INTERPLAY OF BENAMI LAW, AS AMENDED IN 2016, TRANSFER OF PROPERTY ACT, 1882 AND REGISTRATION ACT, 1908 IN CASE OF PART PERFORMANCE OF CONTRACT OF TRANSFER OF IMMOVEABLE PROPERTY (SECTION 53A)

According to para 2 of Section 54 of The Transfer of Property Act, 1882 – Transfer by way of Sale in a Immoveable property of value exceeding Rs 100 can only be made by way of a Registered Instrument. However, on account of Part Performance as enumerated in Section 53A of the Transfer of Property…

Moneylending related offence included under PASA in Gujarat

The Governor of Gujarat has promulgated ‘The Gujarat Prevention of Anti Social Activities (Amendment) Ordinance, 2020’ with effect from 07 September 2020. Clause (ga) inserted in Section 2 defines a “money lending offender” to mean a person, who commits or attempts to commit or abets the commission of offences under Chapter IX of the Gujarat…

Banning of Unregulated Deposit Schemes

1. The Government of India has promulgated ‘The Banning of Unregulated Deposit Schemes Act, 2019’ (21 of 2019) and it has commenced from 21 February 2019. Further, the Department of Financial Services, Ministry of Finance, Government of India, has notified ‘The Banning of Unregulated Deposits Schemes Rules, 2020’ with effect from 12 February, 2020. 2.1…

India’s Equalisation Levy, US Trade Act and Tax Avoidance Arrangements : An interplay

The US Trade Representative has initiated an investigation into potential tariff and non-tariff barriers arising out of Equalisation Levy imposed by India that is purported to affect “US Exports”. Equalisation Levy (popularly dubbed “Google Tax”) is imposed by India on Advertising and eCommerce companies not having a Permanent Establishment in India and thus avoiding Income…