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Retention money - Is recognition as contract revenue sufficient to tax it early

By Bharathi Krishnaprasad

The Central Government, in exercise of its powers conferred under the Income tax law[See endnote. 1] notified[See endnote. 2], in September 2016, Income Computation and Disclosure Standards (shortly, ‘ICDS’) that would govern computation of income of an assessee (interchangeably used in...

GST and amortization – An unceasing connection

By Brijesh Kothary and Nikhil Agarwal

In our previous article published in the 82nd issue of Tax Amicus in April 2018 (

Sunset Reviews - Timeline for filing of applications and issuance of notification imposing anti-dumping duty

By Greetika Francis

Resolving an old and long-debated issue in anti-dumping investigations, the Division Bench of the Delhi High Court, delivered a judgment on 31 May, 2018 in Kumho Petrochemical Co. Ltd. v. The Designated Authority & Ors. [W.P. (C) 4886/2014]. It held that extensions of anti-dumping duty post expiry of the ...

Understanding India’s WTO challenge to United States’ additional import tariffs on steel and aluminium articles

By Ankur Sharma

When countries join the WTO, they sign-up to bring transparency, predictability and stability to import tariffs on various goods among many other commitments.  It is felt necessary to agree to tariff bindings.  This means that if a country A agrees to bind its import tariff on a good X at 10%, A will never impose import ...

Advance Rulings under GST – Certain questions of law

By Dr. G. Gokul Kishore

GST made its entry in July, 2017. To facilitate trade on issues relating to liability or credit or classification or valuation, mechanism of advance rulings has been provided in CGST Act and SGST Act. While the statute provided a remedy on questions relating to proposed activities, the ambitious procedural machinery of fil...

Vacancy allowance to real estate developers - Relief from tax for what may not be taxed?

By Karanjot Singh Khurana


Finance Act, 2017 amended [see End Note 1] the Income-tax Act, 1961 (‘IT Act’) to provide that the annual value of building or land appurtenant thereto which is held by the assessee as stock-in trade will be deemed to be Nil for a period of one year from the...

US steel and aluminium tariffs and the WTO’s security exception: Unsecuring multilateral trade?

By Jayant Raghu Ram

The United States has instituted measures imposing high duties on all imports of steel and aluminium into the United States. While the US has sought to justify these measures on the basis of its national security requirements, the real underlying motive would seem to be to afford protection to its domestic steel and aluminium in...

Taxation of independent personal Service- Can legal form of entity alter right to tax income?

By Karanjot Singh Khurana

Under OECD Model Tax Convention (‘MTC’), income from professional services was taxed in terms of Article 14 titled ‘Independent Personal Services’ (‘IPS’). However, Article 14 was deleted from the OECD MTC with...

Relevance of amortization for valuation under GST law

By Brijesh Kothary and Nikhil Agarwal

As G. F. Stanlake states in his book ‘Introductory Economics’, a person who spends his or her time performing one relatively simple task becomes extremely proficient at that particular operation. It is true that constant repetition leads to great dexterity and efficiency.
The mo...

DGAD introduces new requirements for user industry

By Ankur Sharma

Among many significant changes being introduced by the Directorate General of Anti-dumping & Allied Duties (DGAD) of late, there are some new requirements applicable to user industry in India going forward in investigations initiated from 1st of March 2018.

By Trade Notice No. 04/2...

Deduction of tax at source on reimbursements - An unsettled debate!

By Karanjot Singh Khurana


The question as to whether tax has to be deducted at source on expenditure reimbursed to both residents and non-residents has been a subject matter of judicial scrutiny on various occasions. Even though, it is judicially accepted that the reimbursement of expenditure do...

Intra-State supplies v. Inter-State supplies under GST law

By Nipun Arora

While levying tax on various supplies of goods or services, it becomes pertinent to decide whether supplies shall be treated as intra-State supplies or inter-State supplies. Also, this is necessary to determine because it will be a decisive factor for charging correct taxes, i.e. CGST and SGST/UTGST or IGST.

The relevant provi...

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