NI_Act_Practical Problems_62

J, a shareholder of a co. purchased for his personal use goods from a mall on credit.He sent a cheque drawn on the co's A/c to the mall towards the full payment of bills.The cheque was dishounoured by the comapany's bank. J, the shareholder of comapny was neither a director nor a person incharge of the co. Examining the prov. of negotiable Act, state whether J has commited an offence under U/s 138 of the act and decide whether J can be held liable for the payment, for the goods purchased from the mall ?

Contract Act_Practical Problems_114

X,Y and Z are partners of software business jointly promise to pay Rs.30, 000 to A. Over a period of time Y became insolvent, but his assets are sufficient to pay one-forth of his debts. Z is compelled to pay the whole. Decide whether Z is required to pay whole amount himself to A in discharging joint promise?

Gautam Buddha & Brahmin....

Gautum Buddha was sitting under a banyan tree. One day, a furious Brahmin came to him and started abusing him. The Brahmin thought that Gautum Buddha would reciprocate in the same manner, but to his utter surprise, there was not the slightest change in the expression on his face.

Now, the Brahmin became more furious. He hurled more and more abuses at Buddha. However, Gautum Buddha was completely unmoved. Actually there was a look of compassion on his face. Ultimately the Brahmin was tired of abusing him. He asked, "I have been abusing you like anything, but why are you not angry at all ?"

Gautum Buddha calmly replied, "My dear brother, I have not accepted a single abuse from you."

"But you heard all of them, didn't you?" The Brahmin argued half-heartedly.

Buddha said, "I do not need the abuses, so why should I even hear them?"

Now the Brahmin was even more puzzled. He could not understand the calm reply from Gautum Buddha.

Looking at his disturbed face, Buddha further explained, "All those abuses remain with you."

"It cannot be possible. I have hurled all of them at you," the Brahmin persisted.

 

Buddha calmly repeated his reply, "But I have not accepted even a single abuse from you ! Dear brother, suppose you give some coins to somebody, and if he does not accept them, with whom will those coins remain?"

The Brahmin replied, "If I have given the coins and not needed by someone, then naturally they would remain with me."

With a meaningful smile on his face, Buddha said, "Now you are right. The same has happened with your abuses. You came here and hurled abuses at me, but I have not accepted a single abuse from you. Hence, all those abuses remain with you only. So there is no reason to be angry with you."

The Brahmin remained speechless. He was ashamed of his behavior and begged for Buddha's forgiveness.

Lesson to Learn from This Story:

Inner calmness and peace are keys to contented life. My Advice is Live life as per your goals and ambition in life. You know who you are and what you want in life, So dont respond to what person said about you in anger. Control your anger with patience and calmness. That is biggest Strength of Wise men.

Beginning today...

Beginning today...

I will no longer worry about yesterday.
It is in the past and the past will never change.
Only I can change by choosing to do so.

Beginning today...
I will no longer worry about tomorrow.
Tomorrow will always be there,
waiting for me to make the most of it.
But I cannot make the most of tomorrow
without first making the most of today.

Beginnig today...
I will look in the mirror
and I will see a person worthy of my respect and admiration.
this capable person looking back at me is someone
I enjoy spending time with and someone
I would like to get to know better.

Beginning today...
I will cherish each momemnt of my life.
I value this gift betowed upon me in this world
and I will unselfishly share this gift with others.
I will use this gift to enhance the lives of others.

Beginning today...
I will take a momemnt to step off the beaten path
and to revel in the mysteries I encounter.
I will face challenges with courage and determination.
I will overcome what barriers there may be
which hinder my quest for growth and self-improvement.

Beginning today...
I will take life one day at a time, one step at a time.
Discouragement will not be allowed to taint my positive self-image,
my desire to succeed or my capacity to love.

Beginning today...
I walk with renewed faith in human kindness.
Regardless of what has gone before,
I believe there is hope for a brighter and better future.

Beginning today...
I will open my mind and my hearth.
I will welcome new experiences. I will meet new people.
I will not expect perfection from myself nor anyone else:
perfection does not exist in an imperfect world.
But I will applaud the attempt to overcome human foibles.

Beginning today...
I am responsible for my own happiness
and I will do things that make me happy...
admire the beautiful wonders of nature,
listen to my favourtie music,
pet a kitten or a puppy, soak in a bubble bath...
Pleasure can be found in the most simple of gestures.

Beginning today...
I will learn something new;
I will try something different;
I will savor all the various flavors life has to offer.
I will change what I can and the rest I will let go.
I will strive to become the best me I can possible be.

Begnning today.... And Every Day

HUF_6

An HUF is having all the properties in India. The Karta of the HUF is residing outside India permanently and the female members are staying in India and are managing the affairs of the HUF. What would be the status of such HUF?

As discussed in the earlier answer, the test is not where the Karta resides, the test is where the control and management of the affairs of HUF is situated. Even if a part of control and management is situated in India, such HUF will be treated as resident in India. Though, generally, Karta is supposed to manage the affairs of HUF, it is not an absolute rule and, by consent, the power of control and management may be delegated to other members of the family, either fully or partially. As such, in this case, the status of HUF would be resident in India.

HUF_7

Is a HUF necessarily resident in India?

No. Section 6 of the Income-tax Act, 1961 clearly contemplates a situation where a HUF can be non-resident also. In fact, HUF can also be Not Ordinarily Resident. A HUF will be considered to be resident in India unless, during the previous year, the control and management of its affairs is situated wholly outside India. In such a case, it will be treated as non-resident HUF. Moreover, in case of a HUF whose manager has not been resident in India in nine out of ten previous years preceding the previous year or has, during the seven previous years preceding that year, been in India for a total 729 days or less, such HUF is to be regarded as Not Ordinarily Resident within the meaning of the Income-tax Act, 1961. As such, it is not necessary for a HUF to be resident in India.

HUF_5

How a HUF can be created ? Who can be members of a HUF?

HUF is a creature of law. It cannot be “created” by act of parties, except in rare cases of adoption and reunion. Birth of a son in a Hindu joint family automatically makes him a member of the HUF. In view of this, all male members automatically become members of the HUF. In addition to that, if a child is adopted, then he also becomes a member of the HUF. Similarly, in case of reunion of erstwhile HUF family members, such reunited members become members of the reunited HUF. Moreover, upon marriage, wife becomes a member of her husband’s joint family.