The Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in a recent ruling in Dr. Muthian Sivathanu v Assistant Commissioner of Income-tax [ITA No. 553/2018] held that proceeds received on sale of shares acquired pursuant to exercise of an employee stock option (Option) will be taxable as capital gains and not as salary.
The Ministry of Commerce and Industry has published Draft Patent (Amendment) Rules, 2018 (Draft Rules) for objections and suggestions. The key highlights of the Draft Rules are broadly set out below:
On 5 December 2018, the Supreme Court dismissed an appeal by the Competition Commission of India (CCI) challenging a Bombay High Court order in a matter alleging cartelisation by telecom companies Airtel, Vodafone and Idea (collectively, the IDOs). The central issue before the Supreme Court was the jurisdiction of the CCI to probe allegations of cartelisation by IDOs and the Cellular Operators Association of India (COAI).
Recently, the Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) has ruled that the conversion of a private company into a limited liability partnership (LLP) shall be considered as a taxable “transfer” attracting capital gains tax under the Income-tax Act, 1961 (IT Act), unless certain specified conditions are satisfied (Ruling).
The Delhi High Court, vide its judgment in the case of Vodafone Mobile Services Limited v Commissioner of Service Tax, Delhi (2018-VIL-506-DEL-CE), dated 31 October 2018 has allowed CENVAT credit on telecom towers and related shelters, accessories, etc., thereby taking a contradictory position to that of the Bombay High Court’s judgment in Bharti Airtel Limited v Commissioner of Central Excise (2014 (35) STR 865 (Bom)) (Bharti Airtel).
Several committees stretching back to 2002 had observed that the erstwhile Companies Act, 1956 contained penalties which were rather nominal and easily compoundable. Hence, the Companies Act, 2013 (Act) deliberately made serious offences such as fraud etc., non-compoundable. Unfortunately, in the wake of Satyam and the season of scams, lawmakers fell into the trap of ‘preventing’ scams and overcorrected.
The Competition Commission of India (CCI) notified the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2018 on 9 October 2018 (Amendment Regulations). The Amendment Regulations bring welcome and anticipated changes to the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations).
On 26 September 2018, after marathon hearings over four months, a five judge constitution bench of the Supreme Court comprising of Hon’ble Chief Justice Deepak Mishra, Hon'ble Justice A K Sikri, Hon’ble Justice A M Khanwilkar, Hon’ble Justice D Y Chandrachud and Hon’ble Justice Ashok Bhushan upheld the Aadhaar scheme by a 4:1 majority. The majority judgment has been delivered by Justice A K Sikri (on behalf of Chief Justice Mishra, Justice Khanwilkar and himself). Justice Bhushan delivered a separate concurring judgment and Justice Chandrachud delivered the sole dissent.
With the FPIs on tenterhooks since the issuance of the now famous, or rather infamous, circular dated 10 April 2018 (April 10 Circular), following the submission of the report[1] by the working group under the Chairmanship of Shri H R Khan (Working Group) and in-principle acceptance of their recommendations by the SEBI Board, SEBI has finally issued two important circulars on 21 September 2018. Vide the two separate circulars, one dealing with Know Your Client (KYC) requirements and the second with the eligibility conditions for Foreign Portfolio Investors (FPIs), SEBI has substantially su
The Hon’ble Supreme Court of India (Supreme Court) in its recent judgment M/s Shriram EPC Limited v Rioglass Solar SA dated 13 September 2018, has put to rest the issue qua enforcement of foreign awards without being stamped (stamp duty need not be paid). The dispute at hand arose before the Supreme Court on appeal from the Madras High Court Division Bench.
