Legal updates

When Does a Capital Transaction Produce a Deductible Revenue Loss?

The Court of Appeal has held that debt-to-equity conversions may trigger deductible foreign exchange losses under Section 4A of the Income Tax Act where the underlying foreign currency loan financed revenue expenditure. The judgment provides important guidance for corporate restructurings, intercompany financing and tax dispute resolution.

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The era of Digital Secrecy: Confronting Shadow AI and the Erosion of Professional Privilege

The rise of usage of Generative AI presents a critical threat to professional confidentiality. The landmark United States v. Heppner (2026) ruling establishes that using consumer-grade AI constitutes a voluntary waiver of legal privilege, as these tools lack a reasonable expectation of confidentiality.

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