The Ministry of Finance and Corporate Affairs has on 13 February 2021 introduced a Bill in the Lower House of the Indian Parliament (Lok Sabha) which seeks to abolish various Tribunals and Authorities, including the Intellectual Property Appellate Board (‘IPAB’).

The Union Budget 2021 has proposed some significant changes in the provisions relating to anti-circumvention measures under the anti-dumping and countervailing duties law.

Observing that Section 24(b) of the Income Tax Act uses the expression ‘property’ and not residential or commercial property, ITAT Bangalore has held that irrespective of the nature of the property, whether residential or commercial, deduction must be allowed under Section 24(b).