"Interpretation of Taxing statutes"
Interpretation of Taxing Statutes (Term Paper towards partial fulfillment of the assessment in the subject of Direct Taxation) Submitted by: Submitted to: Abhishek Kodap Mr. Manoj Kumar Singh Roll No.349 Faculty of Law VIIIth Semester National Law University, Jodhpur Winter Session (January - May 2009) ACKNOWLEDGMENTS I take this opportunity to express my gratitude and personal regards to Mr. Manoj Kumar Singh, for making this research possible. His support, guidance and advice throughout the research project are greatly appreciated. I would like to thank my parents, for encouraging throughout my all semesters and for bringing me into such a position to undertake such a term-paper. My batch mates, for encouraging me to work hard and extending their kind support. Also I am thankful to all those people who helped me in preparing this project. Yours Sincerely Abhishek Kodap Table Of Contents s.no. Pg. no Chapter 1 Taxing Statutes: Introduction 4 2 Chapter 2 General Principles of Strict Construction 5 3 Chapter 3 Evasion of Statutes 9 4 Chapter 4 Land mark Cases 1 5 Chapter 5 Judicial trend in India with regard to Interpretation of Taxing Statutes 4 6
Reform of the ultra vires rule.
Company Lawyer 987 Article REFORM OF THE ULTRA VIRES RULE Robert R. Pennington. Abstract: Prentice report. *103 In the following article Robert Pennington [FNa1] examines the proposals for reform of the ultra vires rule as put forward by Dr D Prentice in the consultative document commissioned by the DTI. Background In October 1986 the Department of Trade and Industry published a consultative document on the desirability and practicability of reforming the ultra vires rule as applied to companies registered under the Companies Acts. The greater part of the consultative document consists of a report on the present state of the law and proposals for its reform by Dr Daniel Prentice of Pembroke College, Oxford, who was commissioned by the Department to prepare the report. In his report Dr Prentice surveys the origin, development and changing content of the rule as elaborated by judicial decisions over the last 120 years, and he comes to the conclusion that the rule should be modified in several important respects, along with rules which are ancillary to it, such as the rule relating to constructive notice of matters required or filed in respect of a company at the Companies Registry. Dr Prentice also recommends that in the context of modern business it should also be made possible to incorporate at least private companies empowered to carry on any kind of business
"British company law has failed to come to grips with the problems posed by purely groups of companies - Adams v Cape Industries shows the dark side of this failure" - Explain and Discuss this Statement.
"British company law has failed to come to grips with the problems posed by purely groups of companies. Adams v Cape Industries shows the dark side of this failure" Explain and Discuss this Statement. In order to analyse the problems posed by groups of companies in British company law, it is essential to understand that the primary benefit of incorporation (excluding for the purposes of this work any fiscal advantages) is to acquire limited liability status. This essay will examine why the courts have been reluctant to "lift the veil" even if the interests of justice would seem to demand it. The starting point is that upon incorporation a metaphysical entity emerges from the ideas and aspirations of a human mind that is recognised, in law, as having a legal personality of its own, together with the rights, duties, obligations and liabilities that could normally be associated only with a natural person. Once created, the human mind(s) responsible retire into the background and control, as directors or shareholders, from a distance the creature created, receiving any profits yet safe in the knowledge that should the creature not behave as anticipated they are well protected and liable only to the limit of their shareholding or undertaking. The creature on the other hand, may wreak havoc upon the community; incurring liabilities of its own of many tens of millions of pounds
Section 14 states 'Subject to the provisions of this Act, the memorandum and articles, when registered, bind the company and its members to the same extent as if they respectively had been signed and sealed by each member, and contained covenants on the part of each member to observe all the provisions of the memorandum and articles' Lord Greene MR said of this provision that it had been "the subject of considerable controversy in the past, and it may very well be that there will be considerable controversy about it in the future" (Beattie v E and F Beattie Ltd  Ch 708 at p.721). Since Parliament enacted the Companies Act in the mid- 19th century, English companies legislation has contained a declaration that a company memorandum and articles of association constitute a contract which binds the members. At present, s.14 of the Companies Act 1985 establishes the statutory contract. The section stipulates that the memorandum and articles bind a company and its members as though these documents had been signed and sealed by each member and contained covenants on the part of each member to observe all their provision. Hoffman LJ did affirm the contractual status of the articles of association and the memorandum in the case of Harrison & Sons plc 1 and in Hickman v Kent or Romney Sheepbreeders Assoc 2, the articles contained clause saying disputes between
Question 1 There are three broad categories by which sovereignty (control or ownership) over territory may be obtained. These categories include conflict, cession and by occupation. Sovereignty over territory by conflict is when a country may decide to take territory by force, attacking the current inhabitants of the land using armies, military equipment, superior technology, etc. If victorious the attacking country will take control of the territory. As witnessed in the times of the Roman Empire when many battles were fought over territory. Sovereignty over territory can be reached by cession. One country willingly declares territory to another government. A common form of sovereignty by cession is a signed treaty between two countries. An example of control by cession is when the United States of America purchased Alaska from Russia. Sovereignty through occupation was common during early settlements. If no permanent residents or population occupy any given land space, new settlers occupying the area can obtain control. The settlement of Australia is an example of sovereignty through occupation. Although it is later to be found that the native Aboriginals of Australia were already the original inhabitants of the land. We still witness conflict with the developments of new weapons and waging warfare for strategic and monetary gain, cession by countries signing treaties
The academic debate concerning on the directors duties is one of the oldest issues in company law and the corporate governance. The common law gave the directors a large degree of latitude in terms of standard of care expected of them. Before Re City Equi
The academic debate concerning on the directors duties is one of the oldest issues in company law and the corporate governance. The common law gave the directors a large degree of latitude in terms of standard of care expected of them. Before Re City Equitable Fire Insurance Co. Ltd1, the duty was that "directors are bound to use fair and reasonable diligence in the management of their company affairs and to act honestly". After Re City Equitable Fire Insurance Co. Ltd, Romer J stated that a "director must act honestly and must also exercise some degree of both skill and diligence". Romer J added three guidelines to determine the director's duty of care. Firstly there is "no duty on a director to exhibit in the performance of the duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience". Secondly "a director is not bound to give continuous attention to the affairs of his company". Thirdly "in respect of all duties that, having regard to the exigencies of business, and the articles of association, may properly be left to some other official, a director is, in the absence of grounds for suspicion, justified in trusting that official to perform such duties honestly". In Norman v Theodore Goddard2, Hoffmann J accepted that the appropriate test was accurately stated in s 214(4) of the Insolvency Act 1986, which defines
The Policy Defence - Excessive in Implementation? Prior to the Ipp report, the insurance industry in Australia was in the midst of a crisis. Increasing numbers of claims and claims costs caused insurers to suffer increasing losses, translating
The Policy Defence - Excessive in Implementation? Prior to the Ipp report, the insurance industry in Australia was in the midst of a crisis1. Increasing numbers of claims and claims costs caused insurers to suffer increasing losses2, translating to higher insurance premiums. Of the many parties affected, local governments were among those most severely affected3. The crisis accentuated the public's mistrust of the law of negligence4. Confidence was further eroded with judgments that ran contrary to the public's sense of moral justice5. Thus, the Ipp Report was commissioned with an aim to re-instil public confidence in the law of negligence as well as to improve the affordability of public liability insurance6. Given the deadlines7 and the limited terms of reference8, it was unlikely to be a complete guide for reforms in the area of negligence. It would thus be unfair to brand the report, and the changes effected as a result, a failure. Therefore, while certain changes will inevitably attract criticism, credit should be given where due. Recommendations regarding negligence-based claims on statutory authorities9 and their respective implementations in the Civil Liability Acts of various states have been heavily criticized. Thus, the relevant recommendations and their implementation in the Civil Liability Act 2002 of Western Australia ("CLA") will form the focal point of this
Copyright Infringement (current events)
Current Event Chose to Discuss: Music Copyright Infringement Law Over the past few years Jammie Thomas, from Minnesota, mother of four, has been involved in a three year long court case, dating back to October 4th of 2007, involving copyright infringement. The Minnesota mother was alleged to have shared over 5,000 songs over her lifetime, 1,702 of them being on February 21st, 2005, however plaintiffs only sought relief for only 24 of those. Thomas contested that she was not the person behind the account and denied having shared any files, her lawyer then backed her story saying that somebody must have hacked into her account. A hard drive containing the copyrighted material was never presented at trial, though Thomas did give the courts a hard drive that did not have any trace of the material that she was being accused of sharing. It is worth noting that the judge instructed the jury that "making available" was enough to constitute an infringement. On October 4th, 2007, after 5 minutes of deliberation, the jury returned a verdict finding Thomas liable of willful infringement, and awarded damages in the amount of $222,000, a total of $9,250 per song. Once the guilty verdict was handed down, Thomas' lawyer then ordered a retrial on the basis that recent case law cast doubt on the theory of "making available" as infringement. After Thomas' original lawyer stepped down in
Corporate Groups Essay
Corporate Law Research Essay Student number: 1161322 . Corporate groups are common place in Australia today. Why do they pose problems in corporate law and is there a need to reform the operation of limited liability within these corporate groups? Word Count: 1, 998 Introduction Corporate groups are composed of 'two or more corporations that are affiliated with one another'1, maintaining a separate legal entity status. This fundamental principle of being a 'separate legal entity' was established in a milestone decision in Salomon v A Salomon & Co.2 Corporate groups are comprised of a collection of companies 'related3' to one another, formed in the context of a holding company and its subsidiaries. Notwithstanding these close relations, group responsibility of corporate members is basically ignored in Australia. Limited liability enshrines the existence of a separate personality, compelling liability on members to the value of their investment only.4 Due to notable corporate collapses like that of Ansett5, the suitability of this concept is regularly contested. Limited liability will be considered in the essay, with specific reference to cases of tort and insolvency. In addition, it will be argued that corporate group responsibility is inadequately provided for in legislation, and therefore reform is necessary to ensure that people dealing with those companies are not
Company law - case study on setting up a business.
B.1 (a) The setting up of a business involves the creation of a corporation. A corporation is an artificial legal person created by law and thus has rights and obligations which must be adhered to by law. There are two distinct types of corporation. In the case of David, Eleanor, Frank and Gina their corporation would be a 'corporation aggregate'. A corporation aggregate consists of a number of persons who, in law, form a single person, the single person would be DEFG (Boatcraft) Limited. Corporations aggregate can be further broken down into three different types of companies; chartered companies, statutory companies and registered companies. DEFG would come under the category of registered companies and are formed under the relevant company legislation, currently the Companies Act 1985. The four friends want their company to be a limited company and therefore their company would be a private company. The promotion of a company is concerned with taking the steps necessary for incorporation. The promotion of small private company will normally, although not exclusively, be carried out by the owner or owners of the pre-incorporated business (www.godloves.co.uk). An application for registering a corporation involves filing certain documentation with the Registrar of Companies. The documents required for registration are listed in section 10 of the Act1. The Memorandum