The two-day long 7th Nani Palkhivala Memorial National Tax Moot Court Competition held the final round of argument and Valedictory Function on Saturday. Modelled after Vodafones India tax dispute,the case was called CIT v Loha & Cement. The final round was judged by a full bench of three sitting judges of the Bombay High Court,Justice BN Srikrishna,Justice PB Majmudar and Justice RM Savant. The case was about whether Loha,a UK based company providing various services in India,was liable to pay taxes despite having no permanent establishment or fixed place of business in the country.
Despite a gruelling round of argument,the justices praised the teams for their ability to perform well in the Moot Court. Justice Majmudar said,I felt as if I was sitting in the actual court after watching the competition.
The Best Team Award was given to NALSAR University of Law,Hyderabad,and the Second Best Team Award was given to University Institute of Legal Studies,Punjab.