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Global Indirect Tax Developments: Recent UK-US Trade Agreement and EU VAT E-Commerce Reforms
UK-US Trade Agreement: Tariff Reductions and Status of Digital Services Taxi) New Bilateral Trade FrameworkOn May 8, 2025, the United Kingdom and the United States entered into a fresh trade arrangeme...
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A Comprehensive Guide to Material Consumption Costs and Inventory Classification
1. IntroductionAccurate categorization of materials and inventories is vital for the integrity and transparency of financial statements, as required by the Companies Act, 2013. This article provides a...
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Revisiting Sec. 254(2) after checkmate
1. OverviewThe deductibility of employees’ contributions to Provident Fund (PF) and Employees' State Insurance Corporation (ESIC) under section 36(1)(va) of the Income-tax Act, 1961, has been a subjec...
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New AIS Challenges: Dealing with Source Responses to Your Feedback
Introduction: Enhanced Data Integration and Its ImplicationsThe Income Tax Department has significantly broadened its mechanisms for collecting and integrating financial data through various channels...
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SEBI’s Draft Framework for Regulating AI in Indian Securities Markets: An In-Depth Analysis
OverviewAdvancements in Artificial Intelligence (AI) and Machine Learning (ML) are rapidly transforming investment and trading in India. Today’s trading platforms can automatically rebalance investmen...
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Portfolio Management Expenses Related to Shares and Securities: Regulatory Framework and Income Tax Treatment
Introduction to Portfolio Management Services Regulation in Indiai) Genesis of PMS Regulations in IndiaPrior to the enforcement of the SEBI (Portfolio Managers) Regulations, 1993, portfolio management...
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GAAR vs. SAAR: Navigating the Fine Line Between Tax Avoidance and Legitimate Tax Planning
1. Introduction: Understanding the DistinctionTax avoidance and tax planning have long stood at the crossroads of direct tax law in India. Tax avoidance refers to strategies that reduce tax liability...
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Reassessment under the Income Tax Act Post-COVID: Analysis of Rajeev Bansal Case and the Concept of Surviving Period
Overview of the Legal Landscape Post-Pandemic(i) COVID-19 and Its Legal RepercussionsThe outbreak of COVID-19 in late 2019 led to global disruptions, including in India, where government-imposed lockd...
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GST Confiscation Cannot Be Invoked Solely for Excess Stock: Insights from Allahabad High Court in Raj Steel Case
Background and Case Facts(i) Overview of the Incident(a) During a routine inspection, authorities discovered that Raj Steel was holding more stock than declared.(b) Based on this finding, the departme...
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ITC Not Subject to Reversal for Supplier’s Tax Defaults: Insights from Allahabad High Court
(i) Judicial Context and Principle EstablishedThe Allahabad High Court, in the matter of R.T. Infotech v. Additional Commissioner Grade 2 & Others, clarified that a recipient’s Input Tax Credit (ITC)...
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In-Depth Overview of Issuing Shares with Differential Voting Rights (DVRs) in India
Introduction: Evolution of DVRs in Indian Corporate LawRecent reforms in Indian company law have expanded the range of capital-raising instruments available to businesses, enabling them to attract inv...
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Strategies to Optimize Your Income Tax Refund for FY 2024–25 (AY 2025–26)
Assessees frequently lose out on significant tax refunds each year due to errors in filing their Income Tax Returns (ITR) and by not making full use of all eligible deductions. Excess tax paid via Tax...
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Detention and Seizure of Goods in Transit under Section 129 of the CGST Act: Procedures, Penalties, and Legal Recourse
Overview of Section 129 of the CGST Act, 2017Section 129 of the Central Goods and Services Tax (CGST) Act, 2017 stands as a stringent anti-evasion provision, authorizing the detention, seizure, and co...
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Judicial Perspectives on Lifting the Corporate Veil in Indian Law
Overview: Principle of Separate Corporate PersonalityThe principle that a company possesses a distinct legal existence, independent of its shareholders and directors, was firmly established in the lan...
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Study of Undisclosed Income under Sections 68 to 69D of the Income Tax Act, 1961: Assessment, Taxability, and Penalties (Including Updates from Finance Act, 2025)
Overview and Legal Frameworki) Rationale and Legislative Background:The effectiveness of India’s fiscal system is closely tied to a clear and robust tax regime. The Income Tax Act, 1961, is India’s pr...
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Evolution and Interpretation of Tax Treaties: Key Mechanisms and Developments
Introduction: The Significance of Tax Treaties in a Globalized EconomyIn the context of expanding international trade and cross-border investments, economies worldwide have become increasingly interco...
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Protecting Account Holder Rights Amid Digital Fraud: Legal Hurdles in Arbitrary Bank Account Freezes
1. OverviewWith the surge in cybercrime, law enforcement agencies in India have increasingly responded by blocking or restricting bank accounts suspected of being involved in fraudulent activities. Wh...
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Requirement of Mandatory Personal Hearing Prior to GST Order: Analysis of Delhi High Court Ruling
Background and Judicial Context(i) Case OverviewIn the recent decision by the Hon’ble Delhi High Court in Exide Industries Ltd. v. Assistant Commissioner, CGST [Writ Petition (Civil) 4822 of 2025, dat...
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Capital Gains Taxation on Equity Share Sales for Assessment Year 2025-26
Overview of Capital Gains on Equity Share DisposalsCapital gains taxation is a critical element in transactions involving equity shares. The Income Tax Act, 1961, particularly Sections 54F, 111A, and...
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Whistleblower Safeguards in India: Elevating the First Voice of Integrity
1. IntroductionShakespeare’s wisdom in Macbeth, Act 3, Scene 1, about solitude and anticipation, echoes the emotional journey of whistleblowers — often standing alone before revealing the truth. Those...