News
SEBI (International Financial Services Centres) Guidelines, 2015 – Amendments
06 December 2017
In its Circular dated November 14, 2017 (“Circular”), SEBI has amended the guidelines for International Financial Services Centres (“IFSC”) wherein SEBI has introduced an amended definition of an ‘Issuer’ in the SEBI (IFSC) Guidelines, 2015 (“Guidelines”).
Contract – SC rules on when express term can be implied
06 December 2017
The Supreme Court has held that a contract should be interpreted in accordance with the terms expressly provided in its agreement. A term can only be implied to be present in the contract if it is necessary to give efficacy to the business transaction.
Counter-guarantee is an independent contract, separate from its underlying contract
06 December 2017
The High Court of Delhi has held that a counter-guarantee is an independent contract, separate from its underlying contract.
Exemption based on location of unit – Some recent developments
05 December 2017
In some of the recent developments in respect of units which were earlier availing exemption under various area-based exemption schemes, CBEC has prescribed procedure for manual filing of refund under new budgetary support scheme under the GST regime, while Supreme Court of India has allowed exemption (refund) of Education Cess also under the erstwhile Central Excise notifications.
Export of service – SMS aggregator service to foreign company within India
05 December 2017
CESTAT Mumbai has allowed refund of unutilised Cenvat credit when SMS aggregator service was provided by the assessee to foreign company (Facebook) for its subscribers in India.
Rectification in Returns – Regularisation of technical omissions
05 December 2017
In a case involving denial of rectification of some errors in the returns filed by the assessee, which came to light after an audit, Kerala High Court has held that the mere apprehension, that if the assessee was permitted to pay differential tax, he might claim input tax credit, cannot be a ground to deny the opportunity to rectify an anomaly in the returns.
Mere addition of suffix or prefix to a mark does not remove likelihood of confusion
05 December 2017
The appellant was aggrieved by the order of permanent injunction passed in favour of respondent who runs fast food restaurant and was using the name ‘Adiga’, ‘Vasudev Adiga’ and various other combinations with ‘Adiga’.
No claim of exclusivity lies by use of mark similar to registered trademark as descriptive word
05 December 2017
The plaintiff was registered proprietor of marks ‘Swadi’ and ‘Swadisht’ in respect of rice. It used the word ‘Swaad’ as part of its tagline.
Shape marks serving as indication of origin
05 December 2017
At issue was the invalidation of trademark, namely the shape of London taxi and its revocation for non-use.
Mandatory e-sealing of containers by exporters
01 November 2017
To facilitate exports and to provide relief to exporters, Central Board of Excise & Customs (CBEC) has dispensed with the requirement of seeking the presence of jurisdictional officer for supervising stuffing of export cargo.