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SEBI to Reintroduce Open Market Buy-Backs via Stock Exchange: A Shift in Buy-Back Regulations
Background and OverviewThe Securities and Exchange Board of India (SEBI) is considering the restoration of open market share buy-backs through stock exchanges, a mechanism that was phased out followin...
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Implications of Backdated Whole-Time Director Appointments: Lessons from ROC Penalty on M/s. Regaal Resources Limited
Overview of the Casei) Introduction to the IssueIn a recent enforcement action, the Registrar of Companies (ROC), Kolkata imposed penalties on M/s. Regaal Resources Limited and its directors for the i...
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GST on Online Gaming in India: A Comprehensive Legal and Economic Overhaul
The Digital Gaming Surge and Regulatory OverhaulIndia's online gaming sector has seen explosive expansion, transitioning from a hobbyist pursuit to a booming economic driver. With more than 500 millio...
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GST Implications on Corporate Guarantees: Key Developments and Practical Guidance after D.P. Jain & Co. Infrastructure Pvt. Ltd. v. Union of India
Introduction: The Emergence of GST Liability on Corporate Guarantees(i) A New Tax Demand on Traditional PracticeCorporate guarantees—frequently extended by parent entities to support loans for subsidi...
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Distinguishing Revenue Sharing and Profit Sharing in AOPs: Taxability of Members’ Income in Light of Sanand Properties Case
Introduction and Factual MatrixIn the landmark case involving Sanand Properties Pvt. Ltd. (SPPL), the Supreme Court addressed pivotal issues regarding taxation of income received by members of Associa...
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Section 50CA and Bona Fide Transfers of Unquoted Shares: Applicability and Interpretation
IntroductionSection 50CA of the Income-tax Act, 1961, introduced through the Finance Act, 2017 and effective from 1 April 2018, establishes a mechanism for determining the full value of consideration...
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Elevated Status of Compliance Officer and Company Secretary: Accountability in Cases of Non-Compliance
Introduction: Enhanced Liability of Compliance Officer/Company SecretaryIn the context of regulatory breaches under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI L...
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Directors’ Responsibility Statement (DRS) under Section 134(5): The Need for a Structured Board Assurance Protocol
1. Introduction: The Role and Legal Weight of the DRSEvery Indian company’s Board of Directors is obligated each year to include a Directors’ Responsibility Statement (DRS) within the Board’s Report a...
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SEBI Proposes New Guidelines for Open Market Share Buybacks: A Comprehensive Overview
BackgroundSEBI (Securities and Exchange Board of India) is now considering a significant transformation of the regulations surrounding open market share buybacks. In its recent consultation paper, SEB...
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Comprehensive Overview of the Regulatory Regime for Virtual Power Purchase Agreements (VPPAs) in India
Introduction: Regulatory Milestone for VPPAsVirtual Power Purchase Agreements (VPPAs) in India have received formal recognition and structure with the Central Electricity Regulatory Commission (CERC)...
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Taxation of Hoarding Income – Standard Deduction Eligibility
1. Introduction: Taxation of Hoarding Income – Standard Deduction EligibilityIn the context of Indian income tax law, a recurring issue arises regarding the treatment of rental income received from th...
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Supreme Court Clarifies Governing Provisions for Pre-Deposit Refunds under GST: Section 115 Prevails Over Section 54
Introductioni) The Requirement of Pre-Deposit in GST AppealsUnder the Central Goods & Services Tax Act, 2017 (CGST Act), filing an appeal before the Appellate Authority or Appellate Tribunal necessita...
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The Endurance of India’s 90+ DTAA Notifications Post-ITA 2025: Navigating Transitional Uncertainties in Treaty Implementation
Introduction: The Quiet Transition Dilemma and Its Massive Fiscal ImpactIndia’s Income-tax Act, 1961 was repealed with effect from 1 April 2026 by Section 536(1) of the Income-tax Act, 2025 (ITA 2025)...
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A New Digital Approach for Non-Taxable Income Declaration: Replacing Form 121 with Online Submission on the Income Tax e-Filing Portal
Introduction and OverviewThe current procedure for declaring non-taxable income to seek exemption from Tax Deducted at Source (TDS) relies heavily on the use of Form 121 (formerly known as Forms 15G a...
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Upcoming Changes in Consolidation of Financial Years in Input Tax Credit (ITC) Notices: A New Approach?
Background and Recent Judicial DevelopmentsThe debate over whether the Central Goods and Services Tax (CGST) Department can consolidate multiple financial years in a single show cause notice (SCN) for...
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Transforming Statutory Audits with GST Data
1. Introduction: Transforming Statutory Audits with GST DataThe rollout of Goods and Services Tax (GST) in India on July 1, 2017, marked a watershed moment, fundamentally reshaping the indirect tax st...
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Understanding the Cross Objection Conundrum before the GST Appellate Tribunal: Procedural Gaps and Implications
1. IntroductionThe establishment of the Goods and Services Tax Appellate Tribunal (GSTAT) has filled a long-standing void in India’s GST dispute resolution framework. While this is a significant admin...
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A Complete Overview of the Liberalised Remittance Scheme (LRS) Post-Finance Act 2026
1. Introduction to the Liberalised Remittance SchemeThe Liberalised Remittance Scheme (LRS) allows Indian residents to remit funds overseas for a variety of purposes. With the recent amendments brough...
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Section 184 of Companies Act, 2013: From Annual Disclosure to Ongoing Governance – The Dynamic Interest Disclosure Imperative
1. Introduction: Continuous Interest Disclosure Under Section 184Section 184 of the Companies Act, 2013, effective from 1st April 2014, establishes a two-pronged obligation for every director: (1) an...
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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...