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.
Determination of year of taxability for transfers arising out of registered Joint Development Agreements
By Abhinov Vaidyanathan
The article in this issue of Direct Tax Amicus attempts to analyze the aspect of determining the year of taxability of capital gains arising out of the transfer of immovable property under Joint Development Agreements (‘JDAs’). It analyses the provisions of the Income Tax Act, 1961 and the jurisprudence laid down by various Courts and ITAT in case of registered JDAs. Summarizing various case law holding that date of execution of the JDA must be taken as the date of transfer, the article also elaborates on case law which have held that the date of execution of the JDA cannot be taken as the date of transfer. It concludes by stating that no straight-jacket formula can be applied in order to determine the year of taxability in case of registered JDAs. According to the author, all the conditions stipulated under Section 53A of Transfer of Property Act, 1882 have to be satisfied for a transaction to qualify as a transfer for the purposes of Sections 2(47)(v) and 45 of the Income Tax Act...
Notifications & Circulars
Exemption eligibility if loans or borrowings taken by specified funds for investment in India
E-Settlement Scheme, 2021 notified
Additional information to be uploaded in Form 26AS
Declaration by company for settling retrospective tax cases – Rules notified
Deduction available of expenditure incurred to purchase sugarcane up to the price fixed by State Government
Ratio decidendi
Mere signing of contract without having any other activity in India cannot trigger PE exposure in India – ITAT Delhi
Absent a principal-agent relationship, deduction of TDS under Section 194H is not warranted – Bombay High Court
Classification of agricultural land as non-agricultural by buyer not attracts capital gains in seller’s hands – Kerala High Court
Revisionary power under Section 263 to be exercised by Commissioner suo moto and not under any recommendation or reference – ITAT Pune
Black Money Act can be used to trace undisclosed foreign bank accounts which existed but closed prior to its coming into force – ITAT Mumbai
