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The Heterogeneity Of Statutory Dues: Why Direct Taxes Must Be Excluded From the Liquidation Estate Under Section 36(4) IBC?
Section 53 of the Insolvency and Bankruptcy Code embodies a carefully calibrated waterfall designed to ensure predictability in credit markets by subordinating government dues to private claims. The Supreme Court’s decision in State Tax Officer v. Rainbow Papers Ltd. unsettled this framework by elevating statutory charges to secured creditor status, prompting legislative correction through the Insolvency and Bankruptcy Code (Amendment) Bill, 2025. While the Amendment restores
Mohit Kumar
13 hours ago8 min read
Hyatt and the expansion of PE: An Analytical Criticism of the Supreme Court's Fallacies and Misapplication
Recently, in Hyatt International Southwest Asia Ltd. v. Additional Director of Income Tax (‘the Hyatt’), the Hon’ble Supreme Court (‘the Court’) delivered a significant judgment concerning the interpretation of a fixed place Permanent Establishment (‘PE’) under International Taxation. This judgement is particularly significant for how non-resident entities (‘NR’) are taxed in India for having a taxable presence within the country. The Hyatt found that Hyatt International Sout
Shrushti Taori
Jan 297 min read
Enabling ITC on Construction Inputs for Commercial Leasing in India
The GST (Goods and Service Tax) framework in India today denies ITC (Input Tax Credit) for expenses incurred in construction inputs for businesses involved in commercial leasing of real estate (such as office parks, malls, and warehouse facilities). However, since leasing is a taxable supply, developers need to pay GST to the government on the rents charged. This double taxation escalates the cost of construction for developers, who then pass it down to their tenants. Between
Umang Binayakia and Samparna Tripathy
Jan 1215 min read
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