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Goods and Services Tax

GST and amortization – An unceasing connection

26 六月 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 六月 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 六月 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 六月 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 六月 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 五月 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 五月 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 五月 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 五月 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 四月 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 四月 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 四月 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 四月 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 四月 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 四月 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 三月 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 三月 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 三月 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 三月 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.

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