articles
Goods and Services Tax
Blocking of ITC ledger: The havoc of Rule 86A
28 十一月 2024
The article discusses Rule 86A of the CGST Rules, which empowers the department to block ITC ledger in cases involving fake ITC. Observing that greater the power, the more dangerous the abuse; and it is no different in the case of said Rule, the authors deliberate on various case law on number of issues including on ‘borrowed satisfaction’, ‘temporary measure’, ‘negative blocking’, etc.
Direct Tax
Taxability of sale consideration retained in escrow: A conundrum
22 十一月 2024
Ordinarily in the case of a sale, the price received by a seller should be taken as the ‘full value of the consideration’ for calculating capital gains. However, a legal quandary arises in the cases where a portion of the consideration is retained in an escrow account. Taking note of various case law, the article ponders over the questions as to whether such retained amount falls within the purview of ‘full value of the consideration’ and what would be the year of its taxation
Intellectual Property
Maneuvering the expedited routes of patent prosecution – IPO, EPO and USPTO
21 十一月 2024
Bearing in mind the existing provisions for expedited examinations, the article focuses on key routes available at the Indian Patent Office (‘IPO’) compared with the European Patent Office (‘EPO’) and the United States Patent and Trademark Office (‘USPTO’).
Intellectual Property
Bridging the Divide in Indian Biodiversity Law
14 十一月 2024
The Biological Diversity (Amendment) Act, 2023, and the Biological Diversity Rules, 2024, which will come into effect after 21 December 2024, provide an orchestration for management of India’s biological resources with due consideration to the interests of stakeholders as well as the local communities.
Regulatory
Understanding the Conformity Assessment Schemes of BIS
13 十一月 2024
The article highlights ten distinct conformity assessment schemes, each aimed at facilitating compliance with Indian Standards (IS) across various sectors and analysis their legal scope, and significant updates.
International Trade & WTO
Provisional anti-dumping measures in India – Overview of the law and practice
07 十一月 2024
The article discusses the law and practice surrounding the provisional anti-dumping measures in India. It elaborately analyses the legal provisions, timelines for imposition of provisional anti-dumping duty (‘ADD’), and a few other practical aspects relating to imposition of such duty.
Corporate
Fact Check Unit amendment invalidated – Intermediaries in the line
07 十一月 2024
The article discusses a recent decision of the Bombay High Court striking down the amendment to Rule 3(1)(b)(v) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023. The Rule required intermediaries to remove content relating to Government business flagged by an Fact Checking Unit as fake, false, or misleading.
Direct Tax
Applicability of Doctrine of Merger between intimation under Section 143(1) and assessment order under Section 143(3)
22 十月 2024
The article in this issue of Direct Tax Amicus discusses the issue of whether an intimation under Section 143(1) of the Income Tax Act, 1961 will automatically merge with an assessment order under Section 143(3). Considering various decisions of the ITAT, the authors note that it can be inferred that a strait jacket formula cannot be adopted for applying the Doctrine of Merger.
Intellectual Property
The crocodile conundrum: Lacoste v. Crocodile International explained
21 十月 2024
The article discusses the recent judgement of Lacoste & Anr. v. Crocodile International Pte Ltd. Wherein the Delhi High Court ruled upon a two-decade long conflict between so-called ‘mirror’ logos of a crocodile/ saurian. The judgment also highlights the test of the various principles and procedures, which lie in disputes that are subject to trial.
Intellectual Property
With great influence comes great responsibility: Trademark disparagement
21 十月 2024
The article discusses the recent decision of Delhi High Court of Zydus Wellness Products Limited v. Prashant Desai . The court highlights the importance of Social Media Influencers to avoid commenting on topics outside the realm of their expertise.
Regulatory
Standards and Quality Control Orders: The backbone of India’s quality revolution
14 十月 2024
Indian Standards and Quality Control Orders can have far-fetched implications for businesses manufacturing or importing goods and services in the Indian market. This article explores various provisions vis-à-vis the same and discusses the mandatory nature of QCOs, their applicability on imported goods, and various case law.
Corporate, Mergers & Acquisitions / PE
Fast Track Merger: Regional Director does not have power to reject the Scheme
04 十月 2024
The article provides a detailed discussion of a recent Bombay High Court decision in Asset Auto v. UoI, which reviews the discretionary power provided to the Regional Director of the central government in respect of fast-track mergers provided under Section 233 of the Companies Act, 2013. According to the High Court, the Regional Director does not have the power to outrightly reject the scheme.
International Trade & WTO
Anti-absorption measures: India’s foray into strengthening its anti-dumping enforcement
01 十月 2024
The article briefly discusses the first anti-absorption investigation conducted by India on Polyethylene Terephthalate (‘ PET ’) imported from China PR. It briefly touches upon the concept of anti-absorption with a lucid example. Next, it discusses few issues which arose in this investigation, and closes by summarizing the implications of enforcing anti-absorption measures generally and, in particular, on PET.
Direct Tax
Fate of Indirect Transfer Tax post Tiger Global judgment – Will it add hurdles for MNEs?
20 九月 2024
The article highlights the impact of Tiger Global judgment on taxation of indirect transfer of shares of an Indian company where grandfathering benefit is not available. The authors state that the decision may pose hurdles in cases where grandfathering benefit is not available.
Direct Tax
Taxation of real estate transactions: A post-budget analysis
11 九月 2024
The article summarises the amendments related to capital gains tax made to simplify the characterization of long-term assets, computation of gains and application of tax rates which will have a significant impact on taxpayers transferring their capital assets on or after 23 July 2024. The authors also highlight key aspects which warrant taxpayers’ attention.
Corporate, Mergers & Acquisitions / PE
Anti-Dilution – Balancing the ills of a Down Round
06 九月 2024
The article discusses the anti-dilution rights which is the most common armour provided to investors against a down round funding raised by any company. These can be exercised in two ways - the first being full ratchet anti-dilution protection while the second is weighted average method of computation.
International Trade & WTO
Standing of applicant to constitute Domestic Industry – Standard of discretion
04 九月 2024
Under Indian anti-dumping law and practice, the qualification of the applicant domestic producers to constitute the domestic industry is sometimes a contested issue. The article in this issue of International Trade Amicus discusses some of the relevant jurisprudence on the issue of the DGTR’s discretion in determining the standing of a producer(s) under the relevant provisions.
Direct Tax
Flew too close to the Sun: The impact of abolishment of Angel Tax in India
27 八月 2024
The article discusses the recent abolition of Angel Tax. According to the authors, if the tax officers don’t show restraint in taxing the capital investment, the intended relief may not come and the tax bills may just increase due to high tax rates.
Corporate
Comparative analysis: Navigating RBI’s Draft Trade Regulations and Directions
23 八月 2024
The article covers major changes that are proposed to be implemented upon the final release of the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024 and the draft direction on export of goods and services. The Reserve Bank of India has invited public comments and feedback on the Draft Trade Regulations and Draft Trade Directions by 1 September 2024.