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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

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

June 27 2018

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 this article

Goods and Services Tax

GST and amortization – An unceasing connection

June 26 2018

In our previous article published in the 82nd issue of Tax Amicus in April 2018 (https://www.lakshmisri.com/News-and-Publications/Publications/Articles/Tax/relevance-of-amortization-for-valuation-under-gst-law), we highlighted the inconsistency arising out of a joint reading of Section 15(1) of the

International Trade & WTO

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

June 18 2018

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].

Intellectual Property Rights

Infringement or passing off in use of single colour as trademark

June 18 2018

A Single Judge of the Hon’ble Delhi High Court, vide its order dated May 25, 2018 summarily dismissed a suit for trademark infringement and passing off on the ground that no legal cause of action is made out by the Plaintiff as the registered trademark does not qualify to be a trademark

Understanding ‘Substituted Performance’ under the Specific Relief (Amendment) Bill, 2018

June 05 2018

India ranks at #164 in the world rankings for ‘enforcing contracts’ given by the World Bank, and at #100 in the same rankings for “ease of doing business”.

Commercial litigation | Regulatory Laws

Understanding ‘Substituted Performance’ under the Specific Relief (Amendment) Bill, 2018

June 05 2018

India ranks at #164 in the world rankings for ‘enforcing contracts’ given by the World Bank, and at #100 in the same rankings for “ease of doing business”. Certainly, this is a cause of concern and it is only natural for the Government to take steps towards improving the state of affairs pertaining

International Trade & WTO

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

May 30 2018

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. 

Goods and Services Tax

Advance Rulings under GST – Certain questions of law

May 21 2018

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 pr

Direct Tax

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

May 10 2018

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 end of the financial year in which the ce

Commercial litigation | Regulatory Laws

Making specific performance the rule; not the exception

May 03 2018

On March 15th, 2018, the Lok Sabha passed the Specific Reliefs (Amendment) Bill, 2017 (“Bill”) by a voice vote proposing to amend several provisions of The Specific Reliefs Act, 1963 (“Act”).  The Bill, introduced by the Ministry of Law & Justice, is yet to face the scrutiny of the Rajya Sabha.

International Trade & WTO

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

April 30 2018

The United States has instituted measures imposing high duties on all imports of steel and aluminium into the United States.

Intellectual Property Rights

Trends in applying Section 124 after ‘Patel Field Marshal’ judgement

April 30 2018

Section 124 [see End Note 1] of the Trademarks Act, 1999 (the Act) provides for the possibility of stay of a trademark infringement suit in case there is a challenge to the registered trademark which is the subject matter of the suit.

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