Monday, November 17, 2014

FOR THE DAY contd. Realty, GST et al



ICAI Releases Background Material on GST
ICAI Releases Background Material on GST

 Dec  21

Dec 6

CIC reverses earlier order directing disclosure of details of investigation into sale of Reliance Petroleum shares in 2007; petitioner says will ...

In the context of RTI Act, the main thrust therein is on the concept, - “PUBLIC”.

“THE PEOPLE” is the concept given the predominant importance / primacy or pride of place under the nation’s basic charter, “THE CONSTITUTION”. By and large, the term connotes the collective body or class of persons;  comprising  every “person”. That indisputably includes, besides a natural person, being an ’individual’, so many others so recognised by the several laws of the Union or States., e.g. - a body of  individuals, a firm, body incorporate, so on.  It is the word “PUBLIC”, that is used as a prefix in the term “ PUBLIC INTEREST” commonly and widely summoned to aid for several purposes. In particular, in the context of invoking and seeking remedy in the name of “human rights”, compendiously referred to as “Fundamental Rights” , that has to be construed, conceivably, to have the same meaning as aforesaid.

Proceeding on that premise, for understanding in a proper and meaningful perspective, in one’s conviction, both the ideals of “PUBLIC INTEREST” and ”FUNDAMENTAL RIGHTS” as enshrined in the Constitution, it needs to be recognised, are intricately inseparable , inter-twined (-linked), so much so talking of one de hors the other can only result  in being caught in quagmire (a sort of vicious circle).

As stressed in well read and impartial legal circles, in effect, it is senseless or unholy, being tantamount to an absurdity, if ere to talk and invoke only a “fundamental right”, without realizing the  emphasis/stress  required to be placed in no less measure
also on the  “Directive Principles and Fundamental Duties” ,envisaged and guaranteed by the Constitution as a bundle or package, not in isolation/bits and pieces.

That the idea of PIL has its own merits and demerits may be found elaborated lucidly in any number of material / resources available in public domain.

Last but not least, some of the recently published write- ups in the media , soon after the passing away of former CJ, V R Krishna Iyer, make for an impressive read.

For sampling: 

.....He was an MLA, Minister and a Judge in Kerala before being elevated to the apex court in 1973. Iyer put citizens at the centre of his focus and was a living legend for his knowledge of law that prompted former Chief Justice of India A.S. Anand to refer to him as 'Bhisma Pithamah' of Indian judiciary. He retired from the apex court in 1980.

Iyer had interpreted the guarantees given by the Constitution like Article 21(the right to life and personal liberty) for a new age and fashioned new insruments to deliver justice. His judicial remedies were sought through the instrumentalities of public interest litigation and broader concepts of locus standi. As a social activist, he championed several causes for the welfare of the people. Iyer's approach to burning issues once prompted emiment jurist Fali S Nariman to say, "when Krishna Iyer speaks, the nation listens".....

Needless to suffix, one and all fervently concerned, mainly the judiciary, will do well to take guidance from the laudable trend set by him through his judgments, a long line of them.

Nov 29

Bad enactment, no enforcement

Dharmalingam Chandran Law Officer (Retd.) Central Public Undertaking of India 

........If the RTI Act is heading for the tether end of dilution we witness today, the speed with which the law was enacted could not match the speed with which attempts are being made to scuttle appointing enough number of commissioners and staff members to state/Central Information commissions to cope with the piling of RTI appeals. The growing tendency of public authorities not to respond to RTI applications is reflective of this mindset.

"These days, almost everyone FORGOT the broader corruption issues and I thank the author for writing this article to remind everyone about this issue.” Palanisamy (USA)

> If carefully/mindfully looked at, in the write-up is covered, not a disease selected or identity-fied (-fiable)  any individual (s) afflicted with, so that could be sanely expected to be cured even by the top most doctor worth his salt across the globe, -not just in India. To be precise and in brief, it has remained to  be realized, this is one of those potentially incurables, to eternity.  In short, a case of feigned loss of memory/ failed 'human' conscience - to name a few, selective amnesia, remaining in the chosen abode of ICU for ages , a sort of self-imposed or wantonly  invited coma , In  hindsight, as is often thought /reflected remorsefully , it is the CREATOR who has made a fatal mistake (or, in HIS SUBLIME WISDOM chose it to be so) in not sending to the mother earth every child with DOD writ large on the forehead- call it “ taqdir” or whatever ?


 Nov 25


Recent Article in Banking

Corp Bank rolls out new services

Corporation Bank has opened its ‘Corp Excel’ branch with ‘24 x 7 e-Lobby’ at Kandivili [West] in Mumbai. Corp Excel branches and... »


Coming, a super-regulator for broadcasting, IT and telecom

As lines between telecom, broadcasting blur, Centre feels the need for a single legislation »

Business Line: Home | News | Markets | Companies | Tech | Economy | Opinion | Features | Portfolio | Catalyst | BL Ink | Multimedia | Blogs |
This Site: About Us | Contacts | Privacy Policy | Archives | Subscription | RSS Feeds | Site Map | Brand Quest | ePaper | Social | BL Club | M

< PMO forces DoT to rethink strategy on broadband project

Nov 19
Sec 80C 

Now, bank term deposits of up to ₹1.5 lakh eligible for breaks

As commonly and widely understood , deposit made and accepted by banks of the increased sum of Rs 1.5 lacs , any time during the current fiscal , should entitle Sec 80 C relief. Hence, the cryptic statement , - "The new notification is effective from November 13" seemingly makes no sense or can have any tax significance.. The writers need to clarify forthwith through a reply hereto.


9980C. 1(1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed 1a[one lakh rupees].
1a. Words “one hundred and fifty thousand rupees” shall be substituted for “one lakh rupees” by the Finance (No. 2) Act, 2014, w.e.f. 1-4-2015.


Why investors don’t bank on tax-saving deposits

Tax saving deposits must be made more attractive, say banks



 Ranbaxy drags US FDA to court


Shell wins transfer-pricing tax dispute in Bombay HC>

Bharat Bhushan: The pitfalls of being Modi

Banks likely to revise pricing for savings deposit above Rs 1 lakh
Muted corporate loan demand impacts banks

Amway co-founder's Simply Useless advice

< Calling it a tax on foreign direct investment, Shell India moved the Bombay High Court in April last year. The court rejected the tax department’s argument that the Shell case was distinguishable from Vodafone’s case, which won a similar reprieve in October.

“The Shell India case is significant. It follows the earlier judgment — the principle being that issuance of shares by an Indian company to its foreign parent is not exigible to transfer-pricing provisions, as there is no income arising therefrom,” said Mukesh Butani, managing partner of BMR Legal, which represented Shell India.

The Bombay High Court judges, M S Sanklecha and S C Gupte, set aside the tax department’s order over jurisdiction and did not get into the valuation of the shares.

Nov 18


Globalising Indian management thought

A world conference at IIM-K deliberates on how an Indian way of doing things can make it to global management lexicons »

Under the pillow That's the deal Lisa S/
Amarendu Nandy
The disclosure of the names of Indians who have stashed tax-evaded money in foreign banks is... »      1 comment

‘India is a juggernaut ready to roll’


PM woos Australian investors, says India’s policies transparent


(on contract law)

Some of the points requiring to be summoned and drawn  a pointed attention to:
  •    As per the law on contracts, as viewed by one, the essential criteria for a document to be regarded an enforceable ‘contract agreement’, are- an offer, acceptance and for a consideration. Accordingly, it could be validly urged, the subject MOU does constitute an enforceable contract agreement.   

  •     On the aspect of  lack of clarity  or ‘perfect ambiguity’ et al, discussed wrt the cited  cases, -the glaring deficiencies in, because of mainly  inept drafting even of, statutory provisions,  have  increasingly become almost the order of the day. That explains why  courts are compelled  to invoke  , and call to aid, even at the cost of doing violence to the ‘letter’ of the law, unlike before, more frequently, the principles/ rules  of interpretation of ‘law’ cryptically referred to as, - ‘history of legislation’, ‘contextual meaning’, and its lately modified/expanded  form - ‘updating construction’. For an illustrative instance, the SC judgment in the tax case of Podar Cement Ltd., may be looked into.

  •     Turning to deficiencies in agreements between parties, as is commonly grieved justifiably so, hence litigated, ambiguity or perfect ambiguity often come across is attributable to the growing commercialization of the law profession, as evidenced  by deliberate omissions or commissions in drafting  of the documents , alluded to as one sided agreements, and the like. To top it all, one is provoked to the not infrequently indulged in, in recent times, of what has come to be infamously known as “agreement to agree” or “Entire agreement clauses “ – as discussed in  INDIAN CORPORATE LAW: Agreements to Agree and myLaw: Entire agreement clauses.

It is now left only to the judiciary, and, in the hands of the judiciary alone, to, in its wisdom,  seriously take a conscious note of such and similar obnoxious modern developments, in adjudicating any dispute of the kind, on a case to case basis.

As regards granting relief in reference to any agreement , may have to do so, -by virtue of the drastically changed scenario,-  more by relying on the common law principles of, - natural justice, equity, good conscience , so on, than and in preference to, the  ‘letter’ of the law (even if be in particular relation to the extant text of the document). For, after all, the judiciary is expected to not only ensure that justice is done, but also that could be seen to have been done.  

(on merger)
Delaware Court Ruling on Deal Conditions in the Apollo-Cooper Merger

Dec 14, 2012 - The examples he cites include “unless repugnant to the context or meaning ... vswami said... Reproduce below, what i wrote in the article, INVESTOR PROTECTION - A MYTH? ... deed), just as in any other contract agreement, in the initial paragraphs, are set out the ... Subscribe to: Post Comments (Atom) ...
May 29, 2015 - vswami said. ... of legal drafting of private contract agreements, between two parties, ... Apart from the largely noted deficiency in drafting, another root ... on a transaction intended to be covered in any such agreement . .... Post a Comment .... Agreements and Takeover Regulations · Consilience 2015: Net ...

No comments:

Post a Comment