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Elevated Status of Compliance Officer and Company Secretary: Accountability in Cases of Non-Compliance
Introduction: Enhanced Liability of Compliance Officer/Company SecretaryIn the context of regulatory breaches under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI L...
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Directors’ Responsibility Statement (DRS) under Section 134(5): The Need for a Structured Board Assurance Protocol
1. Introduction: The Role and Legal Weight of the DRSEvery Indian company’s Board of Directors is obligated each year to include a Directors’ Responsibility Statement (DRS) within the Board’s Report a...
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SEBI Proposes New Guidelines for Open Market Share Buybacks: A Comprehensive Overview
BackgroundSEBI (Securities and Exchange Board of India) is now considering a significant transformation of the regulations surrounding open market share buybacks. In its recent consultation paper, SEB...
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Comprehensive Overview of the Regulatory Regime for Virtual Power Purchase Agreements (VPPAs) in India
Introduction: Regulatory Milestone for VPPAsVirtual Power Purchase Agreements (VPPAs) in India have received formal recognition and structure with the Central Electricity Regulatory Commission (CERC)...
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Taxation of Hoarding Income – Standard Deduction Eligibility
1. Introduction: Taxation of Hoarding Income – Standard Deduction EligibilityIn the context of Indian income tax law, a recurring issue arises regarding the treatment of rental income received from th...
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Supreme Court Clarifies Governing Provisions for Pre-Deposit Refunds under GST: Section 115 Prevails Over Section 54
Introductioni) The Requirement of Pre-Deposit in GST AppealsUnder the Central Goods & Services Tax Act, 2017 (CGST Act), filing an appeal before the Appellate Authority or Appellate Tribunal necessita...
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The Endurance of India’s 90+ DTAA Notifications Post-ITA 2025: Navigating Transitional Uncertainties in Treaty Implementation
Introduction: The Quiet Transition Dilemma and Its Massive Fiscal ImpactIndia’s Income-tax Act, 1961 was repealed with effect from 1 April 2026 by Section 536(1) of the Income-tax Act, 2025 (ITA 2025)...
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A New Digital Approach for Non-Taxable Income Declaration: Replacing Form 121 with Online Submission on the Income Tax e-Filing Portal
Introduction and OverviewThe current procedure for declaring non-taxable income to seek exemption from Tax Deducted at Source (TDS) relies heavily on the use of Form 121 (formerly known as Forms 15G a...
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Upcoming Changes in Consolidation of Financial Years in Input Tax Credit (ITC) Notices: A New Approach?
Background and Recent Judicial DevelopmentsThe debate over whether the Central Goods and Services Tax (CGST) Department can consolidate multiple financial years in a single show cause notice (SCN) for...
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Transforming Statutory Audits with GST Data
1. Introduction: Transforming Statutory Audits with GST DataThe rollout of Goods and Services Tax (GST) in India on July 1, 2017, marked a watershed moment, fundamentally reshaping the indirect tax st...
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Understanding the Cross Objection Conundrum before the GST Appellate Tribunal: Procedural Gaps and Implications
1. IntroductionThe establishment of the Goods and Services Tax Appellate Tribunal (GSTAT) has filled a long-standing void in India’s GST dispute resolution framework. While this is a significant admin...
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A Complete Overview of the Liberalised Remittance Scheme (LRS) Post-Finance Act 2026
1. Introduction to the Liberalised Remittance SchemeThe Liberalised Remittance Scheme (LRS) allows Indian residents to remit funds overseas for a variety of purposes. With the recent amendments brough...
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Section 184 of Companies Act, 2013: From Annual Disclosure to Ongoing Governance – The Dynamic Interest Disclosure Imperative
1. Introduction: Continuous Interest Disclosure Under Section 184Section 184 of the Companies Act, 2013, effective from 1st April 2014, establishes a two-pronged obligation for every director: (1) an...
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RBI’s Revised Exemption for Type I NBFCs: Navigating the “No Public Funds, No Customer Interface” Rule
Introduction: Repercussions of Passive Investment Companies Under NBFC NormsPassive entities within corporate groups—those that merely hold shares, mutual funds, or provide for intra-group investments...
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The Conditional Nature of Refunds for Excise and Customs Duty
1. Overview: The Conditional Nature of Refunds for Excise and Customs Dutyi. Context and Importance of the Mafatlal Judgment(a) Legal Background and Precedent:Prior to the Supreme Court’s decision in...
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A Landmark Shift: GSTAT’s Sterling & Wilson Decision Champions Fairness Over Procedural Rigidity
Introduction: GSTAT’s Transformative Impact on GST LitigationThe newly constituted Goods and Services Tax Appellate Tribunal (GSTAT) has swiftly started to influence the course of indirect tax litigat...
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Managing Director’s Remuneration and GST: Major Appellate Verdict Clarifies Schedule III Exclusion and the Role of Documentary Evidence
OverviewThe introduction of Goods and Services Tax (GST) has dramatically transformed India’s indirect tax framework, but it has also generated numerous compliance challenges for businesses. One recur...
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Restaurant Services in Specified Premises Under GST: Addressing Mid-Year Addition Complexities After 1st April 2025
Overview of GST Rates Applicable to Restaurant Services(i) GST Rates Based on Premises Classification(a) As per Heading 9963, restaurant services are taxed differently depending on the nature of the p...
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Delayed Filing of DIR-12 After Company Secretary’s Resignation: ROC Penalty on Company and Directors
Overview and Context(i) Background of the MatterA case was initiated after the resignation of the company secretary (CS) of M/s. KJ Enterprises & Caterers Private Limited. The CS, after stepping down,...
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Revitalizing Section 166(2) of the Companies Act, 2013: Transforming ESG Duties from Statute to Boardroom Practice
1. Introduction: The Unique Scope of Section 166(2)Section 166(2) of the Companies Act, 2013 establishes an explicit, statutory fiduciary duty for every director of every Indian company to act in the...