News
Income-tax assessment of amalgamating company when not wrong
07 四月 2022
The Supreme Court has held that the question as to whether the corporate death of an entity upon amalgamation per se invalidates an assessment order, ordinarily cannot be determined on a bare application of Section 481 of the Companies Act, 1956, but would depend on the terms of the amalgamation and the facts of each case.
India-Australia Economic Cooperation and Trade Agreement: An Overview
05 四月 2022
India has on 2 April 2022 signed an Economic Cooperation and Trade Agreement (ECTA) with Australia. After Japan and Korea, Australia is the third OECD country to sign a free trade agreement with India. This is India’s third Trade Agreement in recent times after it concluded similar agreements with UK (only early harvest agreement) and UAE.
GST and income tax changes from 1 April 2022
01 四月 2022
Various changes are coming into force in the GST and Income Tax regimes, effective from the financial year 2022-23. Some of these changes flow directly from the Budget 2022 while others come from various circulars and notifications. Some of the major changes effective from 1 April 2022 are as ...
Supreme Court’s extension of limitation period owing to Covid-19 applicable to Trade Marks Opposition Proceedings
28 三月 2022
The Delhi High Court has, vide its Order dated 21 March 2022 in Dr. Reddy’s Laboratories Limited & Ors. v. Controller General of Patents, Designs, and Trademarks & Anr.
No demand from successor entity when tax paid by predecessor during period from appointed date till approval of scheme of demerger by High Court
23 三月 2022
The Gujarat High Court has set aside the demand from the successor entity in respect of the goods cleared during the period w.e.f. the appointed date till the scheme of demerger approved by the High Court, on which excise duty had already been deposited by the transferor/predecessor.
Patents – Exemption under Section 107A(b) covers only products patented under Indian Patents regime – Essentiality of elements to be seen
09 三月 2022
Granting interim relief, the Court in the case Sotefin SA v. Indraprastha Cancer Society and Research Center also held that the words ‘patented products’ covered under Section 107A(b) of the Patents Act, 1970 would include only those products which are patented under the Indian Patents regime...
Sunset review of anti-dumping duty – Existence of sufficient factual material is mandatory to apply exception of continuation of duty
01 三月 2022
The anti-dumping bench of the CESTAT has upheld the final findings of the Designated Authority (‘DA’) in the Directorate General of Trade Remedies (‘DGTR’), in the sunset review, for non-continuation of anti-dumping duty on PVC flex films from China PR. Dismissing the appeal filed by the domestic industry, the Tribunal observed that the DA was justified in holding that there did not exist sufficient factual material to allow it to conclude that there was a likelihood of continuation...
No confiscation of land, building and plant and machinery after omission of Central Excise Rule 173Q(2)
28 二月 2022
Observing that on the date of the confiscation in March 2007, Rule 173Q(2) of the Central Excise Rules, 1944 stood omitted from the statute books vide Notification dated 12 May 2000, the Supreme Court has set aside the confiscation of land, building and plant and machinery under said Rule 173Q(2).
No tax exemption to pharma companies on gifts to doctors
23 二月 2022
The Supreme Court has held that pharmaceutical companies are not entitled to claim tax exemption on the expenditures in giving gifts/freebies to doctors to promote their respective medicines. The Apex Court in its decision dated 22 February 2022 noted that the claim of any expense incurred in providing gifts/ freebees in violation of the provisions of Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 shall be inadmissible under Section 37(1) of Income Tax...
India UAE sign trade agreement on goods and services
21 二月 2022
India has on 18th of February signed a Comprehensive Economic Partnership Agreement (‘CEPA’) with the United Arab Emirates. The Agreement which is expected to be operational with effect from May 2022, while will allow duty-free import of food products, textiles, gems & jewellery and pharmaceuticals into UAE from India, imports of certain petrochemicals and dates from UAE will also see import duty cuts in India.