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Competition Law and the IBC: An Alternate Perspective on the Supreme Court’s Balancing Act

Introduction Recently, the Supreme Court (‘Court’) in Independent Sugar Corporation Ltd v Girish Sriram Juneja & Ors resolved an interpretive uncertainty involving the interface of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) with the Competition Act, 2002. The narrow question before the Court was whether the approval of a resolution plan… Read More »Competition Law and the IBC: An Alternate Perspective on the Supreme Court’s Balancing Act

Powers of Arrest under CGST Act, 2017 and Customs Act, 1962: Constitutionality and their Scope

The Supreme Court in a recent judgment upheld the constitutionality of arrest-related provisions contained in Customs Act, 1962 and CGST Act, 2017. The Court also elaborated on the scope of arrest powers under CGST Act, 2017 and safeguards applicable to an arrestee. The judgment reiterates some well-established principles and clarifies the law… Read More »Powers of Arrest under CGST Act, 2017 and Customs Act, 1962: Constitutionality and their Scope

Short Note from Tax History: Cost of Acquisition and Capital Gains Tax

This article aims to examine in detail a judgment on capital gains tax that continues to have enduring relevance. B.C. Srinivasa Shetty case was decided in 1981 by a 3-Judge Bench of the Supreme Court and its observations on chargeability of capital gains tax continue to be cited in various contemporary cases.… Read More »Short Note from Tax History: Cost of Acquisition and Capital Gains Tax

Powers of Arrest under GST: Unravelling the Phrase ‘Committed an Offence’

CGST Act, 2017 provides the Commissioner power to arrest under specific circumstances. Section 69, CGST Act, 2017 states that:  Where the Commissioner has reasons to believe that a person committed any offence specified in clause (a) or clause (b) or clause (c) or clause (d) of sub-section (1) of section 132 which… Read More »Powers of Arrest under GST: Unravelling the Phrase ‘Committed an Offence’

Taxation of Perquisites: SC Rules on Constitutionality

Challenge  In a recent judgment, the Supreme Court ruled on constitutionality of Section 17(2)(viii), IT Act, 1961 and Rule 3(7)(i), IT Rules, 1962 which include concession loans under perquisites and provided for their valuation respectively.   Section 17(2) defines perquisites to include various perks under different clauses. Section 17(2)(viii) is a residuary… Read More »Taxation of Perquisites: SC Rules on Constitutionality

Tax Exemption v/s Tax Exemption for ‘Beneficial Purpose’: Interpretive Dilemmas 

The thumb rule in interpreting a tax statute is that it must be strictly construed and any ambiguities in statutory provisions are resolved in favor of the taxpayer. However, the rule relating to interpretation of ambiguities is only applicable for charging provisions or provisions that provide authority to levy tax.… Read More »Tax Exemption v/s Tax Exemption for ‘Beneficial Purpose’: Interpretive Dilemmas 

Rainbow Papers Case and the Art of Misinterpretation

On September 6, 2022, the Supreme Court pronounced its judgment in Rainbow Papers case that unsettled prevailing understanding of the waterfall mechanism under Section 53, Insolvency and Bankruptcy Code, 2016 (‘IBC’). And equally unconvincingly defended the merits of the decision in the review petition further entrenching a position of law that is… Read More »Rainbow Papers Case and the Art of Misinterpretation