Today's Assorted !
TOI
Dec 25
MLF
Dec 24
How To Write Your Own Will - ML Foundation - Moneylife
foundation.moneylife.in/?th...make-a-will-that...advocate...malcolm
As an expert and popular exponent of the topic of ‘will-making’, perhaps , the advocate may wish to accord some useful thoughts and share his considered views, in an attempt to eminently enlighten his interested audience/ clientele.
Add-on >
TG
Partiality with Tax Advocates since 1984
LCI
Dec 5
<Title could have, in all fairness to Arvind Datar, be better worded (say, 'on', in place of 'and'), , so as not to, by any chance, be misconstrued or regarded as misconceived !
Cross Refer : Related blogs on 'contract' <<<<
(PM sent to B M Malcolm)
TG
Nov 28
(May be contd.)
BL Nov 28
< The Government’s floor management will be tested in the Upper House where, including all allies, the NDA’s tally does not cross 54 seats.>
?!
Parliament interruptus - Times Of India | Blogs
blogs.timesofindia.indiatimes.com/toi.../parliament-interruptus-reform-a...
BL
Nov 25
LInkedin
Nov 25
TOI
Dec 25
BBMP yet to recognize unique property IDs for transactions
8 hrs ago|Officials Say PID Numbers Will Be Used Only After Validating All Properties In CityMLF
Dec 24
How To Write Your Own Will - ML Foundation - Moneylife
foundation.moneylife.in/?th...make-a-will-that...advocate...malcolm
May i raise a nagging doubt in own mind, - rather worrisome particularly
should anyone not shy away but care /be bent upon going into in–depth. As is common knowledge, in recent times, the
idea of acquiring and holding property
in ‘units’ of a building – Flats or Apartments, has
increasingly caught up and come into vogue. Even so, owing to overwhelmingly
large number of irregularities/ glaringly wrong practices in the ‘realty sector’
, the lawful rights to and interests in such types of property have come to be jeopardized /set
at naught in a very big way. For that
matter, even basic points have come to be debated; such as whether a purchaser, even if in possession,
has really 'acquired' the property and become its lawful owner, at a given point in
time, - so as to be ‘inheritable’ in its
profound sense. Judicial views taken in decided cases are not found to be of
much help; instead, have simply added to the obtaining confusion. For instance, consider the
view taken by the SC in Podar Cement Ltd.’s
case. That is one deciding a tax issue but related to ‘Flat’. The discussion
and the line of reasoning adopted, albeit for settling the limited tax issue, has in its wake brought to the fore many intricate angles, apparently striking at the very root of anyone’s
normal understanding of the concept of ‘ownership’.
As an expert and popular exponent of the topic of ‘will-making’, perhaps , the advocate may wish to accord some useful thoughts and share his considered views, in an attempt to eminently enlighten his interested audience/ clientele.
The numerous Blogs of self, @ swamilook (Google Blogs) devoted to the
varying related aspects, kept updated more or less continuously, may be found to
provide enough ammunition, hopefully to provoke
an insightful study, towards accomplishing
the suggested endeavor, aiming for the common
good.
The previous comment herein has touched upon the property in Flats/Apartments, which have peculiar
characteristics, and are distinct from an independently and excursively owned
house property. The point in mind is that, therefore, for executing a will in
respect thereof, special care has to be taken to adequately and effectively
cover such property. Further, in an attempt to do so, difficult problems could
arise, and hence, extra precautions have to be taken, in suitably framing the
document. So as to ensure that it is afaf foolproof or complete enough to avoid or obviate anyone or
more otherwise inevitable fallout problems. To hint at, extreme care and
caution might be called for, should say, presently, the property be one under
construction and entail uncertainties as to its completion and actual
conveyance. Should there be a borrowing by testator for funding purchase, then that will prove another spoke
in the wheel. In short, in such cases, to say/believe that execution of a
will should cost nothing more than the cost of paper to write on, is patently
an over simplification; holding out a potential risk and unwarranted exposure
in the ultimate interests of the beneficiary/successor.
There is no gainsaying that, it will not but be prudent for advising law experts, so also for any intending executor of a will, to keep in laser sharp focus even such not-so-obvious but nonetheless vital aspects to keep safeguarded, against all contingencies, foreseeable or otherwise. Over to experts in field practice, for the desired deliberation and enlightenment from all angles.
There is no gainsaying that, it will not but be prudent for advising law experts, so also for any intending executor of a will, to keep in laser sharp focus even such not-so-obvious but nonetheless vital aspects to keep safeguarded, against all contingencies, foreseeable or otherwise. Over to experts in field practice, for the desired deliberation and enlightenment from all angles.
TG
Partiality with Tax Advocates since 1984
itatonline
December 5th, 2014
Refer: Central Regulatory Bill For Realty (Pending Enactment)
(An Instance of legislation, laying, for a change, emphasis, QUITE RIGHTLY SO, on "Principles Of Natural Justice")
To Relate >
<http://vswaminathan-swamilook.blogspot.in/2013/09/on-ac-profession-b-f-old-blog.html
December 5th, 2014
Refer: Central Regulatory Bill For Realty (Pending Enactment)
(An Instance of legislation, laying, for a change, emphasis, QUITE RIGHTLY SO, on "Principles Of Natural Justice")
To Relate >
A well reasoned judgment, more founded , rightly so to
fit into our modern times, on sound principles of natural justice, as opposed
to strict ‘legality’ or ‘THE LETTER’ but de hors “THE SPIRIT” of the law. May
be, this is an instance in which the judiciary has chosen to be aided by the
not-so-familiar Rule of “Updating Construction”
In a manner of speaking, the long standing soulful
lamentations of a law legend, in the person of N A Palkhivala, are reflected in
reported judgment.
To quote : –
“ The bewildering complexity of tax laws is coupled with
the hyper-technical spirit in which the laws are being administered. The words,
“the letter killeth” should be inscribed over the portals of every income-tax
officer”.
To add: SHOULD THAT, PERHAPS, NOT BE SO INSCRIBED ALSO
OVER THE PORTALS OF THE DRAFTSMEN OF OUR LAWS!
To Re quote:
” LORD REID, A NOTED JURIST OF YESTER YEARS, REFERRING TO
A CERTAIN STATUTE, SAID THAT HE FOUND IT IMPOSSIBLE ”TO DISCOVER OR EVEN
SURMISE WHAT THE DRAFTSMAN CAN HAVE HAD IN MIND.”
(Source: Nani’s published speeches/ articles)
<http://vswaminathan-swamilook.blogspot.in/2013/09/on-ac-profession-b-f-old-blog.html
<@Lci
Title
could have, in all fairness to Arvind Datar, be better worded (say,-
'on', in place of 'and'), , so as not to, by any chance, be
misconstrued or regarded as misconceived !
Not only
contract of the kinds spoken of, but every other,
oral or written, in general, if
incomplete or one -sided or such other, with deficiencies, especially if
vital and going to the root of the 'offer'/'promise', and 'acceptance',
materially offending the very concept of ‘contract’, in its profoundly
legal sense, cannot
be lawfully or legitimately binding , much less be enforced, or
sustained by judiciary, on the grounds of, inter alia, principles of natural justice and equity ; any counter
view ?
Cross Refer : Related blogs on 'contract' <<<<Useful Miscellania » Drafting Of Laws Today Is Not ...
www.itatonline.org/.../drafting-of-laws-is-not-satisfactory-chief-justice-of...
Q
.....Our democratic institutions accommodate a continuous process of
discussion and evolution, which is reflected in the constitutional right
of each participant in the federation to initiate constitutional
change. However, each of the three participants, under the Indian
Constitution, is duty bound not to disturb the structural checks and
balances which are specifically provided for in the Constitution, which
happens to be a written detailed Constitution of 395 Articles.
Transparency and accountability have got to be there for all the three branches. However, qua Judicial branch, “the decisional independence” is the key concept. Under the provisions of the Indian Constitution, checks and balances are provided for which protect “the decisional independence” and, thus, the decisional authority of the Judicial branch.
.... However, it inheres in adjudication under the Constitution, because the rights protected by the document are rights against the State. All these considerations have to be taken into account if the Government or the Parliament wants to enact laws which may touch “the institutional independence” as well “the decisional independence“. Our Constitution is not only concerned with the rights of Individuals, Groups and Governments but also with the structure and the Legitimacy of our Governing Institutions. Judicial independence consists not only of Institutional Independence but also of Decisional Independence and therefore it should not happen that in making the Judiciary accountable the principle of judicial independence is abridged. As a note of caution, drafting of laws today is not satisfactory. This caution is required to be kept in mind before making any changes in the constitutional scheme of things.
UQTransparency and accountability have got to be there for all the three branches. However, qua Judicial branch, “the decisional independence” is the key concept. Under the provisions of the Indian Constitution, checks and balances are provided for which protect “the decisional independence” and, thus, the decisional authority of the Judicial branch.
.... However, it inheres in adjudication under the Constitution, because the rights protected by the document are rights against the State. All these considerations have to be taken into account if the Government or the Parliament wants to enact laws which may touch “the institutional independence” as well “the decisional independence“. Our Constitution is not only concerned with the rights of Individuals, Groups and Governments but also with the structure and the Legitimacy of our Governing Institutions. Judicial independence consists not only of Institutional Independence but also of Decisional Independence and therefore it should not happen that in making the Judiciary accountable the principle of judicial independence is abridged. As a note of caution, drafting of laws today is not satisfactory. This caution is required to be kept in mind before making any changes in the constitutional scheme of things.
>>
Impromptu
Reading in between lines,
though not made explicit, the impression given is that , anyone who has
qualified both in law (BL or LLB) and accountancy (CA) cannot hold a
certificate of practice for both and practice at the same time/during a given
period , alternately, both as a lawyer and CA.
Perhaps, that appears to be
the position as implicitly clarified , by the observation, –
“The Statement of Objects
&Reasons of the said Rules points out that there is a visible trend of
Advocates switching over to other professions/ service / business without
informing the State Bar Council and that this trend is “endangering the legal
profession as a whole”,
Does any expert in active
practice have a counter view to share for the benefit of both professions?
LCI
Dec 5
<Title could have, in all fairness to Arvind Datar, be better worded (say, 'on', in place of 'and'), , so as not to, by any chance, be misconstrued or regarded as misconceived !
Not only contract of the kinds spoken of, but every other,
oral or written, in general, if
incomplete or one -sided or such other, with deficiencies, especially if vital and going to the root of the 'offer'/'promise', and 'acceptance', materially offending the very concept of ‘contract’, in its profoundly legal sense, cannot
be lawfully or legitimately binding , much less be enforced, or sustained by judiciary, on the grounds of, inter alia, principles of natural justice and equity ; any counter
view ?
Cross Refer : Related blogs on 'contract' <<<<
(PM sent to B M Malcolm)
TG
Nov 28
WPRT the “Conclusion”, based on information gathered from
known reliable sources, to share a few thoughts:
The SC verdict, as read and understood, applies, ipso facto, to cheques issued fraudulently; that is, drawer knowing full well that it is sure to be ‘dishonored’ for want of funds (credit balance in his account) at the point in time of its being presented for clearing (‘the instant case’). Now, with CTS (electronic) clearing in place, under which it is the ‘image’ of the cheque that is transmitted to the central clearing, not the physical cheque. At the central clearing, it is learnt, there are varying reasons for it not being cleared but returned to the drawee via his bank; such as, signature not tallying even if minutely. To cite one such real life experience but of bizarre kind , the CTS cheque book issued , for gross negligence on the part of drawer’s bank branch, got omitted to be entered on the system at the time of issuance, hence not found on manually viewing the system by the clearing. Further, in such a case, the drawer’s bank branch, has no means of coming to know of the fact of the cheque returned unless and until reported; and further, even then it has no clue, the bank heads / staff being what they are, is in no position to readily and satisfactorily explain the story behind. Anyone or more is sure to have had similar experience, also burdened with so called ‘cancellation charges’, – an insult added to the injury suffered for no fault of his. Yet another point, – cheque issued may not necessarily always be in discharge of ‘debt owed’; e.g. in payment of a subscription/membership fee. Most certainly, common sense should tell, the apex court ruling in the instant case can have no application to the rest of cases. It is unto the RBI, as the architect of the whole idea of CTS clearing, to promptly have a re-look into and advise its constituents to revamp by plugging in the wanted correctives; thereby save the innocent banking public from any disgusting hassle any- more/longer.
The SC verdict, as read and understood, applies, ipso facto, to cheques issued fraudulently; that is, drawer knowing full well that it is sure to be ‘dishonored’ for want of funds (credit balance in his account) at the point in time of its being presented for clearing (‘the instant case’). Now, with CTS (electronic) clearing in place, under which it is the ‘image’ of the cheque that is transmitted to the central clearing, not the physical cheque. At the central clearing, it is learnt, there are varying reasons for it not being cleared but returned to the drawee via his bank; such as, signature not tallying even if minutely. To cite one such real life experience but of bizarre kind , the CTS cheque book issued , for gross negligence on the part of drawer’s bank branch, got omitted to be entered on the system at the time of issuance, hence not found on manually viewing the system by the clearing. Further, in such a case, the drawer’s bank branch, has no means of coming to know of the fact of the cheque returned unless and until reported; and further, even then it has no clue, the bank heads / staff being what they are, is in no position to readily and satisfactorily explain the story behind. Anyone or more is sure to have had similar experience, also burdened with so called ‘cancellation charges’, – an insult added to the injury suffered for no fault of his. Yet another point, – cheque issued may not necessarily always be in discharge of ‘debt owed’; e.g. in payment of a subscription/membership fee. Most certainly, common sense should tell, the apex court ruling in the instant case can have no application to the rest of cases. It is unto the RBI, as the architect of the whole idea of CTS clearing, to promptly have a re-look into and advise its constituents to revamp by plugging in the wanted correctives; thereby save the innocent banking public from any disgusting hassle any- more/longer.
The burden of the ‘song’ (longish comment ventured) is to
pin point that, in such or similar matters of commonly aired public grievances,
it is for the RBI, as the empowered sole authority to, realize and tale all
precautions even while conceiving of and bringing in any such innovative
changes in the extant system/ practice.
G S Rao, Deputy General Manager (Legal) OCL India
Limited, Email – gsrao@ocl.in
(May be contd.)
BL Nov 28
|
|
|
Bad enactment, no
enforcement
The learned scholar, with his seemingly insightful and devout
exposure, it is noted, has , contrary to the normal pattern observed in such
write-ups, on the vexing topic of 'corruption', has not simply touched the 'tip
of the iceberg'; but struck the problem at its very grass root level. If not
incorrectly understood, the last couple
of observations made , goes to reiterate the eminent viewpoints, incisively
underscored off and on, in the limited learned circles; that is, none of the men who have been or
presently in governance , can rightly claim and hope to succeed in securing
credit, essentially from the section of the populace with no ‘vested rights’,
merely by the count of the laws made; but that entirely rests upon / eventually
turns on, which anyone or more of them, with the untainted objective of contributing
to ‘public interest’, have been implemented and seriously enforced , having in
mind wholly and exclusively that objective, and that alone, come what may.
|
Cong’s dilemma: to support or oppose Bills
Jaitley on black money: committed to punishing guilty
Finance Minister Arun Jaitley ruled out taking any
“adventurist” way of revealing the names of those who have black money
accounts, while reiterating that the Centre will pursue diplomatic and
legal routes to ensure that the guilty are punished and the money
stashed abroad is brought back.
Replying to a debate on the issue in the Rajya Sabha, Jaitley said: “Opposition is suggesting a suicidal course on black money.”
He said that Government is proactive and committed to punishing illegitimate account holders.
He said that Government is proactive and committed to punishing illegitimate account holders.
>>>>>>
Key Bills: King size trouble awaits BJP in Rajya Sabha
|
Even with support of independents and smaller parties, the NDA will fall short of a majori...
Read more » |
< The Government’s floor management will be tested in the Upper House where, including all allies, the NDA’s tally does not cross 54 seats.>
?!
Cong leads Oppn to stall Parliament proceedings
????????
Whither the NATION is marching or HEADING ? FORWARD OR BACKWARD ?? These undoubtedly self-effacing, nay deprecating, imponderables are most urgently required to be voiced loudly, and taken on, by every well meaning, right -minded and upright citizen. He has the fundamental duty and responsibility to ASK ! All the more so, by each one sitting (or rushing down into the well) from the 'opposition' even on the slightest provocation or under any remotely imaginary or wildly invented excuse.Instead of functioning as a healthy opposition, with the sole objective of one of the few largest democracies around the globe being kept alive and kicking; and not allow to being degraded and degenerated into a functioning anarchy as has been happening elsewhere.
Black money issue resonates in Parliament
'100 days are over, where is the black money?' chanted members of TMC, Congress, RJD, SP, AAP
Parliament interruptus - Times Of India | Blogs
blogs.timesofindia.indiatimes.com/toi.../parliament-interruptus-reform-a...
There are some systemic flaws in the way Parliament functions, which
desperately need reform. Most public discourse on this subject centres
on the need for the Speaker to impose strict discipline in Lok Sabha
(and in Rajya Sabha by the Vice President, who chairs it). Of course,
that is necessary. Indeed, the two presiding officers are authorised to
eject or suspend disruptive members, and are further empowered by many
all-party resolutions to this effect. This 16th Lok Sabha is already
beginning to see more of this.
But Parliament cannot function better only with stricter discipline,
unless we also resolve its structural fault lines. For instance, the
single biggest reason for disruptions has been lack of agreement between
government and opposition on setting the agenda for discussions, and
whether a debate should be voted on or not.
BL
Nov 25
Refer
the para, - "The existing Act does not allow automatic
transfer of ownership or succession to anyone named in the will if the
owner of an immovable property dies when a case is pending in court.
According to the proposed amendment, the ownership will be transferred
to the person named in the will, and the case in court will
continue..." The reported development, as read and understood, is bound to bring
cheer to anyone named in the will and become entitled, as kin of the
deceased, to have the ownership of the willed property transferred to
his name. But, that is seen to have only a limited application to the
kin, without having to do the rounds of the court, if there happens to
be a dispute on ownership then pending in court. It is a common sense
poser, as to why a further simplification is not envisaged by extending
the facility to every other instance in which there is no such dispute
of ownership; and why should not transfer be automatically made, without
having to go through the presently obtaining tedious and time consuming
process of applying for and obtaining a probate from court. In short, to one's mind, the crying need is to simplify, same way as "nomination" works. Over to law experts to consider;
also to social activists for further deliberation of the mooted point
and pursuit to a rightful end.
Published on 25 Jul 2014
Adv Vinod Sampat (Part 2) on court Judgements on housing society issues
Nov 25
How Accountants Lose ClientsRick TelbergInfluencer
That’s exactly what we’ve been doing lately. Some of the answers are startling. All of them are instructional. Most of the time, accountants can blame the CPA that their new clients were abandoned.
Mirella (no last names), an independent accountant and tax practitioner near Rochester, N.Y., puts it succinctly, “You will lose a client if you charge too much, do not answer their phone calls, do not get their work done on time and do not give them the personal service that they deserve.”
“You may lose a client if you make a mistake,” she adds. “But if you are honest about it and fix it, you may keep them if all the other things are in line.”
....made one or more” of the following mistakes:
1. Failure to deliver the product, tax or accounting, in a timely manner.
2. Failure to respond to routine inquiries, e-mails or voice mails in a timely manner.
3. Failure to understand that the key to profitability is to maximize the lifetime value of a client and not in trying to squeeze the most fees out of an individual transaction.
swaminathan venkataraman
That’s exactly what we’ve been doing lately. Some of the answers are startling. All of them are instructional. Most of the time, accountants can blame the CPA that their new clients were abandoned.
Mirella (no last names), an independent accountant and tax practitioner near Rochester, N.Y., puts it succinctly, “You will lose a client if you charge too much, do not answer their phone calls, do not get their work done on time and do not give them the personal service that they deserve.”
“You may lose a client if you make a mistake,” she adds. “But if you are honest about it and fix it, you may keep them if all the other things are in line.”
....made one or more” of the following mistakes:
1. Failure to deliver the product, tax or accounting, in a timely manner.
2. Failure to respond to routine inquiries, e-mails or voice mails in a timely manner.
3. Failure to understand that the key to profitability is to maximize the lifetime value of a client and not in trying to squeeze the most fees out of an individual transaction.
OFFHAND A very intelligent sum up of the reality largely observed and truly experienced in our times. Of all, the essence of the high potent remedy has to be found in fulfillment of client's expectation that his advising professional- be it on tax or accounts- is suitably equipped and competent enough to provide seamless 'quality service', so as to stand the serviced, as a class, in good stead and be of advantage to last life long/in the long run..
<<<<>>>>>>
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i am sorry how elementary things revenue dos not understand, what kind of revenue dept our great finance ministry has?
but for high courts taxpayers would be taken for granted, it is high time HC shd tell the revenue never fail to follow natural justice besides procedure laid down by laws as also natural justice that would be the need of hour.
i am sorry we are wasting so much salaries and remuneration on so called public servants