Nirmal Ghorawat

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

Multi-lingual Tech Applications in Commercial & eGovernance Applications : A Methodology

India is a land of diversity including of linguistic diversity. This proves difficult to provide services to citizens in their preferred language a mammoth task particularly when there are also inter-state migrants who all speak different languages. In this regard, my observation is that there is a very high degree of compatibility of Transcription &…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