Tag: finance
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Input Tax Credit on Construction Under GST: Legal Provisions and Practical Implications
The Goods and Services Tax (GST) represents one of the most transformative reforms in India’s indirect taxation landscape, promising to unify disparate taxes and ease the burden on businesses. Central to its mechanism is the Input Tax Credit (ITC), which allows businesses to offset taxes paid on purchases against their output tax liabilities, thereby reducing…
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Expedited Forfeiture and Attachment of “Proceeds of Crime” u/s 107 of BNSS
Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, establishes a robust framework to combat the use of criminal proceeds. It empowers courts to attach, forfeit, and distribute property believed to have been derived from criminal activities. This provision addresses procedural gaps in previous laws by enabling swift action during investigations while balancing due…
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Corporate Governance forms Pillars of Transparency and Accountability
Corporate governance is a key factor in shaping the ethical standards and success of companies worldwide. In India, the approach to corporate governance has evolved, aiming to meet global standards for transparency, accountability, and ethical responsibility. This article explores corporate governance in India, focusing on its core principles, key components, recent developments, and the ethical…
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India’s Position on Model Law for Cross-BorderInsolvency
The global nature of modern commerce necessitates efficient legal frameworks to address insolvency cases that span multiple jurisdictions. India, with its growing economy and integration into the global market, has recognized the importance of adopting robust mechanisms for cross-border insolvency. The United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency serves…
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Supreme Court Nullifies NCLAT’s Decision to Close Insolvency Case Against Byju’s on Settlement Grounds
The Supreme Court of India has delivered a pivotal judgment in GLAS Trust Company LLC vs. BYJU Raveendran & Ors.1 against edtech giant Byju’s, reopening insolvency proceedings previously halted by a settlement with the Board of Control for Cricket in India (BCCI). This case, involving ₹158 crore in unpaid dues, is not just about the…
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Understanding the Doctrine of Corporate Veil: Protection or Loophole?
The Doctrine of Corporate Veil separates a company’s legal identity from that of its shareholders. It protects individuals from personal liability for the company’s actions, limiting exposure to the extent of their investment. However, this protection is not absolute, and Indian courts have often intervened when the doctrine is misused. The real question is: does…
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The concept of corporate criminal liability in India
The concept of corporate criminal liability in India addresses the legal accountability of corporations, which are legally recognized as separate entities from their shareholders. Corporations, though lacking a mind or intent, can be held responsible for criminal acts under the principle of vicarious liability, where an entity is liable for the actions of individuals acting…
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