Alerts & Updates 19th Jun 2024

Recent Developments in Direct & Indirect Tax

Authors

Vivek Baj Partner | Pune
Dipesh Jain Partner | Mumbai
Sumeet Agrawal Associate Partner | Mumbai
Aayush Tiwari Associate Partner | Pune
Sai Dash Senior Associate | Pune
Saiyam Jain Associate | Mumbai

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In our latest update, we discuss about some of the recent developments in Direct and Indirect Tax.

On the direct tax front, we discuss the Himachal Pradesh High Court’s judgement on the contentious issues of whether section 56(2)(viib) would apply or not on conversion of loan into shares issued at a premium.  We also discuss the Vishakhapatnam ITAT’s decision in the context of taxability of land and building transferred under a Joint Development Agreement (JDA).

On the indirect tax front, we have elaborated on the Bombay High Court’s decision on whether GST is payable on Ocean Freight paid for transportation of goods from outside of India under FOB terms of contract. We have also discussed the Kerala High Court’s decision on whether the provision containing the time limit for availing Input Tax Credit is constitutionally valid. Additionally, we have also highlighted and discussed the clarifications rendered by Madras High Court on the treatment of Gift Vouchers under GST legislation.

Read the detailed update here