Dispute Sem 8 (2)

The PCA is constituted through two separate multilateral conventions with a combined membership of 122 states. which are?

• The 1899 Hague Convention for the Pacific Settlement of International Disputes.

• The 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards

• The 1907 Convention for the Pacific Settlement of International Disputes.

• The Geneva Convention on the Execution of Foreign Arbitral Awards of 1927

What is retrospective taxation?

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Answer explanation

As the name suggests, retrospective taxation allows a country to pass a rule on taxing certain products, items or services and deals and charge companies from a time behind the date on which the law is passed.

Which Court ordered allowing Cairn Energy to freeze at least 20 Indian properties worth $23 million?

• Japan Court

• Paris court

• Ukraine court

• Indian court

By which Bill, the following changes are proposed:

"any tax demand made on transactions that took place before May 2012 shall be dropped, and any taxes already collected shall be repaid, albeit without interest"

• Taxation Laws (Amendment) Bill August , 2021

• Taxation Laws (Amendment) Bill April, 2021

• Taxation Laws (Amendment) Bill August , 2020

• Taxation Laws (Amendment) Bill January, 2021

What is "Capital Gains Tax"?

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Answer explanation

•Capital gains tax : It is the tax paid on income that derives from the sale or exchange of an asset, such as a stock or property that's categorized as a capital asset.

Article 3 of the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) says that:

• “any dispute between an investor of one contracting party and the other contracting party in connection with an investment in the territory of the other contracting party shall as far as possible be settled amicably through negotiations”.

• “constitution of the arbitral tribunal shall not be hindered by any controversy with respect to the sufficiency of the notice of arbitration, which shall be temporary in nature, which is resolved by the arbitral tribunal”.

• “constitution of the arbitral tribunal shall not be hindered by any controversy with respect to the sufficiency of the notice of arbitration, which shall be finally resolved by the arbitral tribunal”.

• “constitution of the arbitral tribunal shall be hindered by any controversy with respect to the sufficiency of the notice of arbitration"

who referred the "Enrica Lexie" case to the Permanent Court of Arbitration, an intergovernmental organisation based in The Hague in Netherlands?

• International Tribunal for the Law of the Sea

• Indian Government

• Italian Government

• Supreme Court of India

Answer explanation

International Tribunal for the Law of the Sea is an independent judicial body under the UNCLOS.

what award did Permanent Court of Arbitration delivered in Enrica Lexie case?

• PCA asks Italy to drop prosecution

• Italy is precluded from exercising its jurisdiction over the Marines.

•  India is entitled to claim compensation from Italy. It also held (by 3:2 majority) that the Marines are entitled to immunity in relation to the acts that they committed, and that India is precluded from exercising its jurisdiction over the Marines.

• Italy is entitled to claim compensation from India.

Answer explanation

July 2020 : Permanent Court of Arbitration delivers award; asks India to drop prosecution; Italy to compensate.

April, 2021: Supreme Court says that it will quash the cases (Italian marine case) only after the compensation amount is deposited before it. what was the compensation amount ?

• Rs. 5 crore

• Rs. 4 crore, (2 crore each deceased's family)

• Rs. 6 crore (2 crores each to the families to two deceased fishermen, 2 crores to the boat owner).

• Rs. 10 crores (Rs. 4 crores each to the families to two deceased fishermen, 2 crores to the boat owner).

There are two avenues available for the enforcement of foreign awards in India, viz., the New York Convention and ___________________.