In this edion, we have come up with an arcle on powers of NCLAT to recall its own Order, and the decision of the 5 member bench of the NCLAT, Principal Bench, was upheld by the Supreme Court.

The next arcle ison scope of taxes covered under the Double Taxaon Avoidance Agreement. The scope of taxes under the Double Taxaon Avoidance Agreement is crucial in determining the amount of credit of taxes, paid in the country of source, that can be claimed in the country of residence. Further, scope of tax plays a vital role in determining the rate of withholding tax under secon 195 of the Income Tax Act, 1961 while reming the amount to a non‐resident.

We have also collated certain important judgments under direct tax and indirect tax laws, provided our comments wherever necessary.

I hope that you will have good me reading this edion and please do share your feedback.

Key Topics:

INSOLVENCY AND BANKRUPTCY CODE

• POWER OF NCLAT TO RECALL ITS ORDERS

DIRECT TAX

• SCOPE OF TREATY – TAXES COVERED UNDER THE DTAA

SUMMARY OF GST DECISION

SUMMARY OF IT DECISION

We bring you this month our anniversary edition. We have completed 14 years and to commemorate this event, we have brought changes to the cover page of the journal. The cover page only has undergone the change but not the content.

For the anniversary edition, we have asked our team members (who never wrote) to contribute to the articles. Everyone has directly or indirectly contributed and the result is the bulky journal on your screen. A big thanks to all the contributors! This edition covers articles which are of great significance and of interest to both corporates and non-corporates.

The article on ‘Game of Skill vs. Game of Chance & A Study on GST Implications on Online Gaming’ focuses on the recent decision of Karnataka High Court in Gameskraft and various court’s interpretation on game of skill vs game of chance. Though the judgment has said the games of skill does not fall under the ambit of GST laws and the expression ‘betting and gambling’ appearing in GST laws covers only games of chance, the recent decision of GST Council to treat the game of skill and game of chance as one for the purposes of GST laws is unwarranted. The GST Council is trying to re-write the settled law and this will be definitely challenged by the industry. Moreover, the taxing of the entire bet value is also unprecedented and will also be subjected to judicial scrutiny.

Read more: SBS Wiki E Journal Aug 2023

In this edition, we have come up with an article on analysis of value of land that should be deducted while arriving the value of supply of services. Everyone is aware that the GST law provides 1/3^rd of total amount received towards deduction of land. Off late, there are judicial trends which endorsed the view that the deduction on deemed basis cannot be resorted if the assessee can show the original value. However, there are certain short-comings in such judgments which we have dealt in this article.

The next article on the interplay between Article 12 and Article 14 of DTAA. We have taken case studies to understand the interplay between both the articles and the instances when a particular income is taxable under Article 14.

We have also collated certain important judgments under direct tax and indirect tax laws, provided our comments wherever necessary.

Key Topics:

GST

• THE STORY OF DEDUCTION OF VALUE OF LAND – DEEMED VS. ACTUAL

DIRECT TAX

• INTERPLAY BETWEEN ARTICLE 12 AND ARTICLE 14 OF DTAA

SUMMARY OF JUDGEMENTS

• SUMMARY OF GST DECISIONS
• SUMMARY OF IT DECISIONS

In this edition, we have come up with an article on analysis of doctrine of promissory estoppel vis-à-vis indirect tax enactments. We have taken the recent Supreme Court judgments, including the one, where the bench is divided in its opinion as to whether the doctrine of legitimate expectations should be given to the assessee, who has invested huge amounts on the promises made by the Government, especially, when there is no superior public interest shown.

The next one is on the interplay between the DTAA and Income Tax Act. We have touched upon various instances, where the DTAA and ITA clash and how do they operate in such scenarios. In the upcoming editions, we shall touch upon other facets of the same subject.

We have also collated certain important judgments under direct tax and indirect tax laws, provided our comments wherever necessary. There are so many other important judgments which were delivered in May 2023 and we shall come up with our summaries in the next editions.

Key Topics:

GST

• DOCTRINE OF PROMISSORY ESTOPPEL VIS‐A‐VIS IDT

DIRECT TAX

• INTERPLAY BETWEEN THE INCOME TAX ACT AND DTAA ‐PART I

SUMMARY OF JUDGEMENTS

• SUMMARY OF GST DECISIONS
• SUMMARY OF IT DECISIONS