Introduction: When it is seen from the commercial perspective, the word ‘advertisement’ plays a vital role in the success of any business or commercial activity. The main objective of any advertisement is to reach out to customer and increase awareness of brand/product/service. The word ‘internet/digital’ has changed the lifestyle globally
GST On TDRs for Commercial Projects – Also under Reverse Charge?
We are aware that the taxability of Transferable Development Rights (for brevity ‘TDR’) has undergone a significant change with effective from 01st April 2019. The liability was shifted on the developer subject to certain conditions. The reasoning of such a shift to developer only if has unsold flats as on
Retiring Partner and Partnership Firm – Certain GST Issues
We all are aware that the settlement of retiring partner from a partnership firm is not an easy task. The journey, the ups and downs, the emotions involved, the timing of retirement and various other factors are evidently enough to create a tense environment between the retiring partner and continuing
Prohibition of Benami Transactions Act – Applies Prospectively – SC in Ganpati Dealcom Private Limited
History: Prior to introduction of Benami Transactions (Prohibition) Act in 1988, the benami transactions were recognised as a specie of legal transactions pertaining to immovable properties. The nature of a benami transaction has been described by the Judicial Committee of Privy Council in Gurnarayan v Shoelal Singh[1], thus – The
Determination of Date of Issue vis-a-vis Various modes of Issue of Notice – Delhi HC in Suman Jeet & Ors
Introduction: Issue of Notice under section 148 of ITA[1] after 31.03.2021 under old provisions has created a buzz in the reassessment matter in recent times. Finally, the matter reached the Supreme Court in the case of Ashish Agarwal[2] and CBDT[3] has issued an instruction[4] to implement the decision of Supreme
A Discussion on New Overseas Investment Regulations
Under the pre-amended/old regulations, overseas investment, in respect of investment in foreign securities, is governed by Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 and, overseas investment, in respect of investment in immovable property, is governed the Foreign Exchange management (Acquisition and Transfer of Immovable Property
Management Support Services vis-à-vis Arm’s Length Price – An Analysis under Transfer Pricing – Part IV
Introduction: In first two parts of Article (Part I[1] and Part II[2]), the concept of taxability of management support services (‘MSS’) under treaty and Income Tax Act (‘IT Act’) has been analysed in detail. Further, through the third part, consequences of such transaction under transfer pricing provisions have been discussed.
No Service Tax Only on Reason Updates are Provided – Supreme Court in Quick Heal Technologies Limited
The Supreme Court in the recent matter of Quick Heal Technologies Limited[1] has rejected the tax authorities claim of service tax on the amounts that are collected towards sale of anti-virus software. The Supreme Court followed its previous decision of Tata Consultancy Services[2] in reaching the above conclusion. In this
Remittance of Assets Regulations vs Liberalised Remittance Scheme – A Comparison under FEMA and Income Tax
A person in India may remit amount to outside India under various situations. In order to regulate such remittances, various regulations have been inserted under Foreign Exchange Management Act, 1999 (‘FEMA’) and Income Tax Act, 1961 (‘ITA’). In this article, the concept of remittance of amount to outside India by
GAAR vis-à-vis Compromises or Arrangements under Companies Act
Introduction: It is observed from the recent judgments of National Company Law Tribunals (for brevity ‘NCLT’/’Tribunal’) that there is an ambiguity as to the extent the objections raised by Income Tax Department should be taken into consideration while the Tribunals sanction a scheme under the provisions of Section 230 –