SC: Arbitration agreements must be adhered to by the parties SC: Arbitration agreements must be adhered to by the parties

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« From the Courts »

Penalty: Concealment of income - Bona fide belief, Rejection of assessee’s claim
Computation of: undisclosed income - Income of the year below taxable limit
Delhi Tribunal pronounced recently where the parity of treatment of employees contribution with that of the employers has been ruled
Allocation of work - Representation of CIT(DRs) and Sr. DRs. before ITAT
Law of precedent: Judicial discipline-Decision of non-jurisdiction High court
Special Bench of ITAT rules on 16 Important Tax issues
Registration of: Charitable trust - Limitation for: Passing order by CIT, Effect of: Non-passing of order within specified time
SC: DTA will override the provisions of Income Tax Act
Tata Hospital not liable to pay sales tax
Punjab Govt appeal dismissed
SC: Arbitration agreements must be adhered to by the parties
Penalty:Concealment of income - Bona fide belief
Appealable Order-Challenge to intimation under s.143(1) in appeal agent regular assessment under s.143(3)
Limitation for: Re-assessment - Findings or directions in appellate order, Findings vs observations
AO does not have the jurisdiction to go beyond the net profit as per Profit & Loss account except as provided in Explanation to Sec.115JA of Income Tax Act-AO has to levy the tax only on the book profit as per the Balance Sheet

« Punjab Govt appeal dismissed

Penalty:Concealment of income - Bona fide belief »

SC: Arbitration agreements must be adhered to by the parties

March, 21st 2008

The Supreme Court ruled last week that if the parties to a contract agree on the arbitrator, the place of arbitration and the court for deciding disputed questions, these should be adhered to.

Dismissing the arbitration petition of Shivnath Rai Harnarain (India) Ltd for appointment of a mediator in terms of Section 11(6) of the Arbitration and Conciliation Act, the arbitration judge noted that the parties chose Samuel Marshal as the arbitrator and the venue as Singapore. His award in favour of the firm was set aside by a Singapore court.

The firm then moved the Supreme Court for appointment of an arbitrator. The court rejected this as the arbitration on agreed terms was held in Singapore and the court there passed the order. Therefore, it cannot turn around now and ask the Indian court to appoint an arbitrator.

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