Monday, December 31, 2012

JVA and evasion of CG Tax; Rule of Law v Law of Rules ?!

top-up

14th Jan
CG Tax on land transactions

... augmentation exercise led to the revelation that many landowners have not paidcapital gains tax under ... about a certain section of the IT Act, which has led them toevade ...
newindianexpress.com/cities/bangalore/article1415236.ece - Cached

<> The report relates to so-called JDAs involving transfer of rights in land. As such, the contextual relevance of the reference to section 50C, especially with a special mention made of 'depreciable assets', is not understood; and is seemingly  misconceived,

cm
SG

$ Interest on fixed deposit with banks cannot be claimed as exempt by a club on principal of mutuality

>relared
Interest from Bank by Housing Society Taxable - Principle of mutuality do not apply

& Filing of return electronically is a directory provision and not a mandatory provision


TOI
The Bar Council of India has informed that it has proposed a new draft Code of Professional
Standards, Ethics and Etiquette. The said draft Code is available on the website of Bar

Council of India (i.e. barcouncilofindia.org). The Code provides a general guide for ethical standards to be adhered to by members of the Bar whether practising individually or as a law firm and whether engaged in litigation or transactional/ corporate work

 

ICL


Companies Bill: From the Rule of Law to the Law of Rules

Impromptu
This is a write-up in which the subject matter, riddled with irresolute controversies, has been discussed having particular regard to the corporate law, and hence is confined thereto . Be that as it should, anyone having had any field exposure to the law on income-tax and its administration and enforcement can readily think of several instances in the past, wherein the executive’s rule making power has come in sharp conflict with the law making power of the Legislative body, in varying ways.
To recall:
1.       In the matter of admissible “Deduction in respect of Profits and Gains from Newly Established Industrial Undertakings, Ships and Hotels” – ref. section 84/80J and Rules framed there under.
For a detailed study, the commentary in text books and case law cited should be of guidance.
2.       Section 14A and the Rule framed for its purposes
It is to be specially noted that these gave rise to differing types of  disputes; one of the reasons has been  that the Rule came to be prescribed long after the coming into effect of the  section (bearing  on its sleeves  the glaring  lack of wisdom in ‘putting the cart before the horse’ OR still worse, ‘ putting the cart before checking out whether the horse is still there in the stable, not already bolted away’) .  
While it is recommended to  look up the series of itat and courts’ decisions, for a Critique (a  somewhat detailed analysis) , refer  the published article , - (2009) 14 CPT 819.

KEY NOTE: It may not be out of context to pinpoint that, ostensibly, it is for identical reasons /in like circumstances, that the DTC (new direct tax law), has remained to take off as yet, deplorably for years now.

Add-on>

An elaboration of above Key Note, ref.

http://taxworry.com/direct-tax-code-likely-to-miss-its-april-2012-implementation-deadline/

Not Unrelated>

http://taxguru.in/finance/discretion-root-cause-of-corruption.html
<><>
Written by:  - 
custom.excise@gmail.com , Web: www.rajeshkumar.co.in
RELATED POSTS
FinMin flooded with 10,000 + suggestions on Tax Code

Sunday, December 30, 2012

POLICIES GALORE, but not out of the box...!


A related story>
Going the arm's length, locally  

GENESIS AND COVERAGE

The Supreme Court in the case of Commissioner of Income tax v. Glaxosmithkline Asia (P) Ltd observed that if the Government wanted to check tax arbitrage opportunities that stem from differential tax rates and the presence of accumulated losses, it ought to introduce TP provisions, which would cover such of domestic transactions. The transactions covered are:
Not an unrelated one>
The party’s over for tax dodgers

ICL Arbitration- a controversy not for the first time !

Supreme Court on Sukanya Holdings and section 45

In a case like the present one, where origin and end of all is with the Mother or the Principal Agreement, the fact that a party was non-signatory to one or other agreement may not be of much significance… In cases involving execution of such multiple agreements, two essential features exist; firstly, all ancillary agreements are relatable to the mother agreement and secondly, performance of one is so intrinsically inter-linked with the other agreements that they are incapable of being beneficially performed without performance of the others or severed from the rest. The intention of the parties to refer all the disputes between all the parties to the arbitral tribunal is one of the determinative factor.
incapable of being beneficially performed
beneficially ?!
Going by wisdom gathered in hindsight, it is the use of any such ab-extra term or expression by the judiciary, unwittingly or otherwise, in adjudicating on a given dispute, without clearly indicating or elaborating the significance or meaning whereof, if at all any, which leaves wide open prospects for further procrastination of disputes. 
Inviting to share individuals' own views !

As modified & posted @ICL>

“........incapable of being beneficially performed”

The seemingly never-ending chain of case law calls for a grave misgiving. That is, the use of any such ab-extra term or expression by the judiciary, unwittingly or otherwise, in adjudicating on a given dispute, without clearly indicating or elaborating the significance or meaning thereof,granting there is any, which leaves wide open prospects for further procrastination of disputes.
Inviting to share individuals' own views!

Sunday, January 8, 2012

bl today - Advaita - mundane x spiritual


9 Jan 
Opinion : Is it a snake or rope? It is a banker

http://www.thehindubusinessline.com/opinion/article2785618.ece?homepage=true#.TwpK1R8Y71E.email

>"But what my Sanskrit teacher at school told me about the ‘Advaita' philosophy of the saint-philosopher, Adi Sankara, is instructive for an understanding of financial markets and retail investor behaviour at the present juncture." 


Regardless of the reasoning, a prima facie oblique, is a stunningly obnoxious write-up. The analogy is inappropriately absurd and goes against the very grain of the topic of discussion purely related to a mundane world, which is obligingly 'base' to the core. Mundane world x Spiritual world> the attempt to draw inspiration from the Saint's preaching is, in ultimate analysis, to say the least, utterly (certainly not butterly!) misconceived, unwittingly or otherwise. For, the very respective starting points/origin of the two concepts - having regard to the underlying objective, aim, ideals and practice, besides the finishing point - goals, are 'poles asunder'. />Such write-ups could help only in further muddling up the already 
adequately muddled thinking.


Source: Info. on Advaita Vedasnta / philosophy @



  1. The Advaita Ved├ónta Home Page - The Philosophy of Advaita

    www.advaita-vedanta.org/avhp/ad-phil.html
    5 May 1999 – The advaita philosophy is not easy to explain briefly, and it is not my intention to repeat in a www home page what takes whole volumes for ...
  2. The Philosophy of Advaita Vedanta - Nonduality

    advaitaphilosophy.blogspot.com/
    27 Feb 2008 – Weblog containing article entries related to the philosophy of Advaita Vedanta as contained in the Upanishads and systematized by Adi ...
  3. Advaita

    www.enlightennext.org/magazine/j14/advaita.asp
    Advaita Philosophy, or Vedantic Nondualism has become, along with Buddhism, one of the most popular spiritual paths being pursued by those interested in ...
  4. Advaita Vedanta

    www.vedantaadvaita.org/
    written by D. Krishna Ayyar, the complete text is available on-line. Despite claiming to be 'for beginners' this is very comprehensive covering practically any topic ...
  5. A GLIMPSE>
Q
Sankaracarya is the first and foremost commentator of the prasthaana traya, the Upanisdhads, the Brahma Sutra and the Bhagavdgita, in the school of interpretation called Advaita Vedanta (non-dualism).The presentation in the main paper and Appendix contains the methodology of teaching (prakriya) called aabhaasa vaada.  In abhaasa vada, the jiva and Iswara, the  two sentient entities on the empirical (vyaavahaarika) plane, formed by he reflection of the original consciousness that is Brahman in Maya and intellect, respectively, are regarded as different from and of a lower order of reality than the  original consciousness that is the absolutely real (paaramaarthika) Brahman. It is important to bear this in mind while reading this paper, because the approach in regard to the concept of jiva and the creator is different in other prakriyas.
UQ


To talk of 'true reality' or 'false reality' makes no sense, being marred by superfluity; anything is untrue or false, if it is 'unreal' -as opposed to 'real'.