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News & Briefings

The latest updates on relevant areas of law, curated by our team to be the most useful to clients as well as fellow legal practitioners.

News

Income on cessation of liability arises if no consideration passes to creditor for the same

27 December 2017

The department sought to tax the sum of share application money which was adjusted against sums due to the assessee as income from cessation of liability.

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017

06 December 2017

The President of India, on 23rd November, 2017 [Notification No. DL- (N)04/0007/2003-17], promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, which amends the existing Insolvency and Bankruptcy Code, 2016 (IBC), in order to strengthen the insolvency resolution process.

SEBI (International Financial Services Centres) Guidelines, 2015 – Amendments

06 December 2017

In its Circular dated November 14, 2017 (“Circular”), SEBI has amended the guidelines for International Financial Services Centres (“IFSC”) wherein SEBI has introduced an amended definition of an ‘Issuer’  in the SEBI (IFSC) Guidelines, 2015 (“Guidelines”).

Contract – SC rules on when express term can be implied

06 December 2017

The Supreme Court has held that a contract should be interpreted in accordance with the terms expressly provided in its agreement. A term can only be implied to be present in the contract if it is necessary to give efficacy to the business transaction. 

Counter-guarantee is an independent contract, separate from its underlying contract

06 December 2017

The High Court of Delhi has held that a counter-guarantee is an independent contract, separate from its underlying contract.

Exemption based on location of unit – Some recent developments

05 December 2017

In some of the recent developments in respect of units which were earlier availing exemption under various area-based exemption schemes, CBEC has prescribed procedure for manual filing of refund under new budgetary support scheme under the GST regime, while Supreme Court of India has allowed exemption (refund) of Education Cess also under the erstwhile Central Excise notifications.

Export of service – SMS aggregator service to foreign company within India

05 December 2017

CESTAT Mumbai has allowed refund of unutilised Cenvat credit when SMS aggregator service was provided by the assessee to foreign company (Facebook) for its subscribers in India.

Rectification in Returns – Regularisation of technical omissions

05 December 2017

In a case involving denial of rectification of some errors in the returns filed by the assessee, which came to light after an audit, Kerala High Court has held that the mere apprehension, that if the assessee was permitted to pay differential tax, he might claim input tax credit, cannot be a ground to deny the opportunity to rectify an anomaly in the returns.

Mere addition of suffix or prefix to a mark does not remove likelihood of confusion

05 December 2017

The appellant was aggrieved by the order of permanent injunction passed in favour of respondent who runs fast food restaurant and was using the name ‘Adiga’, ‘Vasudev Adiga’ and various other combinations with ‘Adiga’.

No claim of exclusivity lies by use of mark similar to registered trademark as descriptive word

05 December 2017

The plaintiff was registered proprietor of marks ‘Swadi’ and ‘Swadisht’ in respect of rice. It used the word ‘Swaad’ as part of its tagline.

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