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.
The article in this issue of Direct Tax Amicus discusses the recently introduced Faceless Penalty Scheme, 2021 which has come into effect from 12 January 2021. The authors highlight various salient features of the Scheme like, authentication and delivery of electronic record, absence of physical interface between the assessee and revenue authorities, team-based proceedings and dynamic jurisdiction, etc., while also elaborating on the procedure to be followed in penalty proceedings and in proceedings for rectification. Various points which are important for the assessees have also been covered. According to the authors, though the Scheme is expected to reduce the chances of error, risk management strategy and automated examination tool have not been defined in the Scheme. Similarly, the circumstances in which the assessee may be granted a right to personal hearing via video conferencing has not been provided. We would have to wait for CBDT’s clarification to get a better understanding...
Notifications
Extension of the deadline of Vivad se Vishwas Scheme
Ratio decidendi
Rectification – Limitation commences from original order if issue in consideration is not appealed – ITAT Bengaluru
TDS exemption on LTC when employee takes a circuitous route involving a foreign leg – ITAT Mumbai
No liability of withholding tax if provision not present on date of payment – Subsequent retrospective change in law is not material – ITAT Pune
No TDS on sale of assets by liquidator – IBC Section 53 to have overriding effect on Section 194-IA of Income Tax Act – NCLAT
Adjustment of refund against outstanding demand without issuance of intimation under Section 245 is illegal – Adjustment of refund against stayed demand is also illegal – Telangana High Court
Absence of specific mention on retrospectivity of the provision makes it prospective – Madras High Court
