News
Integrated Reporting by listed entities
07 March 2017
Currently, SEBI mandates the top 500 listed entities in India (based on market capitalization calculated as on March 31 of every financial year) to prepare a business responsibility report describing initiatives taken from an environmental, social and governance perspective (in accordance with Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015).
Breach of promise of ‘assured returns’ when not Financial Debt
07 March 2017
A forward contract to sell product at the end of a specified period - such as a contract for sale/purchase of property will be treated as a contract for sale of specified goods.
Appeal to High Court in a Commercial dispute – Delhi HC clarifies on appealable orders
21 February 2017
A two-judge bench of the Hon’ble Delhi High Court, in HPL (I) Ltd. v. QRG Enterprises [FAO (OS) (COMM) No. 12/2017], has recently issued a ruling limiting the types of orders from which an appeal is permitted for a Commercial Dispute governed by the recently enacted Commercial Courts, Commercial Div
Filling gases in cylinders from tanker and mixing of gases is not manufacture
21 February 2017
Taking note of the CESTAT decision in the case of Ammonia Supply Company which has attained finality, and department’s Circular dated 8-10-1997, the Supreme Court of India has in the case of Vadilal Gases Ltd.
Bringing rig into India for repairs is not import for home consumption
21 February 2017
Noting that the adjudication order did not record that the rig was in operation within the territorial waters of India, or that the rig did not operate outside the territorial waters of India, Supreme Court has set aside the demand of duty on said rig, brought in India for the purpose of repairs and subsequently sent out.
BAS – Liability on expenses incurred for joint operation of centre
21 February 2017
In a dispute where the assessee was managing and maintaining various facilities at the premises of IHC and receiving amounts towards expenses incurred for operation of the centre, CESTAT Delhi has rejected the contention of liability under Business Auxiliary Services.
Can non-working of a patent in India affect an interim injunction order
07 February 2017
Plaintiff, Bayer Intellectual Property GmBH, is a company incorporated under the laws of Germany. The plaintiff is the owner of patents IN 225529 and IN 188419 that relate to drugs VARDENAFIL and VARDENAFIL HYDROCHLORIDE respectively.
Phonetically and deceptively similar Trademarks prohibited in pharmaceuticals
07 February 2017
Plaintiff, Intas Pharmaceuticals Ltd, is a registered user of trademark “GABAPIN”. “GABAPIN”, in 1997, was adopted for marketing its medicinal product containing a chemical compound known as “Gabapentine”.
Form of participation in another enterprise to be satisfied to deem two entities as AEs
25 January 2017
The assessee is engaged in the business of manufacture and sale of polished diamonds. The assessee entered into an international transaction with a Belgian Entity by name Blue Gems BVBA.
Setoff of unabsorbed depreciation – ‘year’ mentioned in s.72A not means previous year
25 January 2017
The assessee (amalgamated Company) amalgamated with a Company by name SKUPL (amalgamating Company) as per the order of the Calcutta High Court in 2004.