Aureus Insights brings together the firm’s published articles in a clean, accessible library of writing.
Introduction: Understanding the concept of project offices and cross-charges in India When a foreign company sets up a Project Office (PO) in India to execute a specific project, it often relies on its Head Office (HO) for support. It could be shared services like IT, HR, legal advice, or even project planning. Cross-charges are the …
Read insightThe Apex Court in RBANMS Educational Institution reaffirmed the principles enabling the use of Order 7 Rule 11 of the Code of civil Procedure,1908 and brought back to life section 269 ST of the Income Tax Act, 1961 and corresponding amendment of 271 DA of the Income Tax Act,1961. This article aims to provide a …
Read insightUnderstanding the Rights Issue Process The rights issue is a method for raising additional capital by offering existing shareholders the opportunity to purchase additional shares in proportion to their current holdings. A rights issue is a corporate finance strategy employed by companies to raise capital without diluting the existing shareholder base. This method of raising …
Read insightIn a landmark decision reinforcing the procedural sanctity of India’s insolvency framework, the Supreme Court of India allowed the appeal filed by Glas Trust Company LLC, setting aside the National Company Law Appellate Tribunal’s (NCLAT) order dated 02.08.2024 which had stayed the Corporate Insolvency Resolution Process (CIRP) admitted by the National Company Law Tribunal against …
Read insightThe Supreme Court’s decision in Union of India vs. Rajeev Bansal (Civil Appeal No. 8629 of 2024) has resolved the ongoing controversy about reassessment proceedings initiated consequent to the notices issued between April 1, 2021, and June 30, 2021, under Section 148 of the Income Tax Act. These notices were issued following the extension provided …
Read insightStarting September 1, 2024, certain changes in the reassessment regime come into force pursuant to the amendments made by the Finance (No. 2) Act, 2024. One of the most critical updates pertains to Section 148A of the Income-tax Act. Under the revised provisions, tax authorities can now issue reassessment notices under Section 148 without first …
Read insightThe import of Supreme Court Decisions in case of Paschimanchal Vidyut Vitran Nigam Ltd. versus Raman Ispat Private Limited & Ors. and State Tax Officer v. Rainbow Papers Ltd. is that statutory/government dues may constitute secured creditors consequent to specific provision under the applicable law creating a charge on the assets of the corporate debtor. …
Read insightThe Supreme Court (SC), as the ultimate judicial authority, has stated the law of land concerning application of Most-Favored-Nation (MFN) clause as contained in the Protocol of India’s Double Taxation Avoidance Agreements (DTAAs) with some of the OECD member countries (Netherland, France and Switzerland). It is now settled by the court that the benefit of …
Read insightThe Hon’ble Supreme Court in the case of CELIR LL BAFNA MOTORS (MUMBAI) PVT. LTD. & ORS. has in a significant ruling held that consequent to amendment of section 13(8) of SARFAESI Act, 2002 w.e.f. 1-9-2016, the right of redemption of mortgagor stands extinguished upon publication of the auction notice. The pre amended Section 13(8) …
Read insightHello Readers, As you may be aware, the Finance Act 2012 had introduced provision of section 56(2(viib) of the Income Tax Act, 1961. Via this newsletter, we bring to you the salient features of the recent changes to the scheme introduced. To give a context, the provision of section 56(2)(viib) intended to tax consideration received …
Read insightBackground In India, existing Trusts were required to apply for registration/approval on or before 30 June 2021. However, on consideration of difficulties in the electronic filing of Form No. l0A, the Central Board of Direct Taxes (the Board) extended the due date for filing Form No. 10A in such cases to 25 November 2022 (Refer: …
Read insightIntroduction According to Jame Koloski Morries, “Venture capital is defined as providing seed, startup, and first stage financing and also funding expansion of companies that have already demonstrated their business potential but do not yet have access to the public securities market or to credit-oriented institutional funding sources, Venture Capital also provides management in leveraged …
Read insightThe Union Budget of India for the year 2023-24 (the Budget) has introduced various circumstances in which taxes are to be withheld / collected by the payer. Several taxpayers / citizens have approached us to understand the import and application of these amendments from time to time post the Budget speech. This post seeks to …
Read insightThe Bar Council of India (BCI) has notified on 13 March 2023 rules regarding entry of foreign lawyers and law firms in India. The rules, christened the Bar Council of India Rules for Registration and Regulation of Foreign Lawyers and Foreign Law Firms in India, 2022, essentially allow foreign lawyers and law firms to practice …
Read insightThe decision of the Hon’ble Supreme Court in the case of STATE TAX OFFICER (1) v RAINBOW PAPERS LIMITED rendered under the Insolvency and Bankruptcy Code (IBC) has ruled on a significant aspect of priority of Government dues. The Court has held that statutory dues under Gujarat VAT Act (GVAT Act) are secured creditors and …
Read insightHas the Supreme Court (SC) in SUNDARESH BHATT, LIQUIDATOR OF ABG SHIPYARD v CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS legitimised tax proceedings during the period of moratorium set under the Insolvency & Bankruptcy Code - Rendered in context of the custom law, in the aforesaid matter, SC has held that IBC would prevail over the …
Read insightThe Hon’ble Supreme Court (‘SC’), in the case of Union of India & Ors vs. Ashish Agarwal has pronounced an exceptional decision concerning thousands of reassessment notices issued to taxpayers during the period 1.04.2021 to 31.06.2021 (‘specified period’), albeit under the reassessment provision of the Income Tax Act (‘the Act’) applicable till 31.03.2021. The decision …
Read insightProvisions of law Section 270AA of the Income Tax Act enshrined in the statute effective April 2017 enables a taxpayer to seek immunity from (a) imposition of penalty u/s 270A (in case of under reporting of income other than on account of misreporting) and (b) initiation of prosecution proceedings for wilful attempt to evade taxes (section …
Read insightIt is now settled by the Hon’ble Supreme Court that provisions of Insolvency and Bankruptcy Code (IBC) will prevail over provisions of Income Tax Act, 1961 (IT Act) to the extent inconsistent. Of the many interesting aspects emerging as the IBC law matures, a question that often arises is whether tax proceedings can continue during …
Read insightRecently, on July 26, 2021, a Division Bench of the Supreme Court pronounced a judgement[1] upholding that interest free loans would fall under the definition of ‘financial debt’ as defined under section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). Facts leading to Supreme Court’s decision M/s Sameer Sales Private Limited (Original Lender), advanced a …
Read insightRecently on June 21, 2021, the Government has proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules, 2020”). Notification states that since July, 2020,[1] the Government has received several representations from aggrieved consumers, traders and associations complaining against widespread cheating and unfair trade practices being observed in e-commerce ecosystem. Hence, certain amendments have …
Read insightThe Reserve Bank of India (RBI) on June 24, 2021 has issued guidelines for distribution of dividends by non-banking financial companies (NBFCs) from the profits of financial year (FY) ending March 31, 2022 and onwards. These guidelines shall be applicable to all NBFCs regulated by the RBI. Board Oversight While considering a dividend proposal, the …
Read insightAn award-holder of an arbitral proceeding is naturally under the impression that she has a rightful claim to the amounts having been arbitrated upon and awarded to her. However, what if, before the award has actually been paid out, the opposite contestant to the arbitration (known in technical legal language as ‘award-debtor’) goes into insolvency - …
Read insightSection 18 of the Limitation Act 1963 (the Limitation Act) provides for extension of the limitation period where there is an acknowledgement of the debt by a borrower. In various cases, it has been held that an entry in the financials of a borrower to the effect that there is an amount due to a …
Read insightImbibe technology – this has been the mantra of the Governments for years now. In context of income tax laws, while the first chapter can be dedicated to use of technology for tax compliances, we have now ushered into the more delicate phase of transforming assessments, appeals and the likes to a faceless regime through …
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