Noted <keyword id="22909763" type="General" weightage="100" keywordseo="Actor-Siddique" source="keywords">actor Siddique</keyword> on Sunday resigned as the general secretary of the Association of Malayalam Movie Artists (<keyword id="22909765" type="General" weightage="20" keywordseo="A-M-M-A-" source="keywords">A.M.M.A.</keyword>) following sexual assault allegations raised by a woman actor on August 24. Speaking to media, the senior actor said he had sent his resignation letter to the President of the organisation, <keyword id="19895662" type="General" weightage="20" keywordseo="Mohanlal" source="keywords" meta.keywordsubtype="org" meta.entityname="Mohanlal" meta.hostid="83" meta.entityid="Mohanlal">Mohanlal</keyword>. "Yes. I have tendered my official resignation to the president of the organisation, Mohanlal. Since there were allegations against me, I have decided not to continue in the post and resigned," Siddique said. A female actor had on Saturday alleged that Siddique had sexually abused her after inviting her for a movie discussion. The allegations came in the wake of the churn in the Malayalam <keyword id="19923659" type="General" weightage="20" keywordseo="film-industry" source="keywords">film industry</keyword> following the release of <keyword id="22319385" type="General" weightage="20" keywordseo="Justice-Hema-Committee-report" source="keywords">Justice Hema Committee report</keyword>, which pointed towards numerous incidents of sexual abuse in the field. The report has revealed instances of harassment and exploitation of women in the Malayalam cinema industry, prompting calls for action against the guilty. Meanwhile, various members of A.M.M.A. welcomed the decision of the senior actor to step down from the top post of the outfit in the wake of the allegations. Meanwhile, Jayan Cherthala, the vice president of the A.M.M.A., said it was not appropriate for Siddique to continue in the position even after such serious allegations cropped up against him. Well-known actor Anoop Chandran said he sent an email to A.M.M.A. president Mohanlal in the morning detailing the necessity of seeking Siddique's resignation from the position. "The continuation of a person, facing serious allegations, in the post is actually an insult to the entire organisation. So I said in the email that if Siddique was not ready to step down on his own, the executive committee should be prepared to oust him," Chandran told media. Actress Mala <keyword id="20150227" type="General" weightage="20" keywordseo="parvathy" source="keywords">Parvathy</keyword> said Siddique's decision to resign was "morally and ethically correct". "The actor's resignation is inevitable...it is an appropriate decision. If that victim woman showed the courage to come in front of the society and detailed the trauma she underwent publically, we should understand the intensity of pain and humiliation she had suffered," Parvathy said.

Actor Siddique resigns from Malayalam cinema artists' body over sexual assault allegation

<img class="gwt-Image" src="/photo/38878069.cms" /> <keyword id="143" type="CITY" weightage="100" keywordseo="Bollywood">Bollywood</keyword> gets a mixed bag this week, but none too palatable and the majority flopped at the <keyword id="25892" type="ORGANIZATION" weightage="100" keywordseo="box-office">box office</keyword>. A total of four movies were released on July 18 – <keyword id="1458485" type="UNKNOWN" weightage="100" keywordseo="Hate-Story-2">Hate Story 2</keyword>, <keyword id="1812799" type="UNKNOWN" weightage="100" keywordseo="Amit-Sahni-Ki-List">Amit Sahni Ki List</keyword>, <keyword id="2364604" type="UNKNOWN" weightage="100" keywordseo="Pizza-3D">Pizza 3D</keyword> and finally, <keyword id="20397" type="PERSON" weightage="100" keywordseo="Rajesh-Khanna">Rajesh Khanna</keyword> tribute film <keyword id="1152105" type="PERSON" weightage="100" keywordseo="Riyasat">Riyasat</keyword>, released on his 2nd death anniversary. But those who expected to find a superb <keyword id="2437016" type="UNKNOWN" weightage="100" keywordseo="Thriller-erotica">thriller-erotica</keyword> in <keyword id="2296101" type="PERSON" weightage="100" keywordseo="Vishal-Pandya">Vishal Pandya</keyword>’s <keyword id="753788" type="UNKNOWN" weightage="100" keywordseo="Hate-Story">Hate Story</keyword> 2 could be disappointed – neither the sizzle, nor the thrill matched the earlier Hate Story (a 2012 film directed by <keyword id="30014" type="PERSON" weightage="80" keywordseo="Vivek-Agnihotri">Vivek Agnihotri</keyword> and starring <keyword id="455333" type="UNKNOWN" weightage="80" keywordseo="Paoli-Dam">Paoli Dam</keyword>, Gulshan Devaiah and <keyword id="8255" type="PERSON" weightage="80" keywordseo="Nikhil-Dwivedi">Nikhil Dwivedi</keyword>). In spite of some spirited acting by <keyword id="22533" type="UNKNOWN" weightage="100" keywordseo="Surveen-Chawla">Surveen Chawla</keyword> and <keyword id="21678" type="PERSON" weightage="100" keywordseo="sushant-singh">Sushant Singh</keyword>, the current movie turned out to be a mediocre <keyword id="1321184" type="UNKNOWN" weightage="100" keywordseo="revenge-drama">revenge drama</keyword> with lots of skin show, but still managed to do amazingly well at the <keyword id="827271" type="UNKNOWN" weightage="100" keywordseo="Domestic-Box-Office">domestic box office</keyword>. Produced by <keyword id="24468" type="PERSON" weightage="100" keywordseo="Bhushan-Kumar">Bhushan Kumar</keyword> and <keyword id="15260" type="PERSON" weightage="100" keywordseo="vikram-bhatt">Vikram Bhatt</keyword>, Hate Story 2 netted Rs 5.46 crore on the opening Friday (trade figure stood at Rs 4.61 crore) and went on to collect Rs 15.85 crore nett in the first three days (trade figure was Rs 14.30 crore). But there was the usual Monday drop and the movie collected around Rs 2.68 crore on the fourth day (trade figure was Rs 2.11 crore), thus netting a total of Rs 18.53 crore after Day 4. 
 
Hate Story 2 hit 600 screens across the country but thanks to the fantastic business it is doing, the distributors now want it to be released in 1,200 screens pan-India, as per media reports. The opening weekend collections of Hate Story 2 were bigger than some A-list movies, including <keyword id="6377522" type="POSITION" weightage="60" keywordseo="queen">Queen</keyword>, Highway and Dedh Ishqiya, and the 15th highest in 2014. It had a budget of Rs 14 crore (cost and P&amp;A), which means the flick is making profits. Interestingly, the official trailer of Hate Story 2 crossed over 4 million views on <keyword id="10879" type="CITY" weightage="60" keywordseo="YouTube">YouTube</keyword> within four days of its launch, but if you ask us, it’s a total put-off in many ways in spite of earning more than the other three releases. 
 
In stark contrast, Vir Das-Vega Tamotia-Anindita Nayar-starrer <keyword id="2336494" type="PERSON" weightage="100" keywordseo="Amit-Sahni">Amit Sahni</keyword> Ki List turns out to be a refreshing <keyword id="1636016" type="UNKNOWN" weightage="100" keywordseo="rom-com">rom-com</keyword> with loads of laughter and some pertinent points about relationships. But <keyword id="664154" type="PERSON" weightage="100" keywordseo="Ajay-Bhuyan">Ajay Bhuyan</keyword>’s directorial endeavour failed to win hearts, netting a little over Rs 3.1 crore at home after the first Monday. Pizza 3D, a remake of the 2012 Tamil <keyword id="828468" type="UNKNOWN" weightage="80" keywordseo="Supernatural">supernatural</keyword> thriller, came loaded with terror bytes but earned around Rs 2.87 crore nett in the first three days. Incidentally, the Tamil version of this movie was a sleeper hit. 
 
<img class="gwt-Image" src="/photo/38878118.cms" /> 
 
However, the worst is Ashok Tyagi-directed Riyasat, yet another version of Mario Puzo’s Godfather and <keyword id="1076" type="ENTERTAINMENT" weightage="100" keywordseo="superstar">superstar</keyword> Rajesh Khanna’s (<keyword id="4753" type="PERSON" weightage="100" keywordseo="Saheb">Saheb</keyword>) last outing. First day collections stood at a paltry Rs 36 lakh and the rest of the numbers are yet to come in. But industry insiders expect it to be a box office bomb and Khanna’s listless presence is not likely to help it. Although Aryan Vaid (Shakti), the elder son and heir, and <keyword id="15984" type="UNKNOWN" weightage="100" keywordseo="Aryeman-Ramsay">Aryeman Ramsay</keyword> (his younger son <keyword id="3037" type="PERSON" weightage="80" keywordseo="Vijay">Vijay</keyword>) performed well, India’s first-ever superstar was completely off-colour and looked totally under the weather – hardly a fitting tribute to an <keyword id="271" type="POSITION" weightage="80" keywordseo="actor">actor</keyword> of his stature. 
 
Critically speaking, Amit Sahni Ki List still tops the list in spite of the box office debacle and the shoddy treatment of an intriguing script. Here we meet Amit Sahni (<keyword id="671" type="PERSON" weightage="100" keywordseo="Vir-das">Vir Das</keyword>), an <keyword id="140092" type="POSITION" weightage="80" keywordseo="investment-banker">investment banker</keyword> trying to find the perfect relationship and not get hurt in the process. His serio-comic vulnerability reminds one of the young gang from Dil Chahta Hai and the carefully made check list of partner’s qualities once again makes us realise life does not follow a perfect script in spite of all our efforts. But the movie loses pace in-between, loses coherence and a drab ending ultimately mars the freshness. 
 Directed by debutant <keyword id="2174779" type="UNKNOWN" weightage="100" keywordseo="Akshay-Akkineni">Akshay Akkineni</keyword>, Pizza 3D captures the paranormal experiences of Kunal (<keyword id="480238" type="PERSON" weightage="100" keywordseo="Akshay-Oberoi">Akshay Oberoi</keyword>), a <keyword id="1079002" type="UNKNOWN" weightage="100" keywordseo="pizza-delivery-boy">pizza delivery boy</keyword> married to the <keyword id="2437008" type="UNKNOWN" weightage="80" keywordseo="horror-thriller-writer">horror thriller writer</keyword> <keyword id="741" type="PERSON" weightage="100" keywordseo="Nikita">Nikita</keyword> (<keyword id="12341" type="PERSON" weightage="100" keywordseo="Parvathy-Omanakuttan">Parvathy Omanakuttan</keyword>). What follows is a terror fest, with loads of twists and turns, leading to a climax that is spooky enough to please horror fans. However, the 3D effects did not add much to the terror elements. 
 
Overall, an average week for Bollywood, but you are bound to experience some dhamaka when Salman Khan-Jacqueline Fernandez-starrer <keyword id="6362088" type="ENTERTAINMENT" weightage="100" keywordseo="kick">Kick</keyword> is released on July 25. 
 
Images: Indiatimes

Box Office: Hate
Story 2 Steals The Show, But Don’t Miss Amit Sahni Ki List

Thiruvananthapuram, Incessant <keyword id="6385438" type="General" weightage="20" keywordseo="Heavy-rains" source="Orion">heavy rains</keyword>, accompanied by thunder and lightning, continued to batter many districts of Kerala on Thursday, prompting authorities to urge people to exercise extra vigil in high ranges and low-lying areas there. As hilly areas witnessed landslides and mudslides in Idukki and Pathanamthitta districts, intense waterlogging affected the normal life of people in several places, cutting across villages and towns. Continuous rains flooded several low-lying areas of Thiruvananthapuram, disrupting normal life and creating <keyword id="44874" type="General" weightage="20" keywordseo="traffic-snarls" source="Orion">traffic snarls</keyword>. The water level in the canals of Parvathi Puthanar and Amayizhanchan Thodu, criss-crossing through the heart of the capital city, rose, causing concern among local residents and authorities. Quoting weather reports, Chief Minister Pinarayi Vijayan said the rain is likely to continue under the influence of the low pressure in the Bay of Bengal. Many areas of the state received intense rains on Wednesday night and continuous downpours are expected today and tomorrow afternoons, he said while addressing a press conference on the sidelines of the Nava Kerala Sadas in Wayanad, an outreach programme of the state government. The water level in major rivers in Pathanamthitta, where a red alert was sounded by the India Meteorological Department, was rising due to continuous rains, authorities said. A red alert indicates heavy to extremely heavy rains of over 20 cm in 24 hours. In the wake of heavy rains in the district, Devaswom Minister K Radhakrishnan directed the district collector and the district police chief to monitor the security arrangements for Sabarimala pilgrims. <keyword id="765174" type="General" weightage="20" keywordseo="Heavy-waterlogging" source="Orion">Heavy waterlogging</keyword> was reported on the Pathanamthitta-Thiruvalla and Punalur-Muvattupuzha roads. Widespread destruction of agriculture and damage to properties were reported in the Thiruvalla and Konni areas and traffic was disrupted on Kumali-Munnar road as uprooted trees blocked vehicles. The hilly areas of Nedumangadu and Neyyattinkara in Thiruvananthapuram also witnessed heavy rains. The shutters of Kallarkutty and Pambla dams in Idukki districts were raised in the morning due to increased water levels following heavy rains in their catchment areas. In the wake of the raising of the shutters in the dams, the Idukki district collector urged people living on the shores of the Periyar and Muthirapuzhayar rivers to exercise extra vigil. The collector also directed officials concerned to take necessary precautionary measures to ensure the safety of local residents in case of any emergency. Detailing various measures taken by the government, Vijayan said one relief camp each was opened in Thiruvananthapuram and Pathanamthitta districts and 38 people have been shifted to safer places in Kollam. Waterlogging and crop destruction were reported in Thrissur and Pathanamthitta districts respectively, he said. As many as 15 places have received more than 100 mm of rain in the last eight hours, the chief minister detailed. The Sabarimala pilgrimage is progressing smoothly and directions have been issued to pay special vigil in the areas connected to the annual event. No major dams have been opened in the state and only small reservoirs in Idukki and Thiruvananthapuram have been opened so far, he said. Vijayan said though the water level in Mullaperiyar Dam rose to 135 ft, there is no dangerous situation as of now. In addition to district emergency centres, taluk emergency centres were also directed to be made operational in the state, he said. An online meeting, chaired by state Revenue Minister K Rajan , took stock of the situation prevailing in the state in the morning, the chief minister added.

Heavy rains continue to batter Kerala - Heavy waterlogging in many districts

Amaravati, June 22 (IANS) In a boost to the green energy sector in Andhra Pradesh, Chief Minister Y.S. Jagan Mohan Reddy has cleared pump storage projects proposed by <keyword id="3179546" type="General" weightage="100" keywordseo="Adani-green-energy" source="Orion">Adani Green Energy</keyword> with a total capacity of 3,700 MW. The project was cleared in the State Investment Promotion Board (SIPB) review meeting on Wednesday. Chief Minister Jagan Mohan Reddy has cleared the proposal of investment of Rs 15,740 crore which is a part of the proposed total investment of Rs 60,000 crore by <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> Group in the state of Andhra Pradesh that was discussed during the World Economic Forum meet at Davos recently. The project will generate 10,000 jobs across four districts of Andhra Pradesh. Adani Group has proposed pump storage projects in four districts of the state - two plants to be set up in Parvathi Puram, one in YSR Kadapa, and one in Satya Sai district. In Parvathi Puram, a 1200 MW capacity plant will be set up in Kurukutti, and a 1000 MW plant in Karrivalasa. Meanwhile, a 1000 MW plant will be set up in Gandikota while 500 MW plant in Chitravathi. In each of these districts, Adani Group has proposed that they will be generating 3,000 jobs in Kurukutti, 3000 in Karrivalasa, 1500 in Chitravathi and 2500 in Gandikota. The project is stipulated to commence in December 2022 and is likely to commission in December 2028. While the plants will be set up spanning across 1,490 acres of land, the state government has decided that the land will be leased from farmers at the cost of Rs 30,000 per acre in these districts, which will be transferred to the farmers directly. Meanwhile, the state will be generating a revenue of Rs 2,775 crore from the project in terms of the power stored and an additional Rs 980 crore from the SGST. "This will give a big boost to the state in terms of investment and a positive message as the employment rate continues to rise in the state," Andhra Pradesh CM YS Jagan Mohan Reddy said in the meeting. In other decisions taken in the SIPB meeting, the government has decided to apply for the PM MITRA scheme, which proposes to set up an integrated textile park in YSR Jagananna Mega Industrial Hub at Kopparthy in YSR District. The government, as per the conditions laid down under the scheme, has proposed that they would be fixing the power cost at Rs 4.5 per unit and Rs 60 per TMC of water for the 10-year period of the project. The SIPB has also cleared the setting up of a shrimp processing unit at the food park in Krishna district by Avisa Foods Private Limited. The project would generate 2,500 jobs in 12 months and the company has requested for 11.64 acres of land from the state government of Andhra Pradesh. The SIPB has decided to lease the 11.64 acres at the cost of Rs 1,027 per sqm. The government has also laid out condition that the effluent treatment plant (ETP) would be set up by the company.

Adani green energy projects worth Rs 15,740 cr cleared by AP Govt.

Thiruvananthapuram, After a gap of nearly nine months, <keyword id="37181" type="ORGANIZATION" weightage="20" keywordseo="colleges">colleges</keyword> and <keyword id="48403" type="ORGANIZATION" weightage="20" keywordseo="universities">universities</keyword> in Kerala reopened for students on Monday with strict Covid safety norms. However, the <keyword id="6405739" type="UNKNOWN" weightage="20" keywordseo="Classes">classes</keyword> will be conducted between 8.30 a.m. and 5 p.m. on all days, except Sundays. Around 1,350 higher educational institutions including arts and science colleges, engineering colleges, law colleges as well as all the state universities and the lone central university in the state located in Kasaragod have commenced their classes. Only 50 per cent of students will be allowed in each class based on the strength, in compliance with strict Covid-19 norms. Parvathi Babu, a third year BA political science student of a college in Thiruvananthapuram told: "It's an excitement to be among the classmates and teachers in physical form after such a long gap. We were in virtual world for the past nine months." However, some teachers have expressed their discontent over the education department's decision to extend the timings of the classes. Thomas Sebastian, a teacher with a government arts college in the state capital, said, "Workload is very high and with classes between 8.30 a.m. and 5 p.m., teachers are overburdened. Besides, conducting classes on Saturdays is also not a good idea." <keyword id="6423024" type="COMPANY" weightage="20" keywordseo="higher-education-department">Higher Education Department</keyword> Principal Secretary Usha Titus said that the new arrangement has been made to compensate for the gap and to ensure that the academic session continues normally. Titus said: "The working pattern will adhere to the <keyword id="56459" type="COMPANY" weightage="20" keywordseo="University-Grants-Commission">University Grants Commission</keyword>'s (UGC) guidelines which mandate 40 working hours a week, of which 16 hours had to be dedicated to the classes of assistant professors and 14 hours for associate professors and professors". Transport Minister A.K. Saseendran told media that he has already directed the <keyword id="96646" type="COMPANY" weightage="20" keywordseo="Kerala-State-Road-Transport-Corporation">Kerala State Road Transport Corporation</keyword> (KSRTC) to immediately take action regarding the roll-out of travel concession to students. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/big-money-chasing-bitcoin-takes-the-cryptocurrency-to-a-new-record-high-of-34000/articleshow/80090730.cms">Big money chasing Bitcoin takes the cryptocurrency to a new record high of $34,000</a> <a href="https://www.businessinsider.in/india/news/pongal-plus-election-dole-cash-rice-sugar-cashews-and-clothes-for-210-million-people-in-tamil-nadu/articleshow/80091546.cms">Pongal plus election dole: Cash, rice, sugar, cashews and clothes for 210 million people in Tamil Nadu</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-stock-surge-the-early-trading-hours-today-after-the-company-reported-a-21-increase-in-total-vehicle-sales/articleshow/80092876.cms">Tata Motors’ rallies over 3% as it outshines Mahindra and Maruti in December sales</a>

Kerala: Colleges, universities reopen after nine months with strict Covid guidelines

New Delhi, Mar 16 () Capital markets regulator Sebi on Monday imposed penalties totalling Rs 75 crore on 22 promoter group and related entities of Marg Ltd for lapses relating to a mandatory open offer triggered by certain creeping acquisition of shares. In two separate orders, Sebi imposed a penalty of Rs 25 lakh on Akshya Infrastructure Private Limited and of Rs 74.75 crore on 22 entities including Akshya Infrastructure, an entity forming part of Marg Ltd's promoter group. A voluntary open offer was made by Akshya Infrastructure through a public announcement in October 2011 to acquire 20 per cent of the equity shares of Marg Ltd, and a draft offer was filed with Sebi through its merchant bankers. However, Sebi noted that certain acquisitions were made by the promoter group of the target company during the financial years 2006-07, 2007-08 and 2010-11, and these acquisitions resulted in breach of 5 per cent creeping acquisition limit in a financial year under Sebi's substantial acquisition of shares and takeover regulations. The promoter group was required to make public announcement on the respective dates during 2006-07, 2007-08 and 2010-11 financial years, as per these regulations. Sebi, however, found that 22 promoters, as also the acquirer Akshya Infra, failed to make open offer public announcements on the respective dates during the three financial years. The promoter entities are G R K Reddy, GRV Reddy Sons HUF, Global Infoserv, Marg Capital Markets, Marg Holdings &amp; Financial Services, (currently known as Marg Projects and Infrastructure Ltd), Raghunatha Reddy SV, Nagaraja Reddy SV, Chandra Reddy E, Subhash Reddy Y, Revanth S, Hymavathi S, Laxmi E, Manjula Y, Mallikarjuna Rao G, Parvathi Devi G, Surendranathan Reddy N, Madhavi N, Srinivajulu G, V P Rajini Reddy, Madhusudan Reddy Gorepatti, and Exemplarr Worldwide Ltd. One promoter G Raghava Reddy has since died. Following issuance of show-cause notices, some of these noticees filed for a settlement, but those pleas were rejected later. After fresh deliberations, Sebi has now imposed a fine of Rs 74.75 crore on the 22 entities and reserved its right to take appropriate action for non-compliance of an earlier order passed in November 2019. Separately, Sebi has also imposed a penalty of Rs 25 lakh on Akshya Infrastructure. BJ RVK

Sebi imposes Rs 75-cr fine on 22 promoter entities of Marg Ltd for open offer lapses

With an intent to revive the economy from the looming market slowdown by attracting investments and to simplify the taxation structure, the Government of India had reduced the corporate tax rates for companies by inserting <keyword id="9138674" type="UNKNOWN" weightage="20" keywordseo="section-115BAA">Section 115BAA</keyword> and 115BAB in the Income Tax Act, 1961 (the ‘Act’) vide The Taxation Laws (Amendment) Act, 2019. The table below provides a glimpse of the reduced corporate tax rates: <div type="image" title="Tables1" msid="75444471" hostid="261"></div> <div type="Article" hostid="261" msid="75320656" title="Coronavirus crisis will affect India’s solar industry to the tune of ₹16,000 crore" mstype="2" mssubtype="0"></div> While the reduced rate of tax under Section 115BAA is available to all domestic companies, the benefit under Section 115BAB is available only to those domestic companies that are set up and registered on or after October 01, 2019 and are not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to or distribution of, such article or thing manufactured or produced by it. Thus, a company’s eligibility under Section 115BAB of the Act hinges interalia on the determination whether the business of a company amounts to manufacture or not. Section 115BAB does not provide a specific definition of the term ‘manufacture’ or ‘production’ but provides a list of activities that would not be considered as ‘manufacture of goods or production of article’, viz software development, printing of books, etc. Therefore, in the absence of a specific definition for the purpose of Section 115BAB, the meaning of the term ‘manufacture’ would be in terms of Section 2(29BA) of the Act wherein it is defined to mean a change in a non-living physical object or article or thing: <ol><li>resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or</li><li>bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure.</li></ol>In this background, an interesting question that arose was whether the activity of generation and distribution of power would be covered within the phrase ‘business of manufacture or production of any article or thing’ for the purpose of Section 115BAB. The courts have in countless occasions considered electricity to be in the nature of goods and generation of power to be in the nature of manufacture. The Delhi High Court in the case of Principal Commissioner of Income Tax, New Delhi Vs. NTPC Sail Power Co. (P.) Ltd held that electricity is capable of abstraction, transmission, transfer, delivery, possession, consumption, and use like any other movable property and hence, is in the nature of goods, by placing reliance on the decision of the Honourable Supreme Court in the case of State of AP &amp; Others Vs National Thermal Power Corporation Ltd &amp; Others. Accordingly, the benefit of additional depreciation under Section 32(1)(iia) was allowed even though the provision (prior to 2013) only allowed such deduction to an assessee engaged in manufacture and production of article or thing. Accordingly, the legislature chose to treat ‘generation of power’ as an activity distinct from ‘manufacture or processing of goods’ or ‘manufacture or production of article or thing’ in the following provisions of the Act: <div type="image" title="Tables2" msid="75444478" hostid="261"></div> When compared with the above provisions, a doubt could have arisen as to whether generation of power would qualify for the benefit of concessional tax rate under Section 115BAB. Availment of lower tax rate under Section 115BAB is subject to adherence to or compliance with all the provisions or conditions as provided therein. In other words, failure to satisfy any of the conditions as prescribed under Section 115BAB would result in invalidation of the option exercised under Section 115BAB, not only for the relevant assessment year but for every assessment year thereafter. In other words, the assessee would be then assessed under the normal provisions of the Act. Thus, a power generation company would have faced the risk of long drawn litigation if it had availed benefit under the existing Section 115BAB. With a view to provide clarity and certaintyand to eliminate any such risk, various representations were madeby thestakeholders requesting extension of the benefit of concessional rate under Section 115BAB of the Act to the business of generation of electricity as well by express provision. Acceding to such requests, an explanation is proposed to be inserted to Section 115BAB vide the Finance Bill, 2020 which provides that the ‘business of manufacture or production of any article or thing’ shall include the business of generation of electricity.It is noteworthy thatunlike the above listed provisions under the Act, generation or distribution of electricity has not been added as a separate category foran assessee to be eligible for reduced rate of tax under Section 115BAB. It has been clarified by way of an explanation that for the purposes of this section alone,business of generation of electricity would be included within the ambit of business of manufacture or production. The scope of the term “manufacture” and “production” has been a subject matter of litigation for decades now, not only under Income Tax law but also under Central Excise. There are many activities in respect of which conflicting rulings have been rendered by the higher judiciary. Explanation to Section 115BAB(2)(b)provides a list of few such activities that are excluded from the scope of business of manufacture or production of any article or thing, such as bottling of gas into cylinder, conversion of marble blocks into slabs. While the tax practitioners may continue to debate the need for the proposed amendment in the backdrop of existing judicial precedents, businesses intending to make huge capital investments in the power sector will definitely welcomethe express inclusion of generation of electricity in the realm of Section 115BAB. This is a good example of how to bring in certainty in tax laws and increase the ease of doing business in India. S Vasudevan, Partner &amp; Parvathy R Kartha, Senior Associate, Lakshmikumaran &amp; Sridharan Attorneys SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/article/experts-list-out-five-ways-indian-jugaad-can-maximise-resources-in-the-fight-against-coronavirus-pandemic/articleshow/75041366.cms" data-type="tilCustomLink" target="_blank">Public policy strategists list out five ways Indian ‘jugaad’ can maximise resources in the fight against coronavirus pandemic⁠</a> <a href="https://www.businessinsider.in/policy/economy/news/this-is-how-global-economies-are-expected-to-grow-in-the-first-year-after-coronavirus-pandemic/articleshow/75441608.cms" data-type="tilCustomLink" target="_blank">This is how global economies are expected to grow in the first year after Coronavirus pandemic</a> <a href="https://www.businessinsider.in/business/news/average-spot-power-price-remains-low-at-rs-2-36-a-unit-during-lockdown/articleshow/75426562.cms" data-type="tilCustomLink" target="_blank">Average spot power price remains low at Rs 2.36 a unit during lockdown</a>

You Searched For "parvathy" and got 7 results

Actor Siddique resigns from Malayalam cinema artists' body over sexual assault allegation

PTI

Box Office: Hate Story 2 Steals The Show, But Don’t Miss Amit Sahni Ki List

Sanghamitra Mandal

Heavy rains continue to batter Kerala - Heavy waterlogging in many districts

PTI

Adani green energy projects worth Rs 15,740 cr cleared by AP Govt.

IANS

Kerala: Colleges, universities reopen after nine months with strict Covid guidelines

IANS

Sebi imposes Rs 75-cr fine on 22 promoter entities of Marg Ltd for open offer lapses

PTI

Lawyers explain why India's power producers can't avail the lower tax rate

S

Parvathy