Advocate Anand Mishra

Advertisement, Marketing & Promotion Expense- Controversy

Goods and Services Tax - Due to the lack of statutory law and legislative framework governing transfer pricing, the taxability of AMP expenses has become a biggest controversy and dilemma, and it also offers no guidance in situations where an express agreement does not exist. ...

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Have you met the Legal Dracula?

Goods and Services Tax - The world came to the standstill with series of lockdown for a simple cause to save the mankind from Covid-19.  Everything was curbed. Businesses got stalled. Finance cycle could not be completed as the wrath came at the fag end of the financial year 2019-2020.  Panic pushed Companies to run the show with limited resources. […]...

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Compulsory Licensing – Diluting the Rights of a Patentee

Goods and Services Tax - Grant of a patent implies a statutorily granted monopoly on the use of invention. Setting aside the concern that this invention should not be exploited at the cost of public interest. Once a patent is granted, the patentee is vested with the exclusive rights over his inventions for the period of 20 years....

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Dispute of A Family Trademark Not A Trademark Dispute But A Family Dispute

Goods and Services Tax - INTRODUCTION  A trademark, one of the most important Intellectual property incorporates any word, name, image, or any mix, used , or expected to be used, in business to recognize the products of one producer or dealer from merchandise fabricated or sold by others and to show the wellspring of the products. It is an imprint […]...

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Decriminalisation of Cheque Bouncing

Goods and Services Tax - The statement released by Ministry of Finance on 8th June, 2020 has proposed to decriminalize a number of economic offences and one of such offences is the offence under Sec 138 of Negotiable Instruments Act, 1881 for dishonor of cheque. The Ministry has invited comments of stakeholders latest by June 23, 2020 on the decriminalization [&h...

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What is your GST Strategy post Covid-19?- Join our Webinar

Goods and Services Tax - TaxGuru and AMLEGALS brings together TAXEBINAR TAXEBINAR | Pandemic Pro Webinar | GST Unveiled | 14th May, 2020 | Thursday | 4.00 to 5.00 P.M Register for the Webinar at: https://bit.ly/2WoV5Mk No Registration Charge | A Must for CFO, CEO & In-House Indirect Professionals | What is your Tax Strategy post Covid-19? The broader concept ...

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A Webinar on Pandemic Legal Intelligence & Business Risk Assessment

Goods and Services Tax - PANDEMIC LEGAL INTELLIGENCE & BUSINESS RISK ASSESSMENT Join us for a Webinar on 16th April, 2020 (Thursday) 4.00 P.M. to 5.30 P.M. Register at below (No Charges) https:\\bit.ly/2XvkZjJ BEST STRATEGIES and an INFORMED DECISION matters the most! The pandemic crisis of COVID-19 has brought business houses and legal professionals on their...

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Masterclass GST Series – “Are You Ready For GST”

Goods and Services Tax - GST Strategies For Intelligent Companies & Professionals. An Advance & Exhaustive GST Corporate Seminar on 24th November 2016 (Thursday) at Novotel, Juhu, Mumbai (9.15 a.m. to 5.15 p.m.)...

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Corporate Legal Conference on “Are you ready for GST”

Goods and Services Tax - The focus will be on analysis, simplification & interaction on draft GST. The approach will be simplicity with examples for best understanding and not to be lamented as just another corporate legal conference on GST. Who Should Attend & Why...

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GST – Negligible Exemptions Are On Card

Goods and Services Tax - Goods & Service Tax in India will result eradication of various exemptions .This is also clear from the statement of Shri Najib Shah, chairman, Central Board of Excise and Customs (CBEC), who aired that Tax exemptions until now extended to industry for their expansion and diversification will have to go with GST legislation becoming a re...

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SEZ Units Entitled to Claim Refund of Unutilized IGST Credits

Britannia Industries Limited Vs Union of India (Gujarat High Court) - High Court observed that as per the definition of ISD under Section 2(61) of CGST Act and facts of the present case, it is not possible for a supplier of goods and services to file a refund application to claim refund of input tax credit distributed by ISD....

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IBC, 2016 Vs. Arbitration and Conciliation Act, 1996

Indus Biotech Private Limited Vs Kotak India Venture Fund-I (National Company Law Tribunal) - Indus Biotech Private Limited Vs Kotak India Venture Fund-I (National Company Law Tribunal) FACTUAL BACKGROUND In the present case, the Indus Biotech Pvt. Ltd. (Corporate Debtor) has filed a Interlocutory application under Section 8 of the Arbitration and Conciliation Act, 1996 (Arbitration Act, 199...

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Stay on NCLT Order Initiating Insolvency Proceedings against MSME

Pankaj Aggarwal Vs Union of India & Ors. (Delhi High Court) - Whether the NCLT was correct in passing an order of initiation of the CIRP against a MSME without considering the fact that the minimum threshold limit of filing application in NCLT has been increased to Rs. 1 Crore?...

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Losing Party cannot seek an Order under Section 34 of Arbitration Act

Tecnimont Private Limited & Anr. Vs ONGC Petro Additions Limited (Delhi High Court) - A petition under Section 34 of the Act is only for setting aside an Arbitral Award on the limited grounds provided under Section 34 of the Act. Therefore, the mere pendency of Section 34 proceedings cannot afford a ground for a party to assert that it has a dispute regarding contractual perfor...

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Brief Order a must for ‘Advertisement before Acceptance’ of Trademark

Jai Bhagwan Gupta Vs Registrar of Trademarks & Ors. (Delhi High Court) - The Petitioner relied upon Section 9 and Section 11 of the Trademarks Act, 1999 and submitted that the Respondent should examine the trademark applications in an efficient and proper manner in order to ensure that none of the marks which are brought before the Respondent are similar to that which ar...

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Rule 5A(2) of Service Tax Rules Re-introduced Via Notification No. 23/2014-ST after being held ultra-vires By High Court of Delhi

Notification No. 23/2014-Service Tax - (05/12/2014) - It is pertinent to note that very recently , the Honourable High Court of Delhi in the case of Travelite (India) vs. UOI & Ors, while quashing Rule 5A(2) of the Service Tax Rules and the CBEC Instructions prescribing the manner of an audit and the records that can be called for by the authori...

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Recent Posts in "Advocate Anand Mishra"

SEZ Units Entitled to Claim Refund of Unutilized IGST Credits

Britannia Industries Limited Vs Union of India (Gujarat High Court)

High Court observed that as per the definition of ISD under Section 2(61) of CGST Act and facts of the present case, it is not possible for a supplier of goods and services to file a refund application to claim refund of input tax credit distributed by ISD....

Read More

Advertisement, Marketing & Promotion Expense- Controversy

Due to the lack of statutory law and legislative framework governing transfer pricing, the taxability of AMP expenses has become a biggest controversy and dilemma, and it also offers no guidance in situations where an express agreement does not exist. ...

Read More

Have you met the Legal Dracula?

The world came to the standstill with series of lockdown for a simple cause to save the mankind from Covid-19.  Everything was curbed. Businesses got stalled. Finance cycle could not be completed as the wrath came at the fag end of the financial year 2019-2020.  Panic pushed Companies to run the show with limited resources. […]...

Read More

IBC, 2016 Vs. Arbitration and Conciliation Act, 1996

Indus Biotech Private Limited Vs Kotak India Venture Fund-I (National Company Law Tribunal)

Indus Biotech Private Limited Vs Kotak India Venture Fund-I (National Company Law Tribunal) FACTUAL BACKGROUND In the present case, the Indus Biotech Pvt. Ltd. (Corporate Debtor) has filed a Interlocutory application under Section 8 of the Arbitration and Conciliation Act, 1996 (Arbitration Act, 1996) where in the underlying Insolvency pe...

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Compulsory Licensing – Diluting the Rights of a Patentee

Grant of a patent implies a statutorily granted monopoly on the use of invention. Setting aside the concern that this invention should not be exploited at the cost of public interest. Once a patent is granted, the patentee is vested with the exclusive rights over his inventions for the period of 20 years....

Read More

Stay on NCLT Order Initiating Insolvency Proceedings against MSME

Pankaj Aggarwal Vs Union of India & Ors. (Delhi High Court)

Whether the NCLT was correct in passing an order of initiation of the CIRP against a MSME without considering the fact that the minimum threshold limit of filing application in NCLT has been increased to Rs. 1 Crore?...

Read More

Losing Party cannot seek an Order under Section 34 of Arbitration Act

Tecnimont Private Limited & Anr. Vs ONGC Petro Additions Limited (Delhi High Court)

A petition under Section 34 of the Act is only for setting aside an Arbitral Award on the limited grounds provided under Section 34 of the Act. Therefore, the mere pendency of Section 34 proceedings cannot afford a ground for a party to assert that it has a dispute regarding contractual performance....

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Brief Order a must for ‘Advertisement before Acceptance’ of Trademark

Jai Bhagwan Gupta Vs Registrar of Trademarks & Ors. (Delhi High Court)

The Petitioner relied upon Section 9 and Section 11 of the Trademarks Act, 1999 and submitted that the Respondent should examine the trademark applications in an efficient and proper manner in order to ensure that none of the marks which are brought before the Respondent are similar to that which are already registered and not clear for a...

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Dispute of A Family Trademark Not A Trademark Dispute But A Family Dispute

INTRODUCTION  A trademark, one of the most important Intellectual property incorporates any word, name, image, or any mix, used , or expected to be used, in business to recognize the products of one producer or dealer from merchandise fabricated or sold by others and to show the wellspring of the products. It is an imprint […]...

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Monopoly cannot be claimed on Words being Common to Trade

ITC Vs Nestle India Limited (Madras High Court)

In the present case, the dispute arose for the aforementioned reason as it is the case of the Plaintiff that the adoption of the deceptively similar expression Magical Masala by the defendant in the year 2013 for marketing their noodles amounts to passing-off....

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Decriminalisation of Cheque Bouncing

The statement released by Ministry of Finance on 8th June, 2020 has proposed to decriminalize a number of economic offences and one of such offences is the offence under Sec 138 of Negotiable Instruments Act, 1881 for dishonor of cheque. The Ministry has invited comments of stakeholders latest by June 23, 2020 on the decriminalization [&h...

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Law to protect Internet Companies – Section 230 under Review- Does India needs such a Law?

Law to protect Internet Companies – Section 230 under Review Does India needs such a Law? INTRODUCTION  In the age of Internet wherein entire domain has been transformed into one digital platform. In such era it becomes very crucial to have legal statutes to regulate the companies which are wholly operational on digital platforms. Ever...

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Decriminalisation of Compoundable Company Law offences

COVID-19 Pandemic has played a significant role in changing of the companies’ working patterns. The companies are facing plenty of difficulties to fulfill their regulatory, procedural, and technical requirements governed by the Companies Act, 2013 (the Act). The Government of India is initiating various relief packages, to provide aid t...

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Alternatives to I&B Code: A Restructuring route through Section 230 of Companies Act, 2013

In a press conference conducted on May 17, 2020 by Finance Minister Nirmala Sitharaman, it was stated that the COVID-19 related debts shall not form part of the default under the Insolvency and Bankruptcy Code, 2016 (I&B Code). Further, by proposing Section 10A, it was stated that there shall be no fresh initiation of new […]...

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Letter of Credit and Force Majeure

Letter of Credit (‘LC’) is a very common document used in international trade. It is a letter issued by the buyer’s bank, guaranteeing payment to the seller upon fulfilment of conditions mentioned therein. Generally, these conditions are with respect to presentation of certain documents evidencing transportation/ shipping of goods. ...

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Can Set Aside Domestic Award, If Irrational And Perverse: SC

Patel Engineering Ltd. Vs North Eastern Electric Power Corporation Ltd. (“NEEPCO”) (Supreme Court)

An arbitral tribunal must decide in accordance with the terms of the contract, but if an arbitrator construes a term of the contract in a reasonable manner, it will not mean that the award can be set aside on this ground. Construction of the terms of a contract is primarily for an arbitrator to decide unless the arbitrator construes the c...

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Constitutional validity of clause (f) of Section 43B of Income Tax Act, 1961

Union of India & Ors. Vs Exide Industries Limited & Anr. (Supreme Court)

The real crux of the case is understanding of Section 43B of the Act and object of legislation behind inserting clause (f) to Section 43B of the Act which has been very clearly explained in detail. Court also stated that that mere inclusion of clause (f) to Section 43B of the Act will not put an embargo or restrictions on the assessee to ...

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Force Majeure and Contractual Obligations during COVID – 19

INTRODUCTION  The COVID-19 pandemic has shaken the workforce, business operations and lives to the core in an unprecedented manner, which will be remembered as a catastrophic moment causing adverse effects not only to human lives but also the business, commerce and the economies at the global level. With the unexpected and sudden change ...

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Artificial Intelligence vis-à-vis Patents: Understanding the Dynamics

Artificial Intelligence is understood as a multi-disciplinary branch of science that aims to construct and create a smart machine which competes and functions at par with a human intellect. It engages into human like fashion and demonstrate abilities like that of a human being....

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Prospective Application of Notification raising IBC threshold for CIRP

Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal)

The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the Appellate Tribunal under Section 61 of the ...

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Appointment of an ‘Affiliate’ Arbitrator Not eligible under Seventh Schedule

Afcons Infrastructure Limited Vs Konkan Railway Corporation Limited (Bombay High Court)

Despite the repeated appraisal of arbitral clauses in contracts between parties by both the legislature and judiciary as the key to arbitration becoming the preferred mode for commercial dispute resolution as long as such clauses remain impartial, several Government organizations and Public Sector Undertakings have one-sided clauses for d...

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SC explains Scope of Challenge against Enforcement of Award under Section 48(1)(B)

Centrotrade Minerals and Metal Inc. Vs. Hindustan Copper Ltd. (Supreme Court of India)

The Court herein has settled that when the party has been given enough opportunity accorded to them and has failed to take advantage of the same during the arbitral proceedings, it cannot later go on to say that fair hearing was not given to the party....

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Promotional Schemes Post Covid 19 – A GST Perspective

Under GST, the valuation of supply is done in terms of Section 15 of the CGST Act, 2017. It provides for certain exclusions such as, subsidy and discount, for the purposes of determination of taxable value. However, the exclusion of discount value comes with certain qualifications, which are read as follows:...

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Drone Technology Regulations

Innovation is something which is not bounded by the limits and does not aim to take a break. Surfacing of innovations like that of self-driven cars, cloud computing, ‘Machine to Machine’, Internet are a few examples which establish the limitless nature of innovations. These technological innovations are advancing human lives to whole ...

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Tele-medicine: A New Normal Future in India

Advancement in the field of healthcare has always been a challenge in all developing countries, especially like India due to its vast geographical, demographical and landscape factor. These advancements have given rise to one such platform known as Telemedicine. Telemedicine is a practice of caring and engages in treatment of patients rem...

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Litigation Financing- General Perspective

A third party who independently provides funds to parties for a dispute in exchange of a fraction of monetary rewards that is recovered from the proceedings is called Litigation Financing. It is also referred as Third Party Funding (TPF). This type of funding adjudges the value of legal claims even before they can be recovered […]...

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Artificial Intelligence (AI) & its effects on Arbitration

The term Artificial Intelligence itself explains that technology having human capabilities of performing tasks that require human intelligence. This topic is intuitively interesting that one day our disorderly, frenzied human disputes will be determined by the calm, all-knowing logic of a fair and neutral electronic decision maker. While ...

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SEZs – Relaxations During Pandemic

On account of the Pandemic outburst of COVID-19, the Central Government declared a complete lockdown from 25th March, 2020 onwards in various phases. In subsequent lockdown, the Ministry of Home Affairs vide Guidelines dated 15th April, 2020, issued relaxations for Special Economic Zones (SEZs) wherein the Government from 20th April, 2020...

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FTP – Relaxations w.r.t. MEIS & SEIS

The Directorate General of Foreign Trade, vide Public Notice No. 08/2015-20 dated 1st June, 2020, provided the following relaxations to the exporters: Increased validity of Duty Credit Scrips Original Validity: Duty Credit Scrips issued under Chapter 3 of the FTP 2015-20 are valid for 24 months from the date of issuance. Extended Validity...

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Contractual Agreements during and post COVID-19

COVID-19 has had a major impact on contractual obligations all across the globe. The Pandemic has brought the world to a standstill. With nation-wide lockdowns being imposed in countries across the globe, the world is facing an economic crisis. Parties have been unable to fulfill their Contractual obligations. The Pandemic has proven as a...

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Reduction in Contribution to the Provident Fund – 14 FAQs

Due to the adverse effects of COVID-19 on the economy, the Government has released several relief measures to increase liquidity in the economy. Prominent measures have been announced pertaining to the Employee’s Provident Fund Scheme....

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Rights of Registered Trademark Holder vis-à-vis Prior User of a Descriptive Trademark

Peps Industries Private Limited Vs. Kurlon Limited (Delhi High Court)

In the present case, the Court by its reasoned order had refused to grant an injunction on the basis that the alleged infringing mark is descriptive in nature and does not tarnish the goodwill of the Plaintiff. Also the same is being used as a label by the Defendant and not as a trademark per se....

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Reliefs announced by Ministry of Finance -13.05.2020 Q&A

Union Minister of Finance & Corporate Affairs Ms. Nirmala Sitharaman announced the Economic Package in order to focus on; – land, labour, liquidity and law....

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Workplace Guidelines | Preventive Measures Against Covid-19

Introduction Lockdown 4.0 was in effect from 18.05.2020 till 31.05.2020. It also brought relaxations in working but with a challenge to curb the spread of COVID – 19. The Government through the Ministry of Home Affairs issued Order No. 40-3/2020-DM-I(A) has laid down fresh guidelines to govern the Country’s functioning. CHALLENGES It ...

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Disclosures by Listed Entities under ‘LODR Regulations’ & Circular dated 20.05.2020

A listed entity needs to ensure that all available information about the impact of major events such as the spread of Covid–19, on the company and its operations is communicated in a timely and cogent manner to its investors and shareholders....

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IBC Ordinance-FAQ’s- Why, What, When & Whether?

The Pandemic outburst of Covid-19 has not left India untouched in any manner. This Pandemic has not only affected the human beings but has also led the economy to doldrums. The journey of stalling of businesses in India prominently started with the onset of lockdowns in India. The lockdown was justified in the sense that […]...

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Relationship between a Client & Foreign Law Firm- ‘Commercial’

The Respondent initiated arbitration proceedings for the outstanding fees and the Plaintiff had failed to pay such charges. As the proceedings are substantially for recovery of money, it leads to a commercial relationship between the parties under Section 45 of the Act;...

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Introduction of Digital Services Tax in Brazil – CIDE-digital

Taxation on income of companies which are engaged in technological goods & services have always been a niche and debatable issue among the countries since inception due to the disruptive businesses models which allow companies to operate in a country without having any physical presence, or having its permanent office. These companies...

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Medical Negligence- Can it be pardoned?

Medical profession is considered to be the most pious and responsible profession among others. It is one of the most respected sections of the society and there is no denial of the fact that doctors have been given designation equivalent to that of the God. In the current times also, everyone is looking up to […]...

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Cryptocurrency in COVID-19 times

Cryptocurrency, is a digital asset meant to be used as digital money. This means there is no physical coin or bill. Instead, it is all virtual and online. Bitcoin is a front runner and the most popular cryptocurrency currently. While cryptocurrencies are not likely to substitute traditional currency, they have transformed the way virtuall...

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Interpretation of Section 14A & Exception to Rule 34(5)- Covid-19

The present case has again established a clear picture on the interpretation of Section 14A of the Act, with detailed explanation of various cases. It clearly explains that Section 14 of the Act will not apply if no exempt income is received or receivable during the relevant previous year....

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Legal drawbacks in the framework of Co-working Spaces

Through this article we aim to highlight certain legal issues associated with the concept of co-working and will attempt to gain certain perspective on these issues....

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Virtual Teaching and Copyright: How Fair is Fair Use?

Today information and communication technologies (ICT) are developing at a pace as never before seen, they reflect opportunities for creative interventions to help reduce the education gap. ICT may act as a bridge to transcend geographical limitations in education, enabling wider dissemination of learning materials as well as allowing for...

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Telecommunication Sector in wake of Covid – 19 Pandemic

The current pandemic has painted an entire new image of growth for certain sectors, especially telecommunication sector, which has played a role of life saver for the companies and individuals during quarantine and lockdown. The lockdown and social distancing measures have led to higher dependence on digital tools, which in turn has incre...

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CBDT Clarification on Tax Residency – A Scope for New Interpretation

As per the OECD Convention Model, 2017 the term resident of a country means any person who, under his native country is liable to tax therein by reason of his domicile, residence or place of effective management. Due to COVID-19, if an individual is present in a jurisdiction for a considerable amount of time, it […]...

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Amendment in MAP Rules -A taxpayer’s tool reinvented

Mutual Agreements Procedure (MAP) is a model or mechanism available to taxpayers to resolve disputes that have arisen due to double taxation. When two countries enter into an agreement to avoid double taxation, it gives a clear pathway to the concerned authorities under MAP in those particular jurisdictions....

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Green IP – The way forward to sustainability

Going green is not an option but necessary for continuous survival of human existence. Building a way forward to a green future is a 21st century imperative. The impact of climate change and need to act to preserve the environment is felt across the globe. Companies, Bureaucrats and Governments have unitedly begin to take action […...

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Medical Devices- A Perspective & Medical Devices (Amendment) Rules, 2020

INTRODUCTION Before any rules  were notified for medical devices, they were being governed solely by the dated and redundant Drugs and Cosmetics Act, 1940 with no specific provisions or aspects pertaining to the regulation of medical devices in India. A need was felt to bring medical devcies under a specific rules with an important motiv...

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Analysis of Consumer Protection Act, 2019

PRELUDE The Consumer Protection Act, 2019 (the Act) was introduced in the Lok Sabha by Mr. Ram Vilas Paswan, the Minister of Consumer Affairs, Food and Public Distribution, on July 8, 2019. The Consumer Protection Bill, 2019 was passed by the Lok Sabha on July 30, 2019 and the Rajya Sabha on August 06, 2019. […]...

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Interplay between validity of Arbitration Agreements & stamping requirements

It is incumbent upon the Courts to see the validity of an arbitration agreement, that it passes the test of the requirement of Indian Stamp Act, 1899, before considering an application under Section 11 of the Arbitration & Conciliation Act, 1996....

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Interplay between Patents and Tradesecrets

Claudio De Simone & Ors. Vs. Acital Farmaceutica SRL. & Ors. (Delhi High Court)

Claudio De Simone & Ors. Vs. Acital Farmaceutica SRL. & Ors. (Delhi High Court);  CS(OS) 576/2019, IA No.15741/2019, 17.03.2020 FACTS In the present case, Plaintiff No. 1 was an inventor of a US patent formulation namely; De Simone Formulation. The said formulation is highly concentrated bacterial formulation beneficial for phar...

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Supreme Court on Waiver of Right to Object in Arbitration

Quippo Construction Equipment Limited Vs Janardan Nirman Pvt. Limited (Supreme Court); Civil Appeal No. 2378 of 2020; Dated: 29/04/2020  FACTS The Respondent, a business of infrastructure development activities approached the Claimant who is engaged in a business of providing equipment for infrastructure activities. The Claimant gave cer...

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Delhi HC on Domain Name and Anti-Injunction Suit

HT Media Limited & Anr. Vs. Brainlink International, Inc. & Anr. (Delhi High Court)

The Court, in the present case, had appropriately restrained the Suit filed by the Defendant before the Eastern District of New York on the ground of being vexatious and oppressive. Further the Court rightly considered that Domain name is akin to a Trademark....

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What is your GST Strategy post Covid-19?- Join our Webinar

TaxGuru and AMLEGALS brings together TAXEBINAR TAXEBINAR | Pandemic Pro Webinar | GST Unveiled | 14th May, 2020 | Thursday | 4.00 to 5.00 P.M Register for the Webinar at: https://bit.ly/2WoV5Mk No Registration Charge | A Must for CFO, CEO & In-House Indirect Professionals | What is your Tax Strategy post Covid-19? The broader concept ...

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The Code on Social Security, 2019

Currently there are over 40 Labour Law Legislations that are in force in our country. The Government of India has embarked on a herculean task to amalgamate all of these labour law legislations into four Labour Codes. These Codes aims to simplify the labour law compliances which will in turn help these businesses to target their resources...

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Digital Health vis-à-vis Intellectual Property Rights

Digital Health may be said to include the apparatuses and services that use information and communication technologies (ICT) for the purposes related to health. These purposes widely include improving accuracy in diagnosis, monitoring chronic diseases meticulously and improving treatment processes for the patients....

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Challenges and Drawbacks of Pre-Packaged deals in IBC

A pre-packaged scheme is an arrangement under which stressed company and the purchaser negotiate the sale of all or part of a company’s business or assets prior to the appointment of an insolvency professional as administrator. The completion of such a transaction is conditional on the scrutiny of details by the Insolvency professional ...

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Pre-Packaged Deals In IBC

PRELUDE  Since the start of the year 2019, the Government of India has been planning to introduce the concept of Pre-Package Insolvency Schemes in the Indian Insolvency & Bankruptcy Code (IBC). Now due to COVID-19, the businesses all over the country have faced the worst hit since the global economic slowdown of 2008-2009 and it [&he...

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Place of Effective Management Establishments – Corporate Tax Residency

International Tax Perspective – Part II : Place of Effective Management (POEM) Establishments – Corporate Tax Residency Introduction Businesses are currently dealing with a multitude of issues as a result of the measures taken to stop the global spread of the COVID-19. One aspect that might not currently feature at the top of the list...

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COVID-19 Impact on Insolvency Laws in India

Introduction The spread of Pandemic COVID-19 all around the globe has created a situation of hue and cry in different parts of the globe. The Pandemic COVID-19 has affected almost 22 Lakhs people and has caused death of almost 1.5 Lakhs of people all over the globe. In order to contain the pandemic COVID-19 in […]...

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Enforcement of A Foreign Award & Public Policy of India under Arbitration Act

National Agricultural Cooperative Marketing Federation of India v. Alimenta S.A. (Supreme Court of India)

The Court was satisfied that enforcement of such foreign award shall be against the public policy of India and therefore, the award was denied enforcement. This Court further held that the award could be enforced as per Section 7 (1) (a) (i) of the Foreign Awards Act which protects the parties who are under inability to perform their obli...

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Covid-19 Outbreak: Techno, Commercial & Legal View on Indian Businesses

Evaluation of Impact on Economy Traders at the receiving end of problems. Companies – Will they perish under the burden of the statutory and regulatory compliance? Will MSMEs sink with the economy? Increase in demand of Life & Health Insurance. Pharma Sector, the need of the hour! Logistics – Is it affecting the supply ch...

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Covid-19 – How are you placed -Assesses Your Business Risk

How are you placed?  The pandemic crisis of Covid-19 has brought legal professionals on their toes to assess the risk and guide business houses as to how to be in a damage control mode. The assessment would revolve around pre-Covid-19, during Covid-19 and post Covid-19 stages since, at present, if the implications are not anticipated [&h...

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Impact on MSMEs amidst COVID-19

Micro Small & Medium Enterprises MSMEs have played a vital role in our economy and with low investment, it is giving the maximum employment in the country providing wide area of products and services. During the lockdown, the MSMEs are suffering because of the sudden break in operations, thereby creating a situation of panic. Some [&h...

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Section 24 of General Clause Act, 1897- Applicable even when Repeal is by Implication: SC

M/s. Fibre Boards (P) Ltd. Bangalore Vs. CIT (Supreme Court), Civil Appeal Nos. 5525-5526 of 2005,  Dated- 11th August 2015 BACKGROUND Prior to 01.04.1988 Section 280ZA of the Income Tax Act, 1961 (‘Act’) provided that any company owning an industrial undertaking situated in an urban area, is entitled for a tax credit certificate wit...

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A Webinar on Pandemic Legal Intelligence & Business Risk Assessment

PANDEMIC LEGAL INTELLIGENCE & BUSINESS RISK ASSESSMENT Join us for a Webinar on 16th April, 2020 (Thursday) 4.00 P.M. to 5.30 P.M. Register at below (No Charges) https:\\bit.ly/2XvkZjJ BEST STRATEGIES and an INFORMED DECISION matters the most! The pandemic crisis of COVID-19 has brought business houses and legal professionals on their...

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CSR during-Pandemic of Covid-19 A-Ready Referencer

CSR in COVID-19- A Ready Referencer Corporate Social Responsibility (CSR) can   be understood as a Company’s responsibility towards the society, the environment and the community within which it operates. There are various ways in which a Corporate fulfils its CSR obligations as mandated by law. At present, CSR is not seen merely ...

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Direct Tax & International Tax Perspective – Covid 19 Impact- FAQs

Direct Tax & International Tax Perspective–Part I Income Tax Returns 1. Whether there is any extension of due dates in filing the belated returns for the Financial Year 2018-19? Answer: Yes, due date income tax return for Financial Year 2018-19 was 31st March 2020. The Ministry of Finance, vide Press Release dated 24.03.2020 h...

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FAQs on Compliance Relaxation under GST

Pandemic Legal intelligence – FAQs on Compliance Relaxation under GST Introduction The Central Board of Indirect Taxes and Customs (‘CBIC’) has issued several notifications in order to implement the compliance relaxation announced by Hon’ble Finance Minister amid Pandemic COVID 19. We have analysed the relaxations provided by ...

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Pandemic Legal Intelligence for Managers Employer’s Perspective

Wages & Salary 1. Whether employers can reduce the salaries or bonus of the employees for the lockdown period of COVID-19 due to effect on the turnover of the organization? Answer: The Ministry of Home Affairs vide Order no. 40-3/2020 DM-I(A) dated 29.03.2020 has directed all the employers, be it in the industry or in […]...

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Notifications levying IGST on importer on Ocean Freight is Unconstitutional

Whether Notification No. 8/2017-Integrated Tax (Rate), dated 28.6.2017 and Entry 10 of the Notification No.10/2017-Integrated Tax (Rate), dated 28.6.2017 are ultra vires to the Integrated Goods and Services Tax Act, 2017 and unconstitutional?...

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OTS Proposal is An Acknowledgement of Debt: NCLT

An OTS is a legitimate and valid acknowledgement of debt on the part of the Corporate Debtor and this just goes to show the liberal and pragmatic view of the NCLT while deciding such applications under Section 7. Unless overruled, this decision would set course for similar Section 7 applications in the future....

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HC can entertain Writ Petition against order passed by NCLT under IBC

M/s. Embassy Property Developments Pvt. Ltd. v. State of Karnataka & Ors. (Supreme Court)

In this case, Corporate Insolvency Resolution Process was initiated against the Corporate Debtor in lieu of which Moratorium was declared. The writ petition was filed by the Resolution Professional in the High Court of Karnataka regarding a mining lease in the name of Corporate Debtor....

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IBC Weekly Updates (21-26 August, 2019)

I. Jursdiction clause in a contract cannot oust the rights of NCLT/NCLAT under the I&B Code. Excel Metal Processors Limited Vs. Benteler Trading International GMBH and Anr [Company Appeal (AT) (Insolvency) No. 782 of 2019], NCLAT; The NCLAT, while referring to Binani Industries Limited vs. Bank of Baroda and Anr.2018 SCC Online NCLAT ...

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Protocol amending Agreement between India & China for avoidance of double taxation

By virtue of the powers vested under, Section 90 of the Income Tax Act, 1961 (the Act), India has entered into the Double Taxation Avoidance Agreement on 18th July, 1994 with China signed at New Delhi. The aim of the Agreement is to avoid double taxation and to prevent fiscal evasion with regard to the taxes on income with the help of exc...

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Can Adjudication of Counter Claim be stayed in Purview of Moratorium Declared on Corporate Debtor?

SSMP Industries Ltd Vs Perkan Foods Processors Pvt Ltd (Delhi High Court)

The Court held that Plaintiff’s and the Defendant’s claim needs to be adjudicated comprehensively by the same forum. Till the defence is adjudicated, there is no threat to the assets of the Plaintiff and the continuation of the counter claim would not adversely impact its assets....

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IBC: Claim not barred by limitation if appellant approaches appropriate forum in time

Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT)

Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT) If the Appellant had Approached Appropriate Forum for Appropriate Remedy in Time With Continuous Cause of Action, Then The Claim is Not Barred by Limitation FACTS In this case a winding up petition was filed before the Madras High Court as the Appellant had […]...

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Finance Minister declared a scheme namely 'Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019'. It aimed to settle unresolved issues pertaining to pre-GST regime....

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Benefit of Exemption Notification- Reference Answered by Supreme Court

What is the interpretative rule to be applied while interpreting a tax exemption reportable provision/notification when there is an ambiguity as to its applicability with reference to the entitlement of the assessee or the rate of tax to be applied?...

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Dispute Under Insolvency and Bankruptcy Code, 2016

The test of Dispute is the sine qua non for entertaining a claim under IBC. If there is an existence of a dispute between the Operational Creditor and the Corporate Debtor then the adjudicating authority may reject the application under IB Code....

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Goods & Services Tax (GST) Curbs Unjust Profit Via Anti-Profiteering

Anti-Profiteering is going to be the biggest grey area in GST. Business entities should cautiously adopt their costing failing which they will land up with unwanted litigation in future....

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Anti – Profiteering – A Law To Curb Unjust Profit

The change was so dynamic that it could lead to boosting the GDP of India and also result in changes in price of goods and services as well. The business transactions suddenly saw different trend altogether....

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GST intelligence in 2018

I must share certain pathetic situations of corporates which i came across while rendering ex-parte counsel opinions in last 5-6 months on certain already implemented process of GST in different organisations including anti-profiteering on regular basis....

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GST-A Practical Business Tax Vs. Practical Business Challenges

GST is a tax known throughout the world as practical business tax. It is not a tax on income but a tax on business as settled in courts of law in various country having GST regime. Thus, it was coined to be a practical business tax....

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Budget 2017- Goods and Services Tax

The budget 2017, as expected has neither proposed anything specific nor has resulted any change in the existing indirect tax laws . The entire budget could however reflect a strong will to implement GST at an earliest possible date....

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GST Implementation, GST Deadline & GST As Money Bill

GST implementation in India has a new deadline of 16th September, 2017. This has been aired by FM that anyhow GST will be implemented in India not later than the said date....

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Masterclass GST Series – “Are You Ready For GST”

GST Strategies For Intelligent Companies & Professionals. An Advance & Exhaustive GST Corporate Seminar on 24th November 2016 (Thursday) at Novotel, Juhu, Mumbai (9.15 a.m. to 5.15 p.m.)...

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GST- One Nation, One Tax, Four Rates Finalised

In its meeting on 03rd November 2016 GST Council has finalised Four GST Rates of 5%, 12%, 18% & 28% which will be levied on Various good post implementation of GST....

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GST – 8th November 2016 to Be A Landmark Day

Advocate Anandaday Misshra Existing 80 Lakhs Assessees To Transfer on GSTN  w.e.f 8th November 2016 Approximately, 80 lakhs of the existing assessees of Excise, Customs , Service Tax and VAT will start shifting to GSTN Portal on 8th November 2016. This is going to be one of the biggest move for GST implementation ever taken in […...

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GST Council – A Battle Has Just Begun

GST Council is yet to decide on GST rate structure. Since, the last meeting which concluded on 19th October,2016 could not result a consensus amongst states on various reasons....

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GST Council and GST Rate Slabs

Advocate Anandaday Misshra On 18th October 2016, the Central Government has proposed various rate slabs in GST Council. It must be noted that the GST Council is meeting from 17th – 19th October 2016 to finalise GST rate slabs, Cess & concessions along with compensation to various states. GST Rate Slabs – The proposed GS...

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Worldwide Disputes in GST & in Indian Context

The dispute in entire world including Australia , New Zealand, UK, EU etc pertaining to the liability to pay GST towards payments made in lieu of court orders, settlements, compromises, penalties, appropriations etc were related to the following aspects :...

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GST Era -Responsibility & Role of Finance & Accounts Department

Till the date, the indirect tax assessment, discharge of tax liability & its proper indirect implementation was the sole or major area of indirect tax professional only. Whereas, for the first time the Finance & accounts department of any organisation or company will be on their toes for proper GST implementation on daily basis. It can be...

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Corporate Legal Conference on “Are you ready for GST”

The focus will be on analysis, simplification & interaction on draft GST. The approach will be simplicity with examples for best understanding and not to be lamented as just another corporate legal conference on GST. Who Should Attend & Why...

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Indirect Tax Changes in Budget 2016-2017

Advocate Anandaday Misshra AMLEGALS is pleased to share the highlights of changes and proposals in Union Budget 2016-2017 in Indirect Taxes . The major changes on indirect taxes under this section  as the budget speech of  Shri Arun Jaitley, Finance Minister   today, at 11 a.m ,on 29 Feb 2016 are as below: a. Major Export Boost by...

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Expectations from Union Budget 2016

Advocate Anandaday Misshra The Budget 2016, even if it is not going to be a populist one, it should emerge at least as a transforming budget to pave the way of GST much closer than the last year. AMLEGALS has the following expectations from the budget 2016: 1. Relaxations In Tax Liability for Startups If we […]...

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No GST on Petrol and Petroleum Products

Advocate Anandaday Misshra As on date, there will be no levy of GST on Petrol and other petroleum products. Chief Economic Advisor Mr. Arvind Subramanian, on this Sunday, stated that Petrol and other petroleum product shall be outside the ambit of Goods And Services Tax (GST) regime after its roll out. At the same time it must be note...

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GST – Negligible Exemptions Are On Card

Goods & Service Tax in India will result eradication of various exemptions .This is also clear from the statement of Shri Najib Shah, chairman, Central Board of Excise and Customs (CBEC), who aired that Tax exemptions until now extended to industry for their expansion and diversification will have to go with GST legislation becoming a re...

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CEA Led Panel Recommends 15-15.5% GST Revenue Neutral Rate (RNR)

Advocate Anandaday Misshra Finally, its official that today  the chief economic advisor, Mr Arvind Subramanian, has submitted his report on the goods and services tax (GST) to Finance Minister Arun Jaitley of India . The most amazing thing in this report is recommendation of 15-15.5% GST Revenue Neutral Rate (RNR) which is much below th...

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