Legal 60

ITAT Rules Income Declared During Survey is Taxable as Business Income, Not Under Section 115BBE “Income tax tribunal holds Section 28 applies to survey income, not Section 115BBE” In a significant ruling, the Jaipur Bench of the Income Tax Appellate Tribunal has clarified the tax treatment of income declared during a survey under Section 133A

Flipkart’s Myntra sees 18-fold profits as fashion e-commerce accelerates This signifies its continued strength in India’s apparel industry Bengaluru-based online fashion retailer Myntra has reported an 18-fold surge in net profit for the FY ended March 2025. The Flipkart-owned company’s net profit rose to Rs.548 crore from Rs.31 crore in the previous FY. While its

Record Labels Settle Copyright Dispute with Internet Archive Over Vintage Music Project “Internet Archive reaches confidential settlement in music digitization case” A significant copyright dispute between major record labels—including Universal Music Group and Sony Music—and the nonprofit Internet Archive has reached a confidential settlement. The resolution, announced in a joint filing on Monday in a

Major Hollywood Studios File Copyright Lawsuit Against China’s MiniMax Over AI Service “Major Hollywood studios sue MiniMax over AI copyright infringement” Leading Hollywood studios Walt Disney, Comcast’s Universal, and Warner Bros Discovery have jointly initiated a copyright infringement lawsuit against China-based AI company MiniMax. The legal action concerns MiniMax’s image- and video-generating service, Hailuo AI,

SEBI’s extended inquiry against Jane Street reveals additional suspicious trading patterns The firm’s troubles seem to increase, as the Central Board of Direct Taxes builds a case against it for misusing India’s tax treaty Even as the Securities and Exchange Board of India (SEBI) investigates US-based trading firm Jane Street, the new detections point to

Sid Swaminathan, Jio BlackRock CEO, expects India’s MF industry to witness massive rise The country’s equity markets have more than doubled over the last five years and drawn millions of retail investors Sid Swaminathan, Chief Executive Officer of Jio BlackRock Asset Management, an alliance partner of Mukesh Ambani’s Jio Financial Services Ltd., and the world’s

Federal Circuit Affirms Non-Infringement in NG LLC v. CreatedHair Designs: Prosecution History Estoppel Precludes Claim Scope Expansion “Doctrine of equivalents barred by NG’s prior claim amendments” The United States Court of Appeals for the Federal Circuit (CAFC) has upheld a summary judgment of non-infringement in the case of NG LLC v. Created Hair Designs, LLC,

Shardul Amarchand Mangaldas advises Urban Company on ₹1,900 crore Initial Public Offering The Leading Law firm in India, Shardul Amarchand Mangaldas & Co. (SAM) advised Urban Company Limited on its initial public offering aggregating to approximately ₹1,900 crore. The IPO comprised a fresh issue and an offer for sale by certain shareholders, including affiliates of

Khaitan & Co advised Bessemer Venture Partners on its investment in Seekho.in The leading Indian law firm, Khaitan & Co advised Bessemer Venture Partners as the lead investor in the Series B funding round of Keyaro Edutech Private Limited (Seekho.in). The Khaitan & Co team consisted of Sanjay Khan Nagra (Partner), B N Vivek (Partner),

Khaitan & Co advised KPI Green Energy Limited on debut issuance of INR 670 crore partially credit enhanced certified green bonds The leading Law foirm In India, Khaitan & Co advised KPI Green Energy Limited on the debut issuance of 8.50% partially credit enhanced, rated, listed, secured, non-convertible certified green bonds aggregating to INR 670