We are a family of strong 800+ people including 470+ professionals working from 14 locations across India.
We have a rich heritage and enduring legacy which are pivotal in shaping trust, excellence, and unparalleled legal expertise, thus building a strong reputation and a trusted brand.
We started in 1985 in a single room set up by the two founders with no prior experience of working in a law firm. Both the founders had outstanding academic records and focused on their deep understanding of the law to form the foundation of the firm.
Integrity, Knowledge and Passion are the principles that resonate with every member of our LKS family and the work that we do. These values drive us to build a community of legally sound professionals and well-serviced clients.
Everything we have accomplished over the last four decades is a result of our unique way of thinking which is deeply influenced by our core values and principles that define us.
We and our professionals consistently garner appreciation for the quality of our services and the depth of our legal expertise. This consistent acknowledgment serves as a testament to our unwavering commitment to exceed expectations.
Benami law and retrospectivity- Analysis of Rajasthan High Court decision in Niharika Jain v. Union of India
By Sanmati Raonka
Benami Transactions (Prohibition) Act, 1988 after the amendment in 2016 also provides for confiscation of benami properties besides criminalizing benami transactions. The Rajasthan High Court recently deliberated upon the question as to whether the consequences of the Amendment Act were retrospective in nature. The Court while considering plethora of judgments in accordance with the principle of ‘fairness’ and the maxim lexprospicit non respicit, which means that the law looks forward not backward, held that it is a settled law that a substantive provision unless specifically made retrospective or otherwise intended by the parliament should always be held to be prospective. According to the author, this decision serves as a comprehensive judicial referencer on the benami law, lucidly explaining the law and rulings on the subject matter. Taking note of the reasons for ‘amending’ rather than re-enacting, as explained by the Ministry of Finance to the Parliamentary Standing Committee, the article states that despite the intent of the Government, the Court has held otherwise…
Finance Bill, 2020 – Highlights
Abolition of Dividend Distribution Tax
Withholding obligations of e-commerce operators
Tax collection at source on certain purchases
Incentives to startups
International taxation – Extension of APA to profit attribution, deferral of SEP
Relaxation in respect of TDS on payment for technical services
Incentives to affordable housing and investment in infrastructure
Assessment and appeals – Changes
New scheme of taxation for individuals, cooperative societies and provisions on residential status of individual
Extension of benefit of lower rate of corporate taxes
Vivad Se Vishwas Scheme
Notification
Insertion of new Rule 114AAA making PAN inoperative on non-intimation of Aadhar number Read more
Ratio decidendi
Unutilized credit under MODVAT Scheme does not qualify for deduction under Section 43B – Supreme Court
Penalty imposable under Section 271B when audit report under prescribed form not furnished though assessee may have complied with audit under other laws – Kerala High Court
Shares issued against debt incurred does not result in real credit in the cash book and bank account, therefore Section 68 cannot be invoked – ITAT Kolkata
Payments made to a non-resident as testing fees cannot be considered as fee for technical services – ITAT Chennai
Expenses on demerger can be claimed only be the parent entity – ITAT New Delhi
Compensation received under Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013 is exempt – Kerala High Court
