Proposition : Paperless International Trade – A Use case for XBRL GL, Blockchain – Distributed Ledger & Smart Contracts, ISO 20022 Payment Messaging Standard, UNCITRAL MLETR, etc

A proposition on a use case for XBRL / Blockchain in Automation of International Trade Documentation. Problem Statement :  At present, Business Enterprises (including those engaged in International Trade) & Regulators thereof receive and send Transaction Documents – in closed formats – thus involve manual extraction & re-keying – in the recipient’s Accounting Package /…More

Simplification of Tax Audit Report Forms – A Suggestion

The Income Tax Audit Report Forms 3CD alongwith applicable Forms 3CA / 3CB / 29B / 29C / 10B etc prescribed under Income Tax Rules are very expansive and seek a lot of details, which in many cases, are not applicable to the respective category of assessee’s. My submission is that instead of a combination…More

Memorandum of Partition – Requirement of Registration

In the matter of Popatlal Devaram vs CIT (1970) 77 ITR 1013, the Hon’ble Orissa High Court has HELD : The sole question on which this court, is to express its opinion is whether the memorandum dated May 1, 1957, is compulsorily registrable. Law is well settled that a partition of the joint family properties…More

Partnership between Karta of HUF and Coparceners or Members

It is a well settled proposition applicable to Hindu law that members of the joint family and even co-partners can, without disturbing the status of the joint family or the coparcenary, acquire separate property or run independent business for themselves. Ratanchand Darbarilal vs Commissioner Of Income TaxAIR 1985 SC 1572, (1985) 48 CTR SC 349,…More

Hindu Undivided Family – Coparcener versus Member

A coparcener is a person who acquires a right in the ancestral property by birth and a person who has a right to demand partition in the HUF property. Any person who is a part of the family other than a coparcener is simply called a member. The coparcener is also a member of the…More

(Fiat) Money as Securitization – an impending crisis?

Google Dictionary defines securitisation as the process of “conversion of asset into marketable securities.” Investopedia defines Securitisation “as the procedure where an issuer designs a marketable financial instrument by merging or pooling various financial assets into one group.” Money or Currency or Bank Notes is in my opinion, one of the earliest examples of securitisation, even before…More

INTERPLAY OF BENAMI LAW, AS AMENDED IN 2016, TRANSFER OF PROPERTY ACT, 1882 AND REGISTRATION ACT, 1908 IN CASE OF PART PERFORMANCE OF CONTRACT OF TRANSFER OF IMMOVEABLE PROPERTY (SECTION 53A)

According to para 2 of Section 54 of The Transfer of Property Act, 1882 – Transfer by way of Sale in a Immoveable property of value exceeding Rs 100 can only be made by way of a Registered Instrument. However, on account of Part Performance as enumerated in Section 53A of the Transfer of Property…More