Author: Rav Singh
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Kerala versus Union: Dispute Lingers
The dispute between the State of Kerala and Union of India involving disagreement on the latter’s scope of power to restrict debt levels of the former, was referred to a Constitution Bench by the Supreme Court.…
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‘Simple and Non-Controversial’: Section 13A, IT Act, 1961
Section 13A was introduced in the IT Act, 1961 via the Taxation Laws (Amendment) Act, 1978 (‘1978 Act’) to grant income tax exemption to political parties. The then Minister of Finance, Shri H.M. Patel, introduced Taxation…
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Including Capital Gains within Scope of Income: A Short Note from Tax History
Provisions to tax capital gains in India’s income tax law were first included in 1947. The Act XII(22) of 1947, amended Income Tax Act, 1922 (‘IT Act, 1922’) – predecessor to India’s current income tax statute,…
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No Service Tax on Carried Interest: GST Applicability Remains an Open Question
In a recent decision the Karnataka High Court has held that a Venture Capital Fund (‘VCF’) is not liable for service tax on carried interest. The decision reversed Customs, Excise & Service Tax Appellate Tribunal’s (‘CESAT’) ruling which was under…
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Portuguese Civil Code, Income Tax, and Companies Act: Understanding Beneficial Ownership
The Bombay High Court, in a recent judgment, had to unravel the interplay of Portuguese Civil Code, IT Act, 1961, and the Companies Act, 1956 - among other issues - to ascertain the tax liability of assessees.…
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Unfamiliar Terrain of Loyalty Points and GST
Levying GST on atypical forms of consideration is a familiar problem under GST regime. One such problem relates to the levy of GST on vouchers issued by a supplier. While we have a modicum of certainty on the…
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Can Cash be Seized During GST Inspections?
Section 67 of the CGST Act, 2017 deals with powers of inspection, search, and seizure of officers and Section 67(2) specifically empowers the officers carrying out an inspection to seize goods and documents. Courts have arrived…
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State’s Powers to Secure Loans: Kerala-Union Tussle
The State of Kerala (‘Kerala’) recently filed an original suit against the Union of India (‘Union’) alleging that the latter has interfered with its fiscal autonomy by imposing a ceiling limit on its borrowing powers. The issue has…
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Article 293 of the Constitution vis-a-vis Section 163, GOI, 1935
The infographic compares Article 293 of the Constitution with its predecessor provision, i.e., Section 163, Government of India Act, 1935. The differences are highlighted via the underlined text in grey. A detailed examination of Article 293…
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JDAs Not Exempt from GST: Telangana HC
The Telangana High Court in a recent judgment clarified that Joint Development Agreements (‘JDA’) between developer and landowner do not transfer ownership rights but only grant development rights to developer. The petitioner’s case, in summary, was that JDA…
