articles
Customs
Legislative changes under Budget 2024-25 – Introduction of ‘fetters’ to beneficial character of MOOWR scheme
26 七月 2024
In this article, an attempt shall be made to explore the ramifications of a specific legislative change introduced in Budget 2024-25 vide Clause 101 of Finance (No.2) Bill, 2024 (‘Finance Bill’) in relation to Section 65 of the Customs Act, 1962 (‘Customs Act’). The amendment proposed under Clause 101 of the Finance Bill shall come into effect on the date of enactment of the Finance (No.2) Act, 2024.
Intellectual Property
Reaffirming standards: Bioavailability v. Therapeutic efficacy and Coverage v. Disclosure
22 七月 2024
The article discusses the recent judgement of the Divisional Bench of the Delhi High Court in the case of Natco Pharma v. Novartis Ag and Anr. The bench focusses on the two pivotal issues under a broader question of a credible challenge to the validity of a patent. First was enhanced bioavailability data could be construed as proof of enhanced ‘therapeutic efficacy and second was the concept of Coverage v. Disclosure in patent applications.
Intellectual Property
Exploring the uncertainties surrounding Section 15 and Section 21(1) of the Patents Act
22 七月 2024
The article examines a recent Bombay High Court decision wherein the Court had analysed the Order issued by the Controller under Section 21(1) of the Patents Act [deemed abandonment]. The article closely examines Section 21(1) and Section 15 of the Act and observes that there is potential confusion in the applicability of the two provisions. It also notes that the Controller in this case had issued a hearing notice informing that the patent application was deemed to be abandoned.
Direct Tax
Timely payments to MSMEs – A beneficial amendment with a delayed clarity in Income Tax provisions
19 七月 2024
The article discusses Section 43B(h) of the Income Tax Act, 1961 which was introduced by Finance Act, 2023. Observing that despite the well-placed intent behind introducing the aforesaid provision, the cross-linkage of the Income Tax Act with the MSME Act may cause certain ambiguities specifically concerning the deduction of the provision of expenses, calculating the time limit under the MSME Act, etc.
Corporate
RoC’s recent adjudication order against a global corporate – A regulatory oversight on Significant Beneficial Ownership
04 七月 2024
Recently, the Registrar of Companies, NCT of Delhi & Haryana imposed penalties against a global corporate and its Directors along with its Global CEO, including CEO of the holding company, for violating the provisions related to non-disclosure of Significant Beneficial Ownership (‘SBO’) under Section 90 of the Companies Act, 2013. The article analyses the jurisprudence behind the SBO and the RoC’s approach towards the Order.
International Trade & WTO
Cohen’s D test – An insight into the statistical tool used by the USDOC for determining targeted dumping
02 七月 2024
The article discusses how the Cohen’s D test is utilized by the United States Department of Commerce (USDOC) for analyzing the existence of targeted dumping. which refers to a specific trade practice where exporters sell their goods at an export price differing significantly among different purchasers, regions or time periods.
Goods and Services Tax
Taxability of Extra Neutral Alcohol settled or not?
01 七月 2024
The article discusses the taxability of Extra Neutral Alcohol/rectified spirit (‘ ENA ’), a denatured alcohol that is predominantly used as a raw material for manufacturing of liquor for human consumption that has been a bone of dispute between the Centre and the States.
Direct Tax
Filing statutory forms within specified time to avail tax benefits: Whether mandatory or directory?
24 六月 2024
The Courts in the past have held that the filing of statutory forms within the due date prescribed under the Income Tax Act, 1961, is a directory (and not mandatory) requirement, to claim deductions/exemptions that are available to taxpayers. Recently, however, the Supreme Court judgment in Wipro Limited changed the course of the river. The author observes that such a drastic consequence does not seem to be the intention of the Supreme Court.
Goods and Services Tax
53rd GST Council Meeting set to convene: What is on the horizon?
21 六月 2024
In this article, the authors discuss the issues which are likely in the pipeline for upcoming GST council meetings, particularly the 53rd GST Council Meeting.
Direct Tax
The Reverse Flip Gambit: Legal and Tax Manoeuvres for Indian Startups Coming Home
19 六月 2024
The article discusses the few structures for achieving a ‘reverse flip’ and the attendant implications from exchange control and taxation perspective
Intellectual Property
Trademark Siesta: The risks of neglecting use of a trademark
18 六月 2024
The article discusses nuances of cancellation of a trademark due to non-use. Deliberating upon the legal framework for non-use cancellation and a recent Delhi High Court decision on same, the authors also list certain strategies which may be implemented by the trademark owners to avoid non-use cancellation. According to them by understanding the risks and taking proactive steps, one can protect a brand’s goodwill, and identity and ensure that the trademark remains a valuable asset for business.
Intellectual Property
A rising need for a modern understanding of ‘Traditional Knowledge’ under Indian patent law
17 六月 2024
The article sheds light on the current Indian Patent Law associated with safeguarding Traditional Knowledge. It discusses various case law and the Indian Patent Office’s Guidelines. According to the authors, keeping in view the recent time-honoured recognition given to traditional knowledge by the WIPO treaty, a statutory definition of the term as well as judicial interpretation of Section 3(p) can help both the Examiners and the Applicants.
Corporate
PRAVAAH's role in facilitating regulatory synergy across financial entities
13 六月 2024
The article discusses the role of PRAVAAH portal in facilitating how to regulate synergy across financial entities. PRAVAAH Portal is a single window mechanism for submission of application/information in an electronic format to the RBI for seeking various approvals
International Trade & WTO
Navigating the European Union’s Green Trade Frontier: Decoding EU-CBAM for Indian exporters
03 六月 2024
The article discuss the EU's Carbon Border Adjustment Mechanism (‘CBAM’) which take care of carbon leakage which occurs when businesses start relocating industries to or products are imported from countries, with less stringent environment policies, apparently to circumvent the cost-intensive climate policies in the European Union. It discusses what are the scope, coverage, phase, timeline, and compliances required by exporters to the EU, in respect of certain goods.
Corporate
International Workers – Conundrum of payment of Provident Fund
02 六月 2024
The recent judicial developments have led to certain legal uncertainties and contradictions for compliance in case of deputation and secondment. According to the authors, the factual matrix of employment will have to be determined based on legal jurisprudence.
Direct Tax
Impact of Section 281 on transfer of assets: Myriad issues thereunder
22 五月 2024
Section 281 of the Income Tax Act, 1961 empowers the Department to declare a transfer of an asset as void where the transferor, during the pendency of any proceedings or completion thereof, but before the service of notice by a TRO, creates a charge on, or parts with the possession of any of his ‘assets’ in favour of another person. Considering the far-reaching consequences of the provision, the article highlights few practical issues.
Intellectual Property
Patentability – High Court clarifies the language of Section 3(c) of the Patents Act, 1970
21 五月 2024
The article elaborately discusses a recent Madras High Court decision setting aside an order passed by the Assistant Controller of Patents and Designs which had refused the grant of a patent under Section 3(c) of the Patents Act, 1970. The Court has held that Section 3(c) would only apply to a process of finding a hitherto undiscovered non-living substance by identifying and isolating it from nature.
Goods and Services Tax
Development Rights: A service or a condition precedent to sale of land
16 五月 2024
The divergent perspectives on the treatment of development rights; whether as a service or an outright sale, have led to confusion in the realm of land transactions. Therefore, while finality is anticipated from the constitutional courts in GST regime, it is prudent for businesses to take an informed call on the taxability of development rights.
Customs, Direct Tax, Goods and Services Tax
Is the difference between Tax and Fees obliterated?
07 五月 2024
The article discusses the difference between Tax and Fees and how the Courts in recent time are diverting from the earlier decisions highlighting the difference between Tax and Fees.