UPdate
Nov 7
The GReat 'Nani' - Memories Down The Lawyers' Lane
Nov
TOI
...
Nov 1
SG
ICAI President’s Message – November 2014
BL
Ref.
PREV.
Oct 30
http://timesofindia.indiatimes.com/City/Bangalore/Apartment-dwellers-trash-BBMP-move/articleshow/44976217.cms
But , by and large, the fact of life invariably come-across is this:
Abject ignorance / lack of wisdom if failing to realize that, - "time and tide wait for none"; and, all the more so/true, of the fond expression used, but unwittingly, i.e. - "High Time".
Across the Globe >
icai.org
Main LInk
http://www.icai.org/new_category.html?c_id=136
Sub.
Accountancy Profession Worldwide
CD
http://www.commondreams.org/news/2014/10/20/reality-national-security-state-trumps-delusions-us-democracy
"Delusion' ! or more appropriately 'illusion' par non/negative -excellence ?
http://www.commondreams.org/news/2014/10/20/bombs-fall-syria-weapons-makers-profits-soar-west
To say, relatively / mutually unrelated or disconnected is founded on abject imbecility, infertility of human mind/action !
itatonline
Vijay Electricals Limited vs. ACIT (ITAT Hyderabad)
Click here to download the file in pdf format
OCT 18
MISC.
Old Maths X Modern Economists >
Money and the magical mathematics of Brahmagupta ...
Xtracts
People are generally more confident when the economy is stable and growing. And as a rule people are more willing to borrow when they are confident. Therefore when times are good both borrowing and spending rises creating a self-reinforcing boost to economic activity. The process of borrowing and spending becomes a self-fulfilling, positive feedback loop. The more we spend the more we borrow, the more we spend. Put differently there is a paradox of gluttony whereby the more we consume the more we can consume.
Unfortunately this process also works in the opposite direction. If confidence falls we begin to reduce our borrowing levels by paying down previously accumulated debts. This removes spending power from the economy thereby reducing economic activity, providing a self-ratifying justification for the original fall in confidence. This is Keynes’s famous self-reinforcing paradox of thrift – the less we spend the less we have to spend.
Cross Refer:
>>>>>>>>>>>>>>
BL
Oct 15
BL
<>Recent Article in New Manager
http://www.icfaiuniversity.in/third-njy-memorial-invitation-15-10-14.pdf
Would you like to communicate any concerns you have to the Indian Government with regard to the way the Nokia tax case has been handled?
I don’t want to send any message to the Indian Government but I would just like to point out that the one thing needed is clarity. You have to know the exact rules, and that the rules are stable. Vodafone has won one case last weekend, so that’s a positive.
PREV.
ICL
Bombay High Court Ruling in Favour of Vodafone in Share Issue Case
http://taxguru.in/corporate-law/applicability-rti-act-cooperative-societies.html
BL
Oct 12
Wayne F Cascio, Distinguished
University Professor at the University of Colorado Denver has a... »
ICL
With great power comes great responsibility: SAT
BL
»
The Bombay High Court on Friday ruled that Vodafone is not liable to pay tax of ₹3,200 crore in... »
2 comments
<“Given that India has the largest number of transfer pricing disputes globally, quick resolutions are critical to build investor confidence,” said industry body FICCI,....>
BS
Nov 7
The GReat 'Nani' - Memories Down The Lawyers' Lane
Nani Palkhivala: The Courtroom Genius By Soli J. Sorabjee ...
Tax Titans » Nani Palkhivala's Top 10 Secrets Of Success
Nov
TOI
On the bright side, it also probably signals the court’s
realisation that international commitments on confidentiality should be
observed. This is not enough. The court must restrain itself from stepping into the
executive’s domain. It does not work and brings discredit,
ultimately, to both the judiciary and the executive.
...
Nov 1
SG
ICAI President’s Message – November 2014
BL
"...This requires a reasonable, simple and transparent
taxation system, ....The Direct Taxes Code and the Goods and Services Tax will
go some way in providing the former.."
In so suggesting, though not for the first time, that
enactment of the DTC, in the same vein like GST, is a way for betterment of the extant
(direct) taxation system /regime, the
firm view to the contrary eminently propounded by informed legal circles, - based
on well considered, often debated
in-depth but incisively concluded ,- has been blatantly over sighted. For instance, in the recent edition of Palkhivala’s
popular text book on the law holding the field for decades, the referred widely
prevailing adverse experts’ opinion has been strongly endorsed. As has been
brought to sharp focus, the supreme irony in the idea of going ahead with the enactment
is that the DTC, belying the avowed objective, neither consolidates nor
simplifies the language and structure of the extant law. On that premise, and
for detailed reasoning given, it has been strongly advocated and sincerely hoped
that the new code ought not replace the present Act.
Ref.
Editorial
Grey matter
The Supreme Court has rightly decided not to make public the list of individuals holding accounts... » 1 comment
PREV.
Oct 30
http://timesofindia.indiatimes.com/City/Bangalore/Apartment-dwellers-trash-BBMP-move/articleshow/44976217.cms
But , by and large, the fact of life invariably come-across is this:
Abject ignorance / lack of wisdom if failing to realize that, - "time and tide wait for none"; and, all the more so/true, of the fond expression used, but unwittingly, i.e. - "High Time".
Across the Globe >
icai.org
Main LInk
http://www.icai.org/new_category.html?c_id=136
Sub.
Accountancy Profession Worldwide
CD
http://www.commondreams.org/news/2014/10/20/reality-national-security-state-trumps-delusions-us-democracy
"Delusion' ! or more appropriately 'illusion' par non/negative -excellence ?
http://www.commondreams.org/news/2014/10/20/bombs-fall-syria-weapons-makers-profits-soar-west
To say, relatively / mutually unrelated or disconnected is founded on abject imbecility, infertility of human mind/action !
itatonline
Vijay Electricals Limited vs. ACIT (ITAT Hyderabad)
Click here to download the file in pdf format
< Fraud in determination
of LIBOR/ EURIBOR no reason to discard it as ALP
Transfer pricing and tax havens - Khan Academy
Transfer Pricing: Economic, Managerial, and Accounting ...
OCT 18
MISC.
Old Maths X Modern Economists >
Money and the magical mathematics of Brahmagupta ...
Xtracts
People are generally more confident when the economy is stable and growing. And as a rule people are more willing to borrow when they are confident. Therefore when times are good both borrowing and spending rises creating a self-reinforcing boost to economic activity. The process of borrowing and spending becomes a self-fulfilling, positive feedback loop. The more we spend the more we borrow, the more we spend. Put differently there is a paradox of gluttony whereby the more we consume the more we can consume.
Unfortunately this process also works in the opposite direction. If confidence falls we begin to reduce our borrowing levels by paying down previously accumulated debts. This removes spending power from the economy thereby reducing economic activity, providing a self-ratifying justification for the original fall in confidence. This is Keynes’s famous self-reinforcing paradox of thrift – the less we spend the less we have to spend.
www.simplypsychology.org › Perspectives › Behaviorism
·Classical
Conditioning (Pavlov) | Learning Theories
Cross Refer:
www.econlib.org/library/Enc/KeynesianEconomics.html
According to Keynesian theory, changes in
aggregate demand, whether anticipated or unanticipated, have their greatest
short-run effect on real output and ...
www.cliffsnotes.com › More
Subjects › Economics
Keynes's theory of the determination of
equilibrium real GDP, employment, and prices focuses on the relationship
between aggregate income and expenditure.
www.businessdictionary.com/definition/Keynesian-theory.html
Definition of Keynesian theory: An economic theory
named after British economist John Maynard Keynes. The theory is based on the
concept that in order for an ...
>>>>>>>>>>>>>>
BL
How to get the best out of people
Leadership in a difficult situation
The Indian Promise
Executive summary
A magic formula for motivation
How to put people back in HR
Taking the 5S philosophy to the CIO’s office
Executive Summar
Oct 15
BL
<>Recent Article in New Manager
http://www.icfaiuniversity.in/third-njy-memorial-invitation-15-10-14.pdf
Education
‘A
leader is a dreamer, not merely a doer’
Our Bureau
Ambition, business acumen, courage, dreams and empathy are the building blocks
o... »
Thomas K Thomas
Finland is interested in partnering India in a number of areas, includ...Would you like to communicate any concerns you have to the Indian Government with regard to the way the Nokia tax case has been handled?
I don’t want to send any message to the Indian Government but I would just like to point out that the one thing needed is clarity. You have to know the exact rules, and that the rules are stable. Vodafone has won one case last weekend, so that’s a positive.
PREV.
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 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)
Related
Vodafone India Services Pvt. Ltd vs. UOI (Bombay High Court)
http://laws4.us/wp-content/uploads/vodafone_transfer_pricing3.pdf
In admitting the appeal filed under section 260A against the judgement of the 5 Member Special Bench of the Tribunal in Aztec Software vs. ACIT 294 ITR (AT) 32 / 107 ITD 41, the High Court has granted stay of “the operation and all further proceedings” of the said…
See Also: Transfer Pricing: A definitive Guide.
Cross refer : Bom HC in Vodafone Intl.
Not Unrelated HERE>Vodafone India Services Pvt. Ltd vs. UOI (Bombay High Court)
http://laws4.us/wp-content/uploads/vodafone_transfer_pricing3.pdf
< Aztec Software & Technology Services Ltd vs. ACIT
itatonline.org/.../aztec-software-technology-services-ltd-vs-acit-karnataka...
Jul 24, 2012 - Aztec Software & Technology Services Ltd vs. ... In Aztec Software vs. ... under the provisions contained in Chapter X of the Income-tax Act, 1961 that ... (3) of section 92C of the said Act are satisfied in the case of any assessee, ... down by the Special Bench, HELD by the High Court dismissing the appeal:.
< 5 Member Special Bench Transfer Pricing verdict affirmed without examining merits
In admitting the appeal filed under section 260A against the judgement of the 5 Member Special Bench of the Tribunal in Aztec Software vs. ACIT 294 ITR (AT) 32 / 107 ITD 41, the High Court has granted stay of “the operation and all further proceedings” of the said…
Supreme Court
The Official Site of the Supreme Court of IndiaHigh Court
The Official Site of the Bombay High CourtCross refer : Bom HC in Vodafone Intl.
http://taxguru.in/corporate-law/applicability-rti-act-cooperative-societies.html
itatonline.org/.../vodafone-international-holdings-b-v-vs-uoi-supreme-co...
misc. Inspiring Will of Shri Nani A. Palkhivala - Academia.edu
http://indiankanoon.org/doc/115852355/BL
Oct 12
Chetna Mehra
Wayne F Cascio, Distinguished
University Professor at the University of Colorado Denver has a... » ICL
With great power comes great responsibility: SAT
- < The power to "issue such directions as deemed fit" is a sweeping and general one. The use of such powers without even conducting a hearing was also brought into law in the last decade.
- .....
- Recently, the Securities Appellate Tribunal discussed these powers in an order, which I wrote about in my column in the Business Standard earlier this week.>
The author is a partner of JSA, Advocates & Solicitors.
views expressed herein are his own.
somasekhar@jsalaw.com
<> Why to isolate and talk of only 'great’ power? One thinks the responsibility factor is something inbuilt in and hence cannot be detached from any 'power' vested in an authority, more so a 'regulatory authority'. The responsibility is , to be precise, lies in mindfully ensuring that the power is exercised only after a conscious exercise of weighing the pros and cons of doing so. Further, it has to be so exercised only keeping in sharp focus the object / objective, in its comprehensive and altruistic sense, as envisaged, implicitly or explicitly, by the one or more statutory rules vesting such a 'power'.
views expressed herein are his own.
somasekhar@jsalaw.com
<> Why to isolate and talk of only 'great’ power? One thinks the responsibility factor is something inbuilt in and hence cannot be detached from any 'power' vested in an authority, more so a 'regulatory authority'. The responsibility is , to be precise, lies in mindfully ensuring that the power is exercised only after a conscious exercise of weighing the pros and cons of doing so. Further, it has to be so exercised only keeping in sharp focus the object / objective, in its comprehensive and altruistic sense, as envisaged, implicitly or explicitly, by the one or more statutory rules vesting such a 'power'.
The same is the vision
to be ideally borne in mind in claiming or invoking a 'right' of every kind, to
which is attached a corresponding responsibility factor to be kept in view, and
frightfully taken an absolute and unreserved care. One has in mind the first of
the several amendments made to the Constitution decades ago but failed to
be acted upon even remotely. As a legal legend remorsefully lamented, in such
matters it is "the people" who have consistently been failing the
basic charter,- the bedrock of the nation's profound ethos, so to say.
BS
»
Vodafone not liable to pay ₹3,200 crore tax in transfer pricing case: High Court
Our Bureau
The Bombay High Court on Friday ruled that Vodafone is not liable to pay tax of ₹3,200 crore in... »
2 comments<“Given that India has the largest number of transfer pricing disputes globally, quick resolutions are critical to build investor confidence,” said industry body FICCI,....>
BS
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TOI Vodafone wins Rs 3,200cr tax case
< Sanjay
Tolia, leader, transfer pricing at PwC India, said, "It is a welcome
judgment as the transaction of issue of shares by Vodafone was nothing but a
capital account transaction, and consequently the share premium, if any, ought
to be capital receipt. The transfer pricing provisions permit the transaction
to be re-quantified but not to be re-characterized. Hence, there was no
question of the transaction resulting in 'income' taxable in India. The
judgment will not only serve as a precedent in the legal arena but will also
lend the much needed boost to foreign investors."
On August 21, 2008, Vodafone India had issued 2,89,224 equity
shares of Rs 10 each at a premium of Rs 8,500 per share. However, the transfer pricing officer revalued the shares at Rs 53,775 per
share. Based on arm's length pricing adjustment, the tax department held a total shortfall of Rs 1,308.91 crore to be a deemed
loan given by Vodafone India to its holding
company. Periodical interest income was also held chargeable to tax in
the hands of Vodafone India.
Pranav Sayta, tax partner, EY India, said, "The verdict not only spells victory for Vodafone but also holds hope for other companies which are facing a similar dispute. One has to wait and see whether the tax department accepts this order or decides to appeal before the Supreme Court."> |
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