articles
Corporate
Taxing of crypto gains – Ushering in a new era of regulation
23 二月 2022
The proposed taxation regime and the requirements under the Companies Act, 2013 are in line with the updated guidance for virtual assets issued by Financial Action Task Force, an inter-governmental organisation in October 2021. Elaborating on the new tax regime, the author also deliberates upon how different countries across the world are regulating and taxing crypto currency transactions…
Direct Tax
Dilemma of formation by reconstruction or splitting-up of existing business – A deterrent to income-tax benefits?
15 二月 2022
The legislature has time and again introduced various income-tax benefits and incentives to encourage fresh investments and stimulate the economic growth. These incentives are generally given to new businesses in form of tax holidays, concessional tax rates or additional deductions.
International Trade & WTO
India – sugar subsidies: A bitter verdict at the WTO
01 二月 2022
On 14 December 2021, a dispute settlement panel of the World Trade Organization (‘WTO’) circulated its report concerning the subsidies allegedly granted and maintained by India in respect of sugar domestically produced and exported from India.
Competition and Antitrust
Competition Law in India – 2021, a year in review
31 一月 2022
The year 2021 has been quite enriching for the competition law regime in India with multiple investigations ordered into varied sectors such as technology, sports, cinema and automobile. The year ended with the Competition Commission of India (“CCI") directing an investigation into allegations of abuse of dominance by Apple in the market for app stores for iOS in India.
Intellectual Property
Delhi High Court lays down rules of claim construction – Literal rule of interpretation to be applied while interpreting claims
28 一月 2022
In a detailed judgment, the Single Judge of the Delhi High Court rejected the challenge to the validity of the suit patent raised by the Defendants, as they had failed to establish a credible challenge concerning its validity.
Customs, Goods and Services Tax
Westinghouse Saxby Farmer Ltd. – The saga continues
25 一月 2022
The Supreme Court’s decision in Westinghouse Saxby Farmer Ltd. v. CCE, Calcutta (‘Westinghouse decision’) evoked an intriguing discussion on the classification of ‘relays’ used as part of Railway signalling systems.
Goods and Services Tax
Valuation under GST – When price is not the sole consideration for a supply?
24 一月 2022
Business dynamics requires a company to adopt various models of transactions. The nature and manner of executing such transactions is decided by them considering many business factors.
Corporate, Mergers & Acquisitions / PE
Laws related to economic offences – A primer
17 一月 2022
In India, there is no legislation as such that defines an ‘economic offence’. Economic offences encompass all crimes which occur during the course of any economic or business activity.
Direct Tax
Reassessment notices issued under old regime – An attempt to revive a dead law?
17 一月 2022
The Covid-19 pandemic severely impacted the functionality of both government and citizens right from early 2020. Due to lockdowns and other preventive measures announced by the Government of India (‘GOI’), both taxman and taxpayers were unable to function normally.
International Trade & WTO
Finance Ministry’s decision not to impose anti-dumping duty – Blurred lines
27 十二月 2021
Recently, the CESTAT (‘Tribunal’) had allowed an appeal against the Finance Ministry’s decision rejecting the Designated Authority’s recommendation to impose anti-dumping duty (‘ADD’) on imports of Choline Chloride originating in or exported from China PR. This decision of the Tribunal is significant as it is for the first time an appeal has been allowed against such a decision of the Finance Ministry.
Direct Tax
Taxability of interest on provident funds
22 十二月 2021
Provident funds, for the purpose of the Income Tax Act, 1961 (‘IT Act’) can broadly be classified into three classes. First are Statutory Provident Funds, which are established under the Provident Fund Act, 1925 for employees working in Government or Semi-Government organizations, etc.
Goods and Services Tax
Taxing times ahead for textile sector?
20 十二月 2021
The textile sector has recently been in news for various good reasons. The Government is leaving no stone unturned in providing conducive ecosystem to explore the textile industry’s competitive and comparative advantage.
Demystifying the scope of amendments in patent claims – Indian jurisdiction
20 十二月 2021
Amendments to a patent application form an essential element in demarcating the scope of inventions. In India, claim amendments are governed by Sections 57 to 59 of the Patents Act, 1970 (hereinafter referred to as the ‘Act’).
Corporate
SEBI’s new norms for related party transactions – An overview
16 十二月 2021
In this article, we will be reviewing the changes made by Securities and Exchange Board of India (‘SEBI’) in the related party transaction (‘RPT’) regime for listed entities. On 9 November 2021, SEBI issued the SEBI (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021 (‘Amendment Regulations’),
Competition and Antitrust
Leniency, dawn raid & penalty | A case of cartelization in the beer market
26 十一月 2021
The wave of dawn raids by Competition Commission of India (“CCI”) has yet again shown its result in the form of the recent decision of CCI, which found three beer companies to be operating an all-India cartel. In an order dated 24.09.2021 , CCI found United Breweries Limited (“UBL”), Carlsberg India Private Limited (“Carlsberg”),
Intellectual Property
What’s in domain?
26 十一月 2021
Technological globalization, on account of its international, economical, and accessible character, has forced businesses to shift their business models from physical markets to electronic commerce (e-commerce) portals. In such a scenario, domain names, i.e., the user-friendly form of websites’ IP addresses, form an integral part of businesses as their identifiers in the realm of e-commerce.
Goods and Services Tax
Margin Scheme – Few unanswered issues
25 十一月 2021
Generally, GST is payable on the transaction value which is the price paid or payable for the supply of goods and services when transaction takes place between un-related persons and price is the sole consideration for supply. However, a registered person may at his option, discharge tax on sale of used or second-hand goods on the margin amount which is the difference between selling price and purchase price of the goods.
Corporate
Special Purpose Acquisition Companies (SPACs): Are we ready to launch the spac-ship?
23 十一月 2021
Although the inception of modern Special Purpose Acquisition Companies (‘SPACs’) started in the United States in the early 1990s, the recent spike in this phenomenon has undoubtedly taken the markets by storm. A current favourite for companies intending to go public is by way of SPACs. They are commonly referred to as ‘blank cheque entities’ or ‘shell companies’ because they raise capital from an initial public offering (‘IPO’) to acquire an unspecified operating business.
Direct Tax
Determination of year of taxability for transfers arising out of registered Joint Development Agreements
22 十一月 2021
In recent times, the most preferred mechanism adopted by the land owners to transfer their immovable property has been under a Joint Development Agreement (‘JDA’). This mode is usually preferred by those land owners who want to develop their lands but do not have the requisite expertise to carry out the same. Therefore, they enter into a JDA with a developer for developing and marketing the land parcel to the buyers for a mutual benefit.