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.
Capital Gains arising out of Joint Development Agreements – Analysis of Section 45(5A) of Income-tax Act
By Janane G
The transfer of immovable property by land owners under the mechanism of Joint Development Agreement (‘JDA’) has evolved over the years. The article in this issue of Direct Tax Amicus analyses the provisions of Section 45(5A) of the Income-tax Act, 1961 in a scenario where the JDA is unregistered. For the period prior to said section, the article discusses the Bombay High Court decision in Charturbuj Dwarakadas Kapadia (in respect of trigger point for capital gains) and the Supreme Court decision in Balbir Singh holding that provisions of Section 2(47)(v) and (vi) will not apply in cases where the JDA is not registered. Highlighting the salient features of Section 45(5A), the author also investigates as to whether its provisions would apply to JDA entered prior to 1 April 2017. Point of taxability in case of unregistered JDA, after the introduction of Section 45(5A), is discussed in the light of ITAT Chennai decision in Tamil Nadu Brick Industries which had held that where JDA is unregistered, but GPA is registered, the same would amount to ‘transfer’. Lastly, discussing the question of determination of consideration where execution of GPA is construed as transfer, the author states that evolution of interesting jurisprudence is expected...
Notifications & Circulars
Additional particulars to be furnished by deductors at the time of preparing statements of tax deducted
TDS and TCS at higher rates – Functionality ‘Compliance Check for Sections 206AB and 206CCA’ introduced
Time limits of specified compliances extended in view of pandemic
TDS on goods – Guidelines under new Section 194Q issued
Ratio decidendi
Vivad Se Vishwas scheme – Eligibility when delay in filing appeal condoned by CIT(A) after filing of declaration – Bombay High Court
Expenses incurred for pursuing scheme of demerger allowable when demerged entity vested in assessee – Delhi High Court
Donations by charitable trust for educational services, to charitable and religious institutions for philanthropy exempt under Section 11, even when for activities other than education – Madras High Court
Narrow time frame to respond to SCN and dysfunctionality of e-filing portal are sufficient grounds to set aside assessment order – Delhi High Court
TDS on FTS – Retrospective amendment in Section 195 not to disallow expenditure retrospectively under Section 40(a)(i) – ITAT Delhi
