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Taxpayers applying for VSVS 2.0 will be required to pay a percentage of the disputed amount, depending on the nature of the tax arrears and the timeline within which the application under the Scheme is made explain Gouri Puri, Partner, Shardul Amarchand Mangaldas, Rahul Yadav, Counsel & Suyash Sinha, Principal Associate, Shardul Amarchand Mangaldas & Co.
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To alleviate the backlog of tax litigation, the government has raised the monetary thresholds for the ITD’s appeals - Rs 60 lakhs for Tribunals, Rs 2 crs for High Courts, and Rs 5 crs for the Supreme Court. By elevating the monetary limits, the government aims to focus judicial resources on more impactful cases, thereby reducing the pendency and accelerating the path to finality.
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V Lakshmikumaran, Managing Partner, Lakshmikumaran & Sridharan attorneys, said, “I extend my heartfelt congratulations to all the newly promoted partners. Their dedication, expertise, and commitment to excellence have been instrumental in driving our firm’s success. This elevation not only recognizes their outstanding contributions but also strengthens our leadership team, enabling us to continue delivering exceptional service to our clients.’’
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The 8:1 majority judgement, authored by Chief Justice DY Chandrachud and agreed to by Justices Hrishikesh Roy, Abhay S Oka, JB Pardiwala, Manoj Misra, Ujjal Bhuyan, Satish Chandra Sharma and Augustine George Masih, also ruled that royalty payable on extracted minerals is not a tax
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Authors: Adarsh Somani, Partner & Manali Shenoy, Associate at Economic Laws Practice
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With an illustrious career spanning over 17 years, Dr. Janssen-Sanghavi has earned a stellar reputation for his expertise in international tax law and policy. Besides delivering exceptional results for clients, he has made noteworthy contributions to international tax scholarship and public policy
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