Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Economic Laws Practice has been acknowledged by peers for its experience and ability in both direct and indirect tax. “The lawyers there are good for litigation, advisory and transactional work,” says a competitor. “They’ve increased their profile in the past year with a growing corporate presence too.” One client notes: “I’ve had an experience of high quality and quick turnaround with this firm.” A highlight matter for the firm in the past year was its representation of Linklaters LLP in the Bombay High Court. This was to do with issues of permanent establishment in India and the taxability of profits by the firm concerning Indian projects.

Market observers and clients are unanimous in their support for Lakshmi Kumaran & Sridharan. A peer says: “Not only does the firm have one of the best indirect tax practices in the country, it’s expanding its services to other areas as well.” The firm is hoping to increase its capability beyond merely tax advisory work and has bolstered its ranks with seven lawyers, working in both the litigation and corporate teams. The firm is highly regarded by the international community and clients for its “attentive and responsive quality service.” One competitor says: “The firm has the capability of a big four accounting firm.”

“Nishith Desai Associates is definitely a leading tax firm in the country,” says a peer. Market observers and clients praise the firm for its consistency in the area of tax. Its well rounded tax practice, with particular expertise in international tax advisory matters, is well regarded by competitors as “a cut above the rest” and “visionary”. Apart from acting as special counsel to Vodafone in its tax case regarding its buyout of Hutchison’s holdings in Hutchison Essar, the firm provides advisory services to companies such as Standard Chartered Bank, Providence Equity Partners, Marriott International and HSBC. A notable case in the past year is its continuing representation of General Atlantic Partners before the Income Tax Appellate Tribunal regarding a high pitched transfer pricing assessment.

“AZB & Partners has a notable presence in the tax market,” says a competitor. The firm maintains an important position in this area of practice and is boosted by the expertise of founder Ajay Bahl, a “recognised authority” in this particular practice. Through its dedication to quality service and maintaining a one stop shop capability, the tax practice at the firm is cited by clients as a “key aspect of the firm’s appeal”. Notable clients for the firm include multinational companies such as Vodafone and Abbott Laboratories. Tax partner Percival Billimoria advised American Tower on its acquisition of Essar Telecom Infrastructure for US$450 million.

“The lawyers at DM Harish & Co live and breathe tax,” says a peer. The firm incorporates accountants and practitioners into its practice, and is well established in the market as an authority on tax. Another competitor says: “The firm’s lawyers are dedicated to their work, and have particular expertise in direct tax matters.” The firm provides advice to both international and domestic clients as well as to individuals. One rival says: “A substantial amount of work is devoted to individuals, though the firm retains a balance of tax advisory work between corporate and individual clients.”

Peers recognise Seth Dua & Associates for its “renowned tax expertise”. The firm represented Foster’s Group and SABMiller on the sale of shares of a Mauritius entity with investments in India, and related tax concerns. This case involved the income tax authorities, who tried to impose tax on the transfer of intangibles located outside of India from one non resident to non resident. The firm’s team was led by partners Atul Dua, Gaurav Gupta and Neha Rastogi. The case was interesting as the contract was executed outside India. It might therefore have implications for a number of cross border M&A transactions.

“Vaish Associates possesses a great tax practice; one of the best and most well known in the country,” says a peer. The firm is expanding its corporate areas of practice, and competitors note that its strong foundation in tax has helped the firm to build in the last year. The firm has seen a sizeable internal restructuring in the past year, with the promotion of nine non equity partners and the relocation of heads of departments between the Delhi, Mumbai and Bangalore offices. Notable clients for the firm include IFCI Venture Capital Funds, Enercon and Super Religare Laboratories.

The tax practice at Amarchand & Mangaldas & Suresh A Shroff & Co welcomed new partner DD Nageswar Rao to its Delhi office in September 2010. Key partner Aseem Chawla is highly praised by peers and clients, with a competitor recommending Chawla for his “great technical expertise and leadership”.

The firm advises Hutchison Telecommunications in the continuing case regarding Vodafone’s US$11.1 billion buyout of the client’s direct majority holding in Hutchison Essar.

“J Sagar Associates provides reliable, speedy and consistent advice on tax matters after blending considerable research and practical experience and knowledge in that area,” says a client. The tax practice at the firm is led by partner Ashok Dhingra, who is highly regarded by clients. “He is an exemplary legal professional who is approachable and gets involved in the work at hand,” says one. “He gets into details of transactions and deals prior to offering advice that is practical and beneficial to the client.”

A notable tax matter for the firm was its representation of Michelin India Tyres to appeal before the Customs, Excise and Service Tax Appellate Tribunal (Cestat) against a levy of ADD on radial bus and truck tyres.

Khaitan & Co has a well established position in the corporate space, which is ably supported by a tax practice housing dedicated lawyers. Daksha Baxi is noted by peers for her “great ability and understanding of tax issues”. A firm team led by Baxi acted for the promoters of Andhra Pradesh Paper Mills in a tax efficient structure in the sale of its stake to US based corporate International Paper Company. The transaction was valued at US$291 million.

“Luthra & Luthra has grown its capabilities across the board,” says one peer. The tax practice at the firm has expanded in the last year, with two new senior associates, in a bid to take advantage of increasing tax demands from clients. The firm represented LVMH Watch & Jewellery India in its response to the Central Excise authorities on issues regarding the valuation of watches imported into India.

“The lawyers at Majmudar & Co are trusted advisers for us in India,” says one client. “They have extensive experience and work well with international clients.”

The firm advised KPMG USA and KPMG UK on tax issues regarding a proposed joint venture in India. The advice included permanent establishment issues involved in the proposed Indian investment and SEZ tax issues. Managing partner Akil Hirani and principal Ravishankar Raghavan led the team in these matters.