Rajasthan HC strikes down demand notices, upholds binding nature of Resolution Plan

An issue plaguing successful resolution applicants under the Insolvency and Bankruptcy Code, 2016 (“IBC”) is with respect to government claims pertaining to the period prior to approval of the Resolution Plan. Government claims, such as those raised by the Income Tax Department, Central and State GST Department, extinguished by resolution plans continue to be pursued […]

IBC- Tax Perspective- Article by Mr. Rohit Jain and Mr. Deepesh Jain

We are pleased to share with you the copy of latest article authored by Mr. Rohit Jain and Mr. Deepesh Jain from our Direct Tax team. The same is also published Taxmann [(2020) 116 taxmann.com 96 (Article). The article deals about the fate of statutory liabilities including income tax liabilities of the corporate debtors undergoing […]

INSIGHT: India Returns to the Conventional Regime of Taxation of Dividends

The existing regime of taxation of dividend in India is provided in Section 115-O of the Indian Income Tax Act, 1961 (the Act), which is a special provision for the levy of additional income tax on such distributed profits, commonly referred to as dividend distribution tax (DDT), on the amount of dividends declared or distributed […]

INSIGHT : India-Nonresidents Exempt from Filing Income Tax Return

The requirement to file a tax return in India is provided under Section 139(1) of the Indian Income-tax Act, 1961 (the Act), whereby all companies are required to furnish an income tax return irrespective whether the income earned by them (which has territorial nexus with India) is chargeable to tax in India or not (see […]

Whether black money act is retrospectively applicable?

The Hon’ble Supreme Court of India passed a judgment on 15.10.2019 in an appeal filed by the Union of India against an interim order dated 16.05.2019 passed by the Division Bench of the Delhi High Court in a writ petition filed by Mr. Gautam Khaitan restraining the Union of India from taking any action against […]

Jurisdiction determined as per Section 42 and the doctrine of Forum Conveniens

Aasma Mohammed Farooq and Ors. v. Union of India and Ors. Link to Judgement / MANU/DE/4514/2018 In this case a writ petition had been filed before the Delhi High Court (Court) challenging the provisions of Section 5(1), 5(5), 8(3), 8(5) and 8(6) of the Prevention of Money Laundering Act, 2002 (‘Act’). The Petitioners sought quashing […]