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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

Exemptions – Obligations after recession of notification

July 29 2016

Recently two different High Courts in India have, in separate decisions, considered the question of continuation of obligations, under the exemption notifications, after the said notification has been rescinded.

Uniform price does not prove charging of tax from buyers

July 28 2016

Supreme Court has held that uniform pricing cannot be a ground to hold that the assessee was charging sales tax on the sale price of goods manufactured in the exempt unit.

Refund – Limitation when amount deposited on audit objection

July 28 2016

The assessee had deposited a sum as service tax with department on audit objection raised. Subsequently, show cause notice was issued demanding payment of service tax along with interest which included the amount deposited at audit objection stage.

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations amended

July 06 2016

The IBC has undergone multiple amendments, since its inception in 2016.

India prepares for GST – Model Act released

June 15 2016

The Model Goods & Services Tax (GST) Act as prepared by the Empowered Committee has been released by the Indian Ministry of Finance on 14th of June.

GST in India – ‘Supply’ defined

June 15 2016

The taxable event for levy of Goods and Services Tax (GST) is ‘supply’ and hence Section 3 of the Model GST Act, released by the Finance Ministry yesterday (14th June 2016), covers the meaning and scope of ‘supply’.

GST Model Law in India – Credit mechanism specified

June 15 2016

Model Goods & Services Tax Act has been released by the Indian Finance Ministry on 14th of June. The Model Law amongst other details also provides mechanism for taking Input Tax Credit (ITC) in respect of defined inputs, capital goods and input services.

Guidelines for public issue of units of Infrastructure Investment Trusts

June 02 2016

The SEBI (Infrastructure Investment Trusts) Regulations, 2014 introduced the concept of Infrastructure Investment Trusts (‘InvITs’).

Insolvency and Bankruptcy Code passed by Indian Parliament

June 02 2016

The Indian Parliament has passed the major economic reform Bill moved by the Government i.e. the Insolvency and Bankruptcy Code, 2016 (‘Code’).

‘Due diligence’ means doing everything reasonable, not everything possible

June 02 2016

The Securities Appellate Tribunal on 13-5-2016,  has held that even though a merchant banker has to employ its own independent due diligence, in practice, it operates with a limitation that its due diligence is based on the material brought before it by the Issuer Company.

Action under Negotiable Instruments Act when not affected by winding up process

June 02 2016

The Division Bench of the Bombay High Court on 6-5-2016 has held that expression ‘suit or other proceedings’ in Section 446(1) under Chapter II of Part VII of Companies Act, 1956, does not include criminal complaints filed under Section 138 of the Negotiable Instruments Act, 1881.

National IPR Policy announced

May 20 2016

The Ministry of Commerce and Industry of the Government of India released the much awaited National IPR Policy (“the Policy”) on May 13, 2016, with a vision to transform India as a knowledge economy. Under the tag line “Creative India; Innovative India,” the Policy hopes to catalyse the innovation ecosystem towards India’s economic growth and socio-cultural development.

Patent (Amendment) Rules, 2016

May 20 2016

On May 16, 2016, India brought in various changes to the Patent Rules, 2003 making it more aligned with use of technology like mandatory e-submission of documents and hearing through video-conferencing besides changes in procedure and providing for expedited examination and so on.

Trademark – Non-receipt of consideration for assignment not relevant when same registered

May 20 2016

The Delhi High Court has held that even in case of non-receipt of consideration for assignment of the trademark by the assignor, unless the entry made in the Trademark Register is removed by the appropriate authority, the assignor has no right to infringe the same very mark which is assigned by him.

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