EIRC NEWSLETTER...ACAE Chartered Saturday Annual Conference - 2014 Mr. Aman Lekhi, Advocate CA Ram Ratan Modi Taj Bengal 10.00am to 6 Accountants Study 23rd August, “Emerging Paradigms

EIRC NEWSLETTERVOL: 40 ISSUE: 6 1st AUGUST 2014 RS. 10/-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EASTERN INDIA REGIONAL COUNCIL

��EIRC 1st August 2014

EIRC 1st August 2014 ��

CA Subhash Chandra SarafChairman, EIRC

,,

,,You must bring dignity to what you represent

My Dear Professional Colleagues,

Wishing you most and more…

The First Union Budget of the newly formed government was presented in July, and though there is mixed opinions on it; I perceive it to be a futuristic budget, with the current outlook more on long term improvements and developments. With the emphasis placed on fiscal consolidation, increased investments and the need for improved allocative and operational efficiencies of government expenditure to maximize output to achieve –‘Minimum Government, Maximum Governance.’The Budget laid its main focus on infrastructure development through various proposals for investments and tax incentives and funding instruments. Road and Highway development, rural road development, power sector reforms and ports and airports sectors got a special mention in the budget. Allowing infrastructure loans to be provided for a longer period matching life of asset and setting up of six new debt recovery tribunals is a major positive for the sector. The current budget initiatives will have to be carried forward to boost momentum. We all can but hope for the government to live up to their promises.

Finance Minister has also proposed that the new Indian Accounting Standards (Ind AS) converged with IFRS shall be adopted by the Indian Companies from the financial year 2015-16 voluntarily and from financial year 2016-17 on mandatory basis. We, at Institute are committed to work closely with Ministry of corporate Affairs to ensure smooth implementation of Ind AS in India. This is a challenge and as well as opportunity for the members of the profession. Besides, Companies Act 2013 has given great opportunity and in the pipeline are the professional opportunities in the form of DTC, GST, FDI in critical sectors, Fraud and forensic accounting & audit, data analytics etc.

Our Honorable Prime Minister also reposed his faith upon us with his tweet on 1st July, 2014, our Foundation day as ‘I congratulate my CA friends on Chartered Accountants Day & convey my best wishes. They have a crucial role to play in India’s progress’. This only brings upon us more and more responsibilities towards our profession, the businesses, the people and the

nation. We must do nothing but justice with the responsibility we carry. I can say that we must bring dignity to what we represent.

We have completed 65 glorious years since 1949 and 75 years of the profession will be completed a decade later in 2024. Keeping in mind, the above mentioned opportunities, EIRC thought to introspect as to what should be our approach, methodology and skill set to successfully grab the opportunities. A Joint All Region Conference, therefore, has been organized on 8th -9th August, 2014 at Kolkata with the theme “CA PROFESSIONAT 75: A DECADE AHEAD” where thinkers from and outside the profession will share their wisdom for our benefit.I request one and all to attend this event and benefit from their wisdom to cart out turbulent road ahead. Details of other forthcoming programs are given in the newsletter for your professional update.

The convocation of newly qualified members was held on 17th July 2014 of at Kala Mandir, and like the one held in January, the same was really fantastic, filled with the air of energy and gusto of the young members; it makes me feel so young again.

Our Independence Day is approaching on 15th August and we are in the profession, where independence in opinion is required while serving our clients. Independence can be achieved if and only if we can think, speak and act without fear or favor. I am sure that our members are practicing independence in their day to day profession.

Let’s salute our great nation and extend our enthusiasm and festive spirit to the Independence Day celebrations as well. Happy Independence Day to all of you!In advance.

I am with you and for you always...

With Warm Regards


Forthcoming Programme

DAY AND DATE KNOWLEDGE SESSION RESOURCE COORDINATOR VENUE DURATION CPE DELEGATE PERSON HOURS FEES `

EIRC

DAY & DATE PROGRAMME DETAILS VENUE TIMEFriday, 15th August 2014 Celebration of Independence Day EIRC Premises 10.00am onwardsSaturday, 1st November 2014 Seminar on Information Technology (6 CPE) Park Hotel 10.00am onwardsFriday, 28 November & Saturday 29th November 2014 39th Regional Conference (12 CPE) Science City Auditorium 10.00am onwards

Important Date

Friday 8th August 4th ICAI All Region Joint Conference Details inside in Page 9 EIRC Royal Bengal Room 10.00am to 12 1400& Saturday Salt Lake, 5.00pm Online 9th August 2014 City Centre 1300 Spot 1700Wednesday, Seminar on Investor Awareness Mr. Debasish Bandhyopadhyay, ROC CA Anirban R Singhi Hall, 5.30pm to 3 15013th August 2014 CS Rajesh Chura Datta EIRC Premises 8.30pm Spot 200Tuesday, Changes in MCA Portal relating CS Mohan Ram Goenka CA Manish Goyal R Singhi Hall, 5.30pm to 3 15019th August 2014 to ROC Forms EIRC Premises 8.30pm Spot 200Wednesday Corporate Governance in the light Details inside in Page 7 EIRC R Singhi Hall, 3.00pm to 5 50020th August 2014 of Companies Act 2013 EIRC Premises 8.00pm Spot 600Thursday Seminar on Professional Opportunities Details inside in page 7 EIRC R Singhi Hall, 4.30pm to 4 40021st August 2014 in NPO (Charitable Trust, Charitable EIRC Premises 8.30 pm Non Member Societies, Section 8 Companies and 500 Other Similar Entities) Spot 500Wednesday Digital Threats and Securities Mr. Rakshit Tandon CA Sunil Kumar R Singhi Hall, 5.30pm to 3 15027th August Sahoo EIRC Premises 8.30pm Spot 200 2014 Thursday, 4th Seminar on Investors Awareness Mr. Debasish Bandhyopadhyay, ROC CA Ranjeet R Singhi Hall, 5.30pm to 3 150September 2014 CS Siddhartha Chatterjee Kumar Agarwal EIRC Premises 8.30pm Spot 200Saturday, Seminar on Capital Market jointly Details inside in Page 7 EIRC Hotel Oberoi Grand 10.00am to Nil Online6th September with Association of National Kolkata 4.00pm 1000 2014 Exchanges Members of India (ANMI) Member 1100 Non-Member 1300 Spot 1400Tuesday, Life after Death- Succession CA Ramesh Patodia CA Pramod Dayal R Singhi Hall, 5.30pm to 3 1509th September Planning through HUF, AOP, Rungta EIRC Premises 8.30pm Spot 200 2014 and TrustSaturday, Seminar on Women Members Details inside in Page 7 EIRC R Singhi Hall, 2.30pm to 6 60013th September Empowerment (Open for Male EIRC Premises 8.30pm Spot 7002014 Members also)

Branch Day & Date Programme Speakers Co- ordinator Venue Duration CPE HourCuttack Saturday, 16th Certificate Course on Eminent Speakers CA. Pawan Kumar ICAI Bhawan 10.00am to 36Branch August to Sunday Concurrent Audit of Banks Udaypuria, (M) 9937166049 Cuttack 5.00pm 31st August 2014 [email protected] Friday, 21st November National Conference-2014 Eminent Speakers CA. Pawan Kumar Saheed Bhawan 10.00am to 12Branch to Saturday Organised by CCBCAF & Udaypuria, (M) 9937166049 Cuttack 5.00pm 22nd November, 2014 SMP jointly with CMA [email protected] Friday, 8th Women Empowerment & Eminent Person CA. Manisha Agarwal ICAI Bhawan 4:30 pm to 2Branch August, 2014 Personality Development (ONLY FOR LADY CA’s) # 9832466809 Teenbatti More 6:30 pm ( Organised by Women [email protected] Siliguri Members Empowerment Committee, ICAI)

BRANCHES

Note : 1. Please note Online registration closes 1 days before the day of the Seminar 2. Spot Registration will be taken subject to availability of seats at the venue.


Study Circle Day & Date Programme Speakers Co- ordinator Venue Duration CPE HourACAE Chartered Friday Investors Awareness & CA D. Bandipadhyay CA Ram Ratan Modi Emami Conference 5.00pm _Accountants Study 8th August Protection Registrar of Companies, (M) 9830080506 Hall, (ACAE) Circle 2014 West Bengal [email protected] 6, Lyons Range, [email protected] Kolkata-700 001

ACAE Chartered Friday Empowering Investors CA Debashis Mitra CA Ram Ratan Modi Emami Conference 5.30pm to 3Accountants Study 8th August, through Companies Act, (M) 9830080506 Hall, (ACAE) 8.30pmCircle 2014 2013 [email protected] 6, Lyons Range, [email protected] Kolkata-700 001

ACAE Chartered Saturday Annual Conference - 2014 Mr. Aman Lekhi, Advocate CA Ram Ratan Modi Taj Bengal 10.00am to 6 Accountants Study 23rd August, “Emerging Paradigms in Dr. Bhaskar Banerjee,FCA (M) 9830080506 34-B, Belvedere 5.00pmCircle - EIRC 2014 Corporate & Fiscal Laws” CA Dilip B Desai [email protected] Road, Alipore Mr. J. K. Mittal, CA K C [email protected] Kolkata-700 027 Devdas, CA P. R. Ramesh

VIP Road Chartered Sunday Critical Analysis of Share CA Mamta Binani Rajesh Singhania VIPCA Library 10.00am to 3Accountants Study 17th August, Capital / Allotment (M) 9830094600 220, Bangur 1.00pm Circle 2014 Procedures and Avenue, Block-A Appointment of Directors Kolkata-700 055 under the Companies Act, 2013

Views Exchange Saturday, Circulars and Notifications CA Mohit Bhuteria CA Kushal Bhuwania Merchant Chamber 3.00 pm to 3Chartered Accountants 9th August issued for Companies 9831684929 of Commerce, 6.00 pm Study Circle 2014 Act 2013 till date. kushalbhuwania@ 15B, Hemanta Basu Recent Judicial Announce- CA Siddharth Jhajharia gmail.com Sarani, Kol - 01 ment in Income Tax Act.

Views Exchange Saturday, Group Think on CA Sushil Kr Goyal CA Kushal Bhuwania Merchant Chamber 3.00 pm to 3Chartered Accountants 30th August Service Tax CA Ankit Kanodia 9831684929 of Commerce, 6.00 pm Study Circle 2014 [email protected] 15B, Hemanta Basu Sarani, Kol - 01

STUDY CIRCLES

Student’s New Information available on EIRC Website www.eirc-icai.org

1. CPT Registration Pending List

2. IPCC (through CPT Route) Registration Pending List

3. IPCC (through Direct Route)Registration Pending List

4. CA Final Registration Pending List

5. Articleship Registration Pending List

6. Articleship Re-Registration Pending List

7. Articleship Termination Pending List

8. Articleship Completion Pending List

9. Permission for Other Courses Pending List

Students are advised to check the instructions as per announcement and submit necessary documents / clarifications to resolve pending cases at the earliest.

Category Size Rate (Rs.)Full page Color 18cm (width) x 25cm (height) Rs. 15000/-

Half page Color (horizontal) 18cm (width) x 12cm (height) Rs. 10000/-

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Classified AD 9cm (width) x 9cm (height) Rs. 5000/-(only for ‘Situations Vacant’for CA firms)

Contact : 91-33-30211104/33, Email : [email protected], [email protected]

TARIFF RATE FOR ADVERTISEMENT IN EIRC NEWSLETTER


Dear Students,

Conceive, Believe, Achieve!

We, at the EICASA of EIRC of ICAI, welcomed July 2014 by organizing the Student’s National Convention on the 26th and 27th of July, 2014 at Science City Auitorium, Kolkata, carrying the theme of “CA Students: Grow

Tall On Solid Foundation.” The event saw more than 2500 students participating in it; thus turning it into a huge phenomenal success!

We had Dr. Kiran Bedi, IPS (Retired) as Chief Guest gracing the event. We also welcomed CA K. Raghu, President, ICAI, as our Guest of Honour. We also had Chandra Sekhar Ghosh, CMD, Bandhan Group and Dr. Pawan G. Agarwal, famous “DABBAWALA” from Mumbai who gave us precious pearls of wisdom and motivated us!

Galaxy of dignitaries who further contributed to the success of this event were Padmashree CA T N Manoharan Past President, ICAI, CA R Bhupathy Past President, ICAI, CA M. Devaraja Reddy, Chairman BOS ICAI, CA Prafulla Chajjed, Vice Chairman BOS ICAI, and Central Council Members CA C S Nanda , CA V Murli , CA Jay A. Chhaira , CA Sumantra Guha, CA Abhijit Bandhopadhyay, Past Chairman EIRC CA Dr D Mitra to name a few.

Two days of technical sessions where esteemed professionals gave deliberations on their areas of expertise, Paper presenters CA Students presented their paper on different subjects & Topics, interactive sessions with the Chairman of the Board of studies and panel discussions on the pros and cons of articleship training, The Student’s National convention ended with an exciting and exhilarating cultural evening which was attended by more than 1500 students.

Students, Thank You. Thank you because this event couldn’t have saw through it’s success without your participation and enthusiasm. I’d also like to thank the members of EICASA & Officers from Board of Studies who have been putting in together months of efforts to bring this event to it’s justice. So let me use this platform to both congratulate and thank you.

As always, it’s a humble request to all students to make best possible use of the resources available to them. The student body of the eastern region of the CA Fraternity, EICASA, also makes efforts to conduct seminars, industrial visits, etc.

The famous poet, Henry Wadsworth Longfellow, has said, “The heights by great men reached and kept were not attained in sudden flight but, they while their companions slept, they were toiling upwards in the night.” When you truly want success, you never give up on it. No matter how bad the situation might get. Challenges are what make life interesting and overcoming them is what makes life meaningful.

Students, one of the most important keys to success is having the discipline to do what you know you should do, even when you don’t feel like doing it. Don’t worry about the failures, worry about the chances you miss when you don’t even try. Decide the path you want to take and conceive your plans accordingly. Because three things that you can’t recover in your life are – the WORD after it’s been said, the MOMENT after it’s passed and the TIME after it’s gone. So be careful!

Before I conclude, I’ll only have to say – “Beliefs have the power to create and the power to destroy. Only you have the ability within yourself to take any experience from your life and turn round the tables. Never say never, because limits, like fears, are often just an illusion.

Looking forward to your views and / or suggestions for improvement, correction or modifications in student activities and specially EICASA activities. Suggestions for the betterment and upliftment of the EICASA are also heartily welcome, all of which you may send directly to me at [email protected] while marking a copy to [email protected].

Looking forward to an eventful journey.

With Best Wishes,

CA Pramod Dayal RungtaChairman, EICASA

Vice Chairman, EIRC

EICASA

Mr. Amit Singh & Ms. Shivangi Sultania hosting the Student National Convention

Spreading the message of Peace on the occasion of Student National Convention on 26th July, 2014

Annual Prize Distribution to Meritorius Students : Chief Guest Prof. Amitava Ghosh, St. Xavier’s College on 30th July 2014

EIRC 1st August 2014 �

Announcements

SEMINAR ON CAPITAL MARKET

Organised by Committee on Financial Market and Investor’s ProtectionHosted by Eastern India Regional Council

The Institute of Chartered Accountants of India Jointly with

Association of National Exchanges Members of IndiaTheme: VIBRANT CAPITAL MARKET: A MYTH OR REALITY

Day & Date: Saturday, 6th September 2014

Time: 10am to 4pm

Venue: Hotel Oberoi Grand

Kolkata

Inaugural Session Chief Guest : Mr. U K Sinha*, Chairman SEBI Guest of Honour: Mr. Chitra Ramakrishna*, MD & CEO, National Stock Exchange

Knowledge Session –ITopic

Different Asset Class Vis a Vis Equity

Knowledge Session - IITopic

National Footprint: Ways & Means

Panel Discussion Is Today`s Vibrancy in Capital market: A myth or reality?

* Confirmation awaited

CORPORATE GOVERNANCE IN THE LIGHT OF COMPANIES ACT 2013

Organised by Eastern India Regional Council The Institute of Chartered Accountants of India

Day & Date: Wednesday, 20th August 2014Time: 3.00pm to 8.00pm

Venue: R Singhi Hall, EIRC Premises

Introductory Session CA. Abhijit Bandyopadhyay, Council Member, ICAI CA. Subhash Chandra Saraf, Chairman, EIRC

Knowledge Session –I Topic Enhanced Role of Internal Audit in the CA Arijit Roy light of The Companies Act 2013

Knowledge Session –II Topic Internal Audit and Corporate Governance CA Palash Lahiri

Knowledge Session –III Topic New Trends in Internal Auditing CA Manoj Chandak Risk Based Audit, Coverage of Process Cycles: P2P, O2C, Analytics, Sampling etc.

Knowledge Session –IV Topic Report Writing and Documentation CA Palash Lahiri

5 CPE` 500` 600 Spot

Fees

Nil CPE

` 1000 Online` 1100 Members` 1300 Non Member` 1400 Spot

Fees

SEMINAR ON PROFESSIONAL OPPORTUNITIES IN NPO (CHARITABLE TRUST, CHARITABLE SOCIETIES, SECTION 8

COMPANIES AND OTHER SIMILAR ENTITIES)Organised by Committee for Co-Operatives and NPO Sectors, ICAI

Hosted By Eastern India Regional Council The Institute of Chartered Accountants of India

Day & Date: Thursday, 21st August 2014Time: 4.30pm to 8.30pm


Knowledge Session –I Topic An overview and Professional CA Rajkumar S Adukia, Opportunity in NPO Sectors. Central Council member, ICAI

Knowledge Session –II Topic Formation and Annual Compliances CA Suresh Agarwal of various NPO type entities

Knowledge Session –III TopicFCRA provisions CA Manoj Fogla

Knowledge Session –IVTopicIssues related to Accounting and Auditing CA Ramesh Prabhuin NPO Sectors and Structuring andTaxation of NPOs and Charitable organizations.

Panel DiscussionPanel Discussion by all faculties and Participants

Dinner from 8.30pm onwards

4 CPE` 400` 500 Non Member ` 500 Spot

Fees

Programme CoordinatorCA Anirban Datta,

Secretary, EIRC

Programme Director CA Subhash Chandra Saraf,

Chairman,EIRC

Programme Chairman CA Rajkumar S. Adukia, Chairman, Committee for

Co- Operatives and NPO Sectors

SEMINAR ON WOMEN MEMBERS EMPOWERMENT

(Open to Male Members also)Organised by Women Members Empowerment Committee, ICAI

Hosted By Eastern India Regional Council The Institute of Chartered Accountants of India

Day & Date: Saturday, 13th September 2014

Time: 2.30pm to 8.30pm


Topics � Women : A New force in Profession

� Opportunities arising out of Companies Act

� How to Excel in Service Tax Practice

� Emerging Trends in Accounting

� Work life Balance - How to achieve

Speakers

� CA C S Nanda, Delhi

� CA Bhawna Doshi, Mumbai

� CA Rohini Agarwal, Gurgaon

� CA Veena Hingarh, Kolkata

� Sister B. K. Asmita (Brahmakumari), Kolkata

` 600` 700 SpotFees6 CPE


All Regional Council Events


12 CPE

4th ALL REGION JOINT CONFERENCETheme : “CA Profession at 75 : A decade ahead”

Date : Friday & Saturday, 8th & 9th August 2014Venue: Royal Bengal Room, City Centre, Salt Lake, Kolkata

Organised By: Eastern, Western, Southern, Central & Northern India Regional CouncilsHosted By : Eastern India Regional Council

The Institute of Chartered Accountants of India

DAY – 1 : Friday, 8th August 2014 Registration & Networking 9:00 am to 10:00 am Inaugural Session 10:00 am to 11:00 amChief Guest : Mr Amit Mitra*, Hon’ble Minister in Charge-Finance and Excise, Govt. of WB Guest of Honour : CA. C M Bachhawat*, IAS, Principal Secretary, Department of Commerce and Industry, Govt. of WB Knowledge Session – I 11:00 am to 1:45 pmIncrease in the scale of Operations of a CA Firm – The need, the vision, the journey CA NP Sarda, Past President, ICAIRotation of auditors – A realty for next decade Padmasree CA TN Manoharan, Past President, ICAI

Knowledge Session – II 2:30 pm to 5:00 pm

Fraud Detection & Forensic Accounting : Role & Expectations from Auditors (Watchdogs or Blood Hound) CA Sandeep Baldava, Hyderabad

Frauds & Technology – Use of technology for prevention, detection and Investigation of Frauds CA Vineet Mehta, New Delhi DAY – 2 : Saturday, 9th August 2014 Knowledge Session – III 10:00 am to 1:30 pmEducating Young Chartered Accountants CA Dipankar Chatterji Past Council Member, ICAIEconomic Scenario in 2024 CA Nawshir Mirza, MumbaiIgniting CA Minds CA S Gurumurthy, Chennai Knowledge Session – IV 2:30 pm to 5:00 pmThe Profession of the Future CA PR Ramesh, Hyderabad

*Confirmation awaitedRegistration Fee : Members – 1400/- (Online – Rs 1300/-, Spot – 1700/-)

Registration is on ‘First come First Served basis’. Fees is non refundableCheque / DD may be drawn in favour of ‘ICAI – EIRC’. Online registration at www.eirc-icai.org

For Registration : +91-33-30211133 / 34 / 04 Emai id : [email protected] ; [email protected]

Conference Chairman

CA Subhash Chandra Saraf, Chairman, EIRC

Conference Co-Chairmen Conference Directors Conference Chief Coordinators

CA Anil S Bhandari, Chairman, WIRC CA Subodh Kr. Agrawal, Past President, ICAI CA Pramod Dayal Rungta, Vice Chairman, EIRC CA P. V. Rajarajeswaran, Chairman, SIRC CA Abhijit Bandyopadhyay, Council Member, ICAI CA Anirban Datta, Secretary, EIRC CA Nitish Agarwal, Chairman, CIRC CA Sumantra Guha, Council Member, ICAI CA Manish Goyal, Treasurer, EIRC CA Radhey Shyam Bansal, Chairman, NIRC CA Sunil Kanoria, Council Member, ICAI (Nominated) CA Sunil Kumar Sahoo, Member, EIRC CA Ranjeet Kr. Agarwal, Member, EIRC

Conference Coordinators

CA Bamdev Biswas, Chairman, Asansol Branch CA Lalit Kr. Agrawalla, Raniganj Branch CA Partha S Mishra, Chairman, Bhubaneswar Branch CA Rakesh Mohan Bagri, Chairman, Rourkela Branch CA Pawan Kumar Udaipuria, Chairman, Cuttack Branch CA Seshadev Mishra, Chairman, Sambalpur Branch CA Navin Jain, Chairman, Dibrugah Branch CA Sanjay Goyal, Chairman, Siliguri Branch CA Manoj Sharma, Chairman, Durgapur Branch CA Ajoy Paul, Chairman, Tinsukia Branch CA Kailash Prasad Sarda, Chairman, Guwahati Branch


TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA

NOTIFICATIONNo. 13-CA (EXAM)/N/2014: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following places provided that sufficient number of candidates offer themselves to appear from each centre.Similarly, Examinations in Post Qualification Courses under Regulations 204, viz.: Management Accountancy Course (MAC) Part – I, Corporate Management Course (CMC) Part – I, Tax Management Course (TMC) Part – I, Insurance and Risk Management (IRM), and International Trade Laws and World Trade Organisation (ITL & WTO) examinations (which are open to the members of the Institute) will be held on the dates given below at the above places (centres in India only) provided that sufficient number of candidates offer themselves to appear from each of the above places.

INTERMEDIATE (IPC) EXAMINATION [As per syllabus contained in the scheme notified by the Council under Regulation 28 E (3) of the Chartered Accountants Regulations, 1988]

Group-I: 8th, 10th, 12th & 14th November 2014

Group-II: 16th, 18th & 20th November 2014

(Afternoon Session: 2.00 PM to 5.00 PM) (IST)

FINAL EXAMINATION[As per syllabus contained in the scheme notified by the Council under Regulation 31 (ii) of the Chartered Accountants Regulations, 1988.]

Group -I: 7th, 9th, 11th & 13th November 2014

Group -II: 15th, 17th, 19th & 21st November 2014


MANAGEMENT ACCOUNTANCY COURSE (MAC) PART - I, CORPORATE MANAGEMENT COURSE (CMC) PART – I, TAX MANAGEMENT COURSE (TMC) PART – I EXAMINATIONS

Group-I: 15th & 17th November 2014

Group-II: 19th & 21st November 2014


INSURANCE AND RISK MANAGEMENT (IRM) EXAMINATIONModules I to IV 15th, 17th, 19th & 21st November 2014


INTERNATIONAL TRADE LAWS AND WORLD TRADE ORGANISATION (ITL&WTO) EXAMINATION

Group A 8th, 10th & 12th November 2014

Group B 14th, 16th & 18th November 2014


The candidates who apply online at http://icaiexam.icai.org from 12th August, 2014 to 30th August, 2014 and remit the fee online by using either VISA or MASTER Credit/ Debit Card shall not be charged ` 500/- in case of Intermediate (IPC) & Final examination (i.e. cost of application form fee). They shall however, be required to remit additional ` 500/- towards late fee in case the application online is made after 30th August 2014 and upto 4th September, 2014.For more information visit: www.icai.org

(T. KARTHIKEYAN) SECRETARY

Announcements


THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAALL INDIA CONFERENCE - 2014

22ND, 23RD & 24TH AUGUST,2014ORGANISED BY COMMITTEE FOR CAPACITY BUILDING OF CA FIRM & SMALL AND MEDIUM PRACTITIONER & COMMITTEE ON MANAGEMENT ACCOUNTING

HOSTED BY BHUBANESWAR BRANCH OF EIRC OF ICAI

DAY 1 – 22ND AUGUST, 2014 (Friday)INAUGURAL SESSION : 5.00 PM – 7.00 PM

Chief Guest : Sri Arun Jaitley, Hon’ble Minister of Finance, Defense & Corporate Affairs, Govt. of India*

Guests of Honour : Shri Dharmendra Pradhan, Hon’ble Minister of Petroleum & Natural Gas, Govt. of India (Independent Charge) Shri Pinaki Mishra, Hon’ble Member of Parliament Govt. of India

SPECIAL SESSION : 7.00 PM – 8.00 PMAddress by : CA. K. Raghu, President, ICAI CA. Manoj Fadnis, Vice President, ICAI CA. Subhash Chandra Saraf, Chairman, EIRC

Cultural Programme : Odishi Dance & Followed by Dinner : 8.30 PM onwards

DAY 2 – 23RD AUGUST, 2014 (Saturday)1ST TECHNICAL SESSION : 10.00 AM – 12.00 NOONDirect Taxes – Highlights of the Union Budget 2014 :

CA. (Dr) Girish Ahuja, New Delhi

2ND TECHNICAL SESSION : 12.00 NOON – 1.30 PMImplementation of Accounting Standard & IND AS-“Subjectivity overtaking

Objectivity” : CA Amarjit Chopra, Past President, ICAI, New Delhi

3RD TECHNICAL SESSION : 2.30 PM – 4.30 PMValue Addition through Availment of Cenvat Credit under Service Tax : CA

Madhukar N. Hiregange, Past Central Council Member, ICAI, Bengaluru

4TH TECHNICAL SESSION : 4.30 PM – 6.30 PMPanel discussion on Indian Economy – Stressed or Growth propeller

Eminent Speakers

Cultural Programme at 6.30 pm & Dinner 8.00 PM Onwards

DAY 3 – 24TH AUGUST, 2014 (Sunday)5TH TECHNICAL SESSION : 10.00 AM – 12.00 NOON

Related Party Transactions, Provision relating to SME under Companies Act, 2013 : CA. Khushroo B Panthaky, Mumbai

6TH TECHNICAL SESSION : 12.00 NOON – 1.30 PMCompliance in respect to Disclosure in Accounting Standard :

CA. P R Ramesh, Hyderabad *

7TH TECHNICAL SESSION : 2.30 PM – 4.00 PMAuditing under CBS & ERP Platform :

CA. Basu Jayender

8TH TECHNICAL SESSION : 4.00 PM – 6.00 PMSky is the limit for CAs :

Panel Discussion by Eminent Speakers

Valedictory Session : 6.00 PM – 6.30 PMCA. Sumantra Guha, Council Member, ICAI CA. Subhash Chandra Saraf, Chairman, EIRCCA. Rajib Sekhar Sahoo, Chairman, Organizing CommitteeCA. Partha Sarathi Mishra, Chairman, Bhubaneswar BranchCA. Pramod Dayal Rungta, Vice-Chairman, EIRCCA. Anirban Datta, Secretary, EIRCCA. Manish Goyal, Treasurer, EIRCCA. Sunil Kumar Sahoo, Member, EIRCCA. Ranjeet Kumar Agarwal, Member, EIRC

Registration Fee

Member Rs. 2,500/- upto 20th August, 2014

Rs. 3,000/- after 20th August, 2014

Non Member & Corporate Delegate Rs. 3,000/- upto 20th August, 2014

Rs. 3,500/- after 20th August, 2014

The delegate fee may be remitted by way of cash (or) by cheque /demand draft drawn in favour of “All India CA Conference” payable at Bhubaneswar and sent to ICAI Bhawan, A-122/1, Nayapalli, Bhubaneswar – 751012.

Details available with

Branch Events

For details contact : Chairman : 9437044824, Vice Chairman : 9437041006, Secretary: 9437029129, Treasurer : 9437006081, Branch: 0674-2392391, Mobile : 9861154954 / 9938014630 E-mail: [email protected] Please log on to: http://www.icai.org / http://www.bbsricai.org / http://www.eirc-icai.org

* Confirmation awaited

Conference ChairmanCA. Anuj Goyal, Chairman, Committee for Capacity

Building of CA. Firms & Small & Medium Practitioners & Committee on Management Accounting

Conference DirectorsCA. Sumantra Guha, Council Member, ICAI

CA. V. Murli, Chairman, CPE Committee & Vice Chairman, CMA Committee

Conference Coordinator CA. Partha Sarathi Mishra, Chairman,

Bhubaneswar Branch

Conference ConvenerCA. Subhash Chandra Saraf, Chairman, EIRC, ICAI

CA. Rajib Sekhar Sahoo, Past Chairman, Bhubaneswar Branch

Conference SecretaryCA. Amit Kumar Agarwalla, Secretary,

Bhubaneswar Branch

Conference SecretariatDr. Sambit Kumar Mishra, Secretary,

CCBCAF & SMP Committee, ICAI


Recent Judicial Pronouncements - Direct Tax

Compiled by CA Raj Singhania [email protected]

1. CIT vs. J. L. Morrison (India) Ltd (Calcutta High Court)S. 263: The CIT can revise an assessment only if he can show unmistakably that the order of the AO is unsustainable. Fact that the AO has passed a non-speaking order does not mean that he has not applied his mindThe High Court had to consider the extent of jurisdiction of the CIT to revise an assessment u/s 263 of the Act. HELD by the High Court:(i) If the AO has taken a possible view, it cannot be said that the view taken by him is erroneous nor the order of the AO in that case can be set aside in revision. It has to be shown unmistakably that the order of the AO is unsustainable. Anything short of that would not clothe the CIT with jurisdiction to exercise power u/s 263 of the Act.(ii) Whether the assessment order was passed without application of mind is basically a question of fact. The records of the assessment including the order sheets go to show that appropriate enquiry was made and the assessee was heard from time to time. In deciding the question Court has to bear in mind the presumption in law laid down in Section 114 Clause – e of the Evidence Act “that judicial and official acts have been regularly performed;” Therefore, the Court has to start with the presumption that the assessment order was regularly passed. There is evidence to show that the AO had required the assessee to answer 17 questions and to file documents in regard thereto. It is difficult to proceed on the basis that the 17 questions raised by him did not require application of mind. When the AO was satisfied that the return, filed by the assessee, was in accordance with law, he was under no obligation to justify as to why he was satisfied. On the top of that the AO did not adversely affect any right of the assessee nor was any civil right of the assessee prejudiced. He was as such under no obligation in law to give reasons. If the AO cannot be shown to have violated any form prescribed for writing an assessment order, it would not be correct to hold that he acted illegally or without applying his mind.Comment : Much awaited Judgement by the Hon’ble High Court which may give relief to assessees in numerous 263 cases being revised by Kolkata IT Commissioners2. CIT vs. Shivam Motors (P) Ltd (Allahabad High Court)No s. 14A & Rule 8D disallowance if there is no tax-free incomeIn AY 2008-09, the assessee claimed that no s. 14A & Rule 8D disallowance could be made on the ground that (i) the assessee had not earned any tax-free income during the year and (ii) the assessee had sufficient surplus fund and borrowed funds were not utilized for making the tax-free investments. The AO rejected the claim and made a disallowance though the CIT(A) and Tribunal (included in file) deleted it on the basis that no s. 14A disallowance could be made in the absence of tax-free income. The Tribunal noted the judgement in Cheminvest 121 ITD 318 (Delhi) (SB) (which holds that s. 14A disallowance has to be made even if there is no tax-free income) but followed Siva Industries (Che). On appeal by the department to the High Court HELD dismissing the appeal:S. 14A of the Act provides that for the purposes of computing the total income under the Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. Hence, what s. 14A provides is that if there is any income which does not form part of the income under the Act, the expenditure which is incurred for earning the income is not an allowable deduction. For the year in question, the finding of fact is that the assessee had not earned any tax free income. Hence, in the absence of any tax free income, the corresponding expenditure could not be worked out for disallowance. The view of the CIT(A) & Tribunal does not give rise to any substantial question of law.3. CIT vs. Cortech Energy Pvt. Ltd (Gujarat High Court)No disallowance u/s 14A & Rule 8D can be made if the assessee does not have tax-free income & no claim for exemption is madeIn AY 2009-10, the assessee had investments in tax-free securities on which it had earned no income. It claimed that as there was no tax-free income, no disallowance u/s 14A read with Rule 8D could be made. However, the AO & CIT(A) rejected the claim. On appeal, the Tribunal accepted the claim by relying on CIT vs. Winsome Textile Industries Ltd 319 ITR 204 (P&H) and held that as the assessee had not claimed any exemption, no disallowance u/s 14A & Rule 8D could be made. On appeal by the department to the High Court HELD dismissing the appeal:

Sub-section (1) of s. 14A provides that for the purpose of computing total income under chapter IV of the Act, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the present case, the Tribunal has recorded the finding of fact that the assessee did not make any claim for exemption of any income from payment of tax. It was on this basis that the Tribunal held that disallowance u/s 14A of the Act could not be made. The Tribunal relied on the decision of the P&H High Court in case of CIT vs. Winsome Textile Industries Ltd319 ITR 204 (P&H) where it was held that s. 14A could have no application to a case where the assessee did not make any claim for exemption. We do not find any question of law arising, Tax Appeal is therefore dismissed.4. CIT vs. Lakhani Marketing (P&H High Court)S. 14A disallowance cannot be made if the assessee has no tax-free income in the yearFrom the reading of s. 14A of the Act, it is clear that before making any disallowance the following conditions are to exist:- a) That there must be income taxable under the Act, and b) That this income must not form part of the total income under the Act, and c) That there must be an expenditure incurred by the assessee, and d) That the expenditure must have a relation to the income which does not form part of the total income under the Act. Therefore, unless and until, there is receipt of exempted income for the concerned assessment years (dividend from shares), s. 14A of the Act cannot be invoked (Hero Cycles 323 ITR 518 (P&H) and Winsome Textile 319 ITR 204 (P&H) followed)Comment : All of the above three judgements coming almost simultaneously, gives a clear view of Judiciary that when there is no exempted income, there cannot be any notional expenses related to it.5. Sanjay Aggarwal vs. DCIT (ITAT Delhi)S. 153A: Addition in a search assessment for a AY which is not pending can be made only if incriminating material is found during searchThe Tribunal had to consider whether in a case where a search is conducted u/s 132 but no incriminating evidence is found, the AO could make an addition u/s 153A of the Act. The assessee relied on All Cargo Global Logistics 137 ITD 287 (SB) (Mum) & Pratibha Industries 141 ITD 151 (Mum) in support of the contention that no addition can be made in respect of concluded assessments on the date of search unless some incriminating material was found during the course of search. The department claimed that the said judgements were wrong in view of SSP Aviation Ltd 252 CTR (Del) 291, Chetan Das Lachman Das 254 CTR (Del) 392 & Anil Kumar Bhatia 352 ITR 493 (Del). HELD by the Tribunal allowing the assessee’s plea:(i) The language of s. 153A has been structured in such a way so as not to permit the making of addition for the assessment year of which the assessment is not pending as on the date of search, without there being any incriminating material found during the course of search. It is manifest that a duty is cast on the AO to determine the ‘total income’ of the assessee for such six assessment years. ‘Total income’ refers to the sum total of income in respect of which a person is assessable and covers not only the income emanating from declared sources or any material placed before the AO but from all sources including the undeclared ones. However, the second proviso to s. 153A(1) eclipses the afore discussed determination of ‘total income’ by mandating that while pending assessments relating to any assessment year falling within the period of six years shall abate and that completed assessments shall remain intact. The effect of the second proviso in the entire setting of section is that the assessment for any assessment year which is not pending as on the date of search cannot include an item of income for which no incriminating material was found;(ii) Anil Kumar Bhatia, where it was held that even if assessment order had already been passed in respect of one or any of the six relevant assessment years either u/s 143(1)(a) or 143(3) prior to the initiation of search, the AO is empowered to reopen those proceedings u/s 153A without any fetters and reassess total income taking note of undisclosed income, if any, unearthed during the search is distinguishable because there some incriminating material was found in respect of a non-pending assessment. The question as to whether any addition can be made in respect of completed assessments when no incriminating material was found was left open. There are sufficient indirect hints given by the High Court in Anil Kumar Bhatia about not making of any addition in respect of an assessment year for which the assessment is already completed unless some incriminating material is found during the course of search;


(iii) Also, as the Special Bench in All Cargo Global Logistics has decided this issue in this manner, it is not possible for us to deviate from the same. There has to be some consistency in the view taken by the Tribunal. Once a Special Bench has decided a particular issue in a particular manner, then, that becomes binding on all the division benches across the country unless there is a contrary judgment of the Supreme Court or that of some High Court. Accordingly, it is held that no addition can be made for any assessment year u/s 153A, the assessment for which is not pending on the date of search, unless any incriminating material is found in the course of search.Comment : Upholding the HC Special Bench view reiterating that reassessment should only be made if something on record is found during the search. Relief to assessees.6. Kerala Vision Ltd vs. ACIT (ITAT Cochin)S. 40(a)(ia): If an amount is made taxable by a retrospective amendment, the payer cannot be held liable to deduct TDS on a payment made earlier and to suffer disallowance u/s 40(a)(ia)The assessee paid an amount of Rs.163.30 lakhs as “Pay channel charges” to satellite channel companies on which TDS was not deducted. The AO held that the said payment constituted “royalty” and that the assessee ought to have deducted TDS u/s 195. As the assessee had failed to do so, the expenditure was disallowed u/s 40(a)(ia). Before the Tribunal, the Department argued that though the said charges did not constitute “royalty”, and the assessee was not obliged to deduct TDS, as per the law laid down in Asia Satellite 332 ITR 340 (Del), the same was not good law in view of the retrospective insertion of Explanation 6 to s. 9(1)(vi) which treats payment for transmission by satellite as “royalty” defines the expression “process”. It was argued by the department that the effect of the retrospective amendment is that the assessee ought to have deducted TDS and that as it had failed to do so, the expenditure had to be disallowed. HELD by the Tribunal:Comment : Justified as Assessees should not become Prey to the retrospective amendments/pronouncements.7. Rakesh Kumar Gupta vs. UOI (Allahabad High Court)Assessee cannot be denied credit for TDS on the ground of Form 26AS mismatch because he is not at fault. Non-grant of TDS credit causes harassment, inconvenience & makes the assessee feel cheated. Dept to pay interest + costs of Rs. 25,000(ii) On facts, no effort has been made by the AO to verify whether the deductor had made the payment of the TDS in the government account. On the other hand, the Income-tax department has shown helplessness in not refunding the amount on the sole ground that the details of the TDS did not match with the details shown in Form 26AS. There is a presumption that the deductor has deposited TDS amount in the government account especially when the deductor is a government department. By denying the benefit of TDS to the Petitioner because of the fault of the deductor causes not only harassment and inconvenience, but also makes the assessee feel cheated. There is no fault on the part of the Petitioner. The fault, if any, lay with the deductor. The mismatching is not attributable to the assessee. The department must refund the amount within 3 weeks with interest. The department must also pay costs of Rs. 25,000 to the Petitioner8. LSG Sky Chef (India) Pvt. Ltd vs. DCIT (ITAT Mumbai)Assessee cannot be denied credit for TDS on the ground of discrepancy in Form 26AS filed by the deductorThough Form 26AS (r/w r.31AB and ss. 203AA and 206C(5)) represents a part of a wholesome procedure designed by the Revenue for accounting of TDS (and TCS), the burden of proving as to why the said Form (Statement) does not reflect the details of the entire tax deducted at source for and on behalf of a deductee cannot be placed on an assessee deductee. The assessee, by furnishing the TDS certificate/s bearing the full details of the tax deducted at source, credit for which is being claimed, has discharged the primary onus on it toward claiming credit in its respect. He, accordingly, cannot be burdened any further in the matter. The Revenue is fully entitled to conduct proper verification in the matter and satisfy itself with regard to the veracity of the assessee’s claim/s, but cannot deny the assessee credit in respect of TDS without specifying any infirmity in its claim/s. Form 26AS is a statement generated at the end of the Revenue, and the assessee cannot be in any manner held responsible for any discrepancy therein or for the non-matching of TDS reflected therein with the assessee’s claim/s. Where so, no doubt a matter of

concern, is one which is to be investigated and pursued by the Revenue, which is suitably armed by law there for. The plea that the deductor may have specified a wrong TAN, so that the TDS may stand reflected in the account of another deductee, is no reason or ground for not allowing credit for the TDS in the hands of the proper deductee. The onus for the purpose lies squarely at the door of the Revenue.Comment : Both the above cases reiterated earlier directives by various courts that, one should not be deprived of its rights when he is not at fault.9. Toscana Lasts Limited vs. ITO (ITAT Delhi)S. 271(1)(c): Fact that assessee has huge carry forward losses and depreciation and filed a nil return suggests that there is no motive or incentive to make a bogus claim in the returnQuantum additions and penalty proceedings are two separate and distinct proceedings. Penalty cannot be levied for every disallowance made in the assessment order. The assessee has submitted the agreement, debit note for these expenses, ledger account of APR Limited to whom the payments were made. Further, the confirmation from APR Limited was also filed in penalty proceedings. The revenue authorities have not brought anything on record which could prove the non-genuineness of these documents. The facts with regard to these claims were clearly mentioned and disclosed in the return of income. The expenses payable to APR Limited were shown separately by the assessee in the profit and loss account and the same has been also discussed by the auditor in the audit report. Thus, assessee has made a claim which was transparent and bona fide. Assessee has not concealed anything in this regard. Therefore, it cannot be a case of concealment of facts. As far as the filing of inaccurate particulars of income is concerned, the assessee was having huge carry forward losses and depreciation and the return was filed at nil income. In our considered view, there cannot be a motive or incentive for the assessee to make any bogus claim in the return of income. These facts show that whatever claim made by the assessee was under good faith and with the advice of the auditors and the employees. The assessee has furnished an explanation which has not been found false.Comment : Why the departmental officers do not understand that disallowance does not mean concealment by default. In my view responsibility should be casted upon for such arbitrary proceedings.10. Potla Nageswara Rao vs. DCIT (Andhra Pradesh High Court)S. 2(47)(v): Transfer under a development agreement takes place on handing over possession. Capital gains are chargeable to tax even if no consideration is received by assesseeIn AY 2003-04, the assessee entered into an agreement with Bhavya Constructions pursuant to which he agreed to transfer the land in consideration of the developer giving him four flats in the developed area. The assessee received a token advance and handed over possession of the land. The developer obtained the approval of the municipality to the plan for construction on the property. The AO held that the capital gains was assessable in AY 2003-04 while the assessee claimed that the same was assessable in AY 2004-05 when the consideration was received. The CIT(A) upheld the claim of the AO. The Tribunal (included in file), relying on Chaturbhuj Dwarkaddas Kapadia 260 ITR 491 (Bom), Dr.T. K. Dayalu 202 Taxman 531(Kar) & Maya Shenoy 124 TTJ (Hyd) 692, held that as the assessee had handed over possession of the property to the developer, it was a clear case of transfer by exchange within the meaning of s.2(47)(v) read with s. 53A of the Transfer of Property Act. It was held that the fact that the consideration was received in a later year was not relevant. On appeal by the assessee to the High Court, HELD dismissing the appeal:The assessee’s contention that no transfer takes place on the date of the agreement and handing over of possession if consideration is not received by the assessee is not acceptable because s. 53A of the Transfer of Property Act, 1882, which is engrafted in the definition of “transfer” in s. 2(47) of the Income-tax Act does not contemplate any payment of consideration. Payment of consideration on the date of agreement of sale is not required. It may be deferred for a future date. The element of factual possession and agreement are contemplated as transfer within the meaning of the aforesaid section. When the transfer is complete, automatically, consideration mentioned in the agreement for sale has to be taken into consideration for the purpose of assessment of income for the assessment year when the agreement was entered into and possession was given. Here, factually it was found that both the aforesaid aspects took place in the previous year relevant to the assessment year 2003-04. Hence, the Tribunal has rightly held that the appellant is liable to pay tax


on the capital gain for the assessment year.Comment : Upholds the fact that “Possession” is the most significant event in case of Property transfers.11. ACIT vs. Bilakhia Holdings P. Ltd (ITAT Ahmedabad)A transfer of shares under a family arrangement is for a determinable “consideration” & is not “voluntary”. Consequently, the shares are not received under a “gift” & the transferee cannot claim benefit of cost, and holding period, of the transferorThe members of the Bilakhia family entered into a deed of family arrangement with a view to consolidate and equalize values of the assets held by each of the parties. Pursuance to the said family arrangement, the family members transferred the shares of Nestle India Ltd and Hindustan Lever Ltd held by them as investment to the assessee, an investment company in which the individual members of the family had equal interest. The assessee sold the shares and claimed that as it had acquired the shares vide a “gift”, in computing the capital gain, the cost of acquisition of the shares to, and the period of holding by, the transferors, had to be considered. The AO rejected the claim though the CIT(A) accepted it. On appeal by the department to the Tribunal HELD allowing the appeal:(i) On the issue as to whether the shares received on family arrangement is pursuant to a “gift”, s. 122 of the Transfer of Property Act 1882 provides that a transfer of moveable or immovable property can be treated as a gift only if the same is made voluntarily and without any consideration. It cannot be said that a family arrangement is “without consideration”. In CWT vs. HH Vijayaba, Dowgner Maharani Saheb of Bhavnagar Palace 117 ITR 784 (SC) it was held that a family settlement or family arrangement which is to buy peace is for good consideration and creates an enforceable agreement between the parties. Consequently it cannot be said that a family arrangement is without consideration and a “gift”;(ii) On the issue as to whether this consideration can be measured in money or monies worth, the purpose of the family arrangement was to equalize the holdings between the respective families of three brothers. Therefore, it cannot be said that consideration for transfer of shares cannot be measured in terms of money or monies worth. The equalization of wealth has only monetary connotation. To avoid disputes cannot be said to be without monetary consideration as it is common knowledge that family disputes ruin the family financially. The family disputes are being settled in monetary terms by resorting to arbitration and in case such settlements is not done, matter travels to the court and the family suffers heavily not only mentally but also financially. Thus, it cannot be said that the consideration for transfer of shares was not for monetary consideration;(iii) On the issue as to whether the receipt of shares under the family arrangement was “voluntary” or not, the term “voluntary” is defined to mean “free choice; done with free will; without any compulsion ..”. The family arrangement cannot be said to be voluntary because it was enforceable and binding on the parties and with the purpose of equalization of wealth of the family members, which had monetary connotation.Comment : Inter-se transfers of shares among family members is not Gift unless it is one sided, voluntary and irrevocable.12. Binjusaria Properties Pvt. Ltd vs. ACIT (ITAT Hyderabad)S. 2(47)(v): Despite handing over possession & receiving advance, development agreement is not a “transfer” for capital gains purposes if developer has not performed his part of the contractThe assessee entered into a development agreement pursuant to which the developer agreed to develop the property according to the approved plan from the competent authority and deliver the owner 38% of the constructed area in the residential part to the assessee. The assessee also executed a power of attorney in favour of the developer and handed over vacant and peaceful possession of the entire land. The assessee received a refundable/ adjustable advance of Rs. 2 crore from the developer. The developer also incurred an expenditure of Rs. 1.34 crore in building a boundary wall, etc. The AO held that the act of entering into the development agreement and handing over possession constituted a “transfer” u/s 2(47)(v) of the Act and that the assessee was liable to capital gains u/s 45. This was upheld by the CIT(A). On appeal by the assessee to the Tribunal HELD allowing the appeal:A transaction is deemed to be a “transfer” u/s 2(47)(v) of the Act if the conditions of s. 53A of the Transfer of Property Act are satisfied. For s. 53A, ‘willingness to perform’ of the transferee is something more than a statement of intent; it is the

unqualified and unconditional willingness on the part of the vendee to perform its obligations. Unless the party has performed or is willing to perform its obligations under the contract, and in the same sequence in which these are to be performed, it cannot be said that the provisions of s. 53A of the TOP Act will come into play. On facts, a reading of the ‘Development Agreement-cum-General Power of Attorney’ indicates that what was handed over by the assessee to the developer is only ‘permissive possession’. The agreement specifically provides that the assessee has permitted the developer to develop the land and that the consideration receivable by the assessee from the developer is ‘38% of the residential part of the developed area’. That being so, it is only upon receipt of such consideration in the form of developed area by the assessee in terms of the development agreement, the capital gains becomes assessable in the hands of the assessee. Further, the facts show that even as on date, there was no developmental activity on the land. The process of construction has not been even initiated and no approval for the construction of the building is obtained. This is due to lapse on the part of the transferee. While the assessee has fulfilled its part of the obligation under the development agreement, the developer has not done anything to discharge the obligations cast on it under the develop agreement. Mere receipt of refundable deposit cannot be termed as receipt of consideration. Consequently, s. 53A does not apply. As a result, there is no “transfer” u/s 2(47)(v) of the Act (Fibars Infratech, Vijaya Productions 134 ITD 19 (TM) followed, Chaturbhuj Dwarkadas Kapadia 260 ITR 491 (Bom) distinguished)Comment : Going deep into the provisions of 53A of TP Act, ITAT correctly endorsed the view that part performance towards agreement should also follow possession to be construed as transfer.13. CIT vs. Baljeet Securities Pvt. Ltd (Calcutta High Court)Expl to s. 73: Speculation loss on transactions in derivatives can be set off against the gains of delivery sharesIn AY 2005-06, the assessee, a share broker, entered into derivatives in which it suffered losses. The said losses constituted “speculation loss” (prior to the exclusion of derivatives from the ambit of speculative transactions under clause (d) of s. 43 (5) w.e.f. AY 2006-07). The assessee claimed that the said speculation loss was eligible to be set-off against the income arising out of purchase and sale of shares. The Tribunal upheld the claim of the assessee. On appeal by the department to the Tribunal HELD dismissing the appeal:Under the Explanation to s. 73 where any part of the business of a company consists in the purchase and sale of shares of other companies, such company shall, for the purposes of the section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares. Therefore, the entire transaction carried out by the assessee was within the umbrella of speculative transaction. There was, as such, no bar in setting off the loss arising out of derivatives from the income arising out of buying and selling of shares.Comment : This judgement depicts the advantage of explanation to section 73 which otherwise is detrimental for the assessees.14. Kansai Nerolac Paints Ltd vs. DCIT (Bombay High Court)S. 254: If a legal issue is raised (even for the first time) ITAT has the duty to deal with it and cannot remand it to lower authoritiesBefore the Tribunal, the assessee raised an additional ground claiming that the penalty order was not valid as it had been passed on an assessee which was not in existence pursuant to an order of amalgamation. The Tribunal admitted the additional ground of appeal and held that as it had been raised for the first time, the matter should be remanded to the AO for fresh consideration. The assessee filed an appeal in the high Court claiming that as the issue was a legal one, the Tribunal ought to have decided the issue and not remanded it. HELD by the High Court allowing the appeal:The Tribunal should have answered the legal issue itself. The Tribunal was not prevented in any manner and in law from considering a purely legal issue for the first time, more so, if this legal issue goes to the root of the matter. The issue was an impact and legal effect of a order of amalgamation and winding up of the assessee thereto on the penalty proceedings have been initiated and were continuing. If they were initiated prior to the order of the winding up passed or the scheme of amalgamation being sanctioned, then, whether the subsequent act of a order sanctioning the scheme would permit continuation of the proceedings against an entity or company which is wound up and in terms of the provisions contained in


the Act was, thus, a clear legal issue. It should have been answered by the Tribunal, particularly when it had admitted the question or ground and also the additional evidence filed by the assessee. The only two documents which required to be looked into were the scheme of amalgamation and the order passed in pursuance thereof by this Court. If that was the admitted factual position and based on which the legal issue was raised, then, the Tribunal was obliged to answer the legal question. Its omission to answer it, therefore, is vitiated in law. The Tribunal is a last fact finding Court and equally if it could have been approached by the assessee both on law and fact, then, in the given circumstances, the Tribunal should have answered this issue and its failure to do so can safely be termed as not performing its duty in law. The direction to remit and to remand it to the AO is not justified and in the peculiar facts and circumstances noted aboveComment : High Court guides as to the duties and responsibilities of ITAT, so far as law is concerned. 15. Rajeev Kumar Agarwal vs. ACIT (ITAT Agra)No s. 40(a)(ia) disallowance for failure to deduct TDS on payment if payee has offered amount to tax. Second Proviso to s. 40(a)(ia) inserted by Finance Act 2013 w.e.f. 1.4.2013 should be treated as curative and to have retrospective effect from 1.4.2005The second proviso to s. 40(a)(ia), introduced by the Finance Act 2013 w.e.f. 01.04.2013, read with s. 201, provides that despite failure to deduct TDS, disallowance of the expenditure shall not be made if the resident payee has (i) furnished his return of income u/s 139, (ii) taken into account such sum for computing income in such ROI, (iii) paid the tax due on the income declared by him in such return of income and (iv) furnishes a certificate to this effect from an accountant in the prescribed form. The scheme of s. 40(a)(ia) is aimed at ensuring that an expenditure should not be allowed as deduction in the hands of an assessee in a situation in which income embedded in such expenditure has remained untaxed due to tax withholding lapses by the assessee. It is not a penalty for tax withholding lapse but it is a sort of compensatory deduction restriction for an income going untaxed due to tax withholding lapse. S. 40(a)(ia), as it existed prior to insertion of second proviso thereto, went much beyond the obvious intentions of the lawmakers and created undue hardships even in cases in which the assessee’s tax withholding lapses did not result in any loss to the exchequer. Now that the legislature has been compassionate enough to cure these shortcomings of provision, and thus obviate the unintended hardships, such an amendment in law, in view of the well settled legal position to the effect that a curative amendment to avoid unintended consequences is to be treated as retrospective in nature even though it may not state so specifically, the insertion of second proviso must be given retrospective effect from the point of time when the related legal provision was introduced. Accordingly, it is held that the insertion of second proviso to Section 40(a)(ia) is declaratory and curative in nature and it has retrospective effect from 1st April, 2005, being the date from which sub clause (ia) of section 40(a) was inserted by the Finance (No. 2) Act, 2004 (Bharati Shipyard 141 TTJ 129 (SB) applied/ distinguished, Rajinder Kumar 362 ITR 241 (Del) applied)Comment : Assessee friendly and clarificatory amendments can also have retrospective effect.16. CIT vs. HDFC Bank Ltd (Bombay High Court)Loss on account of depreciation in value of securities held as stock is not notional & is allowable as a deductionA method of accounting adopted by the taxpayer consistently and regularly cannot be discarded by the Departmental authorities on the view that he should have adopted a different method of keeping the accounts or on valuation. Financial institutions like bank, are expected to maintain accounts in terms of the RBI Act and its regulations. The form in which, accounts have to be maintained is prescribed under the aforesaid legislation. Therefore, the account had to be in conformity with the said requirements. The RBI Act or the Companies Act do not deal with the permissible deductions or exclusion under the Income Tax Act. For the purpose of the Income Tax Act, the method of valuation followed by the assessee was to value the investments at cost or market value whichever was lower. The assessee was entitled to claim a deduction for the depreciation in the value of the securities held by it. The fact that the securities were not sold to a third party did not mean that the loss was notional (United Commercial Bank 240 ITR 355 (SC), Bank of Baroda 262 ITR 334 (Bom) & Karnataka Bank Ltd 356 ITR 549 (Kar) followed).Comment : Welcome decision considering accounting policies adopted by banking and non-banking financial companies.

17. CIT vs. Hindustan Organics Chemicals Ltd (Bombay High Court)S. 43B covers employees’ contribution to Provident Fund & deduction is allowable if paid before due date for filing ROIOn a plain reading of the second proviso to s. 43B, it is clear that the assessees – employers were entitled to deductions only if the contribution to any fund for the welfare of the employees stood credited on or before the due date given in the relevant Act. However, because the second proviso created difficulties for the assessees – employers, an amendment was inserted vide Finance Act, 2003 with effect from 1st April 2004 to delete the second proviso to s. 43B and to amend the first proviso to provide that the deduction would be allowed if the amount was paid on or before the due date for furnishing the return of income u/s 139(1). Therefore, the amendments introduced by the Finance Act, 2003 put on par the benefit of deductions of tax, duty, cess and fee on the one hand with contributions to various Employee’s Welfare Funds on the other. In Alom Extrusions Ltd 319 ITR 306 (SC) it was held that the amendment to the s. 43B by the Finance Act, 2003 w.e.f. 01.04.2004 was retrospective in nature and would operate from 01.04.1988. Consequently, the ITAT rightly deleted the addition of Rs.1.82 cr on account of delayed payment of Provident Fund of employees’ contribution. Even otherwise, we fail to understand how this deduction could have been disallowed to the Assessee. Admittedly, the AY in question is 2006-07. The second proviso to s. 43B was deleted w.e.f. 01.04.2004 and simultaneously the first proviso was also amended bringing about a uniformity in deductions claimed towards tax, duty, cess and fee on the one hand and contribution to the employees’ provident fund, superannuation fund and other welfare funds on the other. These deductions being claimed in the return of income filed for AY 2006-07, the amendments to s. 43B which came into force w.e.f. 01.04.2004 clearly applied to the assessee’s case.Comment : Matter already well settled by the Apex Court, Should not have any dispute on it.

Compiled by CA Ankit Kanodia

[email protected]. Dismissal of case for noncompliance of predeposit order by

Commissioner (Appeals)- Matter remanded back by Tribunal- (M/s Mukund Foods Pvt Ltd Vs CCE 2014-TIOL-1206-CESTAT-KOL )

In this case the Issue related to demand of duty on shortage of goods noticed while making a comparison between monthly RT-12 returns and balance sheets of the respective years in question. The appellant submitted that because of some erroneous interpretation of data, error has crept into the balance sheet, showing excess production of finished goods. The Commissioner (A) had in the stay order ordered for pre deposit of 50% of penalty and 50% of duty amounting to Rs. 32 lacs (Approximately) against which the Appellants had moved a miscellaneous application seeking modification in stay order. However, the same was not considered and thus the Ld. Commissioner (A) dismissed the case u/s 35 F of the Central Excise act for failure to comply with pre deposit order. A CA certificate pointing out these mistakes was not considered by Commissioner (A) who dismissed their appeal on account of failure to make pre-deposit. The appellant thus in its appeal to the Hon’ble Tribunal made an offer to deposit Rs.5.00 Lakhs and prayed that the matter may be remitted. The Hon’ble CESTAT held that a fair chance must be given to appellant to present their case and at the same time, interest of Revenue should be safeguarded. Thus, the appellant was directed to deposit Rs.5 lakhs and report compliance directly to Commissioner (A) who after recording compliance would proceed with the matter without insisting for further pre-deposit.2. No denial of Cenvat Credit on short receipt of cement due to different

methods of Weighment- [M/s Ultra Tech Cement Ltd Vs CCE 2014-TIOL-1319-CESTAT-MUM]

In this case, the Appellant had received cement through water channel at Navi Mumbai from mother plant located in Gujarat. The cement cleared from mother plant was after payment of duty as per weighment done there. The goods where later shipped to JNPT and the cement was unloaded into road tankers which carried the cement to appellant’s factory at Navi Mumbai. The loaded tankers were weighed at weighbridge before and after unloading the cement. There was slight difference in the Weighment of cement and thus the department has sought to disallow the credit to the tune of short receipt of cement to the appellant. The

Recent Judicial Pronouncements - Indirect Tax


appellant submitted that the maximum difference works out to 2% and which is only a mirage difference. The Hon’ble CESTAT held that there is no allegation that goods have been diverted during transit or there is any pilferage of the goods during the course of transportation. If the appellant had not weighed the inputs in their factory they were entitled to take credit on the quantity shown in invoice. The loss occurred only due to the various methods of Weighment. Thus, the CENVAT cannot be denied. Therefore the orders were set aside and appeals allowed with consequential relief. 3. Service Tax - No service tax chargeable on the branch office in India for

the online database access or retrieval services received by its overseas head office (M/s British Airways Vs CCE 2014-TIOL-979-CESTAT-DEL)

In the decision of British Airways, it was observed that British Airways, UK had entered into agreements with foreign based Computer Reservation System (CRS) for procurement of services. These services were in the nature of online maintenance of database regarding their flights, schedules etc. and making such information available to their agents located all over the world including India.The Department had contended that the services of CRS companies were used in India by agents appointed by British Airways, India i.e by the branch office of British Airways, UK. Thus, since such services were received and consumed by British Airways, India, they were to be taxable in their hands as service recipient.Rejecting the contention of the department, Larger Bench of Tribunal observed that British Airways, India has to be treated as a separate person. If that be so, in view of the admitted position that the contract between CRS/GDS companies is not with M/s British Airways, India and is only that M/s British Airways, UK, the present appellant cannot be held to be recipient of the services so as to make him liable to pay service tax, on reverse charge basis, in terms of the provisions of Section 66A. Thus the appeal was allowed. 4. Central Excise- Cost of remote control, viewing card and software

supplied free of cost to the manufacturer is includible in the value of set top box (Jabil Circuit India Pvt Ltd Vs CCE 2014-TIOL-991-CESTAT-MUM)

The Appellant manufactured and sold set-top boxes to M/s Thompson Holding India Pvt. Ltd. M/s THIPL had in turn an agreement to sell the STBs to Tata Sky. M/s Tata Sky supplied remote controls and viewing cards to the appellant through M/s Thompson. M/s NDS is a foreign collaborator of Tata Sky and NDS had given access to the appellant to download certain types of software from their server.M/s Tata Sky had agreement with NDS for the use of the software. The software was downloaded into a flash memory by the appellant which was then soldered to the populated printed circuit board of the set top boxes which were cleared to M/s Thompson. Tata Sky had paid royalty/licence fee to NDS for supply of the aforesaid software. The case of the department is that the value of remote control and viewing card supplied by Tata Sky should be included in the assessable value of STBs as they form an essential part of the STB. Further the amount of royalty/licence fee paid by Tata Sky to NDs for the download of the software by the appellant should also form part of the assessable value of the STBs. These two cost elements are addable to the assessable value in terms of Rule 6 of the Valuation Rules, 2000 read with section 4(1)(b) of the Central Excise Act, 1944.As per the Appellant such non-inclusion was on the ground that remote control, viewing card and software were not an integral part of the set top box, which according to the manufacturer, could be considered to be complete even without the same. Tribunal observed that - remote control, though an accessory, was an additional feature providing value

addition to the set top box- viewing card was a key component and an active security device of the set top

box- software was incorporated in the flash memory chip that was soldered onto the

Print Circuit Boards of the set top boxThus, it was held that the remote control, viewing card and software were integral part of the0set top box and the cost of the same were to be included in the value of the set top box. In fine, the differential duty demand of Rs.10.78 cores was upheld along with interest and a penalty was imposed of Rs.50 lakhs.

A. Direct TaxCompiled by CA Raj Singhania

[email protected]. S.O. 1364(E) - In exercise of the powers conferred by clause (48) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the national interest, hereby notifies for the purposes of the said clause— the Memorandum of Understanding entered into between the Government Opium and Alkaloid Factories (GOAF) and M/s Temad, Iran on the 21st September, 2013, duly approved by the Central Government, as the agreement: Provided that the said foreign company shall not engage in any activity in India, other than the receipt of income in India under the agreement aforesaid on account of the sale of Codeine Phosphate.2. This Notification shall be deemed to have come into effect from the 1st day of April, 2014. [NOTIFICATION NO. 27/2014/F. NO. 196/20/2014-ITA-1] dated 23/05/20142. S.O. 1418(E) - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-1. (1) These rules may be called the Income-tax (6th Amendment) Rules, 2014. (2) They shall be deemed to have come into force with effect from the 1st day

of April, 2014.2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule

12, in sub-rule(2), in the proviso,- (a) after the expression “section 10A”, the expression “section 10AA” shall be

inserted; (b) after the expression “section 44AB”, the expression “section 44DA, section

50B” shall be inserted; (c) for the expression “or section 115JB”, the expression “section 115JB or

section 115VW” shall be substituted.3. In the said rules, in Appendix-II, FORM ITR-3, FORM ITR-4, FORM ITR-5, FORM

ITR-6 and FORM ITR-7, shall respectively be substituted, [NOTIFICATION NO. 28/2014/F.No.142/2/2014-TPL] dated 30/05/2014

3. S.O.1434(E) - In exercise of the powers conferred by clause (b) of sub-section (2) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Sivasuriyaperuman Temple, Suriyanarkoil, Thiruvaidaimarudur Taluk, Thanjavur District, Tamil Nadu”, to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section. [NOTIFICATION NO. 29/2014/F.No.176/05/2011-ITA - 1] dated 03/06/20144. In exercise of the powers confirmed by section 90 of the Income tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the said agreement between the Government of the Republic of India and the Government of the Principality of Liechtenstein on the exchange of information on tax matters, as set out in the annexure hereto, shall have effect for all requests made in respect of taxable periods beginning on or after 1st April, 2013. [NOTIFICATION NO. 30/2014/F.No.503/4/2009-FTD-1]5. S.O. 1498(E) - In exercise of the powers conferred by clause (v) of the Explanation to section 48of the Income-tax Act, 1961 (42 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India. Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-In the said notification, in the Table, after serial number 33 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-

S. No. Financial Year Cost Inflation Index (1) (2) (3) “34 2014-15 1024”

[NOTIFICATION NO. 31/2014/F.No.142/3/2014-TPL] dated 11/06/20146. S.O.1576 (E) — In exercise of the powers conferred by clause (ba) and clause (bb) of sub‐section (2) of section 46 read with section 14A and section 14B of the Wealth‐tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth‐tax Rules, 1957, namely:—

Notification & CircularsDirect Taxes & Indirect Taxes

EIRC 1st August 2014 �

Form of return of net wealth. —(1) The return of net wealth referred to in section 14 shall— (a) in respect of assessment year 2013‐14 and earlier assessment years in the

case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.

(b) in respect of the assessment year 2014‐15 and any other subsequent assessment year in the case of individuals, Hindu undivided families and companies be in Form BB and shall be verified in the manner specified therein.

(2) Subject to the provisions of sub‐rule (3), for the assessment year 2014‐15 and any other subsequent assessment year, the return of net wealth referred to in sub‐rule (1) shall be furnished electronically under digital signature. (3) In case of individual or Hindu undivided family to whom the provisions of section 44AB of the Income‐tax Act, 1961(43 of 1961) are not applicable, the return of net wealth referred to in sub‐rule (1) may be furnished for assessment year 2014‐15 in a paper form. (4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act. [NOTIFICATION NO.32/2014, F.No.143/1/2014‐TPL] dated 23/06/2014

B. Service Tax Compiled by CA Ankit Kanodia

[email protected]. Seeks to amend notification No. 25/2012- Service Tax, dated the

20th June, 2012 - so as to amend certain existing entries granting exemption on specified services and inserting new entries for granting exemption from service tax on specified services -exempts services by an educational institution to its students, faculty and staff

- Ashrams/ Dharmsalas brought on par with hotels, inns for levy of servicetax; - exemption to services provided contract carriages is restricted to only services

provided by non-air conditioned contract carriages(Notification no. 06/2014-ST, Dated : July 11, 2014).

2. Seeks to amend notification No.12/2013-ST dated 1st July, 2013, relating to exemption from service tax to SEZ Units or the Developer (Notification no.07/2014-ST, Dated : July 11, 2014).

3. Seeks to amend notification No. 26/2012- Service Tax, dated 20th June, 2012,

- abatement of 60% to services provided by contract carriages and Radio taxis. -conditions for availing the exemption against some entries modified

(Notification no. 08/2014-ST, Dated : July 11, 2014).4. Seeks to amend the Service Tax Rules,1994 so as to prescribe,- (i) the person liable to pay service tax for certain specified services - Banks to

pay services tax on services provided by recovery agent (ii) mandatory e-payment of service tax for all the assessees, with effect from

1st October,2014.(Notification no.09/2014-ST, Dated : July 11, 2014).5. Seeks to amend the notification No.30/2012-ST dated 20th June,2012,

so as to prescribe, the extent of service tax payable by recipient of Recovery Agent service- Banks and Financial institutions to pay 100% service tax as recipient (Notification no.10/2014-ST, Dated : July 11, 2014).

6. Seeks to amend the Service Tax (Determination of Value) Rules, 2006 so as to prescribe the percentage of service portion in respect of works contracts, other than original works contract. Both finishing services and Repair services to pay service tax on 70% of value (Notification no.11/2014-ST, Dated : July 11, 2014).

7. Seeks to notify the interest rate applicable in cases of delayed payment of service tax for the purposes of section 75 of the Finance Act, 1994.- Interest rates fixed - upto six months delay 18%; upto one year 24%; beyond one year 30% (Notification no.12/2014-ST, Dated : July 11, 2014).

8. Seeks to amend the Point of Taxation Rules, 2011, to prescribe the point of taxation for the services on which person liable to pay service tax is the recipient. Proviso amended to prescribe that where

the payment is not made within a period of three months of the date of invoice, the point of taxation shall be the date immediately following the said period of three months (Notification no.13/2014-ST, Dated : July 11, 2014).

9. Seeks to amend the Place of Provision of Services Rule, 2012, to prescribe or modify the place of provision of services for certain specified services.

-significant change made to prescribe the place of provision of service in case of Commission agent/consignment agent (intermediaries) is the place where the service provider is located.

- in case of services hiring of aircrafts and vessels the location of recipient of such services.(Notification no.14/2014-ST, Dated: July 11, 2014).

10. Seeks to specify the class of persons for the purposes of section 96A- Advance Ruling- of the Finance Act,1994. Specifies Resident Limited Company (Notification no.15/2014-ST, Dated: July 11, 2014).

11. Manner of distribution of common input service credit under rule 7(d) of the Cenvat Credit Rules, 2004 -- regarding. (Circular no. 178/4/2014-ST, Dated: July 11, 2014).

C. Central ExciseCompiled by CA Ankit Kanodia

[email protected]. Excise duty relief for auto sector extended for six months (Notification

no. 6/2014-Central Excise, Dated: June 25, 2014).2. Central Excise exemption to units in Uttarakhand: CBEC amends

Notification 50/2003 (Notification no. 7/2014-Central Excise, Dated: June 30, 2014).

3. Seeks to amend notification No. 1/2011-CE, dated the 1st March, 2011. Sports gloves and Polyester staple fibre or polyester filament yarn manufactured from plastic scrap or plastic waste including waste polyethylene terephthalate bottles attract CE duty of 2%(Notification no. 8/2014-Central Excise, Dated: July 11, 2014).

4. Seeks to amend notification No. 2/2011-CE, dated the 1st March, 2011 so as to make necessary changes in the specified entries therein. Gloves designed for sports levy of 6% with CENVAT facility (Notification no. 9/2014-Central Excise, Dated: July 11, 2014).

5. Seeks to amend notification No. 64/95-CE, dated the 16th March, 1995 so as to provide full exemption from excise duty to goods manufactured by the Indian Offset Partner (hereinafter referred to as IOP) of the contractor to the National Technical Research Organisation, (hereinafter referred to as NTRO) (Notification no. 10/2014-Central Excise, Dated: July 11, 2014).

6. Seeks to amend notification No. 108/95-CE, dated the 28th August, 1995 so as to allow transfer/sale of goods procured prior to 1.3.2008 for use in projects financed by the UN or an international organization (Notification no. 11/2014-Central Excise, Dated: July 11, 2014).

7. Seeks to amend notification No. 12/2012-CE, dated the 17th March, 2012 so as to make necessary changes in the specified entries therein.Duty increased on Pan Masala from 12% to 16%.

- Duty on branded Motor Spirit reduced from Rs. 7.50 to 2.35 /ltr - LPG supplied to Non domestic exempted category to attract Nil rate - Duty reduce on footwear of MRP more than Rs.500 - Machinery used in food processing/poultry/meat processing/parts used in

LED lights and fixtures to attract concession duty of 6% -Some goods used in Solar Photovoltaic cells/ wind operated electric

generators to attract NIL rate (Notification no. 12/2014-Central Excise, Dated: July 11,2014).

8. Seeks to exempt from excise duty goods required for the National AIDS Control Programme funded by GFATM (Notification no. 13/2014-Central Excise, Dated: July 11,2014).

9. Seeks to amend notification No. 33/2005-CE, dated the 8th September, 2005 so as to provide for full exemption from excise duty on machinery required for setting up of compressed biogas plant (Bio-CNG)(Notification no. 14/2014-Central Excise, Dated: July 11,2014).


10. Seeks to amend notification No. 15/2010-CE, dated the 27th February, 2010 so as to provide for exemption of excise duty on machineries required for initial setting up of solar energy production projects(Notification no. 15/2014-Central Excise, Dated: July 11,2014).

11. Seeks to amend Notification No. 42/2008-CE, dated the 1st July, 2008 so as to prescribe new rate of duty to Pan Masala and Gutkha.(Notification no. 16/2014-Central Excise, Dated: July 11,2014).

12. Seeks to amend Notification No. 16/2010-CE, dated the 27th February, 2010 so as to prescribe new rate of duty to unmanufactured tobacco and chewing tobacco. (Notification no. 17/2014-Central Excise, Dated: July 11,2014).

13. Seeks to amend Notification No. 23/2003-CE, dated the 31st March, 2003 so as to avoid double levy of cess on DTA clearances 100% EOUs. Entry 1A and 1B inserted in the notification to exempt Education cess and SHE cess(Notification no. 18/2014-Central Excise, Dated: July 11,2014).

14. Seeks to amend Notification No. 67/1995-CE, dated the 16th March, 1995 so as to exempt intermediate goods manufactured and consumed captively for further manufacture of matches(Notification no. 19/2014-Central Excise, Dated: July 11,2014).

15. Seeks to rescind Notification No. 03/2010-CE, dated the 22nd June, 2010 so as to increase rate of Clean Energy Cess(Notification no. 20/2014-Central Excise, Dated: July 11,2014).

16. Seeks to amend Notification No. 49/2008-CE (NT), dated 24th December, 2008.ChHd 842190 included in entry Sl.No 140 of the Notification. (Notification no. 17/2014-Central Excise (NT), Dated: July 11,2014).

17. Seeks to specify class of persons for the purposes of section 23A of the Central Excise Act, 1944. Specifies ‘resident private limited company’ as class of person for the purpose of this section.. - Advance Ruling(Notification no. 18/2014-Central Excise (NT), Dated: July 11,2014).

18. Seeks to amend Central Excise Rules, 2002. - E payment mandatory for all assesses - Rule 8(3A) amended to impose 1% penalty per month on the defaulted

amount. (Notification no. 19/2014-Central Excise (NT), Dated: July 11,2014).19. Seeks to amend Central Excise Valuation Rules, 2000 Proviso

introduced in Rule 6 of Valuation Rules-to deem as transaction value the price less than manufacturing cost (Notification no. 20/2014-Central Excise (NT), Dated: July 11,2014).

20. Seeks to amend CENVAT Credit Rules, 2004 -Place of Removal defined in CCR -service recipient- liable to pay service tax wholly or partly- is allowed to take

CENVAT credit input service only after payment of service tax. (Notification no. 21/2014-Central Excise (NT), Dated: July 11,2014).

21. Seeks to amend Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 (Notification no. 22/2014-Central Excise (NT), Dated: July 11,2014).

22. Instructions regarding need to follow Judicial discipline in adjudication proceedings. (Instruction no. F. No.201/01/2014-CX.6, Dated: June 26, 2014).

23. Valuation of fertilizers for the purpose of levy of excise duty - inclusion of subsidy component in the assessable value - Clarification - Regarding (Circular no. 983/7/2014-CX, Dated: July 10, 2014).

D. CustomsCompiled by CA Ankit Kanodia

[email protected]. Seeks to amend notification No. 24/2005-Customs dated 1st March

2005 so as to levy BCD @ 10% on specified telecommunication products not covered under the ITA (Notification no. 11/2014-Customs, Dated: July 11,2014).

2. Seeks to amend notification No. 12/2012-Customs, dated the 17th March, 2012 so as to make necessary changes in the specified entries therein.(Notification no. 12/2014-Customs, Dated: July 11,2014).

3. Seeks to amend notification No. 81/2005-Customs, dated the 08th September, 2005 so as to reduce BCD to 5% on machinery required for setting up of compressed bio-gas (Bio-CNG) projects(Notification no. 13/2014-Customs, Dated: July 11,2014).

4. Seeks to amend notification No. 01/2011-Customs, dated the 06th January, 2011 so as to reduce BCD to 5% and CVD to Nil on machinery for initial setting up of solar energy production projects(Notification no. 14/2014-Customs, Dated: July 11,2014).

5. Seeks to amend notification No. 27/2011 Customs, dated the 01st March, 2011 so as to increase the export duty on Bauxite from 10% to 20%(Notification no. 15/2014-Customs, Dated: July 11,2014).

6. Seeks to amend notification No. 09/2012 Customs, dated the 09th March, 2012 so as to increase the variation levels in respect of re-import of cut and polished diamonds(Notification no. 16/2014-Customs, Dated: July 11,2014).

7. Seeks to amend notification No. 10/2008 Customs, dated the 15th January, 2008 so as to delete tariff item 3903 19 90 in respect of CECA(Notification no. 17/2014-Customs, Dated: July 11,2014).

8. Seeks to amend notification No. 13/2012 Customs, dated the 17th March, 2012 so as to provide for levy of education cess on CVD portion of customs duty leviable on imported IT products(Notification no. 18/2014-Customs, Dated: July 11,2014).

9. Seeks to amend notification No. 14/2012 Customs, dated the 17th March, 2012 so as to provide for levy of secondary and higher education cess on CVD portion of customs duty leviable on imported IT products(Notification no. 19/2014-Customs, Dated: July 11,2014).

10. Seeks to amend notification No. 39/96-Customs, dated the 23rd July, 1996 so as to omit the words ‘Portable X-ray machine/system’ and to provide exemption for goods imported by NTRO(Notification no. 20/2014-Customs, Dated: July 11,2014).

11. Seeks to amend notification No. 21/2012 Customs, dated the 17th March, 2012 so as to make necessary changes in the specified entries therein. (Notification no. 21/2014-Customs, Dated: July 11,2014).

12. Seeks to amend notification No. 84/97-Customs, dated the 11th November, 1997 so as to allow transfer/sale/re-export goods imported prior to 1.3.2008 for use in projects financed by the UN or an international organization. (Notification no. 22/2014-Customs, Dated: July 11,2014).

13. Seeks to exempt from customs duty goods required for the National AIDS Control Programme funded by GFATM.(Notification no. 23/2014-Customs, Dated: July 11,2014).

14. Seeks to amend notification No. 51/96-Customs, dated the 23rd July, 1996 so as to provide flexibility in securing registration from DSIR to avail duty benefit for setting up of R&D units.(Notification no. 24/2014-Customs, Dated: July 11,2014).

15. Seeks to amend notification No. 230/86-Customs, dated the 3rd April, 1986 so as to notify concerned State Governments as sponsoring authority for Metro Rail Projects covered under the Project Import Regulations, 1986. (Notification no. 25/2014-Customs, Dated: July 11,2014).

16. Tariff Value of Gold, Silver increased(Notification no. 48/2014-Customs (N.T.), Dated: June 30,2014).

17. CBEC notifies new Customs Exchange rates effective from July 04, 2014(Notification no. 49/2014-Customs (N.T.), Dated: July 3,2014).

18. Seeks to amend notification No. 30/98-Customs (NT) dated 2nd June 1998 so as to amend Baggage Rules, 1998. Duty free allowance enhanced to Rs., 45,000(Notification no. 50/2014-Customs (N.T.), Dated: July 11,2014).

19. Seeks to specify class of persons for the purposes of section 28E of the Customs Act, 1962. Advance Ruling(Notification no. 51/2014-Customs (N.T.), Dated: July 11,2014).

20. Tariff value of Gold decreased but silver, palm oil, palmolein increased (Notification no. 52/2014-Customs (N.T.), Dated: July 15,2014).

21. CBEC notifies new Customs Exchange rates effective from July 18, 2014 (Notification no. 51/2014-Customs (N.T.), Dated: July 17,2014).


Notification & CircularsFEMA & FDI

22. Steel and Steel Products (Quality Control) Order 2012-implementation – regarding (Instruction no. F. No. 450/71/2014- Cus IV, Dated: July 9, 2014).

23. Govt extends anti-dumping duty on steel & fibre glass tapes up to May 2015 (Notification no. 29/2014- Customs (ADD), Dated: July 04, 2014).

E. FEMA & FDI Compiled by CA Gautam Sharma

[email protected] Notification on A.P.D. Series1. KYC norms/ AML standards/ CFT/ Obligation of Authorised Persons

under Prevention of Money Laundering Act (PMLA), 2002 – Money Changing Activities - Change in period of maintenance and preservation of records

Reserve Bank vide Notification No. RBI/2013-14/657 A. P. (DIR Series) Circular No. 149, dated 25th June, 2014 has amended earlier Notification No. A.P. (DIR Series) Circular No.17 [A.P. (FL/RL Series) Circular No.04] dated November 27, 2009 from time to time relating to maintenance and preservation of record. Authorised Person required to maintain and preserve for a period of at least 10 years, as per PML (Amendment) Act, 2012 are now required to maintain and preserve records for a period of at least 5 years.

2. KYC norms / CFT/ AML standards Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 – Money Transfer Service Scheme - Change in period of maintenance and preservation of records

Reserve Bank vide Notification No. RBI/2013-14/658 A. P. (DIR Series) Circular No. 150, dated 25th June, 2014 has amended earlier Notification No. A.P. (DIR Series) Circular No.18 [A.P. (FL/RL Series) Circular No.05] dated November 27, 2009from time to time relating to maintenance and preservation of record. Authorised Person, Indian agent under MTSS, require to maintain and preserve for a period of at least 10 years, as per PML (Amendment) Act, 2012 are now required to maintain and preserve recordsfor a period of at least 5 years.

3. Remittances to non-residents – Deduction of Tax at Source Reserve Bank vide Notification No. RBI/2013-14/669 A.P. (DIR Series)

Circular No.151, dated 30th June, 2014, CBDT has revised and issued Income Tax (14th Amendment) Rules, 2013 vide Notification No. S.O 2659(E) dated 2nd September, 2013 on furnishing of information under Section 195(6) of the Income Tax Act, 1961 and prescribed the rules and formsw.e.f. 1st October, 2013. RBI will not issue any instructions under the FEMA, in this regard and it shall be mandatory for Authorised Dealers to comply with the requirement of tax laws.

4. Financial Commitment (FC) by Indian Party under Overseas Direct Investments (ODI) – Restoration of Limit

Reserve Bank vide Notification No. RBI/2014-15/117 A.P. (DIR Series) Circular No.1, dated 03rd July, 2014 has amended earlier Notification No. A.P.(DIR Series) Circular No. 23, dated 14th August, 2013 and A.P.(DIR Series) Circular No. 30, dated 4th September, 2013. It was decided that prior approval of RBI requiredif financial commitment exceeding USD 1 billion(or its equivalent) in a F.Y., even when the total FC of the Indian Party is within the eligible limit under the automatic route.All the other provisions under the Notification ibid shall remain unchanged.

5. Foreign Exchange Management Act, 1999 – Import of Rough, Cut and Polished Diamonds

Reserve Bank vide Notification No. RBI/2014-15/119 A.P. (DIR Series) Circular No.2, dated 07th July, 2014 decided thatcredit given by a foreign supplier to its Indian customer/ buyer, without any Letter of Credit (Suppliers’ Credit) / Letter of Undertaking (Buyers’ Credit) / Fixed Deposits from any Indian financial institution for import of Rough, Cut and Polished Diamonds increased up to a period not exceeding 180 days instead of 90 days from the date of shipment with immediate effect. All other instructions shall continue.

6. Issue of Partly Paid Shares and Warrants by Indian Company to Foreign Investors

Reserve Bank vide Notification No. RBI/2014-15/123 A.P. (DIR Series) Circular No.3, dated 14th July, 2014 has reviewed the policy as regards partly paid shares and warrants notified vide Notification No. FEMA.20/2000-RB dated 3rd May 2000 and has made changes in eligible instruments and investors, Pricing and receipt of balance consideration, reporting and

compliance the details of which can be reviewed from the circular. Aside, Investments by NRIs in partly-paid shares and warrants on non-

repatriation basis shall also be subject to terms and conditions stipulated in Schedule 4 to Notification No. FEMA. 20/2000-RB dated 3rd May 2000, as amended from time to time.

7. Direct Investment (FDI) in India - Issue/Transfer of Shares or Convertible Debentures - Revised pricing guidelines

Reserve Bank vide Notification No. RBI/2014-15/129 A. P. (DIR Series) Circular No. 4, dated 15th July, 2014 has amended earlier Notification No. A.P. (DIR Series) Circular No. 49 dated May 04, 2010 and A.P. (DIR Series) Circular No. 86 dated January 9, 2014. In order to provide greater freedom and flexibility to the parties concerned under the FDI framework, the pricing guidelines in respect of transfer/issue of shares and for exit from investment in equity shares with or without optionality clauses of listed/unlisted Indian companies have been reviewed, the details of which can be reviewed from the circular.

8. Liberalized Remittance Scheme (LRS) for resident individuals- Increase in the limit from USD 75,000 to USD 1,25,000

Reserve Bank vide Notification No. RBI/2014-15/132 A.P. (DIR Series) Circular No. 5, dated 17th July, 2014 Authorised Dealer Category –I banks have been allowed to remit up to USD 125,000 from USD 75,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both. Further, it is clarified that the Scheme can now be used for acquisition of immovable property outside India. All other terms and conditions mentioned shall remain unchanged.

9. Foreign Direct Investment – Reporting under FDI Scheme Reserve Bank vide Notification No. RBI/2014-15/133 A.P. (DIR Series)

Circular No. 6, dated 18th July, 2014 amend earlier notification. Indian companies are required to report the details of the issue of shares, convertible debentures, partly paid shares and warrants in form FC-GPR, to the Regional Office concerned, within 30 days of issue of shares / convertible debentures.In case transfer of shares, convertible debentures, partly paid shares and warrants by way of sale from a person resident in India to a person resident outside India or vice versa, are required to be reported by the transferor/transferee resident in India to the AD Bank in form FCTRS, within 60 days from the date of receipt or payment of the amount of consideration. Indian companies are required to report the NIC Codes in the FCGPR and FCTRS forms as per the NIC 2008 version, henceforth.

10. Rupee Drawing Arrangement – Delegation of work to Regional Offices

Reserve Bank vide Notification No. RBI/2014-15/134 A.P. (DIR Series) Circular No. 7, dated 18th July, 2014 has delegated the work of granting first time permission to AD Cat-I Banks for entering into Rupee Drawing Arrangement (RDA) with non-resident exchange house to the Regional Offices of the RBI, to be applied in a prescribed format.

11. Money Transfer Service Scheme – Delegation of work to Regional Offices

Reserve Bank vide Notification No. RBI/2014-15/135 A. P. (DIR Series) Circular No. 8, dated 18th July, 2014 amend earlier Notification no. A.P. (DIR Series) Circular No. 89, dated 12th March, 2013 time to time. Now, the Application for necessary permission to act as an Indian Agent under MTSS is required to be made to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank under whose jurisdiction the registered office of the applicant falls

We pray to the almighty that may their soul rest in peace

CA RANJIT ROY CHOWDHURYMembership No. 016936

Passed away on 12th March 2014

CA AMARENDRA KISHORE BANIKMembership No. 001651

Passed away on 3rd May 2014

CA BHABANI KRISHNA DUTTMembership No. 001538

Passed away on 8th July 2014

EIRC DEEPLY MOURNS THE SAD DEMISE OF


EIRC Events

Review and Discussion over the Union Budget 2014. Taking part in the discussion from L – R : CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA S S Gupta, CA Subhash Chandra Saraf, Chairman, EIRC, CA Pulak Kumar Saha, CA Pramod Dayal Rungta, Vice Chairman, EIRC

L – R : CA Anirban Datta, Secretary, EIRC, CA Sanjay Bhattacharyya

Live Telecast of Union Budget 2014 as telecasted over the media

Seminar on Tax Audit : Critical Issues on 4th July 2014

Live Telecast of Union Budget 2014 & Review on 10th July 2014

L – R: CA Anirban Datta, Secretary, EIRC, CA Nirmal Bazaz, CA Subhash Chandra Saraf, Chairman, EIRC, Ms. Deepika Mathur, CA Manoj Kumar

Seminar on Insurance on 8th July 2014

Interactive Meet of the leaders of the Profession in Industry on ‘Contemporary Topics of Professional Interest’ on 17th July 2014

L – R : CA Sumantra Guha, Central Council Member, ICAI, CA M Devaraja Reddy, Central Council Member, ICAI, CA Manoj Fadnis, Vice President, ICAI, CA K Raghu, President, ICAI, CA Tarun Jamnadas Ghia, Chairman, CMII, CA Subhash Chandra Saraf, Chairman, EIRC

L–R : CA Sumantra Guha, Central Council Member, ICAI, CA (Dr.) Debashis Mitra, Past Chairman, EIRC, CA Abhijit Bandyopadhyay, Central Council Member, ICAI, CA Tarun Jamnadas Ghia, Chairman, CMII, CA Dhanpat Agarwal, CA Vinod Kothari, CA Subhash Chandra Saraf, Chairman, EIRC

Workshop on Service Tax on 18th & 19th July, 2014

L – R: CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Sushil Kumar Goyal, Past Chairman, EIRC, CA Brijesh Verma, CA Subhash Chandra Saraf, Chairman, EIRC

Participants of the Workshop along with CA Sushil Kumar Goyal, Past Chairman, EIRC, CA Subhash Chandra Saraf, Chairman, EIRC and CA Brijesh Verma


Student Convocation on 17th July 2014

Finance (No. 2) Bill, 2014 – Critical Analysis on 21st July 2014

VAT Audit and Recent Developments in VAT Regime on 24th July 2014

L – R : CA Sumantra Guha, Central Council Member, ICAI, CA K Raghu, President, ICAI, CA Manoj Fadnis, Vice President, ICAI, CA Abhijit Bandyopadhyay, Central Council Member, ICAI, CA Subhash Chandra Saraf, Chairman, EIRC

L – R: CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA S S Gupta, CA Subhash Chandra Saraf, Chairman, EIRC, CA Sanjay Bhattacharya

L – R: CA Anirban Datta, Secretary, EIRC, Mr. K C Chowdhury, Special Commissioner, Commercial Taxes, WB, Mr. Rajsekhar Bandyopadhyay, Senior Joint Commissioner, Commercial Taxes, WB, Mr. Binod Kumar, Hon’ble Commissioner, Commercial Tax, WB, Mr. Khalid Aizaz Anwar, Joint Commissioner, Commercial Taxes, WB, CA Prasun Bhattacharyya, Past Chairman, EIRC, CA Rip Das, CA Subhash Chandra Saraf, Chairman, EIRC

Distribution of Rank Holder Certificate: L – R: CA Sumantra Guha, Central Council Member, ICAI, CA M Devaraja Reddy, Chairman, BOS, ICAI, CA K Raghu, President, ICAI, a girl student rank holder, CA Manoj Fadnis, Vice President, ICAI, CA Abhijit Bandyopadhyay, Central Council Member, ICAI, CA Subhash Chandra Saraf, Chairman, EIRC

CA Lalit Agarwal CA Runit Harlalka

A view of the Membership attending convocation in the auditorium

Distribution of Membership Certificate: L–R: CA Manish Goyal, Treasurer, EIRC, CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Anirban Datta, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Central Council Member, ICAI, CA K Raghu, President, ICAI, a lady certificate holder, CA Manoj Fadnis, Vice President, ICAI, CA Abhijit Bandyopadhyay, Central Council Member, ICAI, CA M Devaraja Reddy, Central Council Member, ICAI, CA Subhash Chandra Saraf, Chairman, EIRC, CA Sunil Kumar Sahoo, Member, EIRC

E-filing on Income Tax Return and E-filing of TDS Return on 22nd July 2014


Releasing the Souvenir: L – R : CA Subhash Chandra Saraf, Chairman, EIRC, CA Abhijit Bandyopadhyay, Central Council Member, ICAI, CA Sumantra Guha, Central Council Member, ICAI, CA K Raghu, President, ICAI, Dr. Kiran Bedi, former IPS, CA M Devaraja Reddy, Chairman, BOS, ICAI, CA Pramod Dayal Rungta, Vice Chairman, EIRC & Chairman, EICASA, Mr. Amaan Alam, Vice Chairman, EICASA

The paper writers along with CA Sunil Kumar Sahoo, Member, EIRC and CA Abhijit Bandyopadhyay, Council Member, ICAI

Motivational Talk by CA C S Nanda, Central Council Member, ICAI, Dr. Pawan G Agarwal known as ‘Dabbawala’, Mr. Saquib Gulzar, Board Member, EICASA

The paper writers along with CA (Dr.) Debasish Mitra, Past Chairman, EIRC and CA Pramod Dayal Rungta, Vice Chairman, EIRC & Chairman, EICASA

Student National Convention on 26th& 27th July 2014 at Science City Auditorium, Kolkata

Padmashree CA T N Manoharan, Past President, ICAI addressing the delegates. Also seen is CA Pramod Dayal Rungta, Vice Chairman, EIRC & Chairman, EICASA, Mr. Prateek Kabra, Treasurer EICASA

L-R: CA Subhash Chandra Saraf, Chairman, EIRC, CA Abhijit Bandyopadhyay, Central Council Member, ICAI, CA Sumantra Guha, Central Council Member, ICAI, CA K Raghu, President, ICAI, Dr. Kiran Bedi, Former IPS, CA M Devaraja Reddy, Chairman, BOS, ICAI, CA Pramod Dayal Rungta, Vice Chairman, EIRC, Mr. Amaan Alam, Vice Chairman, EICASA

Lighting the Inauguration Lamp : L – R : CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Abhijit Bandyopadhyay, Central Council Member, ICAI, CA K Raghu, President, ICAI, Dr. Kiran Bedi, Former IPS, Padmashree CA T N Manoharan, Past President, ICAI, CA M Devaraja Reddy, Chairman, BOS, ICAI, CA Sunil Kumar Sahoo, Member, EIRC, CA Subhash Chandra Saraf, Chairman, EIRC, CA Sumantra Guha, Central Council Member, ICAI, CA Pramod Dayal Rungta, Vice Chairman, EIRC & Chairman, EICASA, Mr. Amaan Alam, Vice Chairman, EICASA

L – R: CA Anirban Datta, Secretary, EIRC, Mr. Chandrasekhar Ghosh, CMD, Bandhan Group, Ms. Twinkle Agarwal, Board Member, EICASA


Student National Convention on 26th& 27th July 2014 at Science City Auditorium, Kolkata

SILIGURI BRANCH

Releasing of the Student Convention chronicle

L – R: CA Manish Goyal, Treasurer, EIRC, CA R Bhupathy, Past President, ICAI

L – R: CA Anirban Datta, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Subhash Chandra Saraf, Chairman, EIRC, CA Sumantra Guha, Central Council Member, ICAI, CA Prafulla Chhajed, Vice Chairman, BOS, ICAI, CA Jay Chhaira, Central Council Member, ICAI, CA Pramod DayalRungta, Vice Chairman, EIRC & Chairman, EICASA, CA Manish Goyal, Treasurer, EIRC, CA Sunil Kumar Sahoo, Member, EIRC

L-R : CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA V Murali, Council Member, ICAI, Ms. Manisha Kandoi, Board Member, EICASA

L – R: CA Jay Chhaira, Central Council Member, ICAI, CA Prafulla P Chhajed, Vice Chairman, BOS, ICAI

Inaugration of 2nd floor Block of Siliguri Branch by CA K Raghu, President, ICAI. Also present CA Subhash Chandra Saraf, Chairman, EIRC, CA Manish Goyal, Treasurer, EIRC, CA Sanjay Goyal, Chairman, Siliguri Branch, CA Sumantra Guha, Central Council Member, ICAI, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

L-R : CA Pramod Dayal Rungta, Vice Chairman, EIRC & Chairman, EICASA, CA M Devaraja Reddy, Chairman, BOS, ICAI CA Sunil Kumar Sahoo, Member, EIRC

Inaugration of IT Lab by CA K Raghu, President, ICAI. Also present CA Sanjay Goyal, Chairman, Siliguri Branch, CA Manish Goyal, Treasurer, EIRC, CA Subhash Chandra Saraf, Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Central Council Member, ICAI

EIRC Events


Registered RN 27144/75 Registered KOL RMS / 227 / 2013-2015

If undelivered please return to : Eastern India Regional Council, The Institute of Chartered Accountants of India, 7, Anandilal Poddar Sarani (Russell Street), Kolkata - 700 071

The Institute does not accept any respondibility for the views expressed in the contributions of advertisements published in the newsletter. Printed & Published by Mr. Atis Basu on behalf of The Institute of Chartered Accountants of India, Eastern India Regional Council Printed at CDC Printers Pvt. Ltd., Tangra Industrial Estate-II (Bengal Pottery), 45, Radhanath Chowdhury Road, Kolkata - 700 015, Tel : 2329 8856, Email : [email protected] and published from The Institute of Chartered Accountants of India, Eastern India Regional Council, 7, Anandilal Poddar Sarani (Russel Street) Kolkata-700 071, Phone : 91-33-30211140/41, Fax : 033-22272317, Website : www.eirc-icai.org, Email : [email protected]

BOOK POSTCA. Subhash Chandra Saraf – EditorCA. Pramod Dayal Rungta – Jt. EditorCA. Anirban Datta – MemberCA. Manish Goyal – MemberCA. Subodh Kumar Agrawal – MemberCA. Sumantra Guha – MemberCA. Abhijit Bandyopadhyay – MemberCA. Rajneesh Agarwal – Co-opted MemberCA. Sanjay Poddar – Co-opted MemberCA. Swatandra Kr. Rustagi – Co-opted MemberCA. Divya Mohta – Co-opted Member

Mr. Rajive Kaul, Chairman, NICCO Group delivering the Chief Guest’s address

CA Subhash Chandra Saraf, Chairman, EIRC at the Seminar

CA Ashok Batra

CA Dipankar Chatterji, Past Central Council Member, ICAI delivering the address of Guest of Honour

Padmashree Mr. Harshavardhan Neotia, Chairman, Ambuja Neotia Group delivering a special address on the occasion

Dr. (CA) Rakesh Gupta

Lighting the Inaugural Lamp - L – R : CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Dipankar Chatterji, Past Central Council Member, ICAI, Mr. Rajive Kaul, Chairman, NICCO Group, CA Subhash Chandra Saraf, Chairman, EIRC

L –R : CA Sunil Kumar Sahoo, Member, EIRC, CA Ashok Batra, Dr. (CA) Rakesh Gupta, CA Manish Goyal, Treasurer, EIRC

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Anirban Datta, Secretary, EIRC, CA Subhash Chandra Saraf, Chairman, EIRC, Padmashree Mr. Harshavardhan Neotia, Chairman, Ambuja Neotia Group, CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Manish Goyal, Treasurer, EIRC

Seminar on Union Budget 2014 on 16th July 2014

EIRC NEWSLETTER...ACAE Chartered Saturday Annual Conference - 2014 Mr. Aman Lekhi, Advocate CA Ram Ratan Modi Taj Bengal 10.00am to 6 Accountants Study 23rd August, “Emerging Paradigms

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