Showing posts with label Others. Show all posts
Showing posts with label Others. Show all posts

09 August 2016

Legal Maxim's & Meanings


A

A mensa et thoro - From bed and board.
A vinculo matrimonii - From the bond of matrimony.
Ab extra - From outside.
Ab initio - From the beginning.
Absoluta sententia expositore non indiget - An absolute judgment needs no expositor.
Abundans cautela non nocet - Abundant caution does no harm.
Accessorium non ducit sed sequitur suum principale - An accessory does not draw, but follows its principal.
Accessorius sequitur - One who is an accessory to the crime cannot be guilty of a more serious crime than the principal offender.
Acta exteriora iudicant interiora secreta - Outward acts indicate the inward intent.
Actio non accrevit infra sex annos - The action has not accrued within six years.
Actio non datur non damnificato - An action is not given to one who is not injured.
Actio personalis moritur cum persona - A personal action dies with the person.
Actiones legis - Law suits.
Actori incumbit onus probandi - The burden of proof lies on the plaintiff.
Actus nemini facit injuriam - The act of the law does no one wrong.
Actus non facit reum nisi mens sit rea - The act does not make one guilty unless there be a criminal intent.
Actus reus - A guilty deed or act.
Ad ea quae frequentius acciduunt jura adaptantur - The laws are adapted to those cases which occur more frequently.
Ad hoc - For this purpose.
Ad infinitum - Forever, without limit, to infinity.
Ad perpetuam rei memoriam - For a perpetual memorial of the matter.
Ad quaestionem facti non respondent judices; ad quaestionem legis non respondent juratores - The judges do not answer to a question of fact; the jury do not answer to a question of Law.
Aedificare in tuo proprio solo non licet quod alteri noceat - It is not lawful to build on one's own land what may be injurious to another.
Aequitas legem sequitur - Equity follows the law.
Aequitas nunquam contravenit legem - Equity never contradicts the law.
Alibi - At another place, elsewhere.
Alienatio rei praefertur juri accrescendi - Alienation is preferred by law rather than accumulation.
Aliunde - From elsewhere, or, from a different source
Allegans contraria non est audiendus - One making contradictory statements is not to be heard.
Allegans suam turpitudinem non est audiendus - One alleging his own infamy is not to be heard.
Allegatio contra factum non est admittenda - An allegation contrary to a deed is not to be heard.
Ambiguitas contra stipulatorem est - An ambiguity is most strongly construed against the party using it.
Ambiguitas verborum patens nulla verificatione excluditur - A patent ambiguity is never helped by averment.
Amicus curiae - A friend of the Court.
Angliae jura in omni casu libertati dant favorem - The laws of England are favorable in every case to liberty.
Animo furandi - With an intention of stealing.
Animo testandi - With an intention of making a will.
Annus luctus - The year of mourning.
Ante - Before.
Aqua currit et debet currere, ut currere solebat - Water runs and ought to run.
Arbitrium est judicium - An award is a judgment.
Arbor dum crescit; lignum cum crescere nescit - A tree while it grows, wood when it cannot grow.
Argumentum ab auctoritate fortissimum est in lege - An argument drawn from authority is the strongest in law.
Argumentum ab impossibilii plurimum valet in lege - An argument from impossibility is very strong in law.
Argumentum ad hominem - An argument directed a the person.
Argumentum ad ignoratiam - An argument based upon ignorance (i.e. of one's adversary).
Arma in armatos sumere jura sinunt - The laws permit the taking up of arms against the armed.
Assentio mentium - The meeting of minds, i.e. mutual assent.
Assignatus utitur jure auctoris - An assignee is clothed with rights of his assignor.
Audi alteram partem - Hear the other side.
Aula regis - The King's Court.

B

Benignior sententia in verbis generalibus seu dubiis est preferenda - The more favorable construction is to be placed on general or doubtful words.
Bis dat qui cito dat - He gives (pays) twice who pays promptly. 
Bona fide - Sincere, in good faith
Bona vacantia - Goods without an owner
Boni judicis est ampliare jurisdictionem - It is the part of a good judge to enlarge his jurisdiction, i.e. remedial authority.
Boni judicis est judicium sine dilatione mandare executioni - It is the duty of a good judge to cause execution to issue on a judgment without delay.
Boni judicis lites dirimere est - It is the duty of a good judge to prevent litigation.
Bonus judex secundum aequum et bonum judicat et aequitatem stricto juri praefert - A good judge decides according to justice and right and prefers equity to strict law.
Breve judiciale non cadit pro defectu formae - A judicial writing does not fail through defect of form.

C

Cadit quaestio - The matter admits of no further argument.
Cassetur billa (breve) - Let the writ be quashed.
Casus fortuitus non est spectandus; et nemo tenetur divinare - A fortuitous event is not to be foreseen and no person is bound to divine it.
Catalla reputantur inter minima in lege - Chattels are considered in law among the minor things.
Causa proxima, non remota spectatur - The immediate, and not the remote cause is to be considered.
Caveat emptor - Let the purchaser beware.
Caveat venditor - Let the seller beware.
Cepi corpus et est languidum - I have taken the body and the prisoner is sick.
Cepi corpus et paratum habeo - I have taken the body and have it ready.
Ceteris paribus - Other things being equal.
Consensu - Unanimously or, by general consent.
Consensus ad idem - Agreement as to the same things.
Consuetudo loci observanda est - The custom of the place is to be observed.
Contemporanea expositio est optima et fortissima in lege - A contemporaneous exposition is best and most powerful in law.
Contra - To the contrary.
Contra bonos mores - Against good morals.
Contra non valentem agere nulla currit praescriptio - No prescription runs against a person not able to act.
Contractus est quasi actus contra actum - A contract is an act as it were against an act.
Conventio et modus vincunt legem - A contract and agreement overcome the law.
Conventio privatorum non potest publico juri derogare - An agreement of private persons cannot derogate from public right.
Coram Domino Rege - In the presence of our Lord the King.
Coram non judice - Before one who is not a judge.
Corpus - Body.
Corpus delicti - The body, i.e. the gist of crime.
Corpus humanum non recipit aestimationem - A human body is not susceptible of appraisement. 
Crescente malitia crescere debet et poena - Vice increasing, punishment ought also to increase.
Crimen omnia ex se nata vitiat - Crime vitiates every thing, which springs from it.
Crimen trahit personam - The crime carries the person.
Cujus est dare, ejus est disponere - He who has a right to give has the right to dispose of the gift.
Cujus est solum, ejus est usque ad coelam; et ad inferos - He who owns the soil owns it up to the sky; and to its depth.
Cum duo inter se pugnantia reperiuntur in testamentis ultimum ratum est - When two things repugnant to each other are found in a will, the last is to be confirmed.
Cursus curiae est lex curiae - The practice of the court is the law of the court.
Custos morum - A guardian of morals.

D

Damnum sine injuria - damage without legal injury.
De bonis asportatis - Of goods carried away.
De bonis non administratis - Of goods not administered.
De die in diem - From day to day.
De facto - In fact.
De futuro - In the future.
De integro - As regards the whole.
De jure - Rightful, by right.
De minimis lex non curat - The law does not notice trifling matters.
De novo - Starting afresh.
Debile fundamentum fallit opus - Where there is a weak foundation, the work fails.
Debita sequuntur personam debitoria - Debts follow the person of the debtor.
Debitor non praesumitur donare - A debtor is not presumed to make a gift.
Debitum et contractus sunt nullius loci - Debt and contract are of no particular place.
Debitum in praesenti, solvendum in futuro - A present debt is to be discharged in the future.
Delegata potestas non potest delegari - A delegated authority cannot be again delegated.
Derivativa potestas non potest esse major primitiva - The power which is derived cannot be greater than that from which it is derived.
Deus solus haeredem facere potest, non homo - God alone, not man, can make an heir.
Dies Dominicus non est juridicus - Sunday is not a day in law.
Discretio est discernere per legem quid sit justum - Discretion is to discern through law what is just.
Doli incapax - Incapable of crime.
Dominium - Ownership.
Domus sua cuique est tutissimum refugium - Every man s house is his safest refuge.
Dona clandestina sunt semper suspiciosa - Clandestine gifts are always suspicious.
Dormiunt leges aliquando, nunquam moriuntur - The laws sometimes sleep, but never die.
Doti lex favet; praemium pudoris est; ideo parcatur - The law favors dower; it is the reward of chastity, therefore let it be preserved.
Dubitante - Doubting the correctness of the decision.
Duo non possunt in solido unam rem possidere - Two cannot possess one thing each in entirety.

E

Ei incumbit probatio qui - The onus of proving a fact rests upon the man.
Ei incumbit probatio qui dicit, non qui negat - The burden of the proof lies upon him who affirms, not he who denies.
Error, qui non resistitur approbatur - An error not resisted is approved.
Et cetera - Other things of that type.
Ex cathedra - With official authority.
Ex concessis - In view of what has already been accepted/
Ex dolo malo actio non oritur - A right of action cannot arise out of fraud.
Ex facie - On the fact of it.
Ex gratia - Out of kindness, voluntary.
Ex nihilo nil fit - From nothing nothing comes.
Ex nudo pacto actio non oritur - No action arises on a contract without a consideration.
Ex parte - Proceeding brought by one person in the absence of another.
Ex post facto - By reason of a subsequent act.
Ex praecedentibus et consequentibus optima fit interpretatio - The best interpretation is made from things preceding and following.
Ex turpi causa non oritur actio - No action arises on an immoral contract.
Exceptio probat regulam - An exception proves the rule.
Executio est executio juris secundum judicium - Execution is the fulfillment of the law in accordance with the judgment.
Executio est finis et fructus legis - An execution is the end and the fruit of the law.
Executio legis non habet injuriam - Execution of the law does no injury.
Extra legem positus est civiliter mortuus - One out of the pale of the law (i.e. an outlaw) is civilly dead.

F

Faciendum - Something which is to be done.
Factum - An act or deed.
Facultas probationum non est angustanda - The right of offering proof is not to be narrowed.
Falsa demonstratio non nocet - A false description does not vitiate.
Fatetur facinus qui judicium fugit - He who flees judgment confesses his guilt.
Felix qui potuit rerum cognoscere causas - Happy is he who has been able to understand the causes of things.
Felonia implicatur in qualibet proditione - Felony is implied in every treason.
Festinatio justitiae est noverca infortunii - The hurrying of justice is the stepmother of misfortune.
Fictio cedit veritati; fictio juris non est, ubi veritas - Fiction yields to truth. Where truth is, fiction of law does not exist.
Fides servanda est - Good faith is to be preserved.
Fieri facias (abreviated fi. fa.) - That you cause to be made.
Filiatio non potest probari - Filiation cannot be proved.
Firmior et potentior est operatio legis quam dispositio hominis - The operation of law is firmer and more powerful than the will of man.
Forma legalis forma essentialis est - Legal form is essential form.
Fortior est custodia legis quam hominis - The custody of the law is stronger than that of man.
Fractionem diei non recipit lex - The law does not regard a fraction of a day.
Fraus est celare fraudem - It is a fraud to conceal a fraud.
Fraus est odiosa et non praesumenda - Fraud is odious and is not to be presumed.
Fraus et jus nunquam cohabitant - Fraud and justice never dwell together.
Fructus naturales - Vegetation which grows naturally without cultivation.
Frustra probatur quod probatum non relevat - That is proved in vain which when proved is not relevant.
Furor contrahi matrimonium non sinit, quia consensus opus est - Insanity prevents marriage from being contracted because consent is needed.

G

Generale nihil certum implicat - A general expression implies nothing certain.
Generalia praecedunt, specialia sequuntur - Things general precede, things special follow.
Generalia specialibus non derogant - Things general do not derogate from things special.
Generalis regula generaliter est intelligenda - A general rule is to be generally understood.
Gravius est divinam quam temporalem laedere majestatem - It is more serious to hurt divine than temporal majesty.

I

Id est (i.e) - That is.
Id quod commune est, nostrum esse dicitur - That which is common is said to be ours.
Idem - The same person or thing.
Idem nihil dicere et insufficienter dicere est - It is the same to say nothing as not to say enough.
Ignorantia facti excusat, ignorantia juris non excusat - Ignorance of fact excuses, ignorance of law does not excuse.
Imperium in imperio - A sovereignty within a sovereignty.
Impotentia excusat legem - Impossibility is an excuse in the law.
Impunitas semper ad deteriora invitat - Impunity always leads to greater crimes.
In aequali jure melior est conditio possidentis - When the parties have equal rights, the condition of the possessor is better.
In alta proditione nullus potest esse acessorius; sed principalis solum modo - In high treason no one can be an accessory; but a principal only.
In Anglia non est interregnum - In England there is no interregnum.
In camera - In private.
In casu extremae necessitatis omnia sunt communia - In a case of extreme necessity everything is common. 
In criminalibus probationes debent esse luce clariores - In criminal cases the proofs ought to be cleared than the light.
In curia domini regis, ipse in propria persona jura discernit - In the King s Court, the King himself in his own person dispenses justice.
In delicto - At fault.
In esse - In existence.
In extenso - At full length.
In fictione legis aequitas existit - A legal fiction is consistent with equity.
In foro conscientiae - In the forum of conscience.
In futoro - In the future.
In jure non remota causa sed proxima spectatur - In law not the remote but the proximate cause is looked at.
In limine - At the outset, on the threshold.
In loco parentis - In place of the parent.
In mortua manu - In a dead hand.
In novo casu novum remedium apponendum est - In a new case a new remedy is to be applied.
In omni re nascitur res quae ipsam rem exterminat - In everything is born that which destroys the thing itself.
In omnibus - In every respect.
In pari delicto potior est conditio possidentis - When the parties are equally in the wrong the condition of the possessor is better.
In personam - Against the person.
In pleno - In full.
In quo quis delinquit in eo de jure est puniendus - In whatever thing one offends in that he is to be punished according to law.
In re dubia magis inficiatio quam affirmatio intelligenda - In a doubtful matter the negative is to be understood rather than the affirmative.
In republica maxime conservanda sunt jura belli - In a State the laws of war are to be especially observed.
In situ - In its place.
In terrorem - As a warning or deterrent.
In testamentis plenius testatoris intentionem scrutamur - In wills we seek diligently the intention of the testator.
In traditionibus scriptorum non quod dictum est, sed quod gestum est, inspicitur - In the delivery of writings (deeds), not what is said but what is done is to be considered.
In verbis, non verba sed res et ratio quaerenda est - In words, not words, but the thing and the meaning are to be inquired into.
Indicia - Marks, signs.
Injuria non excusat injuriam - A wrong does not excuse a wrong.
Intentio inservire debet legibus, non leges intentioni - Intention ought to be subservient to the laws, not the laws to the intention.
Inter alia - Amongst other things.
Interest reipublicae res judicatas non rescindi - It is in the interest of the State that things adjudged be not rescinded.
Interest reipublicae suprema hominum testamenta rata haberi - It is in the interest of the State that men s last wills be sustained.
Interest reipublicae ut quilibet re sua bene utatur - It is in the interest of the State that every one use properly his own property.
Interest reipublicase ut sit finis litium - It is in the interest of the State that there be an end to litigation.
Interim - Temporary, in the meanwhile.
Interpretare et concordare leges legibus est optimus interpretandi modus - To interpret and harmonize laws is the best method of interpretation.
Interpretatio fienda est ut res magis valeat quam pereat - Such a construction is to be made that the thing may have effect rather than it should fail.
Interruptio multiplex non tollit praescriptionem semel obtentam - Repeated interruption does not defeat a prescription once obtained.
Invito beneficium non datur - A benefit is not conferred upon one against his consent.
Ipsissima verba - The very words of a speaker.
Ipso facto - By that very fact.
Ira furor brevis est - Anger is brief insanity.
Iter arma leges silent - In war the laws are silent.

J

Judex est lex loquens - A judge is the law speaking.
Judex non potest esse testis in propira causa - A judge cannot be witness in his own cause.
Judex non potest injuriam sibi datam punire - A judge cannon punish a wrong done to himself.
Judex non reddit plus quam quod petens ipse requirit - A judge does not give more than the plaintiff himself demands.
Judiciis posterioribus fides est adhibenda - Faith must be given to later decisions.
Judicis est judicare secundum allegata et probata - It is the duty of a judge to decide according to the allegations and the proofs.
Judicium non debet esse illusorium, suum effectum habere debet - A judgment ought not to be illusory; it ought to have its proper effect.
Juduces non tenentur exprimere causam sententiae suae - Judges are not bound to explain the reason of their judgment.
Jura naturae sunt immutabilia - The laws of nature are immutable.
Jura publica anteferenda privatis juribus - Public rights are to be preferred to private rights.
Juramentum est indivisibile et non est admittendum in parte verum et in parte falsum - An oath is indivisible and it is not to be held partly true and partly false.
Jurare est Deum in testem vocare, et est actus divini cultus - To swear is to call God to witness and is an act of divine worship.
Jus - A right that is recognised in law.
Jus accrescendi praefertur oneribus - The right of survivorship is preferred to incumbrances.
Jus ad rem; jus in re - A right to a thing; a right in a thing.
Jus dicere, non jus dare - To declare the law, not to make the law.
Jus est norma recti; et quicquid est contra normam recti est injuria - The law is a rule of right; and whatever is contrary to a rule of right is an injury.
Jus naturale - Natural justice.
Jus naturale est quod apud omnes homines eandem habet potentiam - Natural right is that which has the same force among all men.
Jus scriptum aut non scriptum - The written law or the unwritten law.
Jusjurandum inter alios factum nec nocere nec prodesse debet - An oath made between third parties ought neither to hurt nor profit.
Justitia est duplec; severe puniens et vere praeveniens - Justice is two-fold; severely punishing and in reality prohibiting (offences).
Justitia firmatur solium - The throne is established by justice.
Justitia nemini neganda est - Justice is to be denied to no one

L

Leges posteriores priores contrarias abrogant - Subsequent laws repeal prior conflicting ones.
Legibus sumptis desinentibus legibus naturae utendum est - When laws imposed by the State fail, we must use the laws of nature.
Lex aliquando sequitur aequitatem - The law sometimes follows equity.
Lex citius tolerare vult privatum damnum quam publicum malum - The law would rather tolerate a private injury than a public evil.
Lex dabit remedium - The law will give a remedy.
Lex dilationes abhorret - The law abhors delays.
Lex est judicum tutissimus ductor - The law is the safest guide for judges.
Lex est sanctio sancta jubens honesta et prohibens contraria - The law is a sacred sanction, commanding what is right and prohibiting the contrary.
Lex indendit vicinum vicini facta scire - The law presumes that one neighbor knows the acts of another.
Lex necessitatis est lex temporis i.e. instantis - The law of necessity is the law of time, that is time present.
Lex neminem cogit ad vana seu impossiblia - The law compels no one to do vain or impossible things.
Lex nil frustra facit - The law does nothing in vain.
Lex non a rege est violanda - The law must not be violated even by the King.
Lex non deficere potest in justitia exhibenda - The law cannot fail in dispensing justice.
Lex non novit patrem, nec matrem; solam veritatem - The law does not know neither father nor mother, only the truth.
Lex non oritur ex injuria - The law does not arise from a mere injury.
Lex non requirit verificari quod apparet curiae - The law does not require that to be proved which is apparent to the Court.
Lex non favet delicatorum votis - The law does not favor the wishes of the dainty.
Lex plus laudatur quando ratione probatur - The law is the more praised when it is supported by reason.
Lex prospicit not respicit - The law looks forwared, not backward.
Lex punit mendaciam - The law punishes falsehood.
Lex rejicit superflua, pugnatia, incongrua - The law rejects superfluous, contradictory and incongruous things.
Lex spectat naturae ordinem - The law regards the order of nature.
Lex succurrit ignoranti - The law succors the ignorant.
Lex tutissima cassis, sub clypeo legis nemo decipitur - Law is the safest helmet; under the shield of the law no one is deceived.
Lex uno ore omnes alloquitur - The law speaks to all through one mouth.
Longa possessio est pacis jus - Long possession is the law of peace.
Longa possessio parit jus possidendi et tollit actionem vero domino - Long possession produces the right of possession and takes away from the true owner his action.

M

Magister rerum usus; magistra rerum experientia - Use is the master of things; experience is the mistress of things.
Major continet in se minus - The greater contains the less.
Majus est delictum se ipsum occidere quam alium - It is a greater crime to kill one s self than another.
Mala fide - In bad faith.
Mala grammatica non vitiat chartam - Bad grammar does not vitiate a deed.
Mala in se - Bad in themselves.
Mala prohibita - Crimes prohibited.
Malitia supplet aesatem - Malice supplies age.
Malo animo - With evil intent.
Mandamus - We command.
Maximus magister erroris populus est - The people are the greatest master of error.
Melior est conditio possidentis, ubi neuter jus habet - Better is the condition of the possessor where neither of the two has the right.
Melior testatoris in testamentis spectanda est - In wills the intention of a testator is to be regarded.
Meliorem conditionem suam facere potest minor deteriorem nequaquam - A minor can make his position better, never worse.
Mens rea - Guilty state of mind.
Mentiri est contra mentem ire - To lie is to act against the mind.
Merito beneficium legis amittit, qui legem ipsam subvertere intendit - He justly loses the benefit of the law who seeks to infringe the law.
Minatur innocentibus qui parcit nocentibus - He threatens the innocent who spares the guilty.
Misera est servitus, ubi jus est vagum aut incertum - It is a miserable slavery where the law is vague or uncertain.
Mors dicitur ultimum supplicium - Death is called the extreme penalty.
Muilta exercitatione facilius quam regulis percipies - You will perceive many things more easily by experience than by rules.

N

Nam nemo haeres viventis - For no one is an heir of a living person.
Naturae vis maxima est - The force of nature is the greatest.
Necessitas inducit privilegium quoad jura privata - With respect to private rights necessity induces privilege.
Necessitas non habet legem - Necessity has no law.
Necessitas publica est major quam privata - Public necessity is greater than private necessity.
Negligentia semper habet infortuniam comitem - Negligence always has misfortune for a companion.
Nemo admittendus est inhabilitare se ipsum - No one is allowed to incapacitate himself.
Nemo bis punitur pro eodem delicto - No one can be twice punished for the same offence.
Nemo cogitur suam rem vendere, etiam justo pretio - No one is bound to sell his own property, even for a just price.
Nemo contra factum suum venire potest - No man can contradict his own deed.
Nemo debet esse judex in propria causa - No one can be judge in his own case.
Nemo plus juris transferre ad alium potest quam ipse habet - No one can transfer to another a larger right than he himself has.
Nemo potest contra recordum verificare per patriam - No one can verify by the country, that is, through a jury, against the record.
Nemo potest esse tenens et dominus - No one can at the same time be a tenant and a landlord (of the same tenement).
Nemo potest facere per alium, quod per se non potest - No one can do through another what he cannot do himself.
Nemo potest mutare consilium suum in alterius injuriam - No one can change his purpose to the injury of another.
Nemo praesumitur esse immemor suae aeternae salutis et maxime in articulo mortis - No one is presumed to be forgetful of his eternal welfare, and particularly in the hour of death.
Nemo prohibetur pluribus defensionibus uti - No one is forbidden to make use of several defences.
Nemo punitur pro alieno delicto - No one is punished for the crime of another.
Nemo se accusare debet, nisi coram Deo - No one should accuse himself except in the presence of God.
Nemo tenetur accusare se ipsum nisi coram Deo - No one is bound to accuse himself except in the presence of God.
Nemo tenetur armare adversarium contra se - No one is bound to arm his adversary against himself.
Nexus - Connection
Nihil quod est inconveniens est licitum - Nothing inconvenient is lawful.
Nil facit error nominis cum de corpore constat - An error of name makes not difference when it appears from the body of the instrument.
Nisi - Unless
Non compus mentis - Not of sound mind and understanding
Non constat - It is not certain
Non decipitur qui scit se decipi - He is not deceived who knows that he is deceived.
Non definitur in jure quid sit conatus - What an attempt is, is not defined in law.
Non est arctius vinculum inter homines quam jusjurandum - There is no stronger link among men than an oath.
Non est factum - It is not his deed
Non est informatus - He is not informed.
Non facias malum ut inde veniat bonum - You shall not do evil that good may come of it.
Non jus, sed seisina, facit stipitem - Not right, but seisin makes a stock (from which the inheritance must descend).
Non refert quid notum sit judici si notum non sit in forma judicii - It matters not what is known to the judge if it is not known judicially.
Non sequitur - An inconsistent statement, it does not follow
Nullus commodum capere potest ex sua injuria propria - No one can derive an advantage from his own wrong.
Nullus recedat e curia cancellaria sine remedio - No one should depart from a Court of Chancery without a remedy.

O

Omne sacramentum debet esse de certa scientia - Every oath ought to be of certain knowledge.
Omnia delicta in aperto leviora sunt - All crimes (committed) in the open are (considered) lighter.
Omnia praesumuntur contra spoliatorem - All things are presumed against a wrongdoer.
Omnis innovatio plus novitate perturbat quam utilitate prodeat - Every innovation disturbs more by its novelty than it benefits by its utility.
Optima legum interpres est consuetudo - The best interpreter of laws is custom.
Optimus interpres rerum est usus - The best interpreter of things is usage.

P

Pacta privata juri publico non derogare possunt - Private contracts cannot derogate from public law.
Par delictum - Equal fault.
Pari passu - On an equal footing.
Partus sequitur ventrem - The offspring follows the mother.
Pater est quem nuptiae demonstrant - The father is he whom the marriage points out.
Peccata contra naturam sunt gravissima - Wrongs against nature are the most serious.
Pendente lite nihil innovetur - During litigation nothing should be changed.
Per curiam - In the opinion of the court.
Per minas - By means of menaces or threats.
Per quod - By reason of which.
Post mortem - After death.
Prima facie - On the face of it.
Prima impressionis - On first impression.
Pro hac vice - For this occasion.
Pro rata - In proportion.
Pro tanto - So far, to that extent.
Pro tempore - For the time being.
Publici juris - Of public right.

Q

Quaeitur - The question is raised.
Quantum - How much, an amount.
Qui facit per alium, facit per se - He who acts through another acts himself.
Qui haeret in litera, haeret in cortice - He who stices to the letter, sticks to the bark.
Qui in utero est, pro jam nato habetur, quoties de ejus commodo quaeritur - He who is in the womb is considered as already born as far as his benefit is considered.
Qui non habet potestatem alienandi, habet necessitatem retinendi - He who has not the power of alienating is under the necessity of retaining.
Qui non habet, ille non dat - He who has not, does not give.
Qui non improbat, approbat - He who does not disapprove, approves.
Qui non obstat quod obstare potest facere videtur - He who does not prevent what he is able to prevent, is considered as committing the thing.
Qui non prohibet quod prohibere potest assentire videtur - He who does not prohibit when he is able to prohibit, is in fault.
Qui peccat ebrius, luat sobrius - He who does wrong when drunk must be punished when sober.
Qui potest et debet vetare et non vetat jubet - He who is able and ought to forbit and does not, commands.
Qui prior est tempore potior est jure - He who is prior in time is stronger in right.
Qui sentit commodum, debet et sentire onus - He who derives a benefit ought also to bear a burden.
Qui tacet consentire videtur - He who is silent appears to consent.
Quid pro quo - Consideration. something for something.
Quidcquid plantatur solo, solo cedit - Whatever is planted in or affixed to the soil, belongs to the soil.
Quod ab initio non valet, in tractu temporis non convalescit - What is not valid in the beginning does not become valid by time.
Quod constat curiae opere testium non indiget - What appears to the Court needs not the help of witnesses.
Quod necessarie intelligitur, id non deest - What is necessarily understood is not wanting.
Quod necessitas cogit, defendit - What necessity forces it justifies.
Quod non apparet, non est - What does not appear, is not.
Quod non habet principium non habet finem - What has no beginning has no end.
Quod per me non possum, nec per alium - What I cannot do through myself, I cannot do through another.
Quod prius est verius est; et quod prius est tempore potius est jure - What is first is more true; and what is prior in time is stronger in law.
Quod vanum et inutile est, lex non requirit - The law does not require what is vain and useless.
Quoties in verbis nulla est ambiguitas, ibi nulla expositio contra verba expressa fienda est - When there is no ambiguity in words, then no exposition contrary to the expressed words is to be made.

R

Ratio est legis anima, mutata legis ratione mutatur et lex - Reason is the soul of the law; when the reason of the law changes the law also is changed.
Re - In the matter of.
Recognition is the greatest motivator - Agnitio est maioribus motivator
Reprobata pecunia leberat solventem - Money refused releases the debtor.
Res - Matter, affair, thing, circumstance.
Res gestae - Things done.
Res integra - A matter untouched (by decision).
Res inter alios acta alteri nocere non debet - Things done between strangers ought not to affect a third person, who is a stranger to the transaction.
Res judicata accipitur pro veritate - A thing adjudged is accepted for the truth.
Res nulis - Nobody s property.
Respondeat superior - Let the principal answer.
Rex est major singulis, minor universis - The King is greater than individuals, less than all the people.
Rex non debet judicare sed secundum legem - The King ought not to judge but according to the law.
Rex non potest peccare - The King can do no wrong.
Rex nunquma moritur - The King never dies.
Rex quod injustum est facere non potest - The King cannot do what is unjust.

S

Salus populi est suprema lex - The safety of the people is the supreme law.
Sciens - Knowingly.
Scienter - Knowingly.
Scire facias - That you cause to know.
Scribere est agere - To write is to act.
Se defendendo - In self defence.
Secus - The legal position is different, it is otherwise.
Semper praesumitur pro legitimatione puerorum - Everything is presumed in favor of the legitimacy of children.
Semper pro matriomonio praesumitur - It is always presumed in favor of marriage.
Sententia interlocutoria revocari potest, definitiva non potest - An interlocutory order can be revoked, a final order cannot be.
Servitia personalia sequuntur personam - Personal services follow the person.
Sic utere tuo ut alienum non laedas - So use your own as not to injure another s property.
Simplex commendatio non obligat - A simple recommendation does not bind.
Stare decisis - To stand by decisions (precedents).
Stet - Do not delete, let it stand.
Sub modo - Within limits.
Sub nomine - Under the name of.
Sub silentio - In silence.
Sublata causa, tollitur effectus - The cause being removed, the effect ceases.
Sublato fundamento, cadit opus - The foundation being removed, the structure falls.
Subsequens matrimonium tollit peccatum praecedens - A subsequent marriage removes the preceding wrong.
Suggestio falsi - The suggestion of something which is untrue.
Sui generis - Unique.
Summa ratio est quae pro religione facit - The highest reason is that which makes for religion, i.e. religion dictates.
Suppressio veri - The suppression of the truth.
Suppressio veri expressio falsi - A suppression of truth is equivalent to an expression of falsehood.

T

Talis qualis - Such as it is.
Terra firma - Solid ground.
Testamenta latissimam interpretationem habere debent - Testaments ought to have the broadest interpretation.
Traditio loqui chartam facit - Delivery makes a deed speak.
Transit terra cum onere - The land passes with its burden

U

Ubi eadem ratio ibi idem jus, et de similibus idem est judicium - When there is the same reason, then the law is the same, and the same judgment should be rendered as to similar things.
Ubi jus ibi remedium est - Where there is a right there is a remedy.
Ubi non est principalis, non potest esse accessorius - Where there is no principal, there can be no accessory.
Ubi nullum matrimonium, ibi nulla dos es - Where there is no marriage, there is no dower.
Ultima voluntas testatoris est perimplenda secundum veram intentionem suam - The last will of a testator is to be fulfilled according to his true intentio.
Ut poena ad paucos, metus ad omnes, perveniat - That punishment may come to a few, the fear of it should affect all.
Utile per inutile non vitiatur - What is useful is not vitiated by the useless.

V

Verba chartarum fortius accipiuntur contra preferentem - The words of deeds are accepted more strongly against the person offering them.
Verba debent intelligi cum effectu - Words ought to be understood with effect.
Verba intentioni, non e contra, debent inservire - Words ought to serve the intention, not the reverse.
Verbatim - Word by word, exactly.
Vi et armis - With the force and arms.
Via antiqua via est tuta - The old way is the safe way.
Vice versa - The other way around.
Vide - See.
Vigilantibus non dormientibus jura subveniunt - The laws serve the vigilant, not those who sleep.
Vir et uxor consentur in lege una persona - A husband and wife are regarded in law as one person.
Visitationem commendamus - We recommend a visitation.
Volens - Willing.
Volenti non fit injuria - An injury is not done to one consenting to it.
Voluntas in delictis non exitus spectatur - In offences the intent and not the result is looked at.
Voluntas reputatur pro facto - The will is taken for the deed.

10 May 2016

Guidance Note on Accounting for Real Estate

ICAI has today issued Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable).

http://resource.cdn.icai.org/42173asb31843.pdf

09 May 2016

The Insolvency and Bankruptcy Code at a Glance

The Insolvency and Bankruptcy Code at a glance

Lok Sabha has passed the Insolvency and Bankruptcy Code 2016 on May 05, 2016. It covers individuals, companies, limited liability partnerships and partnership firms. The new code will speed up the resolution process for stressed assets in the country. It attempts to simplify the process of insolvency and bankruptcy proceedings. The highlights of bankruptcy code are enumerated hereunder:
  1. Strict deadlines : Authority to decide insolvency applications within 180 days further, an extension of additional 90 days can be allowed
  2. Fast track Insolvency process: Fast track process is available for Corporate- Debtor with low income and assets, Specified class of creditors and any other category notified by Govt. Under fast track process, 90 days time-limit to complete whole process and further an extension of 45 days is allowed
  3. Adjudicating Authority:
    - NCLT for Corporates
    - DRTs for Individuals and Partnerships Firms
    - NCLAT to act as Appellate Authority
  4. Insolvency Regulator: To exercise regulatory authority over insolvency professionals, insolvency professional agencies and informational utilities
  5. Stringent punishment to defaulter: The bill proposes upto five-year jail term to debtors for concealment of property and debars bankrupt individuals from holding any public office.
  6. Initiation of Insolvency process
  6.1 Who can initiate corporate insolvency process?
Financial Creditor: Financial creditor can file application before Adjudicating Authority for initiation of insolvency process against Corporate Debtor along with-
    - Proof of default and Name of resolution professional to act as an interim resolution professional
Operational Creditor: creditor can initiate corporate insolvency process by giving 10 day notice to Corporate-debtor
Corporate Debtor: The Corporate Debtor himself can initiate corporate insolvency process by making a reference to adjudicating authority
 6.2 Time-limit for admitting/rejection of plea: The Adjudicating Authority shall admit or reject application within 14 days of receipt
 6.3 Declaration of moratorium: The Authority shall declare moratorium to avoid institution of suits, transferring of assets, foreclosure, etc.
 6.4 Public announcement: It includes details of debtor, name of 'interim resolution profession' and last date of submission of claims.
 6.5 'Interim resolution professional': Adjudicating authority to appoint interim resolution profession within 14 days from insolvency commencement date
 6.6 Committee of creditors: Interim resolution professional shall constitute committee of creditors after collating all claims against debtors and determining their financial position. All decisions to be taken by 75% voting share of financial creditors. Resolution profession shall conduct the meeting of committee. Meeting may be in person or through electronic means
 6.7 Submission and Approval of resolution plan: Any applicant can submit a resolution plan to resolution professional, such professional can forward the resolution plan to authority after taking creditors' approval.
 6.8 Adjudicating Authority can order liquidation if:
   - Resolution plan is not presented in given time
   - Resolution plan is not as per rules
   - Committee of creditors demands liquidation
   - Debtor-company violates the terms of resolution plans
  7. Appointment of Liquidator:
    - Resolution professionals shall act as liquidator
  8. Workmen dues to get priority: Workers' salaries for up to 24 months will get first priority in case of liquidation of assets of a company ahead of secured creditors.
  9. Creation of 'insolvency information utilities'
   - to collect, collate, authenticate and disseminate financial information from listed companies and financial and operational creditors of companies
(Source: taxmann)

05 April 2016

FAQs on Panama Papers

1. What are the 'Panama Papers'?
The 'Panama Papers' are a set of confidential documents leaked from one of the biggest law firms of Panama - 'Mossack Fonseca'. The Panama Papers provide information about thousands of offshore entities, identities of their shareholders and directors. It listed various world leaders, public officials, billionaires, celebrities, sports stars and politicians.

2. How much data has been leaked and by whom?
a)  The leaked data consists of 11.5 Million Documents in around 2,600 GB taken from the Mossack Fonseca's internal database by one of its employees.
b)  These documents were obtained by Sueddeutsche Zeitung, a daily newspaper headquartered in Munich, Germany. Sueddeutsche shared the Panama Papers with the Washington-based International Consortium of Investigative Journalists (ICIJ) and other news outlets, including the BBC, the Guardian and the Indian Express.
c)  Sueddeutsche mentioned that an employee at the law firm had leaked the data, telling the newspaper that he had risked his life in doing so.

3. What does the Panama Papers reveal?
a)  The Panama Papers contain information on 2.15 lakhs offshore entities connected to people from more than 200 countries.
b)  The leaked data covers nearly 40 years period from 1977 through the end of 2015.
c)  It reveals the database of individuals who have set-up offshore entities through the Panama law firm.
d)  These individuals are either holding direct ownership or indirect ownership (beneficial ownership) in the offshore entities.
e)  Some of the Indians have also floated offshore entities at a time when foreign exchanges laws of India did not allow them to do so.

4. What is the authenticity of documents leaked?
Ramon Fonseca, one of the co-founder of the Mossack Fonseca, confirmed the authenticity of the papers being used in articles published by more than 100 news organizations around the world. He told to one of the Panama's news channel that the documents are real and were obtained illegally through a hacking method.

5. Who is 'Mossack Fonseca' and what is its role in this entire controversy?
a)  Mossack Fonseca & Co. is a law firm and corporate service provider based in Panama with more than 40 offices worldwide.
b)  It specializes in commercial law, trust services, investor advisory and international structures.
c)  It provides services like incorporating companies in offshore jurisdictions, wealth management, private banking, accounting services, etc.
d)  This law firm is one of the seven firms that collectively represent more than half of the companies incorporated in Panama.
e)  It also provides assistance in transferring funds, buying property, setting-up trusts or signing agreements with entities.
f)  Mossack Fonseca plays a crucial role in incorporating entities in tax havens. It had incorporated 14,658 active companies in Panama till August, 2013 out of which 4,646 companies were incorporated without providing any information about their shareholders.

6. How entities incorporated in Panama provide secrecy about the beneficial owners?
a)  Panama offers the most favorable and most flexible company incorporation laws available in the world. Private Interest Foundations are also available, and are one of the most widely used estate planning structures in the world today.
b)  Panama is the registered domicile for over 400,000 corporations & foundations, making it one of the most popular jurisdictions in the world to incorporate.
c)  Panama does not impose any reporting requirements for non-resident Panamanian corporations.
d)  Panama does not allow "piercing the corporate veil".
e)  Panamanian corporations share certificates can be issued in Nominative or Bearer form (anonymous form of ownership), with or without par value.
f)  Panamanian Companies can have directors, officers and shareholders of any nationality and resident of any country.
g)  The offshore entity in Panama need not appoint natural persons as directors or have individuals as shareholders.
h)  Neither the directors nor the officers of Panamanian corporations need to be shareholders. Meetings of directors, officers, and shareholders may be held in any country and accounting books may be kept in any country.
i)  It is not necessary for the interested parties to be present in Panama for the purpose of establishing a corporation. Corporations conducting business outside of Panama do not require a commercial license for offshore business activities.
j)  Registered Panamanian Agents offers its own executives to serve as shareholders or directors. Sometimes an intermediary law firm or a bank acts as a director or a nominee shareholder. So the real beneficiary remains hidden.
k)  The registered agent provides an official overseas address, a mail box, etc., none of which traces back the entity to the beneficial owner.

7. What are the key advantages of incorporating a Panamanian Company?
a)  The incorporation process is fast and can be achieved in 3 days.
b)  The identity of the shareholders is not publicly available.
c)  Nominee and bearer shares are allowed.
d)  There are no currency restrictions although the US dollar is regularly used.
e)  The transfer of shares can be done freely, which facilitates the transmission of assets in a confidential manner.
f)  The shareholders, directors and officers can be of any nationality and residents of any country.
g)  Meetings can be held in Panama or in any jurisdiction, subject to tax advice.
h)  Accounts do not need to be held in Panama.

8. What are Panama foreign exchange rules?
a)  Panama's circulating currency is the US Dollar, and Panama has no currency exchange controls or currency restrictions, so funds can flow in and out of the country freely.
b)  Panama uses the U.S. dollar as its legal currency, instilling tremendous fiscal and monetary discipline while keeping inflation very low - under 2 percent for the last 40 years.
c)  Panama has no restrictions on monetary remittances abroad, including dividends, interests, branch profits and royalties. No restrictions on funds flowing in or out of the country.
d)  A dollar economy insulates Panama from global economic shocks. During the Asian monetary crisis of 1998, Panama became one of the healthiest economies in Latin America.

9. How secure is banking infrastructure of Panama?
a)  Panama is one of the most secure offshore financial center - where privacy and confidentiality is vigorously protected by constitutional law.
b)  Panama offers the best bank secrecy and corporate book secrecy laws in the world.
c)  Panama has no provision for "piercing the corporate veil".
d)  Revealing banking information to third parties is a crime, punishable by prison.
e)  Panama has no mutual legal assistance treaties (MLAT's) for sharing of banking information with any other nation and does not recognize court rulings from other countries.
f)  Panama City is home to the second largest   international banking center in the world next to Switzerland. Panama has the most modern and successful international banking center in Latin America, with more than 150 banks from 35 different countries.
g)  Approximately 150 international banks are located in Panama. Total assets in Panamanian banks are over US$150 billion.
h)  Some of the banks present in Panama's banking center are: Citibank, HSBC, Dresdner Bank, Bank of Tokyo, Bank of Boston, Banco Nacional de Paris, International Commercial Bank of China, Societe Generale, Banque Sudameris, BBVA, Banco Uno, Banco General, PriBanco, Banco del Istmo, Global Bank, MultiCredit Bank, PanaBank, ABN Amro, Banco Aliado, Banco Continental, BancoLat, BIPAN, Lloyds TLB Bank, Bank of Nova Scotia BIPAN, Bank of Nova Scotia, and much more.

10. Why an offshore company is incorporated in Panama or other tax havens?
a)  Shell Companies are non-operational companies. These are legal entities having no independent operations, significant assets or employees.
b)  It is not time consuming or expensive to establish anonymous shell corporation. Agents charge fees of $800 to $6,000 as upfront cost and an annual charge for formation of companies and other additional services.

21 March 2016

Real Estate Regulation-Role of CAs'

Real Estate (Regulation and Development) Act, 2016-Role of Chartered Accountants


Real Estate (Regulation and Development) Act, 2016  has been passed by the Lok Sabha on 15/03/2018. The Bill seeks to streamline and regulate the real estate project working by incorporating various measures to safeguard general public by prescribing adequate procedures and penal provisions.
Recognising the skills of the Chartered Accountants, they have been given due importance and role in the Bill towards protecting the misapplication of the deposits by the promoters.
Role of Chartered Accountants
Amounts from the separate account maintained for deposit of amounts received from allottees shall be withdrawn by the promoter after it is certified by an engineer, an architect and chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project.
Also the promoter shall get his accounts audited within six months after the end of every financial year by a chartered accountant in practice, and shall produce a statement of accounts duly certified and signed by such chartered accountant. During the audit it shall be verified that the amounts collected for a particular project have been utilised for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.
Also Chartered Accountants can be appointed as legal representative by the promotor to present him or its case before the Appellate Tribunal or the Regulatory Authority.

 

 

Real Estate (Regulation and Development) Act, 2016 Key Highlights

Prior registration of real estate project with Real Estate Regulatory Authority.
Before advertising, booking, selling or inviting persons to purchase any plot, apartment or building etc. in any real estate project registration of the real estate project with the Real Estate Regulatory Authority is must. Ongoing projects to make an application for registration within a period of three months.
However Registration not required:—where the area of land proposed to be developed does not exceed five hundred square meters or the number of apartments proposed does not exceed 8 (eight) inclusive of all phases.  Also registration is not required for new allotment or renovation, repair or re-development not involving marketing, advertising.
Registration shall be granted within 30 days and if the prescribed Authority fails to grant the registration or reject the application, the project shall be deemed to have been registered.
Display of project details for public viewing
A web based online system for submitting application for registration of projects shall be developed. The promoter upon registaration shall be given a ogin Id and password to create his web page on the website of the Authority and give all details of the proposed project  for public viewing,
Application for registration of real estate project.
Application shall be made in prescribed form with prescribed fee and shall include details of promoters, projects launched in past five years, approval letters/certificates to commence project, lay out plan, allotment letter, agreement for sale proforma , garage, declaration to legal title etc.
Handling with money received from allottees
Application for registration shall be accompinied by a declaration stating that 70% of the amounts realised for the real estate project shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose.
Registration of real estate agents.
No real estate agent shall be able to facilitate the sale or purchase in a real estate project registered without obtaining registration under new Act. The registration shall be given by the Authority for the entire State/Union territory.
False advertisement or prospectus
If a person makes an advance or a deposit on the basis of false information in advertisement or prospectus, or on the basis of any model apartment, plot or building, and sustains any loss or damage by reason of any incorrect, false statement he shall be compensated and if he  intends to withdraw from the proposed project, the promoter shall return his entire investment along with interest at prescribed rates.
No deposit/advance without first entering into agreement for sale and its registration.
A promoter shall not accept more than ten per cent of the cost of the apartment, plot, or building etc. as an advance payment or an application fee, without first entering into a written agreement for sale with such person and register the said agreement for sale.
Insurance of real estate project
The promoter to obtain all specified insurances which shall stand transferred to the benefit of the allottee or the association of allottees, as the case may be, at the time of promoter entering into an agreement for sale with the allottee.
Return of amount and compensation for delay
If the promoter fails to complete or is unable to give possession within scheduled time, he shall in case allottee wishes to withdraw from the project, return the amount with interest at prescribed rates. For those allottee who do not wish to withdraw, the promoter shall pay interest for every month of delay, till the handing over of the possession.
Rights  of allottees
  • to obtain the information relating to sanctioned plans layout plans along with the specifications
  • to know stage-wise time schedule of completion of the project
Real Estate Appellate Tribunal
Appellate Tribunal to be formed within one year. The Tribunal shall not be bound by the procedure laid down by the Code of Civil Procedure, 1908 but shall be guided by the principles of natural justice. Also it shall not be bound by the rules of evidence contained in the Indian Evidence Act, 1872. However, the Tribunal shall for the purpose of discharging its functions shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908.
Offences and Penal Provisions for Promoters/real Estate Agents
All offences by promoters/real estate agents against the requirements of the Act, order of the Prescribed Authority, Tribunal etc. have been made punishable with fine, penalty in addition to 3 years maximum imprisonment.
Offences and Penal Provisions for Allottees
Any allottee failing or contravening the orders, directions of the Applellate Tribunal, shall be punishable with imprisonment for a term which may extend upto one year or with fine for every day during which such default continues, which may cumulatively extend up to ten per cent. of the plot, apartment or building cost, as the case may be, or with both
Compounding of  punishment with imprisonment
However, any punishment with imprisonment may, either before or after the institution of the prosecution, be compounded by the court on such terms and conditions and on payment of such sums as may be prescribed.

20 February 2016

Start Up Definition


Startups India entity definition. Eligibility criteria-up to 5 years, turnover up-to 25 crores, recognition process through mobile app/website-Notification | 19-02-2016 |

 

MINISTRY OF COMMERCE AND INDUSTRY
(Department of Industrial Policy and Promotion)

NOTIFICATION

New Delhi, the 17th February, 2016

G.S.R. 180(E).—The Government of India has announced 'Startup India' initiative for creating a conducive environment for startups in India. The various Ministries of the Government of India have initiated a number of activities for the purpose. To bring uniformity in the identified enterprises, an entity shall be considered as a 'startup'-

a) Up to five years from the date of its incorporation/registration,

b) If its turnover for any of the financial years has not exceeded Rupees 25 crore, and

c) It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property;

Provided that any such entity formed by splitting up or reconstruction of a business already in existence shall not be considered a 'startup'; Provided further that in order to obtain tax benefits a startup so identified under the above definition shall be required to obtain a certificate of an eligible business from the Inter-Ministerial Board of Certification consisting of:

a) Joint Secretary, Department of Industrial Policy and Promotion,

b) Representative of Department of Science and Technology, and /

c) Representative of Department of Biotechnology

Explanation:

1. An entity shall cease to be a startup on completion of five years from the date of its incorporation/registration or if its turnover for any previous year exceeds Rupees 25 crore.

2. Entity means a private limited company (as defined in the Companies Act, 2013), or a registered partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2002).

3. Turnover is as defined under the Companies Act, 2013.

4. An entity is considered to be working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property if it aims to develop and commercialize:

a. A new product or service or process, or

b. A significantly improved existing product or service or process, that will create or add value for customers or workflow.

Provided that the mere act of developing:

a. products or services or processes which do not have potential for commercialization, or

b. undifferentiated products or services or processes, or

c. products or services or processes with no or limited incremental value for customers or workflow

would not be covered under this definition.

5. The process of recognition as a 'startup' shall be through mobile app/portal of the Department of Industrial Policy and Promotion. Startups will be required to submit a simple application with any of following documents:

a) a recommendation (with regard to innovative nature of business), in a format specified by Department of Industrial Policy and Promotion, from any Incubator established in a postgraduate college in India; or

b) a letter of support by any incubator which is funded (in relation to the project) from Government of India or any State Government as part of any specified scheme to promote innovation; or

c) a recommendation (with regard to innovative nature of business), in a format specified by Department of Industrial Policy and Promotion, from any Incubator recognized by Government of India; or

d) a letter of funding of not less than 20 per cent in equity by any Incubation Fund/Angel Fund/Private Equity Fund/Accelerator/Angel Network duly registered with Securities and Exchange Board of India that endorses innovative nature of the business. Department of Industrial Policy and Promotion may include any such fund in a negative list for such reasons as it may deem fit; or

e) a letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation; or

f) a patent filed and published in the Journal by the Indian Patent Office in areas affiliated with the nature of business being promoted.

Department of Industrial Policy and Promotion may, until such mobile app/portal is launched make alternative arrangement of recognizing a 'startup'. Once such application with relevant document is uploaded a real-time recognition number will be issued to the startup. If on subsequent verification, such recognition is found to be obtained without uploading the document or uploading any other document or a forged document, the concerned applicant shall be liable to a fine which shall be fifty per cent of paid up capital of the startup but shall not be less than Rupees 25,000.

This notification shall come into force on the date of its publication in the Official Gazette. [F. No. 5(91)/2015-BE. I]

RAVNEET KAUR, Jt. Secy

07 February 2016

Investment Thumb rules

Few thumb rules help in financial decisions-

1) 100 minus our age should be our equity allocation.

2)Minimum  20 times of our yearly income should be our retirement fund.

3) We all should save minimum 30% of our income

4) Cost of our house should not be more than 6 to 8 times of our family income.

5) EMI should not be more than 35% of our gross monthly income. Zero is the best answer.

6) Rate of returns ideally should beat inflation.

7) Rule of 72 & 115......
How many years double or triple our money ?
* 72/Returns= double in yrs
* 115/ returns = triple in yrs.

8) Rule of 70= Future buying power of your money.
*70/Inflation= Number. of yrs.

9) Life cover should be  Minimum 8 to 10 times of your yearly income.

10) We should keep 3 to 6 months expenses as an emergency fund.

Moral-
Peple want shortcuts, that's why thumb rules find some place.

Wish you all decipline investing with thumb rules. 😊👍

17 January 2016

STARTUP INDIA ACTION PLAN

Startup India DIPP http://dipp.nic.in/English/Investor/startupIndia/StartupIndia_ActionPlan_16January2016.pdf

10 Points Summary;

1 Tax exemption for start-ups for three years.

2 Rs. 10,000 crore corpus fund to support start-ups.

3 Capital gains tax to be exempted for venture capital investments.

4 80% reduction in patent registration fee.

5 Govt. to ensure 90-day window for start-ups to close businesses.

6 Self-certification compliance for start-ups across India.

7 No government inspection for three years for newly-formed start-ups.

8 New scheme to provide IPR protection to start-ups and new firms.

9 Innovation programme to start 5 lakh schools to target 10 lakh children.

10 Government is all set to launch an app to create a platform for interaction

09 January 2016

EPFO due date

The EPFO has issued EPF Circular No. WSU/9(1)2013/Settlement/35031 dt. 8 Jan., 2016, removing the grace period of 5 days for depositing PF and hence Feb., 2016 onwards the due date shall be 15th instead of 20th. This will have impact on Tax audit report

25 December 2015

New Fraud Reporting


Govt sets threshold for fraud reporting by auditors at Rs 1 crore


Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings.

Under the Companies Act, 2013, auditors are required to report to the government when they come across instances of fraud at a firm, but the threshold was not specified.

To introduce the threshold, the Corporate Affairs Ministry, which implements the Act, has issued the Companies (Audit and Auditors) Amendment Rules, 2015.

16 September 2015

Various Legal Phrases Used in Law:-


1.Anything which you cannot do directly that you cannot do directly
2.Deeming fiction cannot be stretched beyonyd the purpose for which it is created
3.The words used in Law are not used for Nothing
4.To invoke Provision : To make use of particular provision
5.Ipso Facto: By this fact alone or because of this matter alone
6.'MAY' may be treated as 'SHALL' but 'SHALL' shall not be treated as 'MAY'
7.Tenable: Acceptable in law
8.Redundant Provision : Out of Force or Outdated Provision
9.Quasi : Almost Similar to
10.Quasi Criminal: Almost equal to criminal
11.Jurisprudence: Law relating to particular matter
12.Mensrea: Guilty Mind
13.Ibid: As printed earlier
14.Suo Moto: On its own
15.Prima Facie: On its face
16.Non est: What is not in existence / Non existing thing
17.Call in question: To challenge
18.De Nova: Completely New
19.Sine quo non: Most essential thing
20.Purposes of this Act: Proceeding mustbe pending
21.Reason to believe Vs Reason to suspect: Refer various caselaws
22.Derived from & attributable to: Derived from refers to direct connection with aparticular matter whereas attributable to refers to an indirect connection
23.Mutatis Mutandis: After making necessary changes as may be required
24.Discovery Vs Detection: Discovery is made by the assessee whereas detectionisdone by the Assessing Officer
25.To Quash: The process of cancelling the proceeding of Assessing Authorities byJudicial Authorities
26.So far as may be: To the extent possible
27.Travisity of Justice : A ridiculous interpretation of a very serious statement,making amockery of a very serious matter
28.To impugne : To challenge
29.Save as otherwise provided : Except tothe extent as oppositely provided
30.If one section is overriding the other section : Use Words "Not withstandinganything contained in ……
"31.If one section is superceded by the other section : Use words "Save as otherwiseprovided……….."32.Other provisions apply in General way:Use words "Without prejudice to theprovisions ……………..
"33.Reckoned : Recognised, Counted, Calculated
34.Doctrine of Merger: When an order passed by the lower authority is superceded bythe higher authority
35.Doctrine : Principle or saying in general acceptance
36.In Pari Material Pavi Causa: Same material, same content {Eg. Sec. 24B of ITAct,1922 is Pari Material with Sec. 159 of IT Act, 1961. In such a case a judgement givenin respect of section 24B would be valid in respect of sec. 159}
37.Per se : By itself
38.Cy Press : As near as possible
39.Tax is always charged, Interest is levied and Penalty is imposed40 Deductions are admissible, Relief is granted.
41.Return is always furnished, Assessment order is made / passed.
42.De hors : Independent of
43.Order of Injunction of HC : Stay order.
44.Several Liability means separate liability. [Refer sections 168(3), 171(7), 179(1)178(5) & 188A.]
45.Legatee is a person for whose benefit there exists an asset of a deceased
46.Locus Standi : Directly involved in relation or deal.
47.Garnishee Proceeding : The proceeding which gives Govt. the right to attach (i.e.forcibly take over) any asset from a person who is defaulter.
48.Vitiate Proceedings : To make proceedings null, void.
49.Inter alia : Among other things.
50.Audit Altream partem : It is a principle of natural justice. According to this principle,which is the principle in every civilized jurisprudence, a person against whom anyaction is sought to be taken or a person whose rights or interests are to be affectedshould be given a reasonable opportunityto defend himself.
51.Resjudicata : [Once the decision of HC comes then on that same point again appealcannot be made.] The issue of Law whichhas been already decided shall not bepleaded for review.
52.In Limine : At the outset (i.e. at the beginning)
53.Suspended animus : An order under Appeal is not subject to any action by anyauthority till the order disposing of the appeal is available.
54.Subjudice : Under an appeal to a court,decision awaited.
55.Adjudicate : Consider for judgement. Acourt adjudicates means gives its decision ona particular matter.
56. Akin : Similar to; of the same typeCoterminus : Similar to; of the same type
57.Impediment : Obstacles or Hindrance.
58.Sine Di: For indefinite period.
59. To deduce : Logically come to the conclusion.
60.Purview : Scope
61.Bounty : Additional Advantage
62.Ad Hoc : Without any particular rate, percentage, proportion.
63.Ad infinitum : Without any Time limit.
64.Ad interim : In the Mean Time
65.Bonafide : Genuine
66.Surmises : Presumptions, own assumptions
67.Defacto : Infact
68.Defjure : In Law, irrespective of whatever the facts.
69.Ejusdem Generis : Of the same kind
70.Ex-gratia : As a matter of grace ir favour
71.Ignorantia Legis known excusat : Ignorance of law is not excused
72.Mesne Profit : Profit earned by somebody by wrongful possession of property.
73.Modus Operandi : Mode of Operation /Manner of working
74.Nexus : Close connection link.
75.Onus probandi : Onus of proof / The burden of Proof.
76.Non obnstante clause : That provisionhas superceding effect on any other provision
77. Raison D'etre : Reason or justification for existence.
78.Ratio Decidendi : Reason for deciding / Grounds for decision
79.Suijuris : of his own right.
80.Assessee engaged in ……………. : The activity should have started
81.Option Vs Discretion : Whenever choices is available to the assessee in respect ofany matter. Law uses the word at his option - for eg:1. Sec 11(11) - Explanation to Sec. 11 (1)2. Sec. 23(4)
82.amicus curiae : Friend of court; one who voluntarily or on invitation of the court, andnot on instructions of any party, helps thecourt in any judicial proceedings
83.audi alteram : hear the other side. Both sides should be heard before a decision isarrived at
84.caveat emptor : let the purchaser beware. A ---------- implying that the buyer mustbe cautious, as the risk is his and not thatof the seller.
85.cestui que trust : a beneficiary under atrust, the person for whose benefit the trust iscreated
86.ex officio : by virtue of an office.
87.ex parte : exkpression used to signify something done or said by one person not in thepresence of his opponent.
88.fait accompli : An accomplished act.
89.obiter diccum : an opinion of law not necessary to the decision. An exspression ofopinion (formed) by a judge on a question immaterial to the ratio decidendi, andunnecessary for the decision of the particular case. It is no way binding on any court,but may receive attention as being an opinion of the high authority.
90.pendente lite : during litigation.
91. per incuriam : through carelessness, through inadvertence. A decision of the court isnot binding precedent if given peer incuriam, that is, without the court's attention havingbeen drawn to the relevant authorities, or statutes.
92. pro tanto : to that extent, for so much, for as much as may be.
93. quid pro quo : the giving of one thing of value for another thing of value; one fortheother; thing given as compensation.
94. Ratio Decidendi : Reason for deciding / Grounds for decision
95. res integra : an untouched matter; a point without a precedent; a case of novelimpression.
96 rule njsi : a rule to show cause why a party should not do a certain act, or why theobject of the rule should not be enforced.
97 in personam : against the person; an act or preceeding done or directed withreference to no specific person or with reference to all whom it might concern.
98 in rem : an act / proceeding done or directed with reference to no specific person orwith refernce to all whom it might concern.
99 inter vivos : between living persons.
100 intestate : a person is deemed to die intestate in respect of property of which he or shehas not made a testamentary disposition ("will") capable of taking effect.
101 intra vires : within the powers; within the authority given by law.
102 ipse dixit : he himself said it; there is no other authority.
103 ipso jure : by the law itself ; by the mere operation of law.
104 lis pendens : a pending suit.
105 rule absolute : when, having heard counsels, court directs the performance of that actforthwith.
106 sine die : without delay.
107 stare decisis : to stand by things decided; to abide by precedents where the samepoints come again in litigation.
108 status quo : existing condition.
109 sub judice : before a judge or court; pending decision of a competent court.
110 ultra vires : beyond one's power..

Various Legal Phrases Used in Law:-


1.Anything which you cannot do directly that you cannot do directly
2.Deeming fiction cannot be stretched beyonyd the purpose for which it is created
3.The words used in Law are not used for Nothing
4.To invoke Provision : To make use of particular provision
5.Ipso Facto: By this fact alone or because of this matter alone
6.'MAY' may be treated as 'SHALL' but 'SHALL' shall not be treated as 'MAY'
7.Tenable: Acceptable in law
8.Redundant Provision : Out of Force or Outdated Provision
9.Quasi : Almost Similar to
10.Quasi Criminal: Almost equal to criminal
11.Jurisprudence: Law relating to particular matter
12.Mensrea: Guilty Mind
13.Ibid: As printed earlier
14.Suo Moto: On its own
15.Prima Facie: On its face
16.Non est: What is not in existence / Non existing thing
17.Call in question: To challenge
18.De Nova: Completely New
19.Sine quo non: Most essential thing
20.Purposes of this Act: Proceeding mustbe pending
21.Reason to believe Vs Reason to suspect: Refer various caselaws
22.Derived from & attributable to: Derived from refers to direct connection with aparticular matter whereas attributable to refers to an indirect connection
23.Mutatis Mutandis: After making necessary changes as may be required
24.Discovery Vs Detection: Discovery is made by the assessee whereas detectionisdone by the Assessing Officer
25.To Quash: The process of cancelling the proceeding of Assessing Authorities byJudicial Authorities
26.So far as may be: To the extent possible
27.Travisity of Justice : A ridiculous interpretation of a very serious statement,making amockery of a very serious matter
28.To impugne : To challenge
29.Save as otherwise provided : Except tothe extent as oppositely provided
30.If one section is overriding the other section : Use Words "Not withstandinganything contained in ……
"31.If one section is superceded by the other section : Use words "Save as otherwiseprovided……….."32.Other provisions apply in General way:Use words "Without prejudice to theprovisions ……………..
"33.Reckoned : Recognised, Counted, Calculated
34.Doctrine of Merger: When an order passed by the lower authority is superceded bythe higher authority
35.Doctrine : Principle or saying in general acceptance
36.In Pari Material Pavi Causa: Same material, same content {Eg. Sec. 24B of ITAct,1922 is Pari Material with Sec. 159 of IT Act, 1961. In such a case a judgement givenin respect of section 24B would be valid in respect of sec. 159}
37.Per se : By itself
38.Cy Press : As near as possible
39.Tax is always charged, Interest is levied and Penalty is imposed40 Deductions are admissible, Relief is granted.
41.Return is always furnished, Assessment order is made / passed.
42.De hors : Independent of
43.Order of Injunction of HC : Stay order.
44.Several Liability means separate liability. [Refer sections 168(3), 171(7), 179(1)178(5) & 188A.]
45.Legatee is a person for whose benefit there exists an asset of a deceased
46.Locus Standi : Directly involved in relation or deal.
47.Garnishee Proceeding : The proceeding which gives Govt. the right to attach (i.e.forcibly take over) any asset from a person who is defaulter.
48.Vitiate Proceedings : To make proceedings null, void.
49.Inter alia : Among other things.
50.Audit Altream partem : It is a principle of natural justice. According to this principle,which is the principle in every civilized jurisprudence, a person against whom anyaction is sought to be taken or a person whose rights or interests are to be affectedshould be given a reasonable opportunityto defend himself.
51.Resjudicata : [Once the decision of HC comes then on that same point again appealcannot be made.] The issue of Law whichhas been already decided shall not bepleaded for review.
52.In Limine : At the outset (i.e. at the beginning)
53.Suspended animus : An order under Appeal is not subject to any action by anyauthority till the order disposing of the appeal is available.
54.Subjudice : Under an appeal to a court,decision awaited.
55.Adjudicate : Consider for judgement. Acourt adjudicates means gives its decision ona particular matter.
56. Akin : Similar to; of the same typeCoterminus : Similar to; of the same type
57.Impediment : Obstacles or Hindrance.
58.Sine Di: For indefinite period.
59. To deduce : Logically come to the conclusion.
60.Purview : Scope
61.Bounty : Additional Advantage
62.Ad Hoc : Without any particular rate, percentage, proportion.
63.Ad infinitum : Without any Time limit.
64.Ad interim : In the Mean Time
65.Bonafide : Genuine
66.Surmises : Presumptions, own assumptions
67.Defacto : Infact
68.Defjure : In Law, irrespective of whatever the facts.
69.Ejusdem Generis : Of the same kind
70.Ex-gratia : As a matter of grace ir favour
71.Ignorantia Legis known excusat : Ignorance of law is not excused
72.Mesne Profit : Profit earned by somebody by wrongful possession of property.
73.Modus Operandi : Mode of Operation /Manner of working
74.Nexus : Close connection link.
75.Onus probandi : Onus of proof / The burden of Proof.
76.Non obnstante clause : That provisionhas superceding effect on any other provision
77. Raison D'etre : Reason or justification for existence.
78.Ratio Decidendi : Reason for deciding / Grounds for decision
79.Suijuris : of his own right.
80.Assessee engaged in ……………. : The activity should have started
81.Option Vs Discretion : Whenever choices is available to the assessee in respect ofany matter. Law uses the word at his option - for eg:1. Sec 11(11) - Explanation to Sec. 11 (1)2. Sec. 23(4)
82.amicus curiae : Friend of court; one who voluntarily or on invitation of the court, andnot on instructions of any party, helps thecourt in any judicial proceedings
83.audi alteram : hear the other side. Both sides should be heard before a decision isarrived at
84.caveat emptor : let the purchaser beware. A ---------- implying that the buyer mustbe cautious, as the risk is his and not thatof the seller.
85.cestui que trust : a beneficiary under atrust, the person for whose benefit the trust iscreated
86.ex officio : by virtue of an office.
87.ex parte : exkpression used to signify something done or said by one person not in thepresence of his opponent.
88.fait accompli : An accomplished act.
89.obiter diccum : an opinion of law not necessary to the decision. An exspression ofopinion (formed) by a judge on a question immaterial to the ratio decidendi, andunnecessary for the decision of the particular case. It is no way binding on any court,but may receive attention as being an opinion of the high authority.
90.pendente lite : during litigation.
91. per incuriam : through carelessness, through inadvertence. A decision of the court isnot binding precedent if given peer incuriam, that is, without the court's attention havingbeen drawn to the relevant authorities, or statutes.
92. pro tanto : to that extent, for so much, for as much as may be.
93. quid pro quo : the giving of one thing of value for another thing of value; one fortheother; thing given as compensation.
94. Ratio Decidendi : Reason for deciding / Grounds for decision
95. res integra : an untouched matter; a point without a precedent; a case of novelimpression.
96 rule njsi : a rule to show cause why a party should not do a certain act, or why theobject of the rule should not be enforced.
97 in personam : against the person; an act or preceeding done or directed withreference to no specific person or with reference to all whom it might concern.
98 in rem : an act / proceeding done or directed with reference to no specific person orwith refernce to all whom it might concern.
99 inter vivos : between living persons.
100 intestate : a person is deemed to die intestate in respect of property of which he or shehas not made a testamentary disposition ("will") capable of taking effect.
101 intra vires : within the powers; within the authority given by law.
102 ipse dixit : he himself said it; there is no other authority.
103 ipso jure : by the law itself ; by the mere operation of law.
104 lis pendens : a pending suit.
105 rule absolute : when, having heard counsels, court directs the performance of that actforthwith.
106 sine die : without delay.
107 stare decisis : to stand by things decided; to abide by precedents where the samepoints come again in litigation.
108 status quo : existing condition.
109 sub judice : before a judge or court; pending decision of a competent court.
110 ultra vires : beyond one's power..

08 September 2015

ITAT accedes to ICAI's plea

ITAT accedes to ICAI's plea in Miscellaneous Application to modify/review its order wherein the Tribunal had strongly criticized the Institute's functioning;  Tribunal accepts ICAI's argument that that its observations in the original order about the CA profession and conduct of the students pursuing the CA courses, were not necessary to adjudicate the issues urged before it by the assessee;  Clarifying that it was not the intention of the Tribunal to target any particular person or the ICAI, modifies  para 9.6 of its original order that the Institute considered as "offensive"; ITAT in its original order, dismissed assessee's plea to condone a 2984 days delay in filing of appeal on grounds of 'improper advice' given by CA firm; While raising alarms over the reckless advice given by the CA firm, the Tribunal called on the ICAI to stem the"deteriorating standards" & "alarming practices" among some CAs; While modifying its order, Tribunal however reserves right to opine on important developments affecting the nation, observes   “... the Income tax Appellate Tribunal, being a part of Government of India, should not shut its eyes when it is noticed that certain developments occurring in the Country may affect the Country as a whole, more particularly when the reputation of particular profession, from whom the Tribunal is getting assistance in the dispensation of justice, is at stake.”;   Concludes that it would be incorrect to interpret that the Tribunal in its original order had commented upon the standards of CA profession or the ICAI, however as the said observations gave room for misinterpretation and thereafter resulted in controversies, replaces the same : Mumbai ITAT

The ruling was delivered by ITAT bench of Shri D. Manmohan and Shri B. R. Baskaran.

05 September 2015

Representation to CBDT and MCA

BCAS in its knowledge sharing mission, interacts with the law makers to bring clear, predictable, just, hassle free laws and good governance. In this endeavour, this month the Society has made 2 representations to the government on various issues and hardships faced by the Chartered Accountants.

a) Representation to CBDT on E-filing of Wealth-Tax Returns, and

b) Representation to the Ministry of Corporate Affairs for The Company Act, 2013 on issues arising from the implementation of the Companies Act, 2013.

We hope that this will help our members and their clients.

Please click on below links to read the full representations :

·         Representation to CBDT on E-filing of Wealth-Tax Returns for A.Y. 2015-16

·         The Companies Act 2013 - Issues arising from the implementation of the companies act, 2013

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