Lakshmikumaran and Sridharan attorneys

Our partners, Charanya Lakshmi Kumaran, and Neelambera Sandeepan, will be in Washington, D.C., from April 2–4, 2025, for the ABA Antitrust Spring Meeting. India’s competition law landscape has witnessed a major overhaul in recent years. The introduction of a deal value threshold for merger notifications, settlement and commitments framework etc. to name a few. Charanya and Neelambera look forward to engaging with global antitrust professionals to discuss these developments and share insights on the latest trends in this part of the world. If you're attending, feel free to connect with them for a conversation! #ABAAntitrustSpringMeeting #ABA #CompetitionLaw #WashingtonDC

Sriram S, Partner, and Dinesh Kukreja, Principal Associate, co-authored an insightful article, Foreign Business Reorganizations: Unraveling the Tax Implications in India, which was featured in ITR (International Tax Review).   The article dives into the tax implications of foreign business reorganizations in India, examining how indirect transfer rules, statutory exemptions, and tax treaty benefits impact multinational corporations. It discusses how India’s Income-tax Act deems the transfer of foreign shares taxable if they derive substantial value from Indian assets and highlights the challenges businesses face in claiming exemptions under Section 47. The analysis also explores judicial precedents and treaty benefits that could help mitigate tax risks. Understanding these nuances is crucial for structuring cross-border mergers and ensuring compliance with Indian tax laws.   Read the full article here - https://lnkd.in/gcGgDnrw #Taxation #ForeignBusiness #MNCs #IndirectTransfer #IncomeTaxAct #CrossBorderMergers #TaxTreaty #LegalInsights #BusinessReorganization #IndiaTax

The Hon’ble High Court of Punjab and Haryana has issued notice of motion in a writ petition challenging the vires of Rule 164 of the Central Goods and Services Tax Rules, 2017. The rule prescribes conditions for opting for the Amnesty Scheme under the CGST Act. It was argued by the assessee that Rule 164 is ultra vires Section 128A as it has created restrictions not contemplated by the section. It was also submitted that the rule is arbitrary, as it discriminates against persons who have already paid tax by way of their returns by forcing them to pay tax again to avail the benefit of the Amnesty Scheme. This challenge has significant implications for taxpayers and the success of the Amnesty Scheme introduced to reduce litigation pertaining to the initial three years of the GST regime.   The matter was argued by Mr. B. lakshmi narasimhan, assisted by Mr. Amrinder Singh, Ms. Shreya Khunteta, and Ms. Samiksha Uniyal (Advocates) from Lakshmikumaran and Sridharan Attorneys represented the Petitioner before the Punjab and Haryana High Court. #GST #AmnestyScheme #TaxLitigation #IndirectTax #CGST #GSTCompliance #HighCourt #LegalUpdate #TaxLaw #TaxPolicy #GSTIndia #IndianLaw #Rule164 #GSTLitigation #TaxpayersRights

Our Executive Partner, S Vasudevan, shared his insights with The Economic Times, for an industry story on NRIs receiving income tax notices for claiming lower tax rates under the DTAA - and how they can navigate this issue while ensuring compliance. Mr. Vasudevan said, "We have observed such intimations being issued for AY 2024-25. Several of our non-resident clients have received notices under Section 143(1)(a) of the Income Tax Act, 1961, where tax treaty benefits have been summarily denied—apparently due to the non-filing of Form 10F. While the notice does not explicitly state the reason for the denial, an examination of the surrounding facts suggests that the absence of an electronically filed Form 10F is the likely cause." He further emphasized, "If certain key details are missing in the Tax Residency Certificate (TRC), non-residents must also file Form 10F electronically to claim treaty benefits." Read the full story here: https://lnkd.in/gdeE2QRm #IncomeTax #NRITaxation #DTAA #TaxCompliance #Form10F #TaxNotices #GlobalTax #NonResidentIndians #TaxTreaty #IndianTaxLaws #Finance #LegalInsights #EconomicTimes #TaxationUpdates #LKSInsights

LKS is pleased to be a knowledge partner for a seminar organized by the Indirect Taxes Committee of the PHD Chamber of Commerce and Industry, featuring an in-depth discussion on key aspects of GST and Customs litigation. Topics to be covered as part of this discussion include: -Interplay between Customs Law, Foreign Trade Policy & GST -ISD effective from 01.04.2025 vs. Cross Charge with practical litigative scenarios -Relief by judicial forums in matters of investigation/inquiry, search & seizure, summons, etc. -Cross-empowerment between the Centre & State -Issues related to ITC availed on invoices of retrospectively canceled suppliers, return defaulters, non-taxpayers, and non-existent suppliers -Litigation arising from annual returns -Cases where a writ petition can be filed before the Hon’ble High Court #LKS #KnowledgePartner #GST #Customs #IndirectTaxes #TaxLitigation #PHDChamber #GSTLaw #CustomsLaw SHIVAM MEHTA #TaxCompliance

Lakshmikumaran & Sridharan Attorneys (LKS) is pleased to participate in the Financial Executives Networking Group (FENG) session on March 28, 2025, where Ankur Sharma, Partner, will be sharing insights on Trade Policy Shifts by the USA & EU – Preparing Indian Enterprises for New Business Realities. He will discuss the following key developments:   🔹 The US administration’s approach to international trade & supply chains 🔹 Implications on movement of goods, services, and workforce 🔹 The EU’s Carbon Border Adjustment Mechanism (CBAM) & compliance challenges 🔹 How Indian enterprises can navigate trade policy shifts and plan ahead   Join us for an insightful discussion on trade policy trends and their impact on Indian businesses.   #TradePolicy #InternationalTrade #SupplyChain #BusinessStrategy

Neelambera Sandeepan, Partner, shared insights with Storyboard18 in an industry story on the need for the Competition Commission of India (CCI) to align with market realities and conduct industry research before intervening.   She highlighted the evolving market landscape, stating, “The broadcasting market has witnessed significant consolidation in recent times, particularly following the CCI’s approval of the Reliance-Disney merger. Additionally, digital advertising platforms now account for the largest share of ad spends, as per recent CCI orders. While collaborations between advertising agencies and broadcasters may not necessarily be problematic, the CCI may scrutinize them under ‘vertical agreements’ in competition law. Such agreements are assessed based on their market effects rather than being automatically deemed illegal.”   She further stated that if such collaborations are found to harm competition, the CCI may impose penalties of up to 10% of the average turnover of the broadcaster and advertising agency over the last three financial years. Additionally, office bearers could face penalties of up to 10% of their average income over the same period.   Read the full story here - https://lnkd.in/dPeNfzF5 #CompetitionLaw #CCI #Antitrust #MarketRegulation #Broadcasting #DigitalAdvertising #RelianceDisney #MediaLaw #LegalUpdates

Our Partner, Yogendra Aldak, shared insights with Mint on an industry story about IBBI’s directive for resolution professionals to enhance transparency regarding carry-forward losses.   Yogendra highlighted that IBBI's move strengthens transparency in the resolution process by requiring insolvency professionals to provide detailed reporting of carry-forward losses in information memorandums. A dedicated section on carry-forward losses will ensure that potential resolution applicants gain a clear understanding of the debtor’s financial position, enabling them to submit well-informed and viable resolution plans that factor in these benefits.   Read the full story here - https://lnkd.in/gyQgFPyE #IBBI #Insolvency #ResolutionProfessionals #Transparency #Taxation #CorporateLaw #FinancialReporting #LegalUpdates #MergersAndAcquisitions

Our Partner, Karanjot Singh, shared insights with News 9 Live on the new income tax ruling for NRIs, focusing on taxation and residency criteria.   He explained the complexities of NRI taxation, emphasizing that residency—determined by the number of days spent in India (typically 182)—dictates tax liability: non-residents are taxed only on India-sourced income, while residents are taxed on their global income.   Karanjot also highlighted the 2021 amendment introducing the "resident but not ordinarily resident" (RNOR) status for NRIs who spend 120+ days in India and have significant Indian income. Additionally, he stressed the role of tax treaties in resolving dual residency issues. Watch the full discussion in the video below! #NRI #IncomeTax #Taxation #ResidencyRules #GlobalTaxation #RNOR #TaxUpdates #IndiaTax #NRITax #DoubleTaxation #TaxTreaty #Finance #LegalInsights #News9Live #ExpertOpinion

Our Partner, Rohini Mukherjee, and Senior Associate, NEHA JAIN, have co-authored an insightful article, Unsettling the Settled: The Growing Influence of Legislative Amendments on Judicial Oversight, published in Bar and Bench. The article explores the increasing tension between the Legislature, the Executive, and the Judiciary in India's governance, particularly in tax law under the GST regime. It highlights how retrospective legislative amendments have been used to overturn judicial decisions, raising concerns about legal certainty, tax predictability, and investor confidence. Key cases discussed include: ✅ Vodafone tax case (2012) – The Supreme Court ruled in favor of the taxpayer, but the government introduced a retrospective amendment to tax offshore share transfers. ✅ GST on online gaming – Despite judicial distinction between games of skill and games of chance, the GST Council imposed a uniform 28% tax, effectively negating prior legal interpretations. The article underscores the need for businesses to adopt strategic tax planning to navigate the uncertainties posed by frequent legislative interventions. Read the full article here - https://lnkd.in/dEi--g3D #IndianLaw, #GST, #JudicialOversight, #LegislativeAmendments, #TaxLaw: