articles
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.
Intellectual Property Rights
Trends in applying Section 124 after ‘Patel Field Marshal’ judgement
30 April 2018
Section 124 [see End Note 1] of the Trademarks Act, 1999 (the Act) provides for the possibility of stay of a trademark infringement suit in case there is a challenge to the registered trademark which is the subject matter of the suit.
Direct Tax
Taxation of independent personal Service- Can legal form of entity alter right to tax income?
24 April 2018
Under OECD Model Tax Convention,(‘MTC’),income from professional services was taxed in terms of Article 14 titled ‘Independent Personal Services’(‘IPS’).
Goods and Services Tax
Relevance of amortization for valuation under GST law
13 April 2018
As G. F. Stanlake states in his book ‘Introductory Economics’, a person who spends his or her time performing one relatively simple task becomes extremely proficient at that particular operation.
Regulatory Laws
Trading in Virtual Currencies: An analysis under foreign exchange laws of India
03 April 2018
The cryptocurrencies or virtual currencies (“VC”) [see Endnote 1] can be defined as a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Mergers & Acquisitions / PE, Regulatory Laws
Cross-border Mergers – Analysis of FEMA provisions
03 April 2018
On 13th April 2017, the Ministry of Corporate Affairs (MCA) notified Section 234 of the Companies Act, 2013 and inserted a new Rule 25A (merger or amalgamation of a Foreign Company with Indian company and vice-versa) in the Companies (Compromises, Arrangements and Amalgamations) Rules,
International Trade & WTO
DGAD introduces new requirements for user industry
30 March 2018
Among many significant changes being introduced by the Directorate General of Anti-dumping & Allied Duties (DGAD) of late, there are some new requirements applicable to user industry in India going forward in investigations initiated from 1st of March 2018.
Direct Tax
Deduction of tax at source on reimbursements - An unsettled debate!
23 March 2018
The question as to whether tax has to be deducted at source on expenditure reimbursed to both residents and non-residents has been a subject matter of judicial scrutiny on various occasions.
Intellectual Property Rights
No Copyright in the Title of a Cinematographic Film
22 March 2018
The Division Bench of the Madras High Court, in February 2018, dealt with the concept of copyright protection of Title of Cinematographic Film in the case of M/s Lyca Productions v. J.Manimaran & Ors.
Goods and Services Tax
Intra-State supplies v. Inter-State supplies under GST law
16 March 2018
While levying tax on various supplies of goods or services, it becomes pertinent to decide whether supplies shall be treated as intra-State supplies or inter-State supplies.
Intra-State supplies v. Inter-State supplies under GST law
16 March 2018
While levying tax on various supplies of goods or services, it becomes pertinent to decide whether supplies shall be treated as intra-State supplies or inter-State supplies.
Corporate Advisory
Companies (Amendment) Act, 2017 – An analysis
06 March 2018
The Central Government has notified Companies (Amendment) Act, 2017 (“Amendment Act”) on January 3, 2018 that was passed by the Parliament in its winter session [see End Note 1]. The Companies Act (Amendment) Bill, 2016 (“Bill”) was first introduced in the lower house of Parliament in March, 2016.
International Trade & WTO
Applicable time limit in Anti-dumping review proceedings
27 February 2018
Three types of reviews are contemplated under the WTO Anti-dumping Agreement & Indian Anti-dumping Rules, 1995 namely (i) Mid-term review under Rule 23(1A) (ii) Sunset review under Rule 23(1B) and (iii) New Shipper review under Rule 22.
Direct Tax
Taxing compensation receipts – Whittling away the relief?
16 February 2018
While taxing of long term capital gains and insertion of the Income Computation and Disclosure Standards (ICDS) have been some of the major talking points post presentation of Budget this year, the apparently innocuous insertion in Section 28 has not received much attention.
Intellectual Property Rights
Protection of designs vis-à-vis newness and originality
14 February 2018
By Godhuli Nanda There is required sufficient novelty and originality for a completely new creation to come into existence as a design, and only thereafter would the design be said to be one which is capable of being protected as a design under
Goods and Services Tax, Regulatory Laws
Legal metrology - New labelling rules could agitate businesses
12 February 2018
The Legal Metrology (Packaged Commodities) Rules, 2011 which govern the pre-packed commodities, were amended by Notification Number G.S.R. 629 (E) dated 23rd June 2017 and the said amendments have become effective from 1-1-2018.
Goods and Services Tax
E-way bill provisions and valuation of goods
12 February 2018
The objective of plugging revenue leakage or tax evasion will take a step ahead with the introduction of E-way bill rules as the tax administration can keep track of every movement of goods above the specified value.