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RBI’s Revised Exemption for Type I NBFCs: Navigating the “No Public Funds, No Customer Interface” Rule
Introduction: Repercussions of Passive Investment Companies Under NBFC NormsPassive entities within corporate groups—those that merely hold shares, mutual funds, or provide for intra-group investments...
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The Conditional Nature of Refunds for Excise and Customs Duty
1. Overview: The Conditional Nature of Refunds for Excise and Customs Dutyi. Context and Importance of the Mafatlal Judgment(a) Legal Background and Precedent:Prior to the Supreme Court’s decision in...
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A Landmark Shift: GSTAT’s Sterling & Wilson Decision Champions Fairness Over Procedural Rigidity
Introduction: GSTAT’s Transformative Impact on GST LitigationThe newly constituted Goods and Services Tax Appellate Tribunal (GSTAT) has swiftly started to influence the course of indirect tax litigat...
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Managing Director’s Remuneration and GST: Major Appellate Verdict Clarifies Schedule III Exclusion and the Role of Documentary Evidence
OverviewThe introduction of Goods and Services Tax (GST) has dramatically transformed India’s indirect tax framework, but it has also generated numerous compliance challenges for businesses. One recur...
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Restaurant Services in Specified Premises Under GST: Addressing Mid-Year Addition Complexities After 1st April 2025
Overview of GST Rates Applicable to Restaurant Services(i) GST Rates Based on Premises Classification(a) As per Heading 9963, restaurant services are taxed differently depending on the nature of the p...
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Delayed Filing of DIR-12 After Company Secretary’s Resignation: ROC Penalty on Company and Directors
Overview and Context(i) Background of the MatterA case was initiated after the resignation of the company secretary (CS) of M/s. KJ Enterprises & Caterers Private Limited. The CS, after stepping down,...
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Revitalizing Section 166(2) of the Companies Act, 2013: Transforming ESG Duties from Statute to Boardroom Practice
1. Introduction: The Unique Scope of Section 166(2)Section 166(2) of the Companies Act, 2013 establishes an explicit, statutory fiduciary duty for every director of every Indian company to act in the...
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GST Input Tax Credit for Setting Up Manufacturing Facilities: An Integrated Approach for General and Solar Manufacturing Sectors
OverviewIndia’s ambition to emerge as a global manufacturing powerhouse, particularly in sunrise sectors such as solar energy, has made the Goods and Services Tax (GST) Input Tax Credit (ITC) regime a...
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GST ITC Reversal: Assessee's Rights in Cases of Supplier Default
Overview and ContextThe reversal of Goods and Services Tax (GST) Input Tax Credit (ITC) owing to defaults by suppliers is a contentious issue, with numerous assessees receiving notices from the GST au...
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A Practitioner’s Guide to Startup Taxation under the Income-tax Act, 2025: Section 140 (Formerly Section 80-IAC) and Key Allied Provisions
Overview of Legislative ChangesThe Income-tax Act, 2025 (Act 30 of 2025) took effect from April 1, 2026, replacing the long-standing Income-tax Act, 1961. This new Act streamlines the legal framework...
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A Tale of Two Tax Tigers: Navigating the Boundaries of Indian Tax Law
Introduction: The Role of Taxation in SocietyJustice Oliver Wendell Holmes of the US Supreme Court once remarked, “I like to pay taxes; with them, I buy civilization.” Taxes are the backbone of govern...
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Taxation Aspects of Wipro Limited's 2026 Share Buy-Back Programme
IntroductionOn 16 April 2026, Wipro Limited unveiled a significant share repurchase plan, proposing to acquire up to 600 million fully paid equity shares, amounting to roughly 5.72% of its paid-up sha...
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Global Developments in Corporate and Securities Law: FCA’s Recent Consultations and Enforcement Initiatives
Securities Law UpdatesReview of IPO Research Regulations by FCA(i) Background and Proposed AmendmentsOn April 27, 2026, the Financial Conduct Authority (FCA) of the United Kingdom initiated a consulta...
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Proxy Advisory Firms and Their Impact on M&A Outcomes and Corporate Governance in India
OverviewThe past ten years have seen proxy advisory firms play a pivotal role in shaping shareholder decisions within Indian listed companies, particularly in the context of mergers and acquisitions (...
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Identifying a Key Procedural Gap in ITAT Rectification Timeline: A Case Study
Introduction and BackgroundThe author, a chartered accountant, recently represented an assessee in an ongoing dispute involving income tax and transfer pricing adjustments under the Income-tax Act, 19...
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Bombay High Court Clarifies: EOU Profit Deductions Cannot Be Arbitrarily Capped by Comparing with Domestic Sister Concerns
IntroductionThe recent decision of the Bombay High Court in the case of Pragati Aroma Oil Distillers Pvt. Ltd. v. DCIT (IT Appeal No. 502 of 2015, dated 23 April 2026), highlights a significant clarif...
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Decoding GST Valuation for Sale of Used Motor Vehicles by Non-Dealers: Navigating the Dilemma
Introduction: Persistent Ambiguities in GST on Used Vehicle DisposalsDespite almost a decade since the rollout of GST in India, ambiguity persists regarding the valuation for GST purposes when an asse...
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SEBI’s Revised Valuation Framework for Sweat Equity: A Comprehensive Overview
1. Introduction: SEBI’s Amendments to Sweat Equity ValuationSEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 underwent a notable revision in December 2025, fundamentally alterin...
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Deemed Public Companies: Navigating the Compliance Shift under the Companies Act, 2013
Introduction to Deemed Public Company ConceptThe Companies Act, 2013, through Section 2(71), introduced a unique "deeming" rule. According to the proviso of this section, if a company is a subsidiary...
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Re-examining “Membership” in Oppression and Mismanagement Cases: Insights from Dr. Bais Surgical And Medical Institute Pvt. Ltd. v. Dhananjay Pande
OverviewDisputes regarding oppression and mismanagement within companies often emerge in environments where legal requirements and practical business operations diverge. Indian company law, particular...