articles
Goods and Services Tax
E-way bill system – Time to relax penal provisions
24 七月 2018
It has been more than a year since India made the historic transition from the traditional indirect taxation regime comprising of central excise duty, service tax, VAT, etc., to an all-new integrated indirect taxation regime i.e. Goods and Services (GST).
Intellectual Property Rights
Goodwill and reputation of trademark in India - Worldwide prior use plays significant role
16 七月 2018
A Single Judge of the Delhi High Court vide its Order dated May 31, 2018 in the case of H&M Hennes & Mauritz AB & ANR v.
Direct Tax
Retention money - Is recognition as contract revenue sufficient to tax it early
27 六月 2018
The Central Government, in exercise of its powers conferred under the Income tax law[See endnote. 1] notified[See endnote. 2], in September 2016, Income Computation and Disclosure Standards (shortly, ‘ICDS’) that would govern computation of income of an assessee (interchangeably used in this article
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.