Thursday, July 25, 2013

INTELLECT x or v INTELLIGENCE >>>>SEBI's latest on 'front running' ?

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Oct 7

Impromptu
Reacting irresistibly, the profounder of the unnatural, hesitant to dub it novel,' idea' has rightly christened itself- ‘M’SD!
That instantly provokes one to summon for aid a memorable quote:
Victor Hugo "On résiste à l'invasion
des armées;  on ne résiste pas à l'invasion des idées.” (-“an invasion of armies can be resisted, but not an idea whose time has come”)

Add-on>
Oct 5
SG
Prosecution of Government Servant without prior permission not valid – SC

< .... Manmohan Singh and another (2012) 3 SCC 64. Learned senior counsel submitted that the question of sanction is of paramount importance for protecting a public servant who has acted in  good faith while performing his duties. The purpose of obtaining sanction is to see that the public servant be not unnecessarily harassed on a complaint, failing which it would not be possible for a public servant to discharge his duties without fear and favour. Learned senior counsel also placed reliance on the judgment of this Court in Maksud Saiyed v. State of Gujarat and Others (2008) 5 SCC 668 and submitted that the requirement of application of mind by the Magistrate before exercising jurisdiction under Section 156(3) Cr.P.C. is of paramount importance. ....”
Manmohan Singh and another (2012) 3 SCC 64. Learned senior counsel submitted that the question of sanction is of paramount importance for protecting a public servant who has acted in  good faith while performing his duties. The purpose of obtaining sanction is to see that the public servant be not unnecessarily harassed on a complaint, failing which it would not be possible for a public servant to discharge his duties without fear and favour. Learned senior counsel also placed reliance on the judgment of this Court in Maksud Saiyed v. State of Gujarat and Others (2008) 5 SCC 668 and submitted that the requirement of application of mind by the Magistrate before exercising jurisdiction under Section 156(3) Cr.P.C. is of paramount importance. Learned senior counsel submitted that the requirement of sanction is a prerequisite even for presenting a private complaint under Section 200 Cr.P.C. and the High Court has rightly quashed the proceedings and the complaint made against the respondents. - See more at: http://taxguru.in/income-tax/prosecution-government-servant-prior-permission-valid-sc.html#sthash.VWAI1Tyq.dpuf
sanction is of paramount importance for protecting a public servant who has acted in  good faith while performing his duties. The purpose of obtaining sanction is to see that the public servant be not unnecessarily harassed on a complaint, failing which it would not be possible for a public servant to discharge his duties without fear and favour. Learned senior counsel also placed reliance on the judgment of this Court in Maksud Saiyed v. State of Gujarat and Others (2008) 5 SCC 668 and submitted that the requirement of application of mind by the Magistrate before exercising jurisdiction under Section 156(3) Cr.P.C. is of paramount importance. Learned senior counsel submitted that the requirement of sanction is a prerequisite even for presenting a private complaint under Section 200 Cr.P.C. and the High Court has rightly quashed the proceedings and the complaint made against the respondents. - See more at: http://taxguru.in/income-tax/prosecution-government-servant-prior-permission-valid-sc.html#sthash.VWAI1Tyq.dpuf
sanction is of paramount importance for protecting a public servant who has acted in  good faith while performing his duties. The purpose of obtaining sanction is to see that the public servant be not unnecessarily harassed on a complaint, failing which it would not be possible for a public servant to discharge his duties without fear and favour. Learned senior counsel also placed reliance on the judgment of this Court in Maksud Saiyed v. State of Gujarat and Others (2008) 5 SCC 668 and submitted that the requirement of application of mind by the Magistrate before exercising jurisdiction under Section 156(3) Cr.P.C. is of paramount importance. Learned senior counsel submitted that the requirement of sanction is a prerequisite even for presenting a private complaint under Section 200 Cr.P.C. and the High Court has rightly quashed the proceedings and the complaint made against the respondents. - See more at: http://taxguru.in/income-tax/prosecution-government-servant-prior-permission-valid-sc.html#sthash.VWAI1Tyq.dpuf



Sept 14



Aug 31

LCI
 Property purchased by father in son's name - by rakesh
Per querist, not a mnor at tghe relevant point in time; as said, it was not intended by father to be treated as a loan recoverable in future. In any case, if it was out of father's own earned monies, never intended to be treated or vested with the character of , by any action or otherwise, as monies of a HUF , then the fund provided by father to son either through the latter or directly by payment to seller, at best, in one's perceptive view could be regarded a 'gift'.   

If, at the time of purchase of the house property, as per the law in force attrracts no gift tax liability, then no such addeed problem may have to be faced. 




Aug 30
BS

PF

If your flat possession is delayed...

You may claim damages for alternative accommodation and interest on the payment made
<> Re 'indirect' loss found a mention in the concluding para, one very important and critical aspect has been omitted. That is, - the claim for compensation in the event of a prospective purchaser is going to be denied capital gains tax exemption i.e. presently available u/s 54 and 54 EC, but lost or likely to be lost as a direct consequence of the delay in delivery of possession.
Further, in one's perceptive view, as held in decided court cases, for making any such claim for interest (may be, also any other  compensation as suggested  above), it is not necessary to rely on any statutory provision; but grounds of 'equity' should suffice for successfully urging a claim.

Ref.

Union of India Vs Krafters Engineering (SC)
Other precedents e.g. Government of Orissa Vs G.C.Roy

Also > http://vswaminathan-swamilook.blogspot.in/2013/06/hc-and-sc-on-claim-for-interest.html
<prev

Lci

Legal Documents
Expert M V Gupta

In my view as there are no written and registered agreement for sale the question of capital gains does not arise. But ur client may have to treat the difference in the amount paid and amount received as income from other sources or interest and pay tax thereon at normal rates.

??????


ICL

Posted: 25 Aug 2013 06:21 PM PDT
[This post is contributed by Anjali R. Menon, who is a Senior Associate at a leading law firm in Mumbai. She also runs a blog at http://atlawggerheads.wordpress.com/. She can be reached at anjali.r.m@gmail.com.

<Earlier
ET
yahoo 

toi
*Aug 15

Legislatures looking like combat arenas: President

<> The forthright perceptive observations of the top two key functionaries, in essence tacitly, but tersely as never before, reminding yet again the legislators,- whether sitting in the opposition or the treasury bench,- of their constitutional duties and responsibilities as 'public servants', make for a painfully sad commentary. Undeniably, the nation is virtually at the crossroads; and obligated to decide, better sooner than later, which route to righteously and wisely take. In short, for the common good of the nation / the governed, the men in governance can no longer afford to dilly-dally; but have perforce to take a frightfully firm but truly intelligent decision (s) as to how best to steer clear the country away from the treacherous path thus far followed, but by no means unwittingly .




Why the threshold /entry limit of 12 apartments, instead of 5 apartments as in the State(s) Acts in force?
Why in the proposed legislation should not be suitably covered,  the subject matter of the 97th amendment of the Constitution?
< For, that, in the common perception, has the laudable objective namely, a better administration, functioning, and good governance of housing co-operative societies, which is an area  left neglected for long.  Moreover, the mentioned  amendment, has , by and large, so far not received the expected  favourable reception and close  follow-up action from the States; perhaps, the only exception is Maharashtra.
Over to the legislators, also social activists, for deliberation and follow-on!
ET

Financial Planning


BL
Aug 5


INVESTMENT WORLD

Myth of ‘guaranteed’ returns


<> The underlying message is quite loud and clear on the point whether at all any such 'promise', and even if 'yes', to what extent , any such 'promise' is to be sanely relied on. One may call it by any other name such as, analysis, advice, suggestion, forecast, or the like, not just from a broker but from any other source – that is from self-appointed/-employed’/ -professed 'economic experts' .
Incidentally, there is no knowing by a commoner as to whether the lately mooted idea and attendant steps taken by the regulatory authorities , particularly by SEBI, have come to bear out any desirable change or fruitful outcome in the loathsome scenario obtaining for too long to be brushed aside or wished away.
Sorry!  Summoning for help a favourite quote - Lord Keynes: “Words ought to be a little wild because they represent the assault of thought upon the unthinking. The India governmental machinery may be likened to prehistoric monster incapable of intelligently controlling itself.”
Link.




itatonline


CIT vs. Vector Shipping Services (P) Ltd (Allahabad High Court)

July 31st, 2013
Even while reading but before getting to the bottom of it, one is left with an emotional lump in the throat; and provoked so much as to rush out into the public road, and keep run shouting – eureka , but for wrong reason !
Whither simplification ? Whither understanding , let alone an enactment, of even such basic and rudimentary principles of ‘taxation’ ? Whither the end of the tunnel – the mindless litigation, simply for its sake- at best, for satisfying own whims and fancies to litigate , with no end or conclusion thereto in sight.
Time for introspection > In all such matters, is it not high time that everyone really concerned and worried about the larger interests of the tax paying public, to ponder- why the ‘tax gatherer’,- the whole lot of them – should be rightly regarded to have acted “in the performance of his duties”, so as to rightly escape own personal responsibility /answer-ability in the realm of administration / implementation of ‘law’ in its profound sense ?
Intellect and intelligence
Swami Parthasarathy Sep 6, 2011, 12.00am IST
Tags:
·         intelligence|
·         intellect(Intellect and intelligence…)
We spend a lot of time acquiring intelligence at the expense of developing intellect.
Intelligence is built by gaining information, knowledge from external agencies, from schools and universities, teachers and textbooks. The intellect is developed through your individual effort by exercising the faculty of questioning, thinking and reasoning. Not accepting anything that does not admit logic or reason. Know the difference between the two. And that any amount of intelligence gained cannot per se build your intellect.
<> The Supreme Court petition by Subramanian Swamy, a lawyer and politician, had sought a fresh interpretation of the term juvenile under the Juvenile Justice Act.
India’s provisions relating to the age bar of 18 in India’s Juvenile Justice Act of 2000 were poorly drafted leading to a straitjacket interpretation of “juvenile,” Swamy told dpa.
He wanted a ruling from the Supreme Court that would allow courts to consider the mental and intellectual maturity of an adolescent accused of a crime while fixing culpability rather than a fixed age limit of 18.


The newly mooted idea is prima facie novel, but makes no sense- neither appeals to common sense or legal sense. Basically, it cuts at the very root and goes against the very grain of the thus far followed and commonly accepted basis for charging stamp duty. To put it differently, the charge is on so called 'fair market value'; which at the worst, could never be taken, -except in a case of under-statement or  concealment of actual consideration paid/received, -anything more than the price charged for the property. That should be for the property inclusive of its components - i.e. all such facilities provided as part and parcel of the deal.
Hopefully, the patently ill -conceived idea would be seriously decried and forcefully shouted down by one and all ; especially, by those who believe in righteousness and sanity in principle governing and underlying the basic concepts, such as, - "fair market value". 
In any event, if perceptively viewed, should the idea be sought to be thrust upon or pushed down the throat, challenging its constititional validity might turn out to be inevitable. In which case, the power of a mere stamp duty authority to do any such thing would require to be forcefully contested.

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