GLOBAL economy is in the midst of turmoil. Already weakened by the Covid 19 pandemic, nations worldwide have been witnessing several shocks that have led to concerns -higher than expected worldwide inflation triggering tighter financial conditions, slowdown in China and negative impact of the war in Ukraine.

The International Monetary Fund in its

THE Special Bench of the Tribunal has recently rendered an important decision in an unnecessarily contrived issue that had the potential of substantially damaging the revenue effort of the country. The decision was rendered in the case of Total Oil (2023-TII-88-ITAT-MUM-INTL-SB) and related to the nature of the now