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Our attorneys and specialists remain up-to-date with the latest legal developments and offer their perspectives and critical commentary.

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Direct Tax

Benami law and retrospectivity - Analysis of Rajasthan High Court decision in Niharika Jain v. Union of India

February 20 2020

New-age laws that seek to remedy economic wrongs are interesting. Economic wrongs could be civil or criminal in character. Clearly, any person who cheats and deprives people of their property is an offender and is a threat to the society at large. He needs to be dealt with through a criminal law. However, another person who breaches a contractual obligation would need to cough up damages and a civil law would be apt and sufficient to deal with this private matter.

Intellectual Property Rights

To Grant or Not to Grant Interim Injunction - Conflicting decisions by co-ordinate Benches of same High Court in pharmaceutical patent infringement suits

February 18 2020

Two co-ordinate Single Judge Benches of the Delhi High Court have arrived at opposing conclusions as to whether to grant interim injunction or not in favour of the Plaintiffs/Patentee in a batch of patent infringement suits instituted by Astrazeneca AB and others against various Defendants[ Micro Labs Limited, Natco Pharma Limited, Dr. Reddy’s Laboratories Limited, Emcure Pharmaceuticals Limited and MSN Laboratories Limited.] in relation to a pharmaceutical composition

Corporate Advisory

Convertible Notes – A case of square pegs in a round hole!!

February 11 2020

Given the dynamic and volatile nature of India’s start-up ecosystem, start-up(s) are always in the look-out for innovative and cost-effective fund-raising opportunities. To promote start-up(s), the government also upgrades regulatory norms and practices, in alignment with prevalent economic conditions and market dynamics.

Goods and Services Tax

Intermediary services - Taxability of cross-border services after withdrawal of circular

January 29 2020

Cross-border supplies (import and export) of goods and services generally entail the presence of an intermediary. Such an intermediary is usually a subsidiary of the foreign principal which undertakes facilitation as well as provision of various services on behalf of the principal. Each such case involves provision of two independent supplies, i.e., one from the principal to the ultimate customer and another from the agent to the principal.

International Trade & WTO

Use of ‘Particular Market Situation’ provision in Anti-dumping Investigations

January 22 2020

Article 2 of the WTO Anti-dumping Agreement provides for provision regarding determination of dumping. As per Article 2.1, a product is considered as being dumped if the export price of the product is less than the normal value. Article 2.1 of the Anti-dumping Agreement provides that domestic selling price of like article in the exporting country shall be considered as normal value.

Intellectual Property Rights

Patentability of computer related inventions

January 22 2020

In the case of Ferid Allani v. Union of India and Ors., a single judge of the Delhi High Court vide its order dated 12 December 2019, directed the Indian Patent Office (IPO) to re-examine the petitioner’s Indian patent application in the light of observations of the court on patent eligibility of computer-related inventions (CRIs).

Direct Tax

Tax laws seeking to regulate NBFCs whether resulting in unintended hardships?

January 20 2020

Being regulated by the Reserve Bank of India (‘RBI’), Banks and Non-Banking Finance Companies (‘NBFC’) are required to follow the norms for asset classification, income recognition and provisioning laid down by the Central Bank. The regulations require every NBFC to categorize assets into different buckets and create provisions for bad and doubtful debts at specified percentages.

Independent Directors and mandate of online proficiency test: Approbation or mere disdain?

January 07 2020

With the objective of thriving good corporate governance, Ministry of Corporate Affairs (“MCA”) on October 22, 2019 notified the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 (“Databank Rules”) in exercise of the powers conferred upon it by Sections 150 and 469 of the Companies Act, 2013 (“CA 2013”).

Customs

Demand without challenging assessment – Is it sustainable?

December 27 2019

The ruling of the Supreme Court in ITC v. CCE, Kolkata [2019 (368) ELT 216] has been quite unsettling for the assessees, as their refund claims are being rejected on account of non-challenge to the assessment. However, this ruling is likely to pose an issue for the department as well.

International Trade & WTO

The Appellate Body’s disintegration: Is this the WTO’s “Infinity War” or is there an “Endgame”?

December 26 2019

On 10th December 2019, the terms of two WTO Appellate Body ("AB") members – Mr. Ujal Singh Bhatia (from India) and Mr. Thomas Graham (from the United States) – came to an end, and they subsequently demitted office.

Direct Tax

Situs of application of income vis-à-vis the expenditure made abroad for charitable purpose in India

December 19 2019

The Income-tax Act, 1961 (“the Act”) provides for various benefits to a trust formed for charitable or religious purposes. Section 11 of the Act exempts the income derived from property held under trust for charitable purposes from taxation, inter alia, to the extent to which such income is applied for such purposes ‘in India’. The phrase ‘applied for charitable purposes in India’ has been a subject matter of litigation in the recent past.

Intellectual Property Rights

Exploring the requirement of sufficiency of disclosure in patent specification

December 16 2019

A patent is a monopoly granted to an applicant in return for his invention being made public so that at the end of the patent term, the invention may benefit the people at large. The disclosure in a patent specification can also be used during the term of the patent for further development of the technology.

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