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GST Input Tax Credit for Setting Up Manufacturing Facilities: An Integrated Approach for General and Solar Manufacturing Sectors
OverviewIndia’s ambition to emerge as a global manufacturing powerhouse, particularly in sunrise sectors such as solar energy, has made the Goods and Services Tax (GST) Input Tax Credit (ITC) regime a...
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GST ITC Reversal: Assessee's Rights in Cases of Supplier Default
Overview and ContextThe reversal of Goods and Services Tax (GST) Input Tax Credit (ITC) owing to defaults by suppliers is a contentious issue, with numerous assessees receiving notices from the GST au...
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A Practitioner’s Guide to Startup Taxation under the Income-tax Act, 2025: Section 140 (Formerly Section 80-IAC) and Key Allied Provisions
Overview of Legislative ChangesThe Income-tax Act, 2025 (Act 30 of 2025) took effect from April 1, 2026, replacing the long-standing Income-tax Act, 1961. This new Act streamlines the legal framework...
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A Tale of Two Tax Tigers: Navigating the Boundaries of Indian Tax Law
Introduction: The Role of Taxation in SocietyJustice Oliver Wendell Holmes of the US Supreme Court once remarked, “I like to pay taxes; with them, I buy civilization.” Taxes are the backbone of govern...
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Taxation Aspects of Wipro Limited's 2026 Share Buy-Back Programme
IntroductionOn 16 April 2026, Wipro Limited unveiled a significant share repurchase plan, proposing to acquire up to 600 million fully paid equity shares, amounting to roughly 5.72% of its paid-up sha...
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Global Developments in Corporate and Securities Law: FCA’s Recent Consultations and Enforcement Initiatives
Securities Law UpdatesReview of IPO Research Regulations by FCA(i) Background and Proposed AmendmentsOn April 27, 2026, the Financial Conduct Authority (FCA) of the United Kingdom initiated a consulta...
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Proxy Advisory Firms and Their Impact on M&A Outcomes and Corporate Governance in India
OverviewThe past ten years have seen proxy advisory firms play a pivotal role in shaping shareholder decisions within Indian listed companies, particularly in the context of mergers and acquisitions (...
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Identifying a Key Procedural Gap in ITAT Rectification Timeline: A Case Study
Introduction and BackgroundThe author, a chartered accountant, recently represented an assessee in an ongoing dispute involving income tax and transfer pricing adjustments under the Income-tax Act, 19...
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Bombay High Court Clarifies: EOU Profit Deductions Cannot Be Arbitrarily Capped by Comparing with Domestic Sister Concerns
IntroductionThe recent decision of the Bombay High Court in the case of Pragati Aroma Oil Distillers Pvt. Ltd. v. DCIT (IT Appeal No. 502 of 2015, dated 23 April 2026), highlights a significant clarif...
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Decoding GST Valuation for Sale of Used Motor Vehicles by Non-Dealers: Navigating the Dilemma
Introduction: Persistent Ambiguities in GST on Used Vehicle DisposalsDespite almost a decade since the rollout of GST in India, ambiguity persists regarding the valuation for GST purposes when an asse...
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SEBI’s Revised Valuation Framework for Sweat Equity: A Comprehensive Overview
1. Introduction: SEBI’s Amendments to Sweat Equity ValuationSEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 underwent a notable revision in December 2025, fundamentally alterin...
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Deemed Public Companies: Navigating the Compliance Shift under the Companies Act, 2013
Introduction to Deemed Public Company ConceptThe Companies Act, 2013, through Section 2(71), introduced a unique "deeming" rule. According to the proviso of this section, if a company is a subsidiary...
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Re-examining “Membership” in Oppression and Mismanagement Cases: Insights from Dr. Bais Surgical And Medical Institute Pvt. Ltd. v. Dhananjay Pande
OverviewDisputes regarding oppression and mismanagement within companies often emerge in environments where legal requirements and practical business operations diverge. Indian company law, particular...
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Penalties for Non-Filing of DIR-12 Post Director Resignation: Analysis of ROC Adjudication
Introduction and Case OverviewThe Registrar of Companies (ROC) Kanpur initiated penal proceedings against M/s. Alpha Alliance Technology Private Limited and its directors for failing to file Form DIR-...
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Section 16(2)(c) Under Scrutiny: An In-depth Review of Gujarat High Court’s Verdict on GST Input Tax Credit
1. OverviewThe Gujarat High Court’s decision in Maruti Enterprise Through Its Authorized Partner v. Union of India & Others ([2026] 186 taxmann.com 90, Gujarat) stands out as a landmark judgment under...
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Reframing the Defence of “Fiduciary Capacity” under the Amended Benami Transactions Law
Introduction: Evolution of the Benami Law and the ‘Fiduciary Capacity’ ExceptionThe landscape of benami transactions in India underwent a significant shift with the amendment of the Prohibition of Ben...
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Self-Imposed Encumbrances and Capital Gains Taxation under ITA 2025 — Statutory Analysis and Judicial Trends
OverviewCapital gains taxation in India fundamentally operates on the principle that the taxable gain is the difference between the sale consideration and the cost incurred by the assessee in acquirin...
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The Reassessment Dilemma Under the Income-Tax Act, 2025: Navigating the Legacy of Section 148 Notices After Repeal
1. Introduction: The Challenge of Transitioning Legacy Reassessment ProceedingsOn 1 April 2026, the Income-Tax Act, 1961 was repealed by virtue of Section 536(1) of the Income-Tax Act, 2025, ushering...
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Enhancing Communication Between Statutory Auditors and Those Charged with Governance (TCWG), Including Audit Committees: Regulatory Insights and Best Practices
1. Overview1.1 Background and Regulatory ContextThe landscape of corporate governance in India has evolved significantly since the implementation of the Companies Act, 2013. Despite the robust legisla...
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Revisiting ESOP Repricing in India: Legal Landscape and Practical Insights
Introduction: ESOPs as Employee IncentivesEmployee Stock Option Plans (ESOPs) are primarily designed by companies to reward and motivate employees, aligning their interests with company growth. The in...