Industrial/ Institutional Consumers – the argument continues
By Shweta Kathuria
The Department of Consumer Affairs (Legal Metrology Division) by notification dated 14-5-2015 amended the Legal Metrology (Packaged Commodities) Rules, 2011 (“PC Rules”). The PC Rules were framed to safeguard the interest of consumers by ensuring that the dealers cannot take undue advantage of innoc...
Third party rights under WTO DSU – Ongoing reforms
By Radhika Sharma
The WTO Dispute Settlement Understanding (DSU) is a central element in providing security and predictability to the multilateral trading system created under the WTO. Keeping in mind the value that the DSU adds to the WTO mechanism, it was realized that constant reforms need to be carried out in the text of the DSU keeping in mind the i...
Applicability of res judicata in tax matters
By Amar Gahlot
Res Judicata is the Latin term for "a matter (already) judged", or "a thing adjudicated". It means a case or suit already decided. It was recently defined as “a final judgment on the merits by a court having jurisdiction is conclusive bet...
Time-limit in anti-dumping reviews in India – Rule 23 analyzed
By T.D. Satish
In the Indian context, the scheme of anti-dumping provisions under the Customs Tariff Act, 1975 (“the Act”) and the Anti-Dumping Rules (“AD Rules") [see end note 1] broadly divide the proceedings into two forms – original investigation and reviews. The procedure followed by the Designated Authority, Anti-Dumping (&ldquo...
Compelling a non-resident to seek PAN: A vexed question
By Tapas Misra
With a view to enhance detection capabilities of the tax department and enforcing better compliance Section 206AA was inserted by Finance (No.2) Act, 2009 with effect from 01.04.2010. This new provision mandated all recipients of income to furnish Permanent Account Number (PAN) and in order to discourage non-compliance it required tax to be deducte...
Investor and (host) state protection - India proposes a new model for BIT
Investor State Dispute Settlement (ISDS) mechanism which allows a foreign investor to sue sovereign states claiming compensation for loss of investment has been in focus for a number of reasons ranging from enormity of compensation awarded , use of multiple forums and almost endless litigation in enforcement of award to genuineness of claims and against regulatory laws . India h...
Trading of goods under negative list & Cenvat credit
By Dipa Devani
The term ‘service’ is defined under Section 65(44) of the Finance Act, 1994 (“the Finance Act”) as under:
Service means any activity carried out by a person for another for consideration, and includes a declared service, but shall not include-
(a) An activity which constitute merely-
(i) A transfer of title in goods or immovable property, by way of sale, gift or in an...
Budget 2015 & supplies to ICB Projects – Certain Issues
By Deepak Suneja
Supplies against International Competitive Bidding (ICB) have been on the rise with several specified projects being awarded in the recent times. In Union Budget, 2015 itself, five ultra Mega Power Projects have been announced. Considering the importance of these projects and their contribution towards economic growth, the Government has given several concessions for supplies...
Time period for completing anti-dumping reviews - An issue in flux
By Lakshmi Neelakantan
The provisions relating to anti-dumping measures under the Customs Tariff Act 1975 (“Act”) and the Customs Tariff (Identification, Assessment & Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (“AD rules”) provide for different time periods for different stages of proceedings. This article seeks to analyze whether the time ...
ICDS – Will it make an Impact?
By Rajat Juneja
Formulation of Income Computation and Disclosure Standards (‘ICDS’)
The Central Government is empowered[see end note 1] to notify ‘accounting standards’ under Section 145 of the Act[see end note 2] which need to be necessarily followed while computing income under the head ‘profits and gains of business or profession’ or ‘other sources’. In the year 1996[see end note 3], two...
Shareholder’s activity – India’s stand
By S. Sriram
Subsidiaries of Multi National Enterprises (‘MNEs’) generally avail the services of their group companies for routine business operation and management. When such intra group services are paid for, questions often arise as to whether the services received are essential for business operations of the subsidiary, or are the services carried out by the MNE group with a view to secu...
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