Tag: Taxation
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Skoda’s Customs Dispute: Examining Indian Jurisprudence on Automobile Import Classification
[Parv Jain is a 4th-year B.A., LL.B. (Hons.) student at the Institute of Law, Nirma University, Ahmedabad] Late last year, Skoda Auto Volkswagen India Private Limited (‘Skoda’) received the largest tax demand ever issued to an automaker in India, amounting to $1.4 billion. The demand challenges the classification of imported parts at its Aurangabad factory. According to the customs…
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Restricting Carry-Forward of Losses: Analysing Reforms to the Income Tax Act
[Megha Porwal and Manav Pamnani are 3rd year B.A., LL.B. (Hons.) students at the NALSAR University of Law, Hyderabad] The Union Budget presented on 1 February 2025 marks a significant development in the jurisprudence pertaining to direct taxes in India. This is because it introduces a substantial amendment to sections 72a and 72AA of the Income Tax Act, 1961 (IT Act). The Bill proposes the insertion of…