articles
Direct Tax
Deemed Associated Enterprises - Interplay between Sections 92A(1) and 92A(2)
27 August 2018
Section 92 of the Income-tax Act, 1961 (‘the Act’) provides that any income arising from an international transaction shall be computed, having regard to the arm’s length price.
Goods and Services Tax
Refund of GST under Inverted Duty Structure
23 August 2018
Goods and Services Tax (GST) was launched in India on July 1, 2017 after for about a decade from the time it was first proposed.
Insolvency
India’s proposal to recognise cross border insolvency
13 August 2018
The Ministry of Corporate Affairs, Government of India has invited suggestions on a draft chapter on Cross Border Insolvency (Proposed Amendment) proposed to be included within the framework of Insolvency & Bankruptcy Code, 2016 (IBC) by a public notice dated 20-6-2018 (Notice).
Regulatory Laws
A comparative analysis of legal remedies available to home-buyers in India
13 August 2018
Prior to the enactment of the Real Estate (Regulation and Development) Act, 2016 (“RERA”), aggrieved home-buyers had the options of approaching the consumer courts [see End Note 1] or the civil courts to address their grievances. However,
International Trade & WTO
Panel report in Australia – Plain packaging: A “healthy” verdict
30 July 2018
On 28 June 2018, the WTO circulated the much-awaited panel report in the Plain Packaging complaints brought against Australia by five WTO members.
Direct Tax
Extensive control of non-resident over Indian entity – A taxing relation!!
26 July 2018
A recent ruling by the Authority for Advance Ruling on Income Tax (AAR) in the case of FRS Hotel Group (Lux) S.a.r,l, [(2018) 94 taxmann.com 23 (AAR- New Delhi)] on the issue of operation and management contract for the hotels has brought a question mark on such contract.
Goods and Services Tax
E-way bill system – Time to relax penal provisions
24 July 2018
It has been more than a year since India made the historic transition from the traditional indirect taxation regime comprising of central excise duty, service tax, VAT, etc., to an all-new integrated indirect taxation regime i.e. Goods and Services (GST).
Intellectual Property Rights
Goodwill and reputation of trademark in India - Worldwide prior use plays significant role
16 July 2018
A Single Judge of the Delhi High Court vide its Order dated May 31, 2018 in the case of H&M Hennes & Mauritz AB & ANR v.
Direct Tax
Retention money - Is recognition as contract revenue sufficient to tax it early
27 June 2018
The Central Government, in exercise of its powers conferred under the Income tax law[See endnote. 1] notified[See endnote. 2], in September 2016, Income Computation and Disclosure Standards (shortly, ‘ICDS’) that would govern computation of income of an assessee (interchangeably used in this article
Goods and Services Tax
GST and amortization – An unceasing connection
26 June 2018
In our previous article published in the 82nd issue of Tax Amicus in April 2018 (https://www.lakshmisri.com/News-and-Publications/Publications/Articles/Tax/relevance-of-amortization-for-valuation-under-gst-law), we highlighted the inconsistency arising out of a joint reading of Section 15(1) of the
International Trade & WTO
Sunset Reviews - Timeline for filing of applications and issuance of notification imposing anti-dumping duty
18 June 2018
Resolving an old and long-debated issue in anti-dumping investigations, the Division Bench of the Delhi High Court, delivered a judgment on 31 May, 2018 in Kumho Petrochemical Co. Ltd. v. The Designated Authority & Ors. [W.P. (C) 4886/2014].
Intellectual Property Rights
Infringement or passing off in use of single colour as trademark
18 June 2018
A Single Judge of the Hon’ble Delhi High Court, vide its order dated May 25, 2018 summarily dismissed a suit for trademark infringement and passing off on the ground that no legal cause of action is made out by the Plaintiff as the registered trademark does not qualify to be a trademark
Understanding ‘Substituted Performance’ under the Specific Relief (Amendment) Bill, 2018
05 June 2018
India ranks at #164 in the world rankings for ‘enforcing contracts’ given by the World Bank, and at #100 in the same rankings for “ease of doing business”.
Commercial litigation, Regulatory Laws
Understanding ‘Substituted Performance’ under the Specific Relief (Amendment) Bill, 2018
05 June 2018
India ranks at #164 in the world rankings for ‘enforcing contracts’ given by the World Bank, and at #100 in the same rankings for “ease of doing business”. Certainly, this is a cause of concern and it is only natural for the Government to take steps towards improving the state of affairs pertaining
International Trade & WTO
Understanding India’s WTO challenge to United States’ additional import tariffs on steel and aluminium articles
30 May 2018
When countries join the WTO, they sign-up to bring transparency, predictability and stability to import tariffs on various goods among many other commitments. It is felt necessary to agree to tariff bindings.
Goods and Services Tax
Advance Rulings under GST – Certain questions of law
21 May 2018
GST made its entry in July, 2017. To facilitate trade on issues relating to liability or credit or classification or valuation, mechanism of advance rulings has been provided in CGST Act and SGST Act. While the statute provided a remedy on questions relating to proposed activities, the ambitious pr
Direct Tax
Vacancy allowance to real estate developers - Relief from tax for what may not be taxed?
10 May 2018
Finance Act, 2017 amended [see End Note 1] the Income-tax Act, 1961 (‘IT Act’) to provide that the annual value of building or land appurtenant thereto which is held by the assessee as stock-in trade will be deemed to be Nil for a period of one year from the end of the financial year in which the ce
Commercial litigation, Regulatory Laws
Making specific performance the rule; not the exception
03 May 2018
On March 15th, 2018, the Lok Sabha passed the Specific Reliefs (Amendment) Bill, 2017 (“Bill”) by a voice vote proposing to amend several provisions of The Specific Reliefs Act, 1963 (“Act”). The Bill, introduced by the Ministry of Law & Justice, is yet to face the scrutiny of the Rajya Sabha.
International Trade & WTO
US steel and aluminium tariffs and the WTO’s security exception: Unsecuring multilateral trade?
30 April 2018
The United States has instituted measures imposing high duties on all imports of steel and aluminium into the United States.