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October 21, 2021

[By Aarushi Kapoor] The author is a fourth year student at the Hidayatullah National Law University. Introduction The Customs Excise and Service Tax Appellate Tribunal (hereinafter ‘Tribunal’), Bangalore bench, in ICICI Econet and Internet Technology Fund v. Commissioner of Central Tax, has recently confirmed the service tax liability on the expenses incurred by the venture capital fund (hereinafter ‘VCF’), as the consideration received towards the asset management services...

Predicament of NPAs in India – Can bad banks solve it?

October 21, 2021

[By Karma Shah and Diya Vaya] The authors are third year students at the Gujarat National Law University. Introduction Our nation is facing a massive issue of Non-Performing Assets (hereinafter “NPAs”). Put simply, an NPA is any bank asset or receivable that has stopped making payments to the bank and has remained unpaid for a specified amount of time. The Reserve Bank of India (hereinafter “RBI”), in its...

Redefining the Scope of Section 3(1): Towards a Purposive Interpretation

October 9, 2021

[By Shubham Gandhi & Aditya Puri] The authors are students at the Dharmashastra National Law University, Jabalpur.  The Competition Act, 2002 (“the Act”), as legislated by the Parliament, is a special statute that governs the practices conducted in a market and ensures that healthy competition is maintained. The legislature in the Competition (Amendment) Bill, 2020 has stressed the need to identify a legislative way to cover agreements that...

Front Running: A Non-Intermediary’s Accountability for the Ill-Gotten Gains

October 9, 2021

[By Renuka Nevgi]  The author is a student at Maharashtra National Law University, Mumbai.  Introduction: Meaning and Nature Front running is an illegal act of buying or selling securities based on non-public information regarding a substantial future transaction likely to influence the price. It includes entering into options or futures contracts before an imminent transaction while anticipating the fluctuation in the price after the information will become public....

Scarcely Regulated Family Investment Funds: Lessons from the Archegos Capital Wipe-Out

October 9, 2021

[By Sanchit Singh]  The author is a student at Vivekananda School of Law and Legal Studies, GGSIPU, Delhi.  The Dodd-Frank Wall Street Reforms and Consumer Protection Act, which came in response to the 2008 financial crisis, removed a historic exemption enabling the Securities and Exchange Commission (SEC) to regulate hedge funds and private fund, advisors. However, this included a new provision that required the SEC to define family...

The Maruti Suzuki Judgment: A Slew of Missed Opportunities 

October 4, 2021

[By Dharmvir Brahmbhatt & Aneeta Mathew]  Dharmvir Brahmbhatt is a student at the Gujarat National Law University and Aneeta Mathew is a student at the National University of Advanced Legal Studies. Introduction The CCI’s judgment in a Suo moto case against Maruti Suzuki India Ltd. (MSIL) grabbed eyeballs, both for the penalty of a whopping Rs. 200 Crore it imposed as well as for laying down the law that Discount...

Taxation Laws (Amendment) Act, 2021 In Reference to Cairn And Vodafone Dispute

September 27, 2021

[By Anshika Agarwal & Shubhi Singhal] Anshika Agarwal is a student at GGSIPU, Vivekananda Institute of professional studies, New Delhi and Shubhi Singhal is a student at the National Law Institute University, Bhopal.  Introduction Taxability of income arising from the indirect transfer of assets situated in India has been a subject matter of disputes for quite along. The issue has once again come into light with the introduction...

Taxability of Cryptocurrency through the GST Lens

September 22, 2021

[By Muskaan Desai]  The author is a student at the National Academy of Legal Studies and Research, Hyderabad. Cryptocurrency in India has been an unregulated area with a lot of uncertainty. The legality and taxability of cryptocurrencies have been contentious issues. The Central Government, through its draft Cryptocurrency and Regulation of Official Digital Currency Bill, has sought to ban private digital currency and introduce a Central Bank Digital...

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