Legal, Financial (taxation) and Current topics-Neeraja Blog

  Q. What do you mean by Arbitrator? Q. What are the powers of arbitrator in the Arbitration  Act 1996. Can he be removed by any party or court? Q. What are the Procedures to challenge the appointment  of arbitrator? The term “arbitrator” is not defined in the Arbitration and Conciliation Act. But “arbitrator” is a  person who is appointed to determine differences and disputes between two or more parties by  their mutual consent.   It is not enough that the parties appoint an arbitrator. The person who is so appointed must also  give his consent to act as an arbitrator. His appointment is not complete till he has accepted the  reference.   He is an extra-judicial tribunal whose decision is binding on the parties.  The arbitrator must be absolutely disinterested and impartial. Any interest of the arbitrator  either in one of the parties or in the subject-matter of reference unknown to either of the parties  or all the ...

Q. Feature of Arbitration and Conciliation Act, 1996. Discuss the main causes of its  enactment . Scope and development of arbitration law  1. Arbitration is considered as an alternative dispute resolution procedure under which mediation   and conciliation are also included. It is considered as International commercial arbitration where   two parties from two different countries approach an international arbitrator either by their   mutual consent or through an arbitration institution and dissolve their dispute accordingly. The   alternative dispute resolution procedure has gained importance in the last few years due to the   increase in commercial market dispute and also it is a speedy, cost-effective and efficient way of   settlement. The United Nations have given due recognition to Model Law of International   Commercial Arbitration and Conciliation rules given by the United Nations Commission on trade   and law ( UNCITRAL). The model...

  SITTING ON THE FENCE- CAN THE JOINT COMMISSIONER REMAIN NON-COMMITTAL WHILE GRANTING APPROVAL UNDER SECTION 153D OF THE INCOME TAX ACT? Executive Summary The supervisory power mandated under section 153D of the Income tax Act, 1961 (the Act) in case of search assessment is not merely an official formality but requires proper application of administrative and judicial mind by the Joint Commissioner (JCIT in short) who is the Approving Authority and this exercise should be discernible from the order of approval under section 153D of the Act. The legislative intent behind section 153D is the need for framing a balanced assessment- protecting the interest of revenue by strengthening the internal monitoring and review system of the Department at the same time providing a check on the multiplicity of assessments and high pitched assessments. Undoubtedly, absence of approval will render the assessment order passed under s.153A of the Act as bad in law at the threshold. But even in cases...