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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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Intellectual Property Rights

White Paper on Data Protection and Privacy

11 October 2018

The Government of India constituted a Committee of Experts on July 31st, 2017 under the Chairmanship of former Supreme Court justice B.N. Srikrishna with the objective to identify and study the key issues relating to data protection in India and make specific suggestions on principles to be considered for data protection in India and suggest a draft Data Protection Bill.

Direct Tax

Amalgamation – Action in concert for tax benefit?

08 October 2018

The High Court of Gujarat observed in Wood Polymer [ See End Note 1] "and the court would not lend its assistance to defeat public interest, namely, tax provision.” A recent order of National Company Law Tribunal (NCLT) refusing to accord sanction to amalgamation scheme has raised certain interesting yet important questions.

Direct Tax, International Trade & WTO

Has the clock stopped ticking? India’s export subsidies under the SCM Agreement

18 September 2018

The United States has upped the ante in its efforts to – what it perceives – rebalance its trade dynamic with other countries. This has inevitably led to a trade war between the United States and other major economies, particularly China.

Goods and Services Tax

Preparing for GST Audit & Annual Returns

13 September 2018

Goods & Services Tax (GST) is a self-assessment and trust-based system of taxation wherein the registered person himself assesses and deposits his tax liability without any interference of tax officers. Due to such nature of the tax system, various types of audit mechanism have been incorporated to ensure compliance with the provisions by verifying the correctness of declared turnover, taxes paid, refunds claimed and tax credit availed.

Insolvency

Section 29A of IBC: Impact and Recent Developments

06 September 2018

The Insolvency and Bankruptcy Code 2016 (‘Code’) aims for resolution of insolvency as opposed to liquidation. The law was framed with the intention to expedite and simplify the process of insolvency and bankruptcy proceedings in India ensuring fair negotiations between opposite parties and encouraging revival of the company by formulation of a resolution plan.

Arbitration

Pendency of objections to an arbitral award amounts to a dispute for the purposes of section 9 of IBC

06 September 2018

Supreme Court had an occasion to decide whether the provisions of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) can be invoked in respect of an Operational Debt where an Arbitral Award has been passed in favour of the Operational Creditor in respect of such Operational Debt, but, the objections against the said Arbitral Award are pending under Section 34 of the Arbitration & Conciliation Act, 1996 (‘A&C Act’).

Intellectual Property Rights

Standard Essential Patents - The Philips judgement & unanswered questions

28 August 2018

Koninklijke Philips Electronics N.V. (Philips), being one of the first Standard Essential Patent holders to initiate SEP litigation in India, has secured a major victory in what is believed to be the first ever ‘post-trial’ judgment in an SEP litigation.

Direct Tax, International Trade & WTO

Anti-circumvention investigation concerning Glass Fibre: Resolving inconsistencies in practice and interpretation

27 August 2018

Circumvention of anti-dumping duty is one of the foremost challenges for investigating authorities. In spite of the absence of normative provisions concerning circumvention in the WTO’s Anti-Dumping Agreement, Member nations of the WTO have developed their own frameworks for dealing with anti-circumvention.

Direct Tax

Deemed Associated Enterprises - Interplay between Sections 92A(1) and 92A(2)

27 August 2018

Section 92 of the Income-tax Act, 1961 (‘the Act’) provides that any income arising from an international transaction shall be computed, having regard to the arm’s length price.

Goods and Services Tax

Refund of GST under Inverted Duty Structure

23 August 2018

Goods and Services Tax (GST) was launched in India on July 1, 2017 after for about a decade from the time it was first proposed.

Insolvency

India’s proposal to recognise cross border insolvency

13 August 2018

The Ministry of Corporate Affairs, Government of India has invited suggestions on a draft chapter on Cross Border Insolvency (Proposed Amendment) proposed to be included within the framework of Insolvency & Bankruptcy Code, 2016 (IBC) by a public notice dated 20-6-2018 (Notice).

Regulatory Laws

A comparative analysis of legal remedies available to home-buyers in India

13 August 2018

Prior to the enactment of the Real Estate (Regulation and Development) Act, 2016 (“RERA”), aggrieved home-buyers had the options of approaching the consumer courts [see End Note 1] or the civil courts to address their grievances. However,

International Trade & WTO

Panel report in Australia – Plain packaging: A “healthy” verdict

30 July 2018

On 28 June 2018, the WTO circulated the much-awaited panel report in the Plain Packaging complaints brought against Australia by five WTO members.

Direct Tax

Extensive control of non-resident over Indian entity – A taxing relation!!

26 July 2018

A recent ruling by the Authority for Advance Ruling on Income Tax (AAR) in the case of FRS Hotel Group (Lux) S.a.r,l, [(2018) 94 taxmann.com 23 (AAR- New Delhi)] on the issue of  operation and management contract for the hotels has brought a question mark on such contract.

Goods and Services Tax

E-way bill system – Time to relax penal provisions

24 July 2018

It has been more than a year since India made the historic transition from the traditional indirect taxation regime comprising of central excise duty, service tax, VAT, etc., to an all-new integrated indirect taxation regime i.e. Goods and Services (GST).

Intellectual Property Rights

Goodwill and reputation of trademark in India - Worldwide prior use plays significant role

16 July 2018

A Single Judge of the Delhi High Court vide its Order dated May 31, 2018 in the case of H&M Hennes & Mauritz AB & ANR v.

Direct Tax

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

27 June 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

26 June 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

18 June 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].

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