In the case of General Motors Company USA v Assistant Commissioner of Income Tax – Circle (International Taxation), 2024 166 taxmann.com 170 the Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that a Limited Liability Company (LLC) incorporated in USA is eligible to claim the benefits of the India-US Tax Treaty (Tax Treaty).
On 28 August 2024, the Telecom Regulatory Authority of India (TRAI) issued a consultation paper (CP) on review of the Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCCPR).
On 21 August 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) withdrew its controversial Office Memorandum No. 14-35/2015-CRB/LU (IPR-VII) dated 5 September 2016 (Office Memorandum).
The Ministry of Electronics and Information Technology (MeitY) issued an advisory dated 3 September 2024 (Advisory) to ‘intermediaries’ emphasizing on the responsibility to take prompt action to remove any prohibited content from their platforms in order to meet due diligence obligations under the Information Technology Act, 2000 (IT Act) read with the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (Intermediary Guidelines).
The Reserve Bank of India (RBI) on 19 December 2023 issued a circular (Circular) imposing restrictions on (i) all commercial banks (including small finance banks, local area banks and regional rural banks), (ii) all primary (urban) co-operative banks/state co-operative banks/ central co-operative banks, (iii) all India financial institutions, (iv) all non-banking financial companies (including housing finance companies) (Regulated Entities or RE(s)) with respect to their investments in alternative investment funds (AIF(s)).
On 28 August 2024, the Department of Telecommunications (DoT) released the draft Telecommunications (Critical Telecommunication Infrastructure) Rules, 2024 (Rules) for governing ‘critical telecommunication infrastructure’ (CTI). The Rules are slated to be taken into consideration after expiry of 30 days from the date of its publication in the Official Gazette. In the meantime, stakeholders can submit observations and suggestions in respect of the Rules.
The Department of Telecommunications (DoT), on 28 August 2024 released the draft Telecommunications (Procedures and Safeguards for Lawful Interception of Messages) Rules, 2024 (Rules).
On 28 August 2024, the Department of Telecommunication (DoT) published the draft Telecommunications (Telecom Cyber Security) Rules, 2024 (Rules) in exercise of the powers conferred under the Telecommunications Act, 2023.
The Delhi High Court (HC) in Tiger Global III Holdings v Authority for Advance Rulings, 2024 SCC OnLine Del 5987 overturned the decision of the Authority for Advance Ruling (AAR) where AAR had taken a view that the transaction of sale of shares of Flipkart Private Limited, a Singapore entity (Flipkart) to Walmart International Holdings, Inc. constituted a prima-facie tax avoida
The Telecom Regulatory Authority of India (TRAI) on 20 August 2024 issued new directions to prevent fraudulent activities from being committed through promotional and transactions commercial messages (Directions).
