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Lakshmikumaran & Sridharan is a full-service law firm based in India. The firm has offices in 14 cities and has over 475 professionals specializing in areas such as corporate & commercial laws, dispute resolution, taxation and intellectual property.

Over the last three decades, we have worked with a variety of clients – start-ups, small & medium enterprises, large Indian corporates and multinational companies.

Our professionals have experience of working in both traditional sectors such as commodities, automobile, pharmaceuticals, petrochemicals and modern sectors such as e-commerce, big data, renewables.

INSIGHTS

NEWS

22 November 2024

Cenvat credit available on mobile towers and pre-fabricated buildings installed for providing output services

The Supreme Court has on 20 November 2024 held that the telecom companies are entitled to avail Cenvat credit of the central excise duty paid on towers and shelters/Pre-fabricated buildings (PFBs) procured by them and installed/erected for providing output services of telecommunication services. One of the assessee was represented by Lakshmikumaran & Sridharan Attorneys here.

NEWS

23 October 2024

Extension of time limits provided by TOLA applies to limitation period provided for reopening of assessment and for grant of sanction

The provisions relating to reopening of assessments, as they stood prior to the Finance Act, 2021, were contained in Sections 147 to 151 of the Act[1] (‘Old Law’). Under the Old Law, if the AO[2] had reasons to believe that an income chargeable to tax has escaped assessment, then the AO could reopen the assessment by issuing a notice u/s. 148 of the Act. Such notice could have been issued within 4 / 6 years from end of relevant assessment year.

NEWS

10 October 2024

GST – ITC is available on construction of ‘plant’ for letting out

The Supreme Court has held that if the building in which the premises are situated qualifies for a ‘plant’, Input Tax Credit (ITC) can be allowed on goods and services used in setting up the immovable property, which is a plant.

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