It is the collective organization of the individual right to lawful defense. Each of us has a natural right - from God - to defend his person, his liberty, and his property. These are the three basic requirements of life, and the preservation of any one of them is completely dependent upon the preservation of the other two. For what are our faculties but the extension of our individuality? And what is property but an extension of our faculties? If every person has the right to defend even by force-his person, his liberty, and his property, then it follows that a group of men have the right to organize and support a common force to protect these rights constantly. Thus the principle of collective right-its reason for existing, its lawfulness-is based on individual right. And the common force that protects this collective right cannot logically have any other purpose or any other mission than that for which it acts as a substitute.

Tax planning through foreign entities under cloud
With the increase in outbound investments from India, the Government is concerned about the ability of such companies to park profits outside India in low or no tax jurisdictions.

IASB draft standard aims at improving financial reporting
On June 24, 2010, The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published for public comment a draft standard (ED) to improve and align the financial reporting of revenue from contracts with customers and related costs.

Supreme court settles dispute over HPCL distributorship
The Supreme Court has set aside the order of the Allahabad high court in a dispute over the distributorship of LPG gas supplied by the Hindustan Petroleum Corporation Ltd.

Withholding of live consignment to realize arrears
The issue of withholding of live consignment to realize arrear has now come to the fore because of the stricture given by the Bombay High Court and a penalty imposed on Revenue in a case where live consignments were withheld by Customs without following the proper procedure.