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My Client Mr. A.N…… is using international Credit Card for the Past 10 years. On July 2010 he has received a statement from the credit card banker to.

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Presentation on theme: "My Client Mr. A.N…… is using international Credit Card for the Past 10 years. On July 2010 he has received a statement from the credit card banker to."— Presentation transcript:



3 My Client Mr. A.N…… is using international Credit Card for the Past 10 years. On July 2010 he has received a statement from the credit card banker to pay Rs. 12 lacs for using the card at Hong Kong during June 2010. Actually he has not used the Card, hence he contacted Credit Card department and informed them that the Card was misplaced and used by some third party. The Credit Card department official clearly informed him it is the duty of the customer to inform the misplacement of Credit Card immediately to the Credit Card banker. The bank official told him that, his liability is restricted to next 24 hours from the time of informing the misplacement: After 24 hours he is not liable: This is clearly mentioned in the terms of agreement while applying the Credit Card.

4 Hence he had been asked to pay the amount immediately. My innocent friend approached me and gave the particulars. I talked with the credit card officials and informed them my friend is not liable to pay the amount on the following grounds. 1. He has not travelled to Hong Kong between 1 st Jan 2010 to 31 st July 2010. The passport evidence is there. 2. The Card was used to stay in five star hotels at Hong Kong and used in leading stores and shops at Hong Kong. Being an international Credit Card, it is the duty of the five star hotel and leading shops to verify properly with the passport, photo identity etc. Being the international Credit Card issued at India, it is the duty of the five star hotel personnel to obtain the photo copy of passport to stay in the hotel. If the Card holder is a local person, thus they have to obtain the photo copy of the social security Card. With these they can easily identify the Card is a stolen one. 3. The Credit Card banker has to clearly understand that they are via mediator rather to, I can say as a commission Agent entitled to receive the commission for the transactions done through the Credit Card. Mere signing in the unreadable application form (application form is in micro letters) doesnt bind the card user. Hence I told that I am ready to pay the commission amount for the entire transactions of Rs.12 lacs. At the same time I insisted them to file a case against the five star hotels for accepting the credit card from the wrong person. 4. Finally the credit card banker asked us to submit notarized affidavit for not used the credit card. We sent the affidavit and the banker gave 100% waiver and issued a fresh credit card immediately

5 One small Export firm at Tirupur has obtained bank loans from S…….Bank, Avinashi for an amount of Rs 75 lacs and offered Directors personal collateral security worth Rs 150 lacs. The firm was become sick & unable to repay the loans. The entire current assets were consumed by overhead & non-payment by foreign buyer. When we approached the bankers they refuse to give interest waiver, because of the reasons of Collateral security is more value than the liability outstanding. We took up the matter to the higher authorities and submitted the following grounds. 1. All the collateral securities were purchased before 25 years, where the firm was established only during 2006. 2. The firm has incurred loss continuously since 2009 to 2012. Copy of income tax statements produced. 3. Reasons for loss for the past three years with evidence. The Bank gave Rs 5 lacs interest waiver, which was very much helpful for the sick firm.

6 One Mr. B.A……….. has purchased 5 acres of agricultural lands near Mettupalayam, Coimbatore, Tamilnadu during the Assessment year 1995-96 at a cost of Rs 5.40 lacs. He has divided the lands into 70 Residential plots and during the Assessment year 2011-12 he sold 60 plots at sales value of Rs 32 lacs. But the Government guideline value was Rs 60 lacs for 60 plots. Further he has incurred Rs 15 lacs towards providing road, compound walls etc,. His consultant has computed the total income as below: Sale Value of 60 plots Rs.6000000 Less: (i) Indexed Cost of Acquisition 711 540000 x ------ 1482394 259 (ii) Cost of Development 1500000 2982394 Hence Cost of 60 Plots 60 2982394 x ------ 2556338 3443662 70

7 I have computed the total income as below on the following grounds. The assessee has converted the agricultural lands in to residential plots by obtaining permission from town planning authorities. Thus he has converted the entire agricultural land of 5 acres into Stock-in-trade under section 45 (2). The capital gain will be as below. I.Long term Capital Gain : Deemed Sale Value (60 Plots Rs.1,00,000 per plot) 6000000 Less: (i) Indexed Cost of acquisition 711 540000 X ----- 1482394 259 (ii) Cost of Development 1500000 2982394 Hence Cost of 60 Plots 60 2982394 X ----- 2556338 3443662 70 II. Business Income Sales of 60 Plots 3200000 Less: Cost of Acquisition 6000000 2800000 Total Income 643662 This was accepted by Income tax department.

8 One of the investor wants to invest Rs 100 lacs in S…. Emu farms private limited. He seeks my advice. Actually I told Emu farms are cheating the public by collecting the money under MLM method. Emu birds are not suitable to eat and so many ideas for not to invest in Emu farms. He is not convinced. Finally I called the marketing personnel and asked the details. The farm will provided 1 bird for every Rs 25000 investment. In 4 acres of land we can keep 400 birds. And the investor will get fixed monthly income of Rs 4 lacs for an investment of Rs 100 lacs. But I told him that the investor is not having any land & also does not have professional skill to keep & maintain the Emu birds. Then the marketing agent immediately discussed with his owner and told me that from that day onwards they are introducing VIP scheme.In that scheme if we invest the money then the Emu farm company itself will maintain the birds & will give fixed monthly income of Rs 4 lacs per month for an investment of Rs 100 lacs. Which business is giving 4% income per month? In that case the company can approach bank to avail loan at the rate of maximum 1.25 %.Finally, my client understands the cheating and not invested the money in the Emu farm. Very recently the Emu farm owner imprisoned under economic cheating case.

9 My clients father went to health checkup in leading hospital K…... Coimbatore. He was 75 years old. In all tests he is very normal. But the cardio surgeon told him that he is having 50 % blocks in two veins & has to undergo the open heart surgery immediately which cost around Rs 5 lacs. My friend called me. We went to Chennai in the next flight & met the leading cardio surgeon Mr.C……..He surprised & told us that K……, Coimbatore is become very commercial & no need for open heart surgery. Only angio is enough which cost around Rs 2 lacs & the old patient will not get strain also. Finally I asked the International famous doctor that the patient is having the systematic same habit of eating with same type of food menu for the past 25 years. Also does not have alcohol / tobacco habits. If he is continuing the same method of eating & exercises then when this blocks will increase to a danger level of die. Then he get angry & through us away. Then we went to A…. Hospital, Chennai & met Cardio therapist (Not cardio surgeon) and repeated the same questions.He congratulated me & gave medicines & not done any operations. Now the patient is 85 years old doing well.


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