A CASE COMMENT ON The Commissioner of Income, Mumbai v Manjula J. Shah - Free Essay Example

Sample details Pages: 5 Words: 1420 Downloads: 1 Date added: 2017/06/26 Category Law Essay Type Essay any type Did you like this example? The Commissioner of Income, Mumbai V/s. Manjula J. Shah BRIEF SUMMARY OF FACTS: In the assessment year 2004-2005, the assessesà ¢Ã¢â€š ¬Ã¢â€ž ¢ total income was Rs.20, 92,400/-. A return of income was filed which included long term capitall gains which inturn arose from the sale of a flat bearing No.1202-A at Chaitanya Towers, Prabhadevi, Mumbai. The flat in question was initially purchased by the daughter of the assesse on 29/1/1993 at a cost of Rs.50, 48,350/-. The assesse dated 1/2/2003 then acquired ownership of the flat by way of gift deed and thus paid no amount towards the transfer of the flat to the daughter. On 30/6/2003, the assesse sold the said capital asset for a total consideration of Rs.1,10,00,000/- and offered the long term capital gains to tax. The assesse argued that the asset which was acquired by her, and subsequently sold by her in the same year, the gains arising from it should be taken as long term instead of short term gain, as argued by the Revenue. The gain should be adjudged on the basis of indexed cost of acquisition minus t he consideration received by her. The A.O. argued under Explanation (iii) to Section 48 of the Act, the indexed cost of acquisition has to be determined with reference to the cost inflation index for the first year in which the asset was first held by the assesse. The A.O. stated that the asset was first held by the assesse for the first time in 2003 and not in 1993. The decision was appealed by the assesse, CIT(A) allowed the claim of the appellant, that decision was further appealed by Revenue, but the ITAT agreed with the decision of the CIT(A). Revenue has challenged the decision of the ITAT. Don’t waste time! Our writers will create an original "A CASE COMMENT ON The Commissioner of Income, Mumbai v Manjula J. Shah" essay for you Create order CONTENTIONS BY THE ASSESSE REVENUE: Revenue argued that under explanation (iii) to Section 48 the indexed cost of acquisition has to be determined with reference to the first year in which the capital asset was held by the assesse. In the instant case, the capital asset was first held by the assesse on 1/2/2003. Therefore, the ICoA (Indexed Cost of Acquisition) must be calculated on the basis of 2002-03. It was argued by the Revenue there is deeming fiction contained in Explanation 1(i)(b) to Section 2(42A) of the Act and therefore we cannot apply that language in contrast to the specific language of clause (iii) of the Explanation to Section 48 of the Act. The object of the provision, i.e. Explanation 1(i) (b) to Section 2(42A) is for determine whether a particular asset is long-term or short-term, it is not there to be applied in determine the ICoA. Revenue argued that the provision to determine ICoA is explanation (iii) to Section 48. In the case of DCIT V/s. Kishore Kanungo[1], decided at Mumbai Bench of the ITAT wherein it has been held that under Explanation (iii) to Section 48, the ICoA has to be calculated with reference to the CII (cost inflation index) for the first year in which the asset was held by the assesse and not with reference to the CII (cost inflation index) for the first year in which the asset was held by the previous owner. In an SC Case of CIT V/s. Anjum M.H. Ghaswala Ors[2], the court held where the language of a statute is clear and unambiguous, one has to apply the literal interpretation and not the purposive interpretation. The Assesse argued that for the calculation of ICoA, the date of first holding of asset be taken as 29/1/1993 and not 1/2/2003, as she has received the property through gift and a bare reading of section 49 makes clear that for the purpose of calculating ICoA, the time period of holding will include the time period for which the previous owner of the property held the assets in question. JUDGEMENT BY THE COURT ITà ¢Ã¢â€š ¬Ã¢â€ž ¢S ANALYSIS: The only question before the court was that when one computes capital gains that arise on the transfer of capital assets acquired under a gift, whether the assesse will be evaluated on the indexed cost for acquisition which was for the previous owner when he first held the assets or when the assesse became the owner of the assets, in the case the assets is acquired by the assesse as a gift from the previous owner. Under Section 45 of the Act, the gain that arise from any transaction of transfer of capital asset can be classified into either long-term or short term capital gain. Short term capital asset is defined under Section 2(42A) and long term capital asset, as defined under Section 2(29A) of the Act. Under Section 47(iii) of the Act states that when a capital assets is given by gift or will, it will not be regarded as transfer and therefore no short-term or long-term gain would have said to be arisen form the said transaction. In the present case, the flat was first a cquired by the daughter of the assesse on 29/1/1993, the same flat was given by the daughter to the mother by gift on 2/1/2003 without consideration. The assesse sold the flat within 36 months, and under normal course she would have been liable to pay short term capital gain, but explanation 1(i)(b) to Section 2(42A) of the Act saves her, and classifies her asset as long term capital asset. Revenueà ¢Ã¢â€š ¬Ã¢â€ž ¢s main contention was that when the ICoA is calculated as per explanation (iii) to Section 48 of the Act, the first year of holding should be FY 2002-03 and in view of the first year of holding the CII should be taken of the year FY 2002-03. The court found no merit in the above argument and stated that it is undisputed that the ICoA has to be determined on the basis of first year in which the asset was à ¢Ã¢â€š ¬Ã…“held by the assesseà ¢Ã¢â€š ¬Ã‚ . The term à ¢Ã¢â€š ¬Ã‹Å"held by the assesseà ¢Ã¢â€š ¬Ã¢â€ž ¢ has not been defined under Section 48. So we ref er to the definition clause of the IT Act, i.e. under explanation 1(i) (b) to Section 2(42A) states that the period for which an asset is held by an assesse under a gift, the term of the previous owner holding shall also be included. So, by applying the provision of under explanation 1(i) (b) to Section 2(42A), the asset is deemed to be held from 29/1/1993 Revue argued that the deeming provision must not be considered for calculating ICoA, as it is intended to differentia only between long-term and short-term capital gain. The court held that when the law-makers have made the deeming provision to tax the gains arising on transfer of a capital asset acquired under a gift or will and the capital gains under Section 48 of the Act has to be computed by applying the deemed fiction. The Court held that when explanation 1(i)(b) to Section 2(42A) , Section 48 and Section 49 of the Act, are read together and not in isolation with each other, it becomes clear that the object of the statue is not only to tax capital gain from transfer of capital assets but also to tax the transfer of capital assets acquired under gift or will. The court held that it cannot ignore the provisions of Section 2 and apply the provisos of Section 48, doing that would defeat the entire purpose of the act. Section 2 of the act states that unless the context otherwise requires, the provisions of the Act have to be construed as provided under Section 2 of the Act. If the court ignores the meaning under section 2 and doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t take its support in constructing the meaning of Section 48 then gains that arise from gift or will cannot be taxed as capital gain in any case, and that will be contrary to what the legislature has intended. So the court was of the view that the arguments by the revenue are in contravention to the legislative intent and this cannot be accepted under any circumstances. The said circular states that if indexation is linked to the holdin g of the asset and if Section 49(1) applied then, period of holding has to take into account the period of holding of the previous owner, and then only the object of indexation will be achieved. The court held that ITAT was correct in holding the period of holding to include the period in which previous owner first held the asset and not the year in which the assesse became the owner of the asset. cASE COMMENT ON The Commissioner of Income, Mumbai V/s Manjula J. Shah [1] (2006) 102 ITD 437 (Mum), [2] 252 ITR 1 (S.C.),

The Significance of Letters in Pride and Prejudice by...

The Significance of Letters in Pride and Prejudice by Jane Austen Letters play a very important role in Pride and Prejudice. They can link the story because letters provide information which we would not have found out from the dialogue between the characters. We an also find out extra background information which can help with the readers understanding of characters, the plot and the novel in general. Letters can reveal characters personalities and how they feel about the other characters in the novel, for example Miss Bingleys feelings about Jane. Letters are used as a dramatic device in Pride and Prejudice to further the plot, link the story and to inform the readers of the characters†¦show more content†¦(vol 2 chapter 3.) The letter from Caroline to Jane, informing her that they have gone to stay in London, splits up Jane and the Bingleys. It also moves the story to a different location, therefore it furthers the plot. 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Business Ethics Issues & Sustainability Result For professor Ballistic

Question: 1. what are the main ethical issues for professor Ballistico here?2. What options are open to him?how you assess these options? Answer: Ethical Dilemma 2: When Good Results are Bad Results? 1. Professor Ballistico has been conducting research on various side effects of food additives in frozen food His recent research shows that two substances Lifelong and Rotnever results in an increased risk of human allergies for those consumers who use these additives quite often. These additives are an important component in products of Foodcorp who is the market leader of frozen food industry and also provides funds to BigCity University so that they can set up their research centres and support its activities. The main ethical issue for Professor Ballistico here is that he cannot hide the results of his research from public and at the same time going against Foodcorp would mean there would be no further funding from Foodcorp for Bigcity university research centre. 2. Professor Ballistico has two options open to him, he could either declare his research results in public as he has always done with his early works or could speak to Foodcorp in private so that they could take appropriate actions without making it a public issue.According to me second option appears more appropriate at this situation because fund provided by Foodcorp are of high importance for BigCity University research centre and also Foodcorp should be give one chance to correct their mistake instead of straightaway spoiling the reputation of the company. 3. Professor should first discuss the matter with university management committee and then call for a meeting with the Foodcorp to inform them about the findings.In other to prevent such problems in future professor should encourage the university not to accept such huge funds from corporations and better seek for government funds. Once Foodcorp has solved the problem internally they should make the research public so that use of such additives could be avoided in future. 4. Corporate involvement in funding university and other public institutions is not in public interest because this gives them the power to actually run these institutions in their ways . When corporate get involved they look for return on their investment taking away the freedom from public institutions of working their ways. 5. An inability and unwillingness of government to fund higher education has lead to an increased number of corporations involvement in education sector (StateUniversity.com, 2014) . This has reframed educational values and ethics making educational institutes more like business centres with leaders and executives. Ethical Dilemma 4: Stuck in the Middle? 1. At this situation from an ethical point of view the engineer would prefer to protect the rights of people working under him because they possess the needed skills and expertise to handle challenging tasks. However he is in no position to do so because he needs the job and have no one to actually present the matter. All the members of senior management team are in support of hiring external contracts for the project.Deontology theory of ethics supports my position in this situation according to which he should adhere to my duties and obligations when analysing an ethical situation (Fisher Lovell, 2006). 2. If I were the civil engineer I would make another attempt to talk to CEO about the capabilities and skills of my people. My response in this case differs from that in answer 1 because I feel its important to protect the rights of people working under me because public interest should always be kept above self interest (Erll, et al., 2008). It will also benefit the company I work for as it will result in saving huge operations cost and enhancing job satisfaction for internal employees. 3. My decision would be affected by a number of factors like; fear of losing my job/ position, job dissatisfaction, professional and work environment and my individual values and attributes (Ferrell, et al., 2012). 4. Different individuals view different situations from a completely different perspective. Every individual has their own set of values and beliefs (Keen, 2012). They belong to different personal, social and professional environment thus will react differently to different situations. Thus, anyone who reads this dilemma will not make similar decisions. Ethical Dilemma 5: Clear Code for grey Zones? 1. Use of employers resources for personal work has always been viewed as a serious ethical issue in ICT (Rogerson, 2009). In this case one of the employees has used employers laptop to visit websites that display material of explicit nature. He has conducted an unethical act which is restricted by strict company policy and code of conduct. Another issue involves him lending the employers laptop to his friend. According to the companys code of conduct no one except the employees are allowed to use company IT equipments. 2. This situation presents two possible courses of action either forget about the case because company as of now needs the experience and expertise of the person involved or terminate him for not abiding by the code of conduct. 3. The first alternative when views according to utilitarian perspective appears wrong because it will create a wrong impression in the mind of other employees and they too would start taking the code of conducts for granted (McDermid, 2008). However from a duty-based view it appears correct because company cannot afford to lose experience and expertise of Paul at this critical time (Department of Occupational Therapy, 2008). 4. The second alternative appears correct from utilitarian perspective because it will inform the employees that code of conduct treats everyone equally and are to be strictly followed (Murithi, 2009). It will prevent such incidents from happening in future. However from a duty-based view its wrong because it will create big problems for the company who is planning launch of a new marketing scheme (Rezaee, 2009) 5. I would straight away terminate the involved employee in order to adhere to the code of conducts. Not taking the matter seriously will encourage other employees and will create a negative perception for the company (Trevino Brown, 2004). 6. The code of conduct helps restricting unethical and improper use of company resources however they are being run by the managers so it completely depends on them whether the code of conduct is truly and ethically enforced for not. Ethical Dilemma 6: Who cares Whose Shares? 1. It is a case of ethical dilemma wherein I am uncertain whether I should share the companys confidential information with my best friend or now. Being an employee I should abide my duties and keep the information to myself until its officially out however at the same time i cannot break my friends trust by not informing him about the truth as he and his position will be equally affected by it. 2. Customers, employees and investors are the major stakeholders here. The new will have highest affect on customers using the herbicides, it will bring down the share prices which will affect investors like Freddie and his clients and all this will ultimately impact the employees. 3. I would use deontology theory to support my decision according to which I should abide by obligations and duties when analysing an ethical dilemma. My passing the information to Freddie would bring substantial affect on companys share price even before the release of the article. 4. Yes there is a difference between my action over the information I was given and passing that information to Freddie. Ethical Dilemma: A take off for responsible travel? 1. Ethical tourism refers to the tourism that benefits people and environment of different destinations (travelmatters, 2014). It comprises of activities that involve local products and people thus benefiting the society. 2. com is an online travel agent that allows its users to book travel packages online from travel agents how claim to support ethical tourism. They themselves dont offer travel packages rather perform pre-screening of holiday packages offered by tour companies in order to ensure that the travel will benefit local communities and have negligible negative impact on environment. 3. Tourism can be ethical by minimising negative impact it has on environment and society (Erll, et al., 2008). It should include activities that benefit the local community by using their product and services. 4. Ethical tourists can engage themselves in volunteer tourism which involves performing volunteering activities for underprivileged section of the society (travelmatters, 2014). They can become part of scientific and educational research, wildlife and forest conservation, and serving the local society. They should prefer travelling to nearby places and use local products and services that will ultimately benefit the local community. References Department of Occupational Therapy, (2008) Professional and Eductaional Conceptual Framework and Curriculum Philosophy. [Online] Erll, A., Grabes, H. Nnning, A., (2008) Ethics in Culture: The Dissemination of Values through Literature and Other Media. s.l.:Walter de Gruyter. Ferrell, O. C., Fraedrich, J. Ferrell, (2012) Business Ethics: Ethical Decision Making Cases. New York: Cengage Learning. Fisher, C. Lovell, A., (2006) Business Ethics and Values. Essex: Pearson Eductaion Limited. Keen, B., (2012) Applied Business Ethics: Power Living Through the Truth. Bloomington: iUniverse. McDermid, D., (2008) Ethics in ICT: An Australian Perspective. Melbourne: Pearson Higher Education AU. Murithi, T., (2009) The ethics of peacebuilding. Oxford: Edinburgh University Press. Rezaee, Z., (2009) Corporate Governance and Ethics. New Jersey: John Wiley Sons. Rogerson, S., (2009) Ethical dilemmas in ICT. [Online] StateUniversity.com, (2014) Government and The Changing Role of Education - Education As a Public Good, Standards and Efficiency, Equity and Accountability, Private Sector Alternatives, Conclusion. [Online] travelmatters, (2014) What is Ethical Tourism?. [Online] Trevino, L. K. Brown, M. E., (2004) Managing to be ethical:Debunking five business ethics myths. Academy of Management Executive, 18(2), p. 12.

Chapter Review free essay sample

RBCs are biconcave discs that lack mitochondria, ribosomes, and nuclei, and they contain a large amount of hemoglobin. RBCs transport oxygen, while WBCs are involved in immunity. The five types of WBCs vary in size from slightly lager to twice the diameter of an RBC, contain a prominent nucleus, and may contain granules with distinct staining properties. 24. How do elements of blood defend against toxins and pathogens in the body? WBCs defend against toxins and pathogens, Neutrophils, eosinophils, and monocytes engulf and digest bacteria, protozoa, fungi, viruses, and cellular debris. Lymphocytes specialize to attack 25. What is the role of blood in the stabilization and maintenance of body temperature? Blood stabilizes and maintains body temperature by absorbing and redistributing the heat produced by active skeletal muscles. Dermal capillaries dilate when body temperature rises, thereby increasing blood flow to the skin and dissipating the excess heat into the air. Dermal capillaries constrict when body temperature falls, thereby decreasing blood flow to the skin and conserving heat for internal organs that are more temperature sensitive. We will write a custom essay sample on Chapter Review or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 26. Describe the structure of hemoglobin. How does the structure relate to its function? Each molecule of hemoglobin consists of four protein subunits, each of which contains a single molecule of heme, a non-protein ring surrounding an iron ion. These central iron ions are what actually pick up and release oxygen molecules. 27. Why is aspirin sometimes prescribed for the prevention of vascular problems? Aspirin helps prevent vascular problems by inhibiting clotting. It inactivates platelet enzymes involved in the production of thromboxanes and prostaglandins, and it inhibits endothelial cell production of prostacyclin.