News
Refund – Limitation when amount deposited on audit objection
28 七月 2016
The assessee had deposited a sum as service tax with department on audit objection raised. Subsequently, show cause notice was issued demanding payment of service tax along with interest which included the amount deposited at audit objection stage.
IBBI (Insolvency Resolution Process for Corporate Persons) Regulations amended
06 七月 2016
The IBC has undergone multiple amendments, since its inception in 2016.
India prepares for GST – Model Act released
15 六月 2016
The Model Goods & Services Tax (GST) Act as prepared by the Empowered Committee has been released by the Indian Ministry of Finance on 14th of June.
GST in India – ‘Supply’ defined
15 六月 2016
The taxable event for levy of Goods and Services Tax (GST) is ‘supply’ and hence Section 3 of the Model GST Act, released by the Finance Ministry yesterday (14th June 2016), covers the meaning and scope of ‘supply’.
GST Model Law in India – Credit mechanism specified
15 六月 2016
Model Goods & Services Tax Act has been released by the Indian Finance Ministry on 14th of June. The Model Law amongst other details also provides mechanism for taking Input Tax Credit (ITC) in respect of defined inputs, capital goods and input services.
Guidelines for public issue of units of Infrastructure Investment Trusts
02 六月 2016
The SEBI (Infrastructure Investment Trusts) Regulations, 2014 introduced the concept of Infrastructure Investment Trusts (‘InvITs’).
Insolvency and Bankruptcy Code passed by Indian Parliament
02 六月 2016
The Indian Parliament has passed the major economic reform Bill moved by the Government i.e. the Insolvency and Bankruptcy Code, 2016 (‘Code’).
‘Due diligence’ means doing everything reasonable, not everything possible
02 六月 2016
The Securities Appellate Tribunal on 13-5-2016, has held that even though a merchant banker has to employ its own independent due diligence, in practice, it operates with a limitation that its due diligence is based on the material brought before it by the Issuer Company.
Action under Negotiable Instruments Act when not affected by winding up process
02 六月 2016
The Division Bench of the Bombay High Court on 6-5-2016 has held that expression ‘suit or other proceedings’ in Section 446(1) under Chapter II of Part VII of Companies Act, 1956, does not include criminal complaints filed under Section 138 of the Negotiable Instruments Act, 1881.
National IPR Policy announced
20 五月 2016
The Ministry of Commerce and Industry of the Government of India released the much awaited National IPR Policy (“the Policy”) on May 13, 2016, with a vision to transform India as a knowledge economy. Under the tag line “Creative India; Innovative India,” the Policy hopes to catalyse the innovation ecosystem towards India’s economic growth and socio-cultural development.