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Over 50 years of accurate, speedy, and affordable metal analysis. Dedicated Analytical Solutions for chemical analysis from Foss

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Sabtu, 12 Januari 2008

{Brainstormers -CA} Fwd: [aurangabad_ca] Fw: [aaykarbhavan] Tax shelter for co-operative societies.



girish kulkarni <grkmkj@yahoo.co.in> wrote:

To: aurangabad_ca@yahoogroups.com
From: girish kulkarni <grkmkj@yahoo.co.in>
Date: Sun, 13 Jan 2008 10:04:35 +0530 (IST)
Subject: [aurangabad_ca] Fw: [aaykarbhavan] Tax shelter for co-operative societies.



----- Forwarded Message ----
From: Karnav Dave <karnav.dave@gmail.com>
To: aaykarbhavan@googlegroups.com; aaykar <aaykarbhavan@yahoogroups.com>; auditing@yahoogroups.com; bangalorecas@yahoogroups.com; bhilai-ca@yahoogroups.com; ca_actioncommittee@yahoogroups.com; ca_alumni2004@yahoogroups.com; caassociation@yahoogroups.com; caclubindia@yahoogroups.com; cacscwaindia@yahoogroups.com; CAnotes@yahoogroups.co.in; caprofessional@yahoogroups.com; chartered_accountant_of_chhattisgarh@yahoogroups.com; givefactsFin_Accts@yahoogroups.co.in; mytaxgroup@googlegroups.com; SkorydovMyTaxAssistant@googlegroups.com; taxation@yahoogroups.com; taxconsultinggroup@yahoogroups.com; "IndiaCareers@yahoogroups.com" <IndiaCareers@yahoogroups.com>; Saral TDS <saraltds@googlegroups.com>; ICAI_CIRC_MEERUT_CA@yahoogroups.com
Sent: Saturday, 12 January, 2008 4:53:10 PM
Subject: [aaykarbhavan] Tax shelter for co-operative societies.

Tax shelter for co-operative societies
H.P. Ranina
Saturday, 12 January , 2008, 11:25
 

While a co-operative society is treated under the Income-tax Act, 1961, as an assessee for extending certain concessions in computing taxable income, the income of a co-operative society is not exempt in its entirety. The Act has classified co-operative societies on the basis of various activities carried out by them.

A co-operative society that is a consumer co-operative society has been treated differently from other types of co-operative societies. Co-operative societies engaged in the business of banking or providing facilities for industrial production or marketing are treated differently in the matter of grant of tax exemption or benefit of deduction in respect of income from various sources.
Letting out godowns
In the case of consumer co-operative societies engaged in activities other than co-operative societies prescribed under clause (a) or (b) of sub-section (2) of section 80-P of the Income-tax Act, 1961, the entire income has not been exempted but the minimum limit of taxable income has been made higher than for other assessees under the Act. Section 80-P(2)(e) deals with income derived by a co-operative society from letting out godowns or warehouses.
Storing of commodities by a trader or a consumer co-operative society of its �stock-in-trade� during the course of carrying on its business of trading does not fall within the ambit of the scheme of section 80-P(2)(e).
This provision grants exemption in respect of income derived from the letting of godowns or warehouses only where the purpose of letting is storage, processing or facilitating the marketing of commodities. (Surat Vankar Sahakari Sangh v. C.I.T. (79 I.T.R. 722); Udupi Taluk Agricultural Produce Co-operative Marketing Society Ltd v. C.I.T. (166 I.T.R. 365)).
This point was also considered by the Rajasthan High Court in C.I.T. v. Udaipur Shahkari Upbhokta Thok Bhandar Ltd. (295 I.T.R. 164). The facts in this case were that the assessee was a co-operative society engaged in running a consumer co-operative store and had 30 branches in Udaipur.
The assessee earned commission as wholesale dealer of controlled commodities, viz., wheat, rice and sugar. The commodities in question were declared as essential commodities and became part of regulated trade through the public distribution system in terms of orders issued by the appropriate Government under the Essential Commodities Act.
The assessee had its own godowns and had hired other godowns for the purpose of its business, including dealing in essential commodities. Wheat and rice are included in Schedule I of the Rajasthan Food Grains and Other Essential Articles (Regulation of Distribution) Order, 1976 and sugar is also included in Schedule II of the order. The assessee held licence as an �authorised wholesaler� under the provisions of the Order of 1976.
Deduction On Commission
The assessee claimed special deduction under section 80-P on the commission. It was claimed that the assessee was only acting as agent of the State Government for storing the essential commodities for facilitating public distribution of such commodities by the State Government and commission was paid to the assessee only for the purpose of storage of the essential commodities at its godowns. The Assessing Officer rejected the claim but the Commissioner of Income-tax (Appeals) and the Tribunal accepted it.
Activity of sale
On appeal, the Rajasthan High Court held that the assessee was a consumer co-operative society and second, it owned godowns and hired godowns for storing its merchandise, including essential commodities in which it was trading under an authorisation but it was not a society engaged in the activity of constructing warehouses for the purpose of earning income therefrom.
Earning income from leasing out warehouses was not the primary activity of the assessee but only incidental to its activity of dealing in consumer articles.
The wholesale authorisation was in Form B appended to the Order of 1976 containing terms and conditions under which the authorised holder has to carry on his trade of selling such commodities.
Frequent and independent use of the expression �sale of the essential commodities by the authorisation holder� - whether as authorised wholesaler or authorised fair price shopkeeper - indicated that authorisation holders were required to sell and purchase the essential commodities and not merely act as agent of the State Government nor were they subordinate to the State Government in any respect.
The break-up of the price showed that when the goods went out of the godowns of the Food Corporation of India, the price included the issue price plus octroi paid thereon and significantly also included �the sales tax chargeable on such issue price� and surcharge on sales tax.
This envisaged the passing of property in the commodity from the Food Corporation of India to the authorised holder on payment of sale consideration, which is an essential ingredient of the activity of sale.
The passing of property in the goods to the buyer was an essential ingredient of sale of goods to attract sales tax. The authorised holder was not an agent of the Government to hold stocks on behalf of the Government at its godowns but was a trader who received commodities under a transaction of sale and purchase.
On payment of price, the property in goods passed on to him. The additional amount received by the assessee was over and above the price paid by him. This was his gross profit. It was a misnomer to call it commission.
Defining �letting�
According to the Court, there is parity of expressions in respect of income derived from letting out of godowns or warehouses used in Section 80-P(2)(e) regulating the claim for deduction from total income and Section 10(29) regarding exemption of such income. If the owner of the warehouse does the warehousing activity for his own benefit, he will not get any tax benefit in respect of income from letting out of the warehouse.
In the latter provision, the term �marketing� clearly excludes the idea of an activity done for one�s own self. The word �marketing� has been used in the wider sense to include the various activities that generally go to form the trade of marketing.
Since the assessee was storing the commodities in question in a godown as a part of its own trading stock, it being a trader in the essential commodities in question, the provisions of 80-P(2)(e) were not applicable to the assessee. It was only entitled to claim deduction of expenses incurred on hiring of godowns, and the depreciation as may be allowable on the godowns owned by it as business assets, while computing income from its business.
To sum up, �letting,� in this sub-section, is used not in the technical sense but in a comprehensive sense to include a transaction under which the society stores the goods of its members or outsiders and renders them incidental services. In cases where the activities of the assessee include other activities to facilitate the marketing of commodities, it is for the assessee to determine such part of the income derived by it from the exempt activity.



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{Brainstormers -CA} Help - Manual of a construction and Contracting Company

Dear All,

 

Please help, urgently required accounting and finance manual draft of a construction and real estate contracting company, an early response is highly appreciable.

 

Thanks & Regards,

CA Anuj Garg

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{Brainstormers -CA} digest from www.indiancaonline.com for week ended 13-1-08

Bangalore Electricity Supply Company Limited
+Hotlist
Description :Entrustment of Revenue Audit to Chartered Accountants.

Last Date :11/02/2008

Address :General Manager, Procurement, Bangalore Electricity Supply Company Limited, K.R. Circle, Bangalore- 560001

Phone :080- 22354939

Comments >>

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By djain128, Section Empanelment Notices

Posted on Sat Jan 12, 2008 at 08:51:32 PM EST
Technical Education Vocational And Industrial Training HP
+Hotlist
Description :Approved Chartered accountants for conducting the Annual Audit of TEQP (World Bank Project) on the Directorate Office.

Last Date :15/01/2008

Address :Director, Technical Education, Vocational And Industrial Training, Himachal Pradesh, Sundernagar.

Comments >>

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By djain128, Section Empanelment Notices
Posted on Sat Jan 12, 2008 at 08:50:32 PM EST
Rajasthan University Of Health Sciences
+Hotlist
Description :Book Keeping And Maintenance Of accounts Works.

Last Date :29/01/2008

Address :Registrar, Rajasthan University Of Health Sciences, Kumbha Marg, Sector- 18, Pratap Nagar, Tonk Road, Jaipur- 302033

E-Mail :rajmed_university@rediffmail.com

Comments >>

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By djain128, Section Empanelment Notices
Posted on Sat Jan 12, 2008 at 08:49:40 PM EST
"Service Tax Refund On 12 More Export Services"
+Hotlist
Exporters hit by the strengthening rupee against the dollar may find some solace in the forthcoming Budget. The Finance Ministry is finalising a fresh set of a dozen export related services that could become eligible for service tax refund.

"The Finance Ministry has, in principle, approved providing service tax refund on export related services. There are certain technical issues relating to apportioning the tax on some of the services and the relation of the services to the export process which is now being sorted out," a Government source said.

Sources also said the Ministry of Commerce has prepared a separate Cabinet note asking for service tax refund on these 12 services, in case Budget 200809 fails to provide relief.

The Government has so far doled out sops worth over Rs 6,000 crore to exporters in the current fiscal to help cushion them from the impact of the rising value of the rupee.

If the domestic currency continues to rise, it is feared that the export sector, which accounts for around 15 per cent of GDP, could see over eight million job losses by the end of the fiscal. In addition, the cumulative revenues losses for companies, estimated to be Rs 25,000 crore so far, is expected to touch Rs 35,000 crore by March.

Clik on "Full Story" for more...

(398 words in story) Full Story 

http://www.indiancaonline.com/
By Sumit Kumar, Section Taxation - Service Tax
Posted on Sat Jan 12, 2008 at 01:21:19 AM EST
10-Year Tax Holiday For Industrial Park Developers
+Hotlist
In a bid to boost industrial infrastructure, the finance ministry today rolled out a 10-year income-tax holiday to developers who set up industrial parks between April 1, 2006 and March 31, 2009.

As per the Industrial Park Scheme 2008, notified by the Central Board of Direct Taxes today, the industrial park developers will be eligible for 100 per cent tax deduction.

Such deduction would be given for 10 consecutive assessment years out of 15 years after the commencement of operations of such units.

It is up to developers to choose which consecutive 10 years he wants for tax holidays. Similar tax rebate scheme was announced in 2002, but it lapsed in 2006.

Those parks, which were developed, operated or maintained during 2006-07, would have tax assessment year of 2007-08 and would have filed tax returns by now. They can now file a revised tax returns and claim the tax benefits, finance ministry officials said.

As per the criteria under this scheme, an industrial park should have at least 30 units. All units of a person and his associated enterprises will be treated as a single unit.

The industrial park will have to be owned by only one undertaking to avail of the tax benefit. The area allocated or to be allocated to industrial units will have to be at least 90 per cent of the allocable area, the notification said. -- PTI

Comments >> 

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By Leo11, Section Taxation - Income Tax
Posted on Fri Jan 11, 2008 at 04:43:14 AM EST
Can I Get A Income Tax Rebate on Professional Course?
+Hotlist
I work with an MNC in Delhi. In November I got admission to ICFAl University for a professional course, for which I submitted Rs 10,000 cash and six post-dated cheques (PDCs) of Rs 4,550 each. Can I get income tax rebate on this amount? Under which section?

The payment of fees for professional courses for self is not eligible for any rebate or deduction. However, if the assessee has taken any loan for the above payment, he may be entitled to claim deduction for interest on such loan u/s. 80E of the Income Tax Act, 1961.

Source: HT Bussiness January-11-2008

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By Mr Chitranjan, Section Ask Questions
Posted on Fri Jan 11, 2008 at 03:51:32 AM EST
A PAN Is Necessary To Invest In Mutual Funds Through SIPs ?
+Hotlist
My income is below taxable limit. I would like to invest in mutual funds through SIPs.Since a PAN is necessary for this, I am considering applying for it. What are the implications of having my PAN with regards to my investments?

Quoting PAN is mandatory for various types of transactions. Since you are making investment in mutual funds, you need to furnish your PAN to the mutual fund. As such, you have to apply for PAN. There are no implications if you have a PAN. It wm facilitate you for various purposes.

Source: HT Business January-11-2008

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By Mr Chitranjan, Section Ask Questions
Posted on Fri Jan 11, 2008 at 03:46:24 AM EST
Amar Kakaria, named the Youngest CA, CS, CWA' in India by The Limca Book of Records
+Hotlist
How does finding a place in the 'Limca Book of National Records' make you feel?
I am very happy as it has provided me with an opportunity to meet the expectations of my parents and make their dream come true.

Any specific reason you chose to study commerce over engineering, science, etc?
I always preferred commerce, particularly in the capital markets since I was a child. I used to regularly go through investment journals like Dalal Street/ The Economic Times, even during my school days.

How did you make the decision to do all three professional courses?
I had not thought of doing all three courses initially. Like any other CA student, I was planning to complete my CA and then start my own practice. However, on completion of CA Intermediate and graduation in the same academic year, I thought it would be a good idea to do a company secretaryship course along with CA final so I could acquire advanced knowledge of corporate laws and secretarial practice. Fortunately, in 2000, I completed my CA final and CS intermediate courses simultaneously. Since, age was still on my side, I decided to go for the ICWA course along with the CS final in order to join the coveted 'Triple Crown' club.

How did you manage your time? Did you have any study techniques?
I had taken three months study leave for the CA final exams and three weeks each for the CS final and CWA final exams. I had relied on study modules/suggested answers given by all three institutes for most of the subjects and used Bare Acts for Taxation/CorporateLaws. I studied one subject at a time in reverse order, so that I finished studying the first paper at the end. It helped my memory during the first few papers, which in turn boosted my confidence for the remaining papers.

What are your suggestions for students who face failures in these examinations?
Failure is very difficult to digest for any human being. I have tasted failure twice, while completing my BCom, due to some technical/clerical errors on the part of Pune University, which were corrected by them subsequently. I was fortunate to have the support of my family, teachers and friends at those moments.I would advise students to do a SWOT analysis on their own and identify weak areas so that they can work on them to improve their scores. One must have a positive attitude and should never give up. However, in the event of recurring failures, students should approach a career counsellor/teacher to get appropriate guidance for deciding their future action plan.

How can students update their knowledge base besides the course modules?
All three institutes publish monthly journals/newsletters for the benefit of students, which provide an array of useful information on professional topics, latest amendments, recent case-laws, etc. Further, students can also join knowledge-sharing forums like www.eminds.in, yahoo groups, etc.

What is your message for aspirants of CA, CS, CWA?
India is going through a strong phase and is expected to witness sustained growth over the next 25 years. Obviously, there's always going to be an increasing demand for qualified CA/CS/CWA professionals. The only thing you need to have is a focused approach with an urge to excel. Go ahead with full confidence, and success will definitely be yours.Times News Network

Comments >>

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By Leo11, Section News
Posted on Fri Jan 11, 2008 at 01:37:45 AM EST
M E F RBI Panel full list hosted in meficai.org,
+Hotlist
M E F RBI Panel full list hosted in meficai.org, after correction of errors

Comments >> 

By djain128, Section Empanelment Notices
Posted on Thu Jan 10, 2008 at 08:03:35 AM EST
Shri Vinod Rai takes over as Comptroller & Auditor General of India
+Hotlist
Vinod Rai, a 1972 batch IAS officer, on Monday took over as the Comptroller and Auditor-General of India. Mr. Rai, who replaces V. N. Kaul, was administered the oath by President Pratibha Patil at the Rashtrapati Bhavan.

Vice-President Hamid Ansari, Prime Minister Manmohan Singh and Finance Minister P Chidambaram were present.

Mr. Rai declined to share his priorities with the media though he said he was accepting the assignment "with deep humility... [and] I am looking forward to the job. It is an important assignment." He has been appointed for a term of six years or till he attains the age of 65, whichever is earlier.

Indian CA Online congratulate Mr Vinod Rai on his elation as Top Auditor of the country and wish him success

Comments >>

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By djain128, Section News
Posted on Thu Jan 10, 2008 at 07:57:52 AM EST
ICAI Presidents interview today (10th January, 2008) at Lok Sabha TV Channel
+Hotlist
ICAI Presidents interview today, (10th January, 2008) at Lok Sabha TV Channel on "CA/CS now allowed to advertise services"; please see the live telecast at 7.30 P.M. and repeat telecast at 11.00 P.M.  Tomorrow also there will be a repeat telecast at 3.00 P.M.

Comments >>

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By djain128, Section ICAI News
Posted on Thu Jan 10, 2008 at 07:51:05 AM EST
Instructions for updation of data for the year 2008-2009 for CAG empanelment
+Hotlist
OFFICE OF THE COMPTROLLER &AUDITOR GENERAL OF INDIA
10,Bahadur Shah Zafar Marg , New Delhi-110002

Instructions for updation of data for the year 2008-2009

  1.     The Chartered Accountant firms who had applied for empanelment during January-March 2007, for the years 2007-2008 and 2008-2009 can only update change their data.

  2.     The userid and password to access the data will be the same as allotted last year. Firms who do not remember their userid and password may use the option "Forgot password" to get the same. The email address entered for the purpose of obtaining the userid and password should be correct and in operation as the user id and password will be sent only to this email. In case password is not received within 24 hours this office may be contacted through email/telephone (as given in help desk).

  3.     The data already entered by the firm is displayed on the screen. The users may edit the required column to change update the data to reflect the status of the firm as on 01.01.2008 . The users should ensure that all the information has been filled in properly.

  4.     Firms whose ICAI Registration has been changed due to mergers etc. should, before submitting their online form, contact this office through email (giving full details of the changes made) for change of their ICAI registration number.

  5.     Even if there is no change in the data given last year, the firms are required to check their data and generate acknowledgement letter, which is required to be sent to this office along with the following documents.

(i)                Copy of online acknowledgement letter.

(ii)              Statement-I:  Undertaking signed by the sole proprietor/all full time partners of the firm as per format.

(iii)            Statement II:  Signatures of full time CA employees as per format.

(iv)           Statement III:  Computation of income of each partner/sole proprietor from firm/ other sources as per format.

(v)             Copy of partnership deed of the firm.

(vi)           Copy of the annual accounts of the CA firm along with all schedules for the year 2006-2007.

(vii)          A copy of the acknowledgement of I T return of the firm and of all full time partners/sole proprietors for the assessment year 2007-2008 along with computation of income submitted to IT authorities.

(viii)       Copy of CISA certificate in respect of members who have qualified CISA.

(ix)            Duly filled up check list to be placed on the top of the documents as per format.

(x)              Self addressed acknowledgment form for receipt of documents.

The above documents should be addressed to:

Director General (Commercial),
Office of the Comptroller & Auditor General of India,
10, Bahadur Shah Zafar Marg,
New Delhi-110 124

On top of the envelope containing the documents, the following should be stated:

     "Regarding: Application for empanelment of statutory Auditors"

  1.     The documents along with the acknowledgement letter generated during online updating should reach this office on or before 29th February 2008.

  2.      Documents should also be properly tagged and page numbered.  This office owns no responsibility for loss of any documents, which are not properly tagged or sent subsequently in piecemeal. Only applications complete in all respects will be considered. Incomplete applications or documents received after the prescribed last date will not be entertained. The decision of the Office of C&AG of India in this respect will be final.

  3.      The information submitted by the CA firms is subject to verification with the details to be provided by the Institute of Chartered Accountants of India.

  4.     This office reserve the right to inspect the offices of the Chartered Accountant firms empanelled with this office to verify the correctness of the information furnished in the application for empanelment.

10.Those firms who give false information or whose information furnished is found to be incorrect will be disqualified from empanelment/allotment of audit for a period of 3 years and may be liable for disciplinary action under the Chartered Accountants Act, 1949 and the regulations formed there under.

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By djain128, Section Empanelment Notices
Posted on Thu Jan 10, 2008 at 07:48:54 AM EST
MP Rural Road Development Authority
+Hotlist
Description :The Authority Intends to Appoint Chartered Accountants for Statutory Audit of the Project of the Financial Statements.

Last Date :25/01/2008

Address :General Manager, Govt. of Madhya Pradesh Rural Road Development Authority, Ving-II, 5th Floor, Paryavas Bhawan, Bhopal

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By djain128, Section Empanelment Notices
Posted on Thu Jan 10, 2008 at 07:38:02 AM EST
Bihar Rajya Pul Nirman Nigam Limited
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Description :Empanelment of Chartered accountants for Internal Audit of the Nigam for the Year 2008-09 And 2009-10.

Last Date :15/01/2008

Address :Managing Director, Bihar Rajya Pul Nirman Nigam Limited, 7, Sardar Patel Marg, Patna-800015.

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By djain128, Section Empanelment Notices
Posted on Thu Jan 10, 2008 at 07:29:08 AM EST
An FAQ on family arrangement
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There are some complex factors about family property which need to be clarified, says R.L. NARAYANAN

There is an impression that the more complex a document , the greater its value. This is not correct. Certain documents reducing an oral family arrangement to record are those which cover large-value properties.

The documents may be so simple that the simplicity itself may throw doubt on the documentation. Further, this is a matter which frequently comes up for discussions. The relevant queries are collated in question-answer format to enable an easy understanding.

1. What is a family arrangement?
Broadly speaking, it is an arrangement or an agreement between members of one family. It is usually in the nature of settling a dispute. The object is to preserve the property and the good name of the family by recognising that it is not in the good interest of the family for the members to engage in fights or disputes. It is essentially in the nature of a compromise. The idea is to preserve and protect the peace, security and the interest of the family and its members as a whole.

2. What are the critical aspects of a family arrangement?
The arrangement should be made in good faith. Good faith can be stated to be the essence of the family arrangement. It should not be made with a view to circumvent provisions of law relating to stamp duty or provide an advantageous position with regard to stamp duty and registration costs. It must not be in the nature of extinguishing or limiting the rights of a family member who is not a consenting party to the arrangement. It should be in the nature of settling disputes, promoting harmony and not in the nature of inciting disputes or disrupting the harmony. There should not be any fraud or undue influence played in any member or members of the family. It must be a voluntary arrangement.

3. What is the consideration involved in a family arrangement?
If you take the case of sale, the sale price is usually the consideration for conveyance of the property. However, in a family arrangement, the settlement of disputes, harmony within the family, honour of the family, prevention of disputes, compromise of disputes, preservation of property and, in general, matters in the nature of protecting the interest of all concerned will be treated as sufficient consideration, so long as the arrangement is made in good faith.

4. Can a family arrangement be made orally?
A family arrangement can be made orally. It is legally valid and recognised. However, all the critical factors of a valid family arrangement would be applied to find out whether such arrangement would be valid and fair. The circumstances have to be looked into.

5. What is the basis on which the rights of the members to a family arrangement is recognised?
A family arrangement is not treated as a conveyance. It is only in the nature of allocation, distribution, re-distribution or recognition of pre-existing rights. This is like re-alignment of rights. In the process, some of the pre-existing rights of one of more members may even be extinguished by their consent. So long as it meets the other requirements of a valid family arrangement, this is also recognised. The matter to be considered is the recognition of a claim or a right and not the transfer of the same even though there could be relinquishment by one or more members or acknowledgement of rights of others by one or more members.

6. What can be termed as a "Family Dispute"?
The dispute could relate to any aspect, but is usually relates to the rights or claims in respect of property, assets, enjoyment of rights in respect of properties, claims, shares, possible claims, family feuds, refusal to recognise rights of family members, etc.
It could relate to any aspect which may threaten the rights of any member or the family as a whole, if the disputes are prolonged or escalated or in the nature of creating situations or circumstances that the members are not able to meet eye to eye. It could be a genuine dispute or a controversy, rival claims, assertions and denials. It is unfortunate that many disputes revolve around the sheer ego of the persons involved. The law takes it that these disputes are not in the best interest of the members of the family.

7. Does a family arrangement require to be duly stamped and registered?
This depends on the manner in which the document is made. Generally, if it is a memorandum recording a past transaction or is a record or a chit or a list merely reducing the earlier oral family arrangement, then there may not be any necessity for payment of stamp duty and registration charges as this is not a document of title. Otherwise, if it is intended to be a document of title containing declarations of rights of parties, then it has to be properly stamped and registered. This is the most difficult and controversial part of family arrangements. It is advisable to obtain proper advice from a lawyer in this regard.

8. How to determine whether a particular document relating to a family arrangement requires to be stamped and registered?
This depends on various facts and circumstances and the document itself. One has to look into the manner in which it is made; the phraseology and wordings employed; the setting out of rights and terms and conditions; reference to pre-existing rights of the members; reference to the parties being members of Joint Hindu Family; timing of the document, besides other matters which may be relevant on a case to case basis.

9. What is the difference between a family arrangement and partition?
A family arrangement may be based on disputed or potential or possible or even notional claims. In a partition, there should be very clear pre-existing rights. In a family arrangement, as is obvious, some degree of relationship is involved. A partition can be entered into between persons who have no family relationship, but are co-owners of property. A family arrangement can be in the nature of re-aligning, re-distributing or even consolidating certain claims and rights. A partition is always in the nature of division of property. There could be other differences on a case-to-case basis.

10. Is it possible to have a summary of matters relating to family arrangement?
A family arrangement can be made orally. It need not be necessarily reduced to writing. If it is implemented in oral form, the question of stamping or registration does not arise.
Depending on the wordings employed, facts and circumstances and other factors, it may or may not required to be stamped and registered. Each document has to be scrutinised on the basis of the wordings contained in the document to arrive at a conclusion whether the same requires to be stamped and registered or otherwise.
At times, it may only be stamped, but not registered in which case it can be looked into for collateral purposes. If it is required to be stamped and registered, but is not properly stamped and registered, it cannot be looked into for any purpose. Whether a purpose is collateral or not, is a matter which has to be gathered from the facts and circumstances concerned.

Source  ramachandran_ca@yahoo.co.in  at Yahoogroups

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By djain128, Section Ask Questions
Posted on Sun Jan 06, 2008 at 02:04:51 AM EST

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Re: {Brainstormers -CA} C & AG EMPANELMEN




Dear members.


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Dear Martinji,
                    For C& AG updation of profile kindly log on to www.cag.gov.in.
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Somewhere I read that the C &AG web site will be open for updation of
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