Friday, May 22, 2015



There are laws on what collectors can say or do, as top two debt buyers from the US recently found out

< Ajay Shah's blog: Consumer protection in Indian finance ...


  itat on CAs' tax practice

Vijay V. Meghani vs. ACIT (MA By ICAI) (ITAT Mumbai)

Strictures passed against ICAI By ITAT for alleged “deteriorating standards” and “losing its grip over the Income tax matters” toned down on the basis that they were made in the context of a "hypothetical situation" and were not "intended to criticize the functioning of the ICAI"
The Income tax Appellate Tribunal, being a part of Government of India, should not shut its eyes when it is noticed that certain developments occurring in the Country may affect the Country as a whole, more particularly when the reputation of particular profession, from whom the Tribunal is getting assistance in the dispensation of justice, is at stake. Accordingly, we sincerely believe that it is the bounden duty of not only the Tribunal, but also the duty of one and all to point out and discuss about such kind of developments, when it is noticed that the same may affect the public at large. There cannot be any controversy that the interest of our Country is Supreme and no citizen can or should compromise on the same

June 23

 RTI- Banks to inform their guideline/regulations which requires CAs to certify project reports/ balance sheets 

june 13th


No Coercive Tax Recovery From Payer For TDS Default By Payee: CBDT

 Cross refer: reiterated viewpoints On Glaring Lacunae in Sec 194IA , to reinforce :

<…/law-and-vs-case-law-on-flats-a-critical…    >


Better governance in PSBs

Radhika Merwin

Even before the BJP Government came to power, banking stocks had sky-rocketed on hopes of big-ba... »




Conversion of Cooperative society into Self Reliant Cooperative Society

The latest media report (TOI) says, - ....

Reproduced below, on a selective basis, an important feature of the improved consumer protection law in the offing, in which is incorporated the welcome idea of ‘class action’:


As the term is usually defined, a class action suit is one in which one or several persons sue on behalf of a larger group of persons, referred to as "the class". However, the Indian version will not allow individuals to sue on behalf of a larger group, but will empower an authority to make rulings applicable to larger groups.


All those having a direct concern are obliged to sit up, closely read and insight fully understand the not-so-obvious implications, of the above cited wordings. Should one go by the wisdom gathered from past experience, it is imperative to take a conscious note and be alive to the inherent disadvantages and short comings in anyone or more individuals, -not the entire group or a majority of them similarly placed and equally aggrieved,- moving the court for remedy; that too, except under competent and reliable expert advice/active assistance. Some of the hints provided in previous comments may be looked into for useful guidance. That the Indian version “will empower an authority to make rulings applicable to larger groups”, in any view, may not be desirable, saving as an exception to the rule. And, in any case, that might not be desirable /acceptable at all should any ruling in a given case happen to be adverse to the consumers in common. As such, this as well as all areas similarly of common concern require to be mindfully gone into and suitable representations effectively made and diligently pursued, so as to avert the otherwise possible consequence of the new enactment placing consumers in an unenviable / worse position, than now.

Read more at:

Move aimed at bringing more products under the mandatory standards regime....

"....Quality and standards should become the hallmark of consumer services and products ..."
The recent media reports have miserably over sighted and failed to bring clarity to the aspect of most concern in 'housing' sector; that is, whether or not, and to what extent /in which manner the newly mooted consumer protection enactment is going to cover the product/services manufactured and sold/provided by the players in the realty sector. And the need to so do, having in the backdrop the disgusting fact of life that the special State enactments -governing housing in the form of Flats / Apartments,- besides being mutually at variance in certain crucial respects, are not, by and large, being implemented and enforced. Also that, in the Regulatory enactment for the realty sector stuck in the pipeline for long, no effective machinery for consumer protection and speedy remedy has been contemplated and provided for. Anybody around equipped to share useful info.,  > ?!

Again, here has been no attempt made to throw light to supply any clarity; but only renders the already commonly prevailing confusion(s), worse confounded. Worthwhile to have a look at the original  'text' of the subject enactment (amendments) itself (not to be found, for reasons unknown, available in public domain) , in order to get to know on a first hand basis, should  the provisions as drafted / structured selves suffer from deficiencies / lacunae !
Mention is made repetitively to, - 'law suits' ; but unclear whether that refers to regular proceedings before the Authority to be set up, just as  /parallel to civil courts; and not before or corresponding to the extant consumer courts, as is imagined !
Is the lawyers' circle, by chance, better informed / equipped, to clarify?

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