium of DRAT Chairpersons and DRT Presiding Officers to strengthen the debt recovery framework through policy dialogue, reform, and performance enhancement. The discussion focused on reducing pendency, accelerating disposal of cases, capacity building, targeted training, and sharing of best practices across tribunals. Key measures included mandatory e-filing, hybrid hearings, e-DRT 2.0, stronger bank oversight, prioritisation of high-value cases, use of Lok Adalats and mediation, and the BAANKNET e-auction platform.
May 4, 2026
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GST taxpayer facilitation centre strengthens voluntary compliance, transparency, and cooperative tax administration in Itanagar.
GST administration in Itanagar was strengthened with the inauguration of a new GST Bhawan as a dedicated taxpayer facilitation centre for the Itanagar Commissionerate under CBIC. The facility is intended to improve service delivery, accessibility, taxpayer engagement, and ease of compliance, and to function as a centre for facilitation, dialogue, and mutual confidence between taxpayers and the administration. Officers were described as facilitators and partners in a cooperative compliance framework, with a focus on guiding taxpayers, supporting compliance, and simplifying administrative interactions.
May 3, 2026
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Money laundering probe linked to alleged liquor scam leads to fresh seizures of cash, gold and incriminating records.
Fresh searches in a money laundering probe linked to the alleged Chhattisgarh liquor scam led to seizure of cash, gold jewellery and bullion, along with incriminating documents and digital devices. The ED said the searched entities are suspected of receiving, handling, layering or concealing proceeds of crime, while the wider investigation concerns an alleged criminal syndicate that hijacked the excise department and caused a massive loss to the state exchequer.
May 3, 2026
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Aadhaar issuance guidelines face scrutiny over tighter age-based verification and concerns about identity misuse by infiltrators.
A public interest petition seeks directions to the Unique Identification Authority of India to restrict issuance of new Aadhaar cards to citizens up to six years of age and to frame stringent guidelines for issuance of Aadhaar to adolescents and adults. The plea raises concerns that looser issuance practices may enable infiltrators to obtain Aadhaar and masquerade as Indian citizens.
May 3, 2026
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Aadhaar issuance safeguards sought to ensure identity verification, curb misuse, and clarify that Aadhaar is not proof of citizenship.
A public interest petition seeks stricter Aadhaar issuance safeguards, including limiting new Aadhaar cards to children up to six years of age and framing rigorous guidelines for adolescents and adults. It also seeks display boards clarifying that Aadhaar is only a proof of identity and not proof of citizenship, address or date of birth. The petition alleges misuse of Aadhaar by infiltrators, weak verification procedures, and diversion of public resources through wrongful access to identity documents and welfare benefits.
May 3, 2026
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Airline wind-down and refunds follow repeated bankruptcy, as rising oil prices make continued operations unsustainable.
Spirit Airlines announced an immediate orderly wind-down of operations after 34 years, cancelling all flights and ending customer service, after repeated bankruptcy proceedings and continued financial distress. The company said rising operating costs, especially higher oil prices linked to the war with Iran, made continued operation unsustainable. Customers who bought directly from the airline were told to expect refunds through a reserve fund, while passengers who booked through third-party vendors would have to seek refunds from those sellers.
May 2, 2026
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Airline orderly wind-down ends flights and customer service, with refunds routed through direct bookings and third-party vendors.
Spirit Airlines announced an orderly wind-down of operations effective immediately, cancelling all flights and ending customer service. Customers who booked directly were told to look to a reserve fund for refunds, while those who used third-party vendors were directed to seek refunds from them. The airline also said it was repositioning crew to home bases as operations ceased after continued financial distress and failed bailout efforts.
May 2, 2026
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Goods and Services Tax collections in Punjab hit a record high, driven by stronger enforcement and improved compliance.
Punjab reported its highest-ever monthly Goods and Services Tax collection in April 2026, with gross and net collections at record levels and the State claiming the highest year-on-year GST revenue growth among the States. The comparison with the previous year was said to be affected by an abnormal IGST adjustment from April 2025, and adjusted growth figures were presented as evidence of continued organic improvement in tax administration and compliance. The performance was attributed to intensified enforcement activity and broader administrative measures under the State's GST regime.
May 2, 2026
Show AI Summary
Foreign investment liberalisation expands automatic-route access for companies with limited Chinese shareholding and opens insurance sector to full FDI.
Foreign companies with Chinese or Hong Kong shareholding of up to 10 per cent are eligible to invest in India under the automatic route in sectors where FDI is permitted, subject to sectoral conditions. The land-border restriction now applies to beneficial owners, with excluded coverage for entities registered in China, Hong Kong, or other land-border countries, and certain investments remain subject to Reserve Bank reporting requirements. The rules also allow 100 per cent FDI in the insurance sector under the automatic route, subject to a 20 per cent cap for Life Insurance Corporation.
May 2, 2026
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Anticipatory bail and custodial interrogation shape a Nashik harassment probe involving alleged coercion and multiple accused.
A Nashik court rejected the anticipatory bail application of a TCS employee accused in a case involving alleged sexual harassment and forcible religious conversion, after the prosecution said custodial interrogation was necessary. The case is part of a wider SIT investigation into multiple FIRs concerning alleged sexual harassment at the company's Nashik unit, while police custody of four other accused was extended for further investigation.
May 2, 2026
Show AI Summary
Strategic buffers are needed to manage the West Asia energy shock, rising import dependence and inflationary pressure.
India should build strategic buffers to manage the impact of the West Asia energy shock, which is described as unusually severe because it affects both oil and gas and creates wider vulnerabilities in import-dependent inputs such as nickel, tin and copper. The shock is presented as primarily a price shock for India, with implications for energy costs, trade, logistics and remittances, while policymakers are urged to remain flexible and to strengthen resilience for manufacturing and supply security.
May 2, 2026
Show AI Summary
Government equity stakes in private companies drive Trump's activist industrial policy and profit-focused intervention strategy.
Government equity stakes in private companies are being used by the Trump administration as an industrial and economic security tool, with the president treating such investments as potentially profit-making public transactions rather than traditional bailouts. The article describes the administration's willingness to take ownership interests in businesses such as Intel and its consideration of a stake in Spirit Airlines, subject to the deal being financially advantageous to the government. It also notes related interventions, including a golden share structure, limits on foreign buyers' conduct, and arrangements tied to chip sales and critical minerals.
May 2, 2026
Show AI Summary
Anticipatory bail and custodial interrogation in alleged harassment and forced conversion case at a TCS unit.
Anticipatory bail was sought by an accused in a case involving alleged sexual harassment and forcible religious conversion at the Nashik unit of TCS. The prosecution opposed pre-arrest protection on the ground that the offence was serious and that custodial interrogation was necessary because the applicant was described as one of the prime accused. The FIR alleged that she advised women employees to dress and behave in accordance with Islamic traditions.
May 2, 2026
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Preferential trade pact and wider cooperation shape India-Ecuador ties across healthcare, trade, technology and medical regulation.
India and Ecuador explored a preferential trade pact alongside wider cooperation in healthcare, agriculture, digital technology, trade and investment. The talks also covered expansion of Indian pharmaceutical exports, critical mineral supply chain partnerships, Ecuador's decision to join the International Solar Alliance and the International Big Cat Alliance, and a grant assistance MoU for Quick Impact Projects in Ecuador. Health discussions focused on affordable healthcare solutions, medical systems, regulatory cooperation in medical products and recognition of the Indian Pharmacopoeia.
May 2, 2026
Show AI Summary
Foreign currency financing in GIFT City expands Natixis CIB's India presence and client servicing capabilities.
Natixis Corporate & Investment Banking opened a branch in GIFT City to strengthen its presence in India and the Asia Pacific region and expand client servicing. The branch will offer foreign currency-denominated structured products and financing, including energy and commodities, infrastructure, aviation and export financing, and will cater to corporate and institutional clients. The expansion is described as aligned with operational requirements and the applicable regulatory framework governing activity in GIFT City, including External Commercial Borrowings.
May 2, 2026
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Airline insolvency and shutdown prompt immediate wind-down, flight cancellations, refunds, and major job and market impact.
Spirit Airlines announced an immediate orderly wind-down of operations, cancelling all flights and ending customer service. The shutdown followed the failure to secure a government bailout amid severe financial distress, including repeated bankruptcy proceedings, heavy debt, rising operating costs and higher jet fuel prices. The company said customers could expect refunds, while about 17,000 jobs and competition in the budget airline market could be affected.
May 2, 2026
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Bankruptcy and bailout pressure left Spirit Airlines facing shutdown risk amid mounting debt and repeated insolvency filings.
Spirit Airlines faced an acute shutdown risk after the expected government bailout did not materialise, leaving its future uncertain amid a reported final proposal for a taxpayer-funded takeover. The airline's financial distress arose against the backdrop of repeated bankruptcy proceedings, rising operating costs, mounting debt and higher jet fuel prices, with prior Chapter 11 protection and later bankruptcy filings reflecting continuing balance-sheet strain.

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Centre asks elite Delhi Gymkhana Club to hand over premises by June 5, cites security reason

May 23, 2026

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New Delhi, May 23 (PTI) The Delhi Gymkhana Club, where the city's powerful and elite rubbed shoulders for nearly a century, stared at possible closure on Saturday with the Centre asking it to return its expansive 27.3 acres by June 5 on grounds of "securing defence infrastructure".

The sprawling premises, situated at 2, Safdarjung Road, in the heart of leafy Lutyens' Delhi, were leased to the Imperial Delhi Gymkhana Club Ltd (now known as Delhi Gymkhana Club Ltd) for maintaining a social and sporting club.

It stands adjacent to the prime minister's residence on Lok Kalyan Marg on one of the city's most valuable and strategically important land parcels, within the high-security administrative zone that also houses several key central government and defence establishments.

An order, issued by the Land and Development Office (L&DO) under the Union Housing and Urban Affairs Ministry on Friday, stated that the premises are critically required for the strengthening and securing of defence infrastructure and other vital public security purposes.

The government's move drew criticism from various quarters.

"Till now, it was the poor who were being affected, so the rich were not too bothered. Then came the turn of shopkeepers, so salaried professionals did not feel affected. Now it is the turn of senior officers and professionals who visit clubs. Everyone's turn will come eventually," AAP leader Saurabh Bharadwaj said.

Madras Gymkhana Club president Capt S Seshadri said that it was a sad thing to happen to an institution of such stature.

"I am not going to say it's fair or not fair. It's beyond my capacity to say that. But I feel sad," he said.

Many members of the Delhi Gymkhana Club said that the order came as a "shock" to them, and they would challenge it in court.

A member, on condition of anonymity, said that a government-appointed committee has been running the club for the last few years, and the current management is not expected to challenge the eviction order in the court of law.

"How can we expect the current club management to challenge the order since it is currently being run by the government-appointed committee? Members will have to file an application on their own to challenge the government's order," he said.

In its letter to the club's secretary, the L&DO said the leased land is essential to fulfil urgent institutional needs, governance infrastructure and public-interest projects, integrated with the resumption of adjoining government lands.

"In exercise of the powers conferred under Clause 4 of the Lease Deed, the President of India, through the Land & Development Office, hereby determines the lease and orders re-entry of the aforesaid premises with immediate effect," it stated.

"Upon such re-entry, the entire plot of land measuring 27.3 acres, along with all buildings, standing erections, structures, lawns, and fittings thereon, shall vest absolutely in the lessor, i.e., the President of India, through the Land & Development Office." According to the order, the premises will be taken over by the Land & Development Office on June 5.

"You are directed to hand over peaceful possession of the premises to the representatives of this office on the aforesaid date. In the event of non-compliance, possession shall be taken in accordance with law," it stated.

A senior official in the Union Housing and Urban Affairs Ministry said that most of the land allotted on lease to various institutions in Lutyens' Delhi is owned by the Government of India, which may invoke its "power" to take back its land, citing security and other reasons that are in the interest of the nation.

The latest move comes against the backdrop of the recent removal of slums from the nearby Race Course Road.

In March this year, the Delhi High Court stayed the eviction notices issued to the Delhi Race Club at Kamal Ataturk Marg and the Jaipur Polo Ground in the Race Course area.

The court said that the Union Housing and Urban Affairs Ministry cannot take "forcible possession" of these iconic premises.

The tussle between central authorities and the Delhi Gymkhana Club is not new.

In 2022, the National Company Law Tribunal (NCLT) permitted the Centre to take over the management of the prestigious Delhi Gymkhana Club, citing financial irregularities and violations of company law.

The tribunal authorised the Ministry of Corporate Affairs to replace the club's existing general committee with a government-appointed panel.

Another member of the club said that the Indira Gandhi Memorial, also located on Safdarjung Road, is visited by thousands of people every day, questioning how members of the club could be considered a "security hazard".

Founded during the British era, the club began functioning from Civil Lines area in 1913 under the name Imperial Delhi Gymkhana Club. It was renamed the Delhi Gymkhana Club after India gained Independence, while the existing structures were constructed in the 1930s.

The present structure at Safdarjung Road was built in the early 1930s, with architect Robert T Russell being entrusted with its design, according to the club's website.

Russell, also associated with Connaught Place and the Commanders-in-Chief's residence (later Teen Murti House), shaped the club as a prominent complex set amid large green lawns, according to historical accounts.

Meanwhile, uncertainty loomed over the fate of nearly 600 employees of the club following the government's eviction order.

Inside the sprawling premises, the atmosphere on Saturday evening was marked by unease, with employees saying they had received no formal briefing from management on the future course of action.

A staff member said workers came to know of the development only recently and were left unsettled by the abruptness of the order.

"There has been no formal meeting with employees so far. Most of us are still waiting for clarity on what happens to our jobs after June 5," the employee said.

Among those affected are long-serving workers who have spent decades maintaining the club's facilities.

A gardener working at the tennis lawns, who has been associated with the club for 17 years, said he was carrying out his usual afternoon routine of trimming grass and tending to the courts when he first heard about the development.

"This is a very large institution with a long history and a prominent membership base. An immediate shutdown without transition is not practically feasible," a club official said. PTI SHB MSJ VBH AHD BUN RT

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