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The Mumbai bench of the Income Tax Appellate Tribunal (Tribunal), in the recent case of Essar Teleholdings Limited (Taxpayer), has allowed the Taxpayer's claim for set-off of short term capital loss (Loss) on sale of compulsory convertible debentures (CCDs) to its holding company (Hold Co) against long term capital gains earned on sale of shares. The Tribunal reversed the orders of the tax authorities who had denied the Taxpayer's claim by holding that the transaction was not bonafide and was a 'colourable device'.

It’s that time of the year again, when the fiscal deficit and taxation regimes begin to feature in dinner table conversations around the country. The Union Budget is just around the corner; and with the economy slowing down, taxpayers are looking to the government for some relief. Several reports have mentioned that taxpayers are hoping for rationalisation of tax rate, increase in tax incentives and simplification of tax compliances.

The government of Maharashtra recently increased the stamp duty inter alia for sale, gift and transfer, by 1% and there are possibilities of further hikes in stamp duty and registration charges looming. However, an uncertainty that plagues flat owners and purchasers, lies a little closer to home – the levy of transfer charges by a cooperative housing society (society), on the sale and transfer of shares and rights to the flats in a building.

The Companies (Amendment) Act 2019 (Amendment Act) received presidential assent on July 31, 2019. The key change implemented in the amendment act is that the corporate social responsibility (CSR) spends are now mandatory in the case of eligible companies.

In this roundtable discussion, we explore the current transfer pricing landscape in Egypt, India and United States.

After being the first ever instance of procedural consolidation under the Insolvency and Bankruptcy Code, 2016 (IBC), the corporate insolvency resolution process (CIRP) for the Videocon group has yet again witnessed a landmark order on 8 August 2019, when the Mumbai bench of the National Company Law Tribunal 

The Urban Land (Ceiling and Regulation) Act, 1976 (ULC Act) was enacted to prevent concentration of urban properties in the hands of a few and to ensure equitable distribution/utilization of urban vacant lands.

On 20 June 2019, the National Company Law Appellate Tribunal (NCLAT), in A. J. Agrochem v Duncans Industries Limited, passed an order deciding the issue of whether approval of the Central Government under Section 16(G)(1)(c) of the Tea Act, 1953 (Tea Act) is necessary for filing an application under of the Insolvency and Bankruptcy Code, 2016 (IBC) against a tea company

In a few days, our Finance Minister (FM) will be presenting the Union Budget in the backdrop of not just a slowdown in the economy, but also falling direct tax revenues compared to FY 2019 (if collection trends till 15 January were to continue), with the latter being a first in the past 20 years.

While the move to allow 100 percent FDI in insurance intermediaries is a welcome move, the requirements under the Intermediaries Regulations and Dividend Guidelines for FIIs are likely to be viewed as onerous by foreign investors.