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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.
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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.
Rollback of retro tax: A step in the right direction
By Tanmay Bhatnagar
The article in this issue of Direct Tax Amicus seeks to analyse the latest changes brought in by the Taxation Law (Amendment) Act, 2021 which rolls back the controversial retro-tax imposed in 2012 on capital gains arising from an indirect transfer of shares of an Indian company. The article discusses the background of the changes, including the Supreme Court decision which was rendered infructuous by the Finance Act, 2012 and the ensuing controversies. It also deliberates on the relief now being brought by the latest changes, including the conditions which need to be fulfilled for the same. Welcoming the amendment, the author however points that the government has not provided any relief in respect of certain similarly criticised provisions relating to retrospective levy on certain transactions which were deemed to be royalty vide the Finance Act, 2012 and sought to be taxed at source in India...
Notifications & Circulars
Determination of income of Category III Alternative Investment Funds
Manner of re-computation of books profits and determination of MAT liability in case of advance pricing agreement or secondary adjustment
Calculation of taxable interest in case of excess contribution in a provident fund
Introduction of Rule 14C to ease electronic verification in Faceless Assessment Proceedings
Time limits for filing of various forms extended
Direct Tax Vivad se Vishwas – Dates for making payment extended
Authorising Interim Resolution Professional, Resolution Professional and Liquidator to verify returns and act as authorized representative in case of Companies and LLPs
Boards for Advance Rulings notified
Ratio decidendi
Depreciation on software cannot be disallowed by applying Section 40(a)(i) for non-deduction of tax at source on purchase – ITAT Bengaluru
Payments made for services of advertising, marketing and rental use of IT infrastructure to non-resident are not ‘royalty’ – ITAT Bengaluru
Foreign Tax Credit – Article 23 of India-Tanzania DTAA to be interpreted in the same manner as Article 23 of India-Korea DTAA – ITAT Bengaluru
iPads are not complete substitutes for computers and hence, ineligible for depreciation at 60% – ITAT Amritsar
Refund withheld without reasoned order not sustainable – Calcutta HC allows refund with interest – Calcutta High Court
SGPC eligible for registration under Section 80G, as it provides services to all humanity without discriminating on religion, caste, creed or sex, etc. – ITAT Amritsar
