ALWAYS On Top
Quick All round Refverencer
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TOI
Dec 29
TG
Dec 12
Partiality with Tax Advocates since 1984
Nov 27
BL
Old Saying :>>>>>>
TG
ICL
Bombay High Court Ruling in Favour of Vodafone in Share Issue Case
TG
Blackmailers using RTI Act to blackmail builders
AT
Oct 10
"THINK TANKS" - tending to dry up ?!
< All nothing but empty talks, with no follow-on action /wishful thinking so far ?!
Prev.
Venkaiah Naidu seeks early notification of simplified Delhi Building Bye-laws
Under the existing Building Bye-laws, sanctions for constructions are required to be issued within 60 days from the date of application. However, given the complexity of the procedures and rules, open ended interpretation and complexity of documentation, the stipulated timeline is seldom complied with. The proposed Unified Bye-laws seeks to address these issues so that sanctions are issued quickly.
BS
TOI
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BS
Law X Enforcement X Corruption
Suggestions to modified ways to take on ?!
AT
Will the UDA and its coterie at the centre and states care to seriously lend ears and spare eyes for the long obtaining startling reality in the so dubbed and ridiculed as “unreal estate”.
ICL
< As far as India is
concerned, it is clear that public enforcement has played a more significant
role in the development of capital markets than private enforcement, as I have
observed in a recent paperas well. SEBI’s emergence as a strong
securities regulator over the last two decades coupled with the difficulties in
bringing (and taking to fruition) securities actions before Indian courts seem
to be the reason behind this phenomenon. Nevertheless, given the added remedies
provided to investors in the form of the class action mechanism under the
Companies Act, 2013 (section 245), some change may be visible. However, it is
unlikely to alter the balance given the pendency before the Indian courts,
inordinate delays and exorbitant costs of bringing private securities claims.
At the same time, the focus on public enforcement is set to continue as SEBI’s
hands have been further strengthened through the Securities Laws (Amendment)
Act, 2014. >
<><>
Sporadic (Tentative)
While the ongoing controversy has, as is only to be expected, received a wide but mostly a lopsided coverage in public domain, for a gist of it, anyone intuitively interested may look up the narration in the Blog @ http://vswaminathan-swamilook.blogspot.in/2014/09/sc-on-national-tax-tribunal-imp-messages.html.
Quick All round Refverencer
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timesofindia.indiatimes.com › Business
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Partiality with Tax Advocates since 1984
Nov 27
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The taxman is tracking you
Aarati Krishnan
Quite a few people have a pathological aversion to paying taxes. To avoid tax, they put through... » 6 comments
< ....Banks, credit card issuers, mutual fund houses,
companies, registrars and the RBI are legally bound to file the AIR with the
tax department. This filing not only consolidates your transactions through the
year, it also cites your PAN number. The intent behind this filing is to track
down all those who lead the lifestyles of the rich and the famous, and yet get
by with skimpy payments to the taxman.....
In 2013, it was made compulsory for all buyers of property
valued at over ₹50 lakh to deduct TDS at 1 per
cent before paying the seller.>
Old Saying :>>>>>>
the proof of the pudding is in the eating - Wiktionary
en.wiktionary.org/wiki/the_proof_of_the_pudding_is_in_the_eating....
dates back to the 1920s and came into common use in the United States in the 1950s, is becoming .TG
ICL
Bombay High Court Ruling in Favour of Vodafone in Share Issue Case
If viewed from a different stroke, WPRT “...The price
was arrived at based on the methodology prescribed by the Controller of Capital
Issues (CCI).”
This is one in, but not to be safely presumed to be the
only one of the type, in the lately experienced series of instances in which
common sense seems to have taken, rather, violently and vengefully pushed, to the
proverbial ‘back seat’. Simply going by the writer’s narration, it is evident
that the aggrieved party /its counsel has chosen to go to town, or to follow a
beaten track, to urge and support its case against the Revenue. Instead of, in
one’s viewpoint, as expected, questioning the propriety of the Revenue,
regardless what the IT Act provides or not, in discrediting and tinkering with the
‘transfer price’ stated to have been
arrived at by following the ‘methodology’ prescribed by the duly empowered and only
competent authority, being the CCI.
To put it differently, the Revenue is not seen to have
even remotely tried and questioned the right or wrong of the transfer price
adopted by following the prescribed methodology. That is, in the nature of
things, to be taken to be a pure and simple question of admitted ‘fact’; not of
law, much less a “substantial question of law”. On that premise, the indicated possibility
of the Revenue pursuing , more so righteously, the dispute any further, may
turn out, -if properly canvassed against and argued, to be unwise and a wasteful
prolongation of litigation.
Incidentally, this is the most certainly a matter for law
experts to consider and recommend whether, through suitable measures, the CCI
be required to go into, decide and give his finding, on a case to case basis, with
a binding on the transfer price adopted, thereby leaving no scope for the Revenue
to choose and go by its own reasoning; more so, de hors / distinct, often diagonally
opposite to the CCI prescribed methodology.
- Tail Piece: As a great law legend, ‘Nani’, reflecting from the bottom of his heart, said, - There can be no excellence in the law without excellence in lawyers.
(Source: His published speeches)
Blackmailers using RTI Act to blackmail builders
AT
Oct 10
"THINK TANKS" - tending to dry up ?!
< All nothing but empty talks, with no follow-on action /wishful thinking so far ?!
Prev.
Venkaiah Naidu seeks early notification of simplified Delhi Building Bye-laws
Under the existing Building Bye-laws, sanctions for constructions are required to be issued within 60 days from the date of application. However, given the complexity of the procedures and rules, open ended interpretation and complexity of documentation, the stipulated timeline is seldom complied with. The proposed Unified Bye-laws seeks to address these issues so that sanctions are issued quickly.
BS
Infosys faces a beating again
Even as many believe that the fresh lawsuit filed by Infosys' former
employee, Jack Palmer, could be dismissed in a US court yet again,
experts ...
TOI
- Stop corruption or other nations could turn away Indian doctors: Fiona Godlee Rema Nagarajan Rema Nagarajan,TNN |
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Law X Enforcement X Corruption
Anti-corruption laws - It's time to think out of the box
Crux- PP (public procurement)Suggestions to modified ways to take on ?!
AT
Undoubtedly that is the common feeling and reaction of one and all at
the receiving end; particularly should the quality of the final
product, the considerable delay beyond the promised or reasonable
expected date of delivery, many legal formalities left uncomplicated,
incomplete by the players/ sellers, however reputed or other wise taken
to be by the gullible and low aroused buyers, so on, so forth.
Will the UDA and its coterie at the centre and states care to seriously lend ears and spare eyes for the long obtaining startling reality in the so dubbed and ridiculed as “unreal estate”.
ICL
Xtracts
< The principles and norms of corporate governance tend
to operate through layers. On the one hand, there is the basic legislation,
i.e. the Companies Act, SEBI Act and the like. Then there are specific norms in
the form of clause 49 of the listing agreement that are mandatory for listed
companies. Finally, there could be voluntary guidelines that exhort companies
towards higher standards. That leads to the obvious question of how one can
ensure compliance with these rules and norms.
< Despite the need for both methods, private enforcement
is popular in certain jurisdictions such as the US where class action suits
have performed a significant role in investor protection. In other
jurisdictions, public enforcement tends to play a larger role. In this context,
a recent OECD report titled “Public Enforcement and
Corporate Governance in Asia: Guidance and Good Practices” is useful in as
much as it surveys the role of public enforcement in various Asian countries in
the context of compliance with corporate governance.
<><>
Sporadic (Tentative)
The write-up concerns but confines itself to some of
the facets of relevance to “good governance” in corporate world. And, as understood, it deals, besides with
the aspects of enforcement of enactments, regulatory rules, etc. aimed at
/having the objective of “investors’ protection”, the role of “public” and “private”
in seeking to and have the objective fulfilled.
Despite being not exactly in the same context, one is
provoked to draw attention to another development of a recent origin, as that
has something to do with court litigation affecting and afflicting / adversely impacting the rights
and interests of the taxpaying public. In the aftermath of a recently reported
SC case the implications of the Writ of the court have come to be discussed and
debated in professional circles,- mainly lawyers and CAs,- in fragments and truncated
fashion, so to say.
The reference is to the five- member bench judgment quashing
the enactment called, National Tax tribunal, as utra vires the Constitution. In
the Judgment, the court has, on the grounds
of the reasoning given, held that,
- “We simultaneously hold s. 13(1), insofar as it
allows Chartered Accountants to represent a party to an appeal before the NTT,
as unconstitutional and unsustainable in law.”
While the ongoing controversy has, as is only to be expected, received a wide but mostly a lopsided coverage in public domain, for a gist of it, anyone intuitively interested may look up the narration in the Blog @ http://vswaminathan-swamilook.blogspot.in/2014/09/sc-on-national-tax-tribunal-imp-messages.html.
May be contd.
Further jottings:
Measures taken for Protection of Investors- primarily aspiring for personal monetary gains, purely in the field of economic activities, though , only incidentaly, having a contribution to the 'wealth' (in the same self-centric sense) of the Nation
As distinct from protecting the tax paying community, creating/ contributing in their own way to the wealth of the Nation, but no positive measures taken , from / against the greedy (or over greedy) professionals, who again al the time keep are seen to be working for/with own self-centric (-promotional) motives; leading to a break down of the whole legal system, grad- ally but systematically.
The point for serious noting and remedial action is, - should not the latter , in comparison, be given the same/equal importance, if not more, with a view to crying a halt to any further deterioration in the functioning of the legal system - which has been subverted to a sheer 'functional system'.
As distinct from protecting the tax paying community, creating/ contributing in their own way to the wealth of the Nation, but no positive measures taken , from / against the greedy (or over greedy) professionals, who again al the time keep are seen to be working for/with own self-centric (-promotional) motives; leading to a break down of the whole legal system, grad- ally but systematically.
The point for serious noting and remedial action is, - should not the latter , in comparison, be given the same/equal importance, if not more, with a view to crying a halt to any further deterioration in the functioning of the legal system - which has been subverted to a sheer 'functional system'.
CROSS Refer:
taxguru.in/.../high-court-advices-restraint-infriction-itat-bar-bench-expu...
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xtract
ITAT recommends action against CA for ... - TaxGuru
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xtract
It may be mentioned that
Hon’ble Apex Court in the case of M.P. Special Police Establishment vs.
State of M.P., 2004 (8) SCC 805, held that :-
“In a situation of this
nature, writ court while exercising its jurisdiction under Article 226 of the
Constitution as also this Court under Article 136 and 142 of the Constitution
can pass an appropriate order which would do complete justice to the parties.”
Hence, by keeping in mind the
ratio laid down by the Hon’ble Apex Court (supra), we modify the impugned
order and expunge the reference made by the Tribunal to the Institute of
Chartered Accountant of India, and cancelled the cost of Rs.5,000/-, imposed by
the Tribunal too. Adverse remark against the petitioner, if any, is also
expunged.
We hope that in future such
type of incident will not be repeated. It is in the interest of justice to
maintain the dignity and decorum of the judicial system and the Tribunal is an
essential part of it.
It may be mentioned that Hon’ble Apex Court in the case of M.P. Special Police Establishment vs. State of M.P., 2004 (8) SCC 805, held that :-
“In a situation
of this nature, writ court while exercising its jurisdiction under
Article 226 of the Constitution as also this Court under Article 136 and
142 of the Constitution can pass an appropriate order which would do
complete justice to the parties.”
Hence, by keeping in mind the ratio laid
down by the Hon’ble Apex Court (supra), we modify the impugned order
and expunge the reference made by the Tribunal to the Institute of
Chartered Accountant of India, and cancelled the cost of Rs.5,000/-,
imposed by the Tribunal too. Adverse remark against the petitioner, if
any, is also expunged.
We hope that in future such type of
incident will not be repeated. It is in the interest of justice to
maintain the dignity and decorum of the judicial system and the Tribunal
is an essential part of it.
- See more at:
http://taxguru.in/income-tax-case-laws/high-court-advices-restraint-infriction-itat-bar-bench-expunge-reference-itat-icai.html#sthash.ZfWLlHLc.dpufITAT recommends action against CA for ... - TaxGuru
taxguru.in/.../itat-recommends-action-ca-professional-misconduct-icai.ht...
<<<<< ICAI suggestions on Applicability of SA -700 on ... - TaxGuru
- Moneycontrol.com - 6 days agoIndeed, one of the objects for enacting the National Tax Tribunals Act, as stated by the Minister on the floor of the House, is that the National ...
More news for NTT Act - Objects of
National Taxation Tribunal law is unconstitutional, rules ...
www.thehindubusinessline.com/news/national.../article6446637.ece6 days ago - “Indeed, one of the objects for enacting the National Tax Tribunals Act, as stated by the Minister on the floor of the House, is that the National ...
CROSS REFER
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<Legal System - Law v Case Law
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