Tuesday, May 28, 2013

'Affidavit'- It's Significance As A Legal Evidentiary Document ?



Power of attorney to be mandatorily registered


< ...said that compulsory registration will bring property transactions executed through POA into the ambit of the registering authorities. This will reduce the disputes related to such transactions. It will also ensure full realisation of stamp duty to States and Union Territories. Property dealing through POA is rampant in many States, giving rise to disputes.
Deals through POAs are done on the basis of notarised documents. This is considered sufficient to authorise an individual or a firm to use the immovable property, but neither can become an owner in the true sense. This is done to avoid stamp duty since registration of the sale deed involves payment of stamp duty according to the circle rates.
Another amendment being considered is to empower sub-registrars, the zonal level registration authority, to refuse transfer of properties in certain cases. >

<> Better LATE (by a few decades) Than Never Ever (to eternity) !
Even so, as one readily visualizes, the mandated registration by itself , especially in the modern day scenario /environments, widely plagued with corrupt mindsets and practices, might not have the intended consequences or fully sub-serve the objective behind.
Other areas requiring to be adequately covered and protected against , in brief, are:

False related documents, besides POAs, Affidavits (verging on perjury);

Mandating  prompt registration also of revocation of all such registered documents, if and when revoked;

Registry  accepting all such documents only through personal presence of the executant and other concerned parties and admission after being sworn in ; and

last but not least, with penal and other deterrent consequences to be visited in cases of falsification, perjury, cheating, so on.

Sooner  the government realizes why any such legislation or any other measures of the kind ought to be ensured to be as foolproof  as humanly possible, better for the nation.

Kunal Surana vs. ITO (ITAT Mumbai)

May 28th, 2013
(166.9 KiB, 152 DLs)Download: kunal_surana_affidavit_condonation_delay.pdf

Requirements of a valid affidavit in support of delay condonation application set out

Modern, as opposed to Olden, Day perspective, of the 'solemnity' attached to the document of- AFFIDAVIT,  as not commonly unknown, is nothing but highly obnoxious and deplorable.


Expenditure disallowed for default in withholding tax would qualify for sec. 80-IB deductions
ITO V. KEVAL CONSTRUCTION [2013] 33 taxmann.com 277 (Gujarat)
Disallowance for non-deduction of TDS liability would increase profit of assessee from business of developing housing projects and ultimate profit would qualify for deduction under section 80-IB

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