Draft SIAC Investment Arbitration Rules – Key Recommendations



  1. The following are my comments on the Draft Investment Arbitration Rules of the SIAC. In doing so, I have considered the draft SIAC Investment Arbitration Rules along with the Trans-Pacific Partnership (TPP) Investment Chapter, and the Stockholm Chamber of Commerce (SCC), International Centre for Settlement of Investment Disputes (ICSID), and International Chamber of Commerce (ICC) Rules.
  2. My comments are broadly classified into the following:
    • Suggestions regarding potential inclusions; and
    • Recommendations relating to specific provisions.

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Income Computation and Disclosure Standards (ICDS) IV and ‘Real Income’ theory – a case of Constitutional conflict?

Income Tax_1The Basics

  • The Income Computation and Disclosure Standards (hereinafter ICDS) came into effect on 01 Apr 2015 for the computation of taxable income[1].
  • The ICDS is to be complied with by all ‘persons’ who follow the mercantile system of accounting, from the assessment year 2016-17
  • It is a set of ten standards that incorporates various Accounting Standards laid down in Ind-AS. The object is to harmonise the accounting requirements with taxability of an item.
  • It is applicable solely for the purpose of computation of income chargeable under the heads of “Profits and gains of business or profession” or “Income from other sources” referred to in Sec 145 of the Income Tax Act, 1961
  • In cases of conflict between ICDS and the Income Tax Act, 1961, the latter shall prevail
  • It incorporates the concept of ‘Accrual’ as a key element where an income is recognised as it is accrued or earned irrespective of the actual time of receipt of the same.
  • ICDS IV that deals with Revenue Recognition is the subject matter of the following discussion

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Does Sec 29A of the Indian Arbitration Ordinance apply to pending proceedings?



  • The Arbitration & Conciliation (Amendment) Ordinance 2015 came into force on 23 Oct 2015
  • The amendments were made at the back of a comprehensive Law Commission Report on the subject (246th Law Commission Report)
  • Sec 29 A and B are new additions to the Arbitration & Conciliation Act
  • Sec 29 A deals with the time limit for issuing an arbitral award (an Award needs to be made in 12 months).

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