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Background of the case In a recent ruling, the Chennai Tribunal (hereinafter referred to as "the Tribunal" or "ITAT") in the case of Valeo Bayen1 ("the Assessee") examined the scope and application of Section 47(iv) of the Income-tax Act, 1961…
The Reserve Bank has notified the Foreign Exchange Management (Cross Border Merger) (Amendment) Regulations, 2026, effective 5 June 2026, recalibrating the approval architecture that underpins inbound and outbound mergers under FEMA.The 2018 Regulations were anchored entirely to the National Company…
Background of the case In a recent ruling, the Mumbai Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal" or "ITAT"), in the case of Sterling Holiday Resorts Limited1 (formerly known as Thomas Cook Insurance Services India Limited) ("the Assessee"…
Background of the case In the recent ruling of the Kolkata Tribunal (“the Tribunal” or “ITAT”) in the case of Emami Realty Limited1 (“the assessee”), the Tribunal examined the scope and interplay of Sections 2(19AA), 47(vib), and 56(2)(x) of the…
Background of the case In a recent ruling, Income-tax Appellate Tribunal, Mumbai Bench (hereinafter referred to as “the Tribunal” or “ITAT”), in the case of Nikesh Bhagwandas Mehta1 (“the assessee”) decided on the interpretation of the interplay between Section 54F…
Background of the Case In a recent ruling, the Delhi High Court (hereinafter referred to as the “Court”) in the case of Globe Capital Market Ltd1 (“the Company” or “the assessee”) examined the taxability of buy-back by a company of…
Background of the Case In a recent ruling, the Chennai Income Tax Appellate Tribunal (hereinafter referred to as “the Tribunal” or “ITAT”), in the case of VS Trust1 (“the assessee” or “the trust”) decided on the taxability of property received…
Background of the Case In a significant judgment, the Supreme Court (hereinafter referred to as “the Court”), in the case of Pannalal Bhansali1 (one of the public minority shareholders, hereinafter referred to as “the Appellant”), has settled several important questions…
In a significant policy development, CBDT has issued a notification, amending Rule 128 of the Income-tax Rules, 2026 pertaining to applicability of GAAR, with effect from 1 April 2026.Rule 128(1)(d) grandfathered pre-April 2017 investments from GAAR. However, Rule 128(2) provided…
Background The Corporate Laws (Amendment) Bill, 2026[1], introduced by Finance Minister Nirmala Sitharaman on 18th March 2026, proposes several significant changes to the M&A and corporate restructuring framework under the Companies Act, 2013 and the LLP Act, 2008. Key Highlights:…
Background of the Case In a recent ruling, the Bombay High Court (“the Court”) decided on a writ petition filed by Schaeffler India Ltd1 (“the Company”) challenging the validity of stamp duty levied on an NCLT sanction order approving a…
Background of the case In a significant ruling, the Mumbai Income Tax Appellate Tribunal ('ITAT'), in the case of Fairbridge Capital (Mauritius) Limited1, has delivered an important judgment clarifying the scope and applicability of Section 56(2)(x) of the Income-tax Act,…
The Reserve Bank of India (RBI) has taken a significant step towards risk-based regulation with the release of the Draft- Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Amendment Directions, 2026 on 10 February…
Background of the case In a recent ruling, the Supreme Court (“The Hon’ble Court”) in the case of M/s Jindal Equipment Consultancy Services Ltd1 (“the assessee” or “the Company”) adjudicated a batch of appeals concerning the taxability of shares received…
The Securities and Exchange Board of India (SEBI) has issued an updated Master Circular on compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), consolidating and rationalizing applicable circulars and regulatory provisions as in force up…
The Ministry of Corporate Affairs (MCA) has officially notified the Companies (Specification of definition details) Amendment Rules, 2025 on 1 December 2025, revising the financial thresholds for classification as a “small company.” As per the notification, for the purposes of…
Background of the case In a recent ruling, the Supreme Court (‘SC’), in the case of Jupiter Capital Pvt Ltd1 (‘Company’ or ‘assessee’), examined the tax consequences of capital reduction and its treatment under the provisions of the Income Tax…
Overview The Union Budget for FY 2026-27, presented by the Hon’ble Finance Minister, Ms. Nirmala Sitharaman, in Parliament on 1 February 2026, was positioned as a continuation of the Government’s emphasis on economic stability, fiscal discipline, and long-term growth. Anchored…
Background of the case In a landmark judgment, the Supreme Court of India, in the case of Tiger Global International II Holdings & Ors.1 (2026 INSC 60), has settled several long-standing controversies relating to taxation of indirect transfers, treaty shopping,…
In an interesting development in the case of Hinduja Global Solutions Limited (“HGSL”), the Bombay High Court, by its interim order dated 19 December 2025, admitted the writ petition filed by HGSL and granted interim relief. Background The GAAR panel…
Background of the case In August 2021, Hinduja Global Solutions Ltd (“HGSL” or “the Company”) announced that it has entered into definitive agreements to divest its Healthcare Services business (“HS business”) to funds affiliated with Baring Private Equity Asia (BPEA),…
Background On 4th September 2025, the Ministry of Corporate Affairs (MCA) notified1 the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2025. These rules amend Rule 25 of the Companies (CAA) Rules, 2016, which deals with fast-track mergers and arrangements under…
The Reserve Bank of India has notified the Foreign Exchange Management (Export of Goods & Services) (Second Amendment) Regulations, 2025 vide Notification F. No. FEMA 23(R)/(7)/2025-RB dated 13 November 2025, introducing significant relief measures for Indian exporters.1. Extended Export Realisation PeriodEarlier Provision (Old Rule): Pursuant to…
Background In a recent ruling, the Telangana High Court (“the Court”) in the case of Spectra Shares and Scrips Limited1 (“the assessee” or “the Company”) decided on the tax treatment of the transfer of an entire bottling and marketing undertaking…
Background In a recent ruling, the Delhi High Court (“the Court”), in the case of PMV Maltings (P) Ltd1 (“the Company” or “the Assessee”), examined the interpretation of Fifth Proviso to Section 32(1) of the Income-tax Act, 1961 (“the Act”),…
Background In a recent ruling, the Delhi Income-Tax Appellate Tribunal (“The Tribunal”) adjudicated the case of Rajesh Kumar Sharma1 (“the assessee”) arising from the order passed by the CIT(A)/NFAC, Delhi dated 03.08.2023 for Assessment Year 2016–17. The assessment was framed…
Recently, the Delhi Revenue Department has issued a clarification stating that the applicable stamp duty rate on the issuance of shares whether in physical or dematerialized form is 0.1%, superseding the previously considered rate of 0.005%.Accordingly, all companies having their…
Background In a recent ruling, a petition was filed by Modern Hi-Rise Private Limited1 (“the Company”) before the National Company Law Tribunal (“NCLT” or “The Tribunal”), Kolkata Bench, seeking approval for Reduction of Share Capital under Section 66 of the…
Background In a recent ruling, the Mumbai Income-tax Appellate Tribunal (“the Tribunal”), in the case of Atyant Capital India Fund-I1 (“the Company” or “the Assessee”), examined the tax treatment of long-term capital gains and losses arising from investments by a…
In Press Release No. 2025-2026/1218, accompanying the Statement on Developmental and Regulatory Policies dated October 1, 2025, the Reserve Bank of India (RBI) has announced a pivotal shift impacting India’s mergers and acquisitions (M&A) landscape.Acquisition Financing FrameworkUnder the proposed review…
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