articles
Direct Tax
Penalty under Sections 221 & 271C for non-deduction/ short deduction of tax at source
24 一月 2023
The article deals with a peculiar issue of simultaneous applicability of two penal provisions being Sections 221 and 271C of the Income Tax Act, 1961, which may be fastened on the assessee for non-deduction/ short deduction of tax at source. The authors for this purpose consider the relevant provisions, applicability of Rule of Double Jeopardy and various judicial precedents on applicability of two penalty provisions for the short deduction of TDS.
Corporate
E-waste (Management) Rules, 2022 – An analysis
19 一月 2023
The new Rules will come into force on 1 April 2023 and will introduce recycling targets in the extended producer responsibility (‘EPR’) plan of the producers of e-waste. The article elaborately discusses major changes and the widened scope as compared to the earlier 2016 Rules. The authors discuss the registration requirements, reduction of compliances on bulk consumers, introduction of recycling certificate, introduction of refurbishing certificate and deferred liability, and penal provisions
Intellectual Property
Divisional Applications in India: Part II
18 一月 2023
The article further discusses the evolving law around Divisional Applications in India. Analysing two decisions of the IPAB and one of the Delhi High Court, the article notes that the requirement that the claims of a divisional application have to be based on, more particularly, to have their route, or to be gleaned from, or clearly exist in, the claims of the parent application, appears to be a unique one and such a requirement is not seen in other major jurisdictions, such as Europe or USA.
International Trade & WTO
Playing on the wrong side – United States’ Section 232 measures held inconsistent with WTO law
30 十二月 2022
The WTO Panel has held that USA’s additional duties on imports of steel products and aluminium products are inconsistent with various provisions of the General Agreement on Tariffs and Trade (‘GATT’), most notably the security exception in Article XXI. The article discusses the panel’s key findings concerning the consistency of the US’ measures with GATT Article XXI which enables a WTO Member to take measures which are necessary for the protection of its essential security interests
Goods and Services Tax
Arbitral award: Compensation or consideration
29 十二月 2022
The article discusses the GST liability on arbitral awards. It notes that though the CBIC Circular No. 178/10/2022-GST, dated 3 August 2022 has paved the way in understanding the GST implications on arbitral awards, determination of the nature of the arbitral award, requires analysis of facts surrounding each case and the terms and conditions of the contract entered between the parties as the awarded amount may not necessarily be in the nature of a compensation.
Direct Tax
Normal and substantial profits – A new yardstick for charitable purpose
23 十二月 2022
The charitable trusts/institutions enjoy substantial income-tax benefits and hence are often subject to detailed scrutiny to ensure that commercial concerns are kept outside the boundaries of the tax-exempt status. Tracing the evolution of the definition of charitable purpose and its judicial interpretation, the article explains the recent decision of the Supreme Court in the case of Ahmedabad Urban Development Authority. According to the authors...
Corporate
Navigating a workplace investigation
22 十二月 2022
The article notes that due to subjective nature of the investigations under consideration, there is no set mechanism or strict procedure which needs to be adhered to, for conducting such investigations. The authors however discuss the broad guidelines related to requisition, review and questionnaire, investigation interviews, transcripts, and preparing the investigation report, which aid the investigation team and are to be read along with the internal policies of the concerned organization.
Intellectual Property
Divisional Applications in India: Evolving jurisprudence
19 十二月 2022
The article discusses elaborately the evolving jurisprudence of Divisional Applications in India. It notes that in India, a divisional application under Section 16 of the Patents Act, 1970 may be pursued to overcome an objection by the Patent Office on the unity of invention, or voluntarily by the Applicant if the claims of the parent Application are directed to more than one invention. Citing a recent decision of the Delhi High Court, the authors note that in India...
International Trade & WTO
OFAC - Insights into the US sanctions regime
01 十二月 2022
In the previous article , we shed light on the nature and extent of Western sanctions. We explained that among the numerous measures adopted by the Western nations in response to the Russia-Ukraine conflict, unilateral sanctions have been employed as a primary instrument to economically penalize Russia and its allies such as Belarus.
Corporate
Company Secretary whether liable for misleading financial information given by a company
24 十一月 2022
In V. Shankar v. SEBI , the company secretary (CS) of Deccan Chronicle Holding Limited (‘DCHL’) was absolved by Securities Appellate Tribunal (‘SAT’), Mumbai, from the liability imposed by the Adjudicating Officer (‘AO’) of Securities Exchange Board of India (‘SEBI’) on DCHL for misleading financial statements and information given by the DCHL.
Corporate
Supreme Court upholds 2014 amendment of Pension Scheme with certain caveats
23 十一月 2022
The Supreme Court on 4 November 2022, upheld the constitutional validity of certain amendments made to the Employees’ Pension Scheme (‘EPS’) by way of the Employees' Pension (Amendment) Scheme, 2014 (‘Amendment Scheme’). This much-awaited ruling in the matter of Employees’ Provident Fund Organisation & Another v. Sunil Kumar B. and Others will impact thousands of working individuals and make the EPS more viable.
Direct Tax
Benefit of Most Favoured Nation clause for dividend income of non-resident – Interesting battle to watch out for before Apex Court
17 十一月 2022
In the tax treaties entered by India with countries such as Netherlands, France, Swiss Confederation, and Sweden, India has agreed for Most Favoured Nation clause (‘MFN clause’) with the treaty Partner. The MFN clause finds presence in the protocol to the tax treaty, which forms an integral part of the tax treaty .
Intellectual Property
Are the time limits prescribed by the Patents Act, 1970, mandatory or directory?
16 十一月 2022
The issue in this article discusses on the prescribed timelines set under the Patents Act, 1970 (‘Act’) and the Patent Rules, 2003 (‘Rules’) and throws insights on the flexibility of timelines set forth under different orders.
Regulatory
Amendment to the Intermediary Guidelines: Increased due diligence and grievance redressal
02 十一月 2022
The Ministry of Electronics and Information Technology (‘MEITY’) notified the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2022 on 28 October 2022 (‘Amendment’) which introduces certain enhanced due diligence obligations for intermediaries, changes in timeline and grievance redressal procedures and constitution of grievance appellate committees.
International Trade & WTO
Beware of sharks in the water – Navigating trade in a world of sanctions
31 十月 2022
On 24 February 2022, Russian tanks and troops rolled into Ukraine, thus triggering the beginning of the ongoing conflict in Ukraine region and putting an end to the months of speculation regarding the possibility of war.
Goods and Services Tax
Essentiality Certificates under Customs and GST laws: Need for synchronization
28 十月 2022
Petroleum is an indispensable commodity for the fulfilment of daily human needs. Not only does the petroleum industry act as a nodal industry for other industries like textile, automobile etc., petroleum has deep-rooted impact on the inflation rate and economic growth of a country.
Direct Tax
A quandary of claim of foreign tax credit
27 十月 2022
The rapid infusion of digitisation into the business has made world one global market. In today’ era, the business transactions extend beyond national boundaries and the businesses are tailored to meet the needs of consumers over wider geographic areas.
Corporate
Ban on online gaming: The saga continues
20 十月 2022
The State of Tamil Nadu has recently promulgated an Ordinance Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Ordinance, 2022 for the regulation of online gaming in the State. The Ordinance prohibits online gambling and playing of online games of chance with money or other stakes. The State government through a Schedule under the Ordinance has also identified ‘rummy’ and ‘poker’ as games of chance...