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The McLeod Russel Doctrine: Interpreting Section 16(2)(aa) of the CGST Act for Genuine ITC Recipients
Background: The Intractable Condition of Section 16(2)(aa)Section 16(2)(aa) of the Central Goods and Services Tax Act, 2017 (CGST Act), introduced by the Finance Act, 2021 and effective from January 1...
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Analysis of the Interrelationship Between Section 5(2) and the Provisions Relating to Unexplained Credits: A Non-Resident’s Viewpoint
OverviewNon-resident assessees frequently confront situations where the Assessing Officer (AO) invokes additions under section 68 or 69 of the Income Tax Act, 1961, or under the corresponding sections...
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Tax Implications of Share Buy-Backs under Section 56(2)(x): Examination of the Delhi High Court’s Globe Capital Market Ltd. Decision
Introduction: The Evolving Tax Landscape Around Share Buy-BacksRecent years have seen increased scrutiny of share buy-back arrangements, especially concerning their tax treatment under the Income-tax...
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Is a Single Member Sufficient for Quorum in a Private Limited Company's General Meeting?
1. Minimum Membership and Quorum Essentials(i) Legal Baseline for Private Companies(a) As per the Companies Act, 2013, a private limited company must have at least two members at the time of incorpora...
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Director Duty Compliance Confirmation under Section 166: Advancing from Statutory Duty to Robust Governance Practice
1. Introduction: Section 166 and the Evolution of Director DutiesSection 166 of the Companies Act, 2013, formalizes the essential responsibilities of company directors, ranging from adherence to the A...
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Reframing the Enforceability of Term Sheets in Indian Corporate Transactions
1. IntroductionTerm sheets serve as the initial framework for most corporate deals, outlining the intended structure and objectives of a transaction. Governed primarily by the Indian Contract Act, 187...
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Private Discretionary Trusts and the Surcharge Dilemma: A Contemporary Analysis
Understanding Trusts in Indiai) What is a Trust?A trust refers to a legal arrangement where a person, known as the settlor (or author/creator), transfers property or assets to a trustee, who then mana...
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Resolving the TDS Dilemma for Non-Resident Partners: Section 194T Versus Section 195
Background: Overlapping TDS Regimes and Legislative AmbiguityThe Finance (No. 2) Act, 2024, brought in section 194T to the Income-tax Act, 1961, effective from 1 April 2025. This provision obliges par...
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Obligation of Legal Heirs to Explain the Source of the Source under Section 68: A Comprehensive Review
IntroductionIn professional practice, a recurring question arises regarding whether legal heirs must establish the "source of the source" of credits in the books of a deceased assessee, especially in...
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Critical Analysis of the Rollmet LLP Order: Misinterpretation of SLP Dismissal in Mathur Polymers
OverviewThe Bombay High Court's ruling in Rollmet LLP v. Union of India (WP No. 16848 of 2025) has generated considerable discussion, particularly because it referred the debate regarding consolidated...
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Rethinking Input Tax Credit: Addressing Supplier Default and Reinventing the GST Credit Ecosystem
1. Overview: The Unfulfilled Vision of Seamless GST CreditThe Goods and Services Tax (GST) was introduced with the fundamental goal of ensuring tax neutrality through an uninterrupted flow of Input Ta...
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Buy-back of Unexercised ESOPs: Interpreting Section 68 of the Companies Act, 2013 – A Practical Perspective
IntroductionThe distinction between unexercised and exercised Employee Stock Options (ESOPs) has significant implications when considering buy-backs under Indian company law. Section 68 of the Compani...
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The Expanding Role of Forensic Auditors in Addressing India’s NPA Challenge and Promoting Financial Clarity
Introduction: Unveiling the NPA Dilemma in Indian BankingThe Indian banking industry has consistently faced the persistent issue of Non-Performing Assets (NPAs). While recent years have seen progress...
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Navigating LRS and ODI: Understanding India’s Dual Regulatory Approach to Outward Remittances
Overview of Outward Remittance RegulationsThe regulatory landscape for outward remittances from India is principally structured under the Foreign Exchange Management Act, 1999 (FEMA), alongside relate...
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A Deep Dive into the IBC (Amendment) Act, 2026: Key Changes and Practical Implications
Historical Context and Legislative ProgressionThe Insolvency and Bankruptcy Code (IBC) in India has undergone continuous refinement, with the IBC (Amendment) Act, 2026 emerging as a pivotal developmen...
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Reimagining India’s Advance Pricing Agreement (APA) Landscape: Swifter Resolutions and Enhanced Compliance
Introduction to Advance Pricing Agreements: Designing Tax CertaintyAdvance Pricing Agreements (APAs) were formally introduced under the Finance Act, 2012, to bring predictability and uniformity in the...
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Rectification of Company Register of Members: Scope and Authority of NCLT
Historical Background and Evolution of Rectification Provisionsi) Pre-1988 Legal Framework(a) Before the Companies (Amendment) Act, 1988, the remedy for rectifying the register of members was governed...
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Major GST Revisions on Discounts: Comprehensive Overview and Practical Impact
1. IntroductionSince the rollout of the Goods and Services Tax (GST), its guiding philosophy has been to foster transparency and streamline the indirect tax system in India. Despite this vision, certa...
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The Continued Relevance of State Stamp Duty in Indian Corporate Transactions
1. Overview: The Continued Relevance of State Stamp Duty in Indian Corporate TransactionsIn Indian corporate deals—such as mergers and acquisitions, private equity investments, venture capital funding...
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Redefining Corporate Compliance: A Deep Dive into the Decriminalisation Reforms Proposed by the Corporate Laws (Amendment) Bill, 2026
1. IntroductionIndia’s approach to corporate regulation is undergoing a transformative change with the introduction of the Corporate Laws (Amendment) Bill, 2026, which proposes significant amendments...