eirc newsletter · eirc 1st february 2015 ca subhash chandra saraf chairman, eirc,, ,, my dear...

EIRC NEWSLETTERVOL: 40 ISSUE: 12 1st FEBRUARY 2015 RS. 10/-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EASTERN INDIA REGIONAL COUNCIL

��EIRC 1st February 2015

EIRC 1st February 2015 ��

CA Subhash Chandra SarafChairman, EIRC

,, ,,My Dear Professional Colleagues,

Wishing you most and more…

It is invariably difficult to pen the first and the last message. In the first

message, one is a bit nervous as how to start, where to start from etc. whereas

in the last message, one is baffled as where to end, since one has a lot to share

with. The year passed by in a jiffy. And today, I am communicating with you for

the last time as the Chairman of this region of ICAI.

It is said, “This life is a gift of God to us and how we live is a return gift from us to

God”. Likewise, the EIRC chairmanship was a boon to me and I hope and firmly

believe to have been able to make some difference, which may be regarded

as a return gift from me to all the esteemed members. “One year” may be a

small period in the life span of an institution; but it would certainly leave some

lasting imprints in my life. I had a vision to truly serve the members and help

them acquire excellent skills set so that they are future ready to handle the

unparalleled professional opportunities available to each one of them and this

vision gave me power and purpose to handle the responsibilities bestowed

upon me as Chairman and serve them throughout my tenure tirelessly and I

enjoyed every moment of it. I suppose it would not be an overstatement to

define 2015 as the year of opportunities, hopes, changes and reforms and our

members in the region would be at their best in professional services to various

stakeholders.

Not even one month into the New Year and our Nation is hosting the POTUS

in the celebrations of our 66th Republic day. Newer vision and ventures of our

leaders should augur well for the nation and I truly believe that “Make in India”

initiative of this government would manifest quickly and in true sense wherein,

we as Chartered Accountants, as responsible citizens would have a great role

to play.

The recent crash of the oil prices has really helped India and we see a Current

account surplus after 7 years in this quarter. It is even projected that India can

outpace China in terms of growth in this year. The CEO of our nation better

known as the PM has really wooed the world with his blockbuster speeches

and catchy campaigns. It has been his commitment and the humongous effort

of his team that has rebuilt Brand INDIA and I am sure it would take our country

to the topmost leadership position amongst all economies.

Our nation is being extolled on a global platform for its reform measures,

the entire world and especially our nation is already on its forefront and full

of optimism over the coming Annual Budget, 2015, which it is hoped should

bring major initiatives by the present government for growth engine to

Only when you have a vision for tomorrow, you will find power and purpose in your today`s work

work at best. The government has also started giving out hints that tax rates

would not be raised, incentives would be given for manufacturing sector and

achieve maximum governance and minimum government. With GST pegged

to be tabled at this budget, and a near certain implementation shortly, it will

be the single biggest tax reform in the world. Again, I would stress all the

members that we are running in the last lap of this race and there is not any

more probability of restarting again. EIRC, therefore, on its part has been trying

it’s best in organizing various events and seminars to update and educate the

members for being future ready.

Lastly with utmost humility I would like to express my gratitude to one and

all for putting their confidence in me and believing that I could lead. It has

been a great honour and privilege for me to serve EIRC. I would like to place

on record my Special thanks to CA K.Raghu, President of our Institute for his

avant-garde ideas to quickly enhance the efficiency of the professionals.I

cannot forget the support and helping hand provided by all the three Council

members from our region and my colleagues in the regional council without

whom it would not have been a smooth, inspiring and memorable journey

of my chairmanship. I would be failing in my duty if sincere appreciation is

not recorded for the unstinted support provided by the entire executives and

staff of the regional council who were always available at my back and call

and made my responsibilities, a child’s play. Similarly, it would be incomplete

if my gratitude doesn’t reach all the Managing Committee Members of the

Branches of EIRC and all the leaders of Study Circles, co opted members in the

committees without whom, EIRC would not have been found standing stout

and tall on its stand.

I really enjoyed my tenure here and this year that went has given me

incomparable experiences and memories to get nostalgic upon. I would be

handing over the reins to the next incumbent and I wish him to achieve most

and more and I promise that I would be available for any support.

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

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

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

IMPORTANT DATES

Tuesday, 3rd February 2015 Convocation for Newly Qualified Members Kala Mandir, Kolkata 10.00am onwards

Saturday, 21st February 2015 EIRC Awards 2014 (Details in Page 11) G D Birla, Sabhaghar, Birla Mandir, Kolkata 5.30pm onwards

Wednesday, 25th Interaction meeting with All Convenors and Deputy R Singhi Hall, EIRC Premises 5pm onwards February 2015 Convenors of Study Circle of EIRC

Thursday, 26th February 2015 Interaction with Past Leaders of EIRC Calcutta Club, Kolkata 6pm onwards (followed by Dinner)

Wednesday, 4th March 2015 Holi Get Together jointly with All Study Circles Kala Mandir, Kolkata 5.00pm to 8.00pm (Details in Page 13)

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

FRIENDLY CRICKET MATCH

Sunday, 15th February 2015 ROC Officials Vs. EIRC Members Northern Park, Bhowanipore 09.30am onwards

Sunday, 22nd February 2015 VAT Officials Vs. EIRC Members Northern Park, Bhowanipore 09.30am onwards

Thursday, 5th Filling of various Forms with MCA CA Mohan Ram Goenka CA Manish Goyal R Singhi Hall, 5.30pm to 3 150February 2015 under the Companies Act 2013- EIRC Premises 8.30pm Spot 200 Critical Aspects & Difficulties

Saturday, 7th Summit on Capacity Building Details inside in Page 7 EIRC R Singhi Hall, 9.30am to 5 600February 2015 Measures of Practitioners with EIRC Premises 2.30pm Spot 700 Special Focus on make in India (followed by Lunch)

Wednesday, 11th Different Aspects of Depreciation CA Manoj Banthia CA Sunil Kumar R Singhi Hall, 5.30pm to 3 150February 2015 under the Companies Act and Sahoo EIRC Premises 8.30pm Spot 200 Income Tax Perspective

Friday, 13th Revisionary proceedings u/s 263 of Mr K. C. Singhal CA Ranjeet Kumar R Singhi Hall, 5.30pm to 3 150February 2015 Income tax Act 1961 with special former VP- ITAT Agarwal EIRC Premises 8.30pm Spot 200 reference to share capital Disallowances of TDS u/s 40(a) CA S S Gupta (ia)-Critical Isuues

Saturday, 14th GST – Professional Opportunities Details inside in Page 7 EIRC R Singhi Hall, 9.00am to 5 600February 2015 & Road Ahead EIRC Premises 2.30pm Spot 700 VAT – Audit & Critical Issues (followed by Lunch)

Friday, 27th Seminar on Draft Tax CA S S Gupta CA Anirban Datta R Singhi Hall, 5.30pm to 3 150February 2015 Computation Standard CA Vinod Kothari EIRC Premises 8.30pm Spot 200

Saturday, 28th Live Telecast of Union Budget 2015 & CA Arun Agarwal CA Manish Goyal R Singhi Hall, 11.00am to 2 100February 2015 discussion CA Sanjay Bhattacharya EIRC Premises 1.00pm

Wednesday, 4th Seminar on Union Budget 2015 Details inside in Page 7 EIRC Kala Mandir, 9.30am to 6 500March 2015 Kolkata 4.30pm Spot 600

Monday, 9th Seminar on Indirect Tax Proposals CA Arun Agarwal CA Sunil Kumar R Singhi Hall, 5.30pm to 3 150March 2015 in Finance Bill 2015 Sahoo EIRC Premises 8.30pm Spot 200

Friday, 13th Seminar on Direct Tax Proposals in CA Sanjay Bhattacharya CA Ranjeet Kumar R Singhi Hall, 5.30pm to 3 150March 2015 Finance Bill 2015 CA Barun Ghosh Agarwal EIRC Premises 8.30pm Spot 200

Saturday, 21st Seminar on Bank Audit Details inside in Page 7 EIRC Park Hotel, Galaxy, 9.30am to 6 1200March 2015 Kolkata 5.30pm Online 1100 Spot 1400


Announcements

Study Circle Day & Date Programme Speakers Co- ordinator Venue Duration CPE Hour

STUDY CIRCLES

DTPA Chartered Wednesday, Provisions for Penalties and CA Nilima Joshi CA Sanjay Bajoria DTPA Conference 4.00pm 2Accountants’ Study 4th February Prosecution of Auditors +91 9331845005 Hall 3, Govt. Place onwards (Unstr- Circle-EIRC 2015 Under the New Companies [email protected] (West), Income Tax uctured) Act (Group Discussion) Building, 2nd Floor Room No. 2/32, Kolkata-700001

DTPA Chartered Friday, GST Conception, Issues CS Timir Baran CA Sanjay Bajoria - do - 4.00pm to 3Accountants’ Study 6th February and Road Map Chatterjee +91 9331845005 7.00pm Circle-EIRC 2015 [email protected]

DTPA Chartered Friday, Specified Domestic Transfer CA Ramesh Kumar CA Sanjay Bajoria - do - 4.00pm to 3Accountants’ Study 13th February Price-Comprehensive Padodia +91 9331845005 7.00pm Circle-EIRC 2015 Analysis [email protected] DTPA Chartered Tuesday, Practical Aspects of Survey- Adv. Paras Kochar CA Sanjay Bajoria - do - 4.00pm to 3Accountants’ Study 24th February Statement & Notice u/s 131 & +91 9331845005 7.00pm Circle-EIRC 2015 Art of Use of Electronic Media [email protected]

VIP Road Chartered Sunday, Deprecation as Per Schedule II CA Mohit Bhutoria CA S N Jojodia VIPCA Library, 10.00am to 3Accountants Study 22nd February & Related Party Transaction +91 9830071300 220, Bangur Avenue, 1.00pmCircle-Eirc 2015 as per Companies Act,2013 BL-A, Kolkata-700055

Central Kolkata Saturday Taxation Aspects Of Limited Eminent Speaker CA Anup K Sanghai 6, Lyons Range, 3.00pm to 3Chartered Accountants 7th February Liability Partnerships (LLP ) +91 9830026214 3rd Floor, Unit-2, 6.00pmStudy Circle-Eirc 2015 [email protected] Emami Conference Hall, ACAE office, Kolkata-700 001

Central Kolkata Saturday Taxation and Planning Eminent Speaker CA Kamal K Sarda - do - 3.00pm to 3Chartered Accountants 21st February through Trusts +91 93310-08813 6.00pmStudy Circle-Eirc 2015

No. 1-CA(7)/167/2014.- Whereas certain draft regulations further to amend the

Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India,

Extraordinary, Part III, Section 4, dated the 10th September, 2014, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of forty-five days from the date on which the copies of the Gazette containing the said notification were made available to the public;

And whereas the copies of the said Gazette were made available to the public on the 12th September, 2014;

And whereas the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute;

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 30 of the said Act, the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988,

namely:-

1. (1) These regulations may be called the Chartered Accountants (First Amendment) Regulations, 2015.

(2) They shall come into force on the date of their final publication in the Official

Gazette.

2. In the Chartered Accountants Regulations, 1988 (hereinafter referred to as the said regulations),-

(i) in regulation 28E, in sub-regulation (1), in clause (b), for the words “nine months”,

the words “eight months” shall be substituted.

(ii) in regulation 48, in sub-regulation (1), for the Table, the following Table shall be substituted, namely:-

Table

Classification of the normal place of service of the articled assistant

During the first year of training

During the second year of training

During the remaining period of training

(1) (2) (3) (4)

(i) Cities/towns having a population of twenty lakhs and above

Rs.2000/- Rs.2500/- Rs.3000/-

(ii) Cities/towns having a population of four lakhs and above but less than twenty lakhs

Rs.1500/- Rs.2000/- Rs.2500/-

(iii) Cities/towns having a population of less than four lakhs

Rs.1000/- Rs.1500/- Rs.2000/-

(iii) in regulation 204, for the words “and International Trade Laws and World Trade Organisations” the words, “International Trade Laws and World Trade Organisation and International Taxation” shall be substituted.

[PUBLISHED IN THE GAZETTE OF INDIA , EXTRAORDINARY, PART III, SECTION 4]THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

NOTIFICATION New Delhi, the 23rd January, 2015


CA Pramod Dayal Rungta

Chairman, EICASAVice Chairman, EIRC

EICASA

Dear Students,

Conceive, Believe, Achieve!

January has rolled in and also the results

of the CA Final and CPT examinations! I

heartily welcome the enthusiastic yet

nervous young Chartered Accountants

who have cleared their CA Final

examinations and also the new entrants

to the CA Fraternity who have cleared

the CPT examination. I wish each one of you the very best of luck on

embarking on your journey and achieving your goals!! I’d also like to

give my best wishes to the students who are awaiting the results of the IPCC

examinations. May you come out with flying colours.

Young ladies and gentlemen setting their foot for the first time on

the ICAI threshold, we are eagerly waiting for you on the other side

of the door with open arms! And the young Chartered Accountants, the

Corporate World is waiting for you on the other side of the door with open

arms!

Those who could not clear their exams, don’t lose heart as results

of anything in life is completely beyond our control. But what is

in our hands is Our Strength, Our Dignity and Our Attitude. Have

the Strength to face your fears so that your Dignity is maintained

and only a right Attitude can give you the courage you’re hoping

to have! Always remember, Kites rise against, not with, the wind.

Moreover, you are constantly surrounded by your seniors who are always

ready to help you and guide you, lest you go off-path. You can also check

the ICAI portal, www.icai.org, for regular updates, notifications and forms.

Study Materials, Practice Manuals, PowerPoint Presentations, Podcasts,

Revision Test Papers, Suggested Answers, Mock Test Papers and Past Year’s

Question Papers are all uploaded in the Institute’s website for your benefit.

On 11th January, a youth festival by the name, CArizma – “Unveil the flair” first time in the history of EIRC was held which turned out to be

a mega event. There was a footfall of 6000+ eager students who helped

CArizma see through it’s success. The day witnessed a unique and talented

mix of students representing colleges accreoss the city, I thank both the

participants and the audience who attended this event for their presence

and support. It was very warming to see such a huge crowd.

I’d also like to thank the dignitaries who took out their valuable time from

their busy schedules. It shows their affection towards the Institute they

accepted the invitation on single call.

Around 6 p.m. because of the security reasons, we were compelled to

abruptly stop the fest. I humbly apologize for the inconvenience

caused to the students but it was necessary as your safety comes

first for us. It’s a promise that if an event of this kind is held again in the

future, we shall take better care of the arrangements.

Nevertheless, hats off to the whole EICASA team who pulled off

such a great event, but more to the volunteers who had been

putting in their efforts and working behind the scenes for the last

one and a half month. Three cheers for all of them who maintained

their calm and cool all throughout the event. Well Done, Team!

And as this editorial comes to an end, so does my position as the

Chairman of the student body of the EIRC of ICAI, EICASA. The

entire year has passed in a jiffy but nonetheless, I had a great time

working with the student fraternity. It has been an overwhelming

experience interacting with students and I have bundles of

memories to remember and carry with me till my life. I hope I was

able to live upto your expectations.

Before I go, I have these few lines penned down for you –

“When you want to succeed as bad as you want to breathe, then you’ll be successful. Always remember, You don’t have to be great to start, But you have to start to be great.”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].

Thank you students for the wonderful memories that you have given me

that really made this an eventful journey.

With Best Wishes,

Group Photo of EICASA Kolkata, EICASA Siliguri, EICASA Bhubaneswar & EICASA Guwahati during Cricket Match at Siliguri.

Students Attending the seminar on 22nd January 2015Mr Ravish Bhateja conducting seminar on `How to prepare yourself for Placement‘ on 22nd January 2015 at R Singhi hall.

EIRC 1st February 2015 �

Summit on Capacity Building Measures of Practitioners with special focus on Make in India

Organised by

Committee for Capacity Building of CA firms & Small and

Medium Practioners

Hosted By Eastern India Regional Council

The Institute of Chartered Accountants of India

Day & Date: Saturday, 7th February 2014

Time: 9:00am to 2:30pm(Followed by Lunch)

Venue:R. Singhi Hall, EIRC Premises

Topics Speaker

� Networking, Merger & CA Abhijit Bandyopadhyay,

Corporate form of Practice Council Member, ICAI

��Practice of the Future : Are We Ready? CA Subhash Chandra Saraf

Chairman, EIRC

� Role of CA Professionals in Make in India CA Abdul Rahim

� CA Professionals : Developing Mr. Ravish Bhateja

Entrepreneurship skills Delhi

Programme Chairman : CA Anuj Goyal, Chairman, CCBCAF & SMP, ICAI and CMA, ICAI,

5 CPE ` 600` 700 SpotFees 5 CPE Fees

Seminar On GST - Professional Opportunities & Road Ahead;

VAT Audit & Critical Issues

Day & Date : Saturday, 14th February 2015

Time : 9.00am to 2.30pm

Venue : R. Singhi Hall, EIRC Premises

(followed by lunch)

SEMINAR ON UNION BUDGET 2015

Day & Date : Wednesday, 4th March 2015

Time : 9:30am to 4:30pm

Venue : Kala Mandir, Kolkata

Chief Guest : Dr. Subramanian Swamy*

Former Cabinet Minister of India

Topics Speaker

� Impact of Budget in Capital Market CA Manish Bansal,

Mumbai

� Direct Tax Proposals in Finance Bill 2015 Dr. Girish Ahuja, New Delhi

� Indirect Tax Proposals in Finance Bill 2015 CA (Dr.) Bimal Jain, New Delhi

*Confirmation Awaited

6 CPE ` 500` 600 SpotFees 6 CPE

SEMINAR ON BANK AUDIT

Day & Date : Saturday, 21st March 2015

Time : 9:30am to 5:30pm

Venue : Galaxy, Park Hotel, Kolkata

Topics Speaker

� Practical Aspects of Bank Audit in CA Amarjit Chopra,

present scenario Past President,ICAI

� Audit under CBS Environment : LFAR CA Kuntal P Shah,

Ahmedabad

� Audit under CBS Environment : CA D S Premnath,

Use of Excel in Bank Audit Hyderabad

Announcements

` 1200` 1100 Online` 1400 Spot

Fees

` 600` 700 Spot

Chief Guest : Mr. Binod Kumar, Commissioner, Commercial Taxes, W.B. *

Chairman of the Session : CA Prasun Kr. Bhattacharyya, Past Chairman, EIRCMr. Rajshekhar Bandopadhyay, Addl. Commissioner, Com Taxes, W.B.

Mr. Khalid Aizaz Anwar, Jt. Commissioner, Com. Taxes, W.B.

CA Rip Das

Topics

�� GST : The salient features - Increasing opportunities for CAs

� VAT Audit :The nuances – the exercise – the demands –Input Tax Credit - Works Contract – STDS

* confirmation awaited


MEMBERS ANNOUNCEMENT

*`450/- and `*Rs.600/- where an Associate member has attained the age of 65 years as on 1st April, 2008 and 1st April 2011.

**`1300/- and **`1600/- where a Fellow member has attained the age of 65 years as on 1st April, 2008 and 1st April 2011

*`450/- and `*Rs.600/- where an Associate member has attained the age of 60 years as on 28th March 2013.

**`1300/- and **`1600/- where a Fellow member has attained the age of 60 years as on 28th March 2013

GENERAL AMNESTY SCHEME FOR RETROSPECTIVE RESTORATION OF MEMBERSHIP (ONE TIME DISPENSATION)

With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Council has decided to give an opportunity by way of General Amnesty Scheme one time dispensation for restoration of their names retrospectively.

Continuation of membership entitles a member to designate himself as ‘CA’ and also other benefits of monthly Journal of the Institute , Newsletters of Regional Councils & Branches of the Institute, participation in the conferences, seminars and other programmes organized by the Institute, Regional Councils and/or Branches; regular update on programs being organized and initiatives taken for the benefit of the profession and members; emerging professional opportunities, practice area development, publications of the Institute etc.

This is an excellent opportunity to get name restored with retrospective effect. The benefit of the scheme may be availed by submitting the prescribed application in Form 9 on or before 31st March, 2015 alongwith the outstanding fee for the intervening period of name removal and restoration fee of `1200/-.

Details of General Amnesty Scheme are given below:-

(i) Retrospective restoration of membership under General Amnesty Scheme;

Category I: The names of the members whose names are removed prior to 31st March 2014 on account of non payment of fees and not restored as on date may apply for retrospective restoration of their names under General Amnesty Scheme by filling Form 9 along with the membership fees for the year during which the name was removed and for the current year together with the fee(s) for the intervening years and the additional fee of ̀ 1200/- towards restoration. To avail benefits of General Amnesty Scheme, members should submit the requisite fees and Form ‘9’ latest by 31st March 2015.

The scale of membership fee as applicable from time to time is as given below:

Effective from Associate Fellow

1st April, 2011 *`800 **`2200

1st April, 2008 *`600 **`1,800

1st April, 2000 `300 `900

1st April, 1996 `225 `700

1st April, 1991 `150 `400

1st April, 1986 `100 `275

1st April, 1982 `80 `200

1st April, 1976 `60 `125

1st April, 1975 `45 `110

1st April, 1964 `28 `83

1st April 1949 `25 `25

Example:

Where the name of an Associate member was removed from the Register of Members in the year 1991-92, the fees to be remitted with the Form ‘9’ for retrospective restoration including fee for intervening years will be as under :

Summary of fee payable

Fee for the year 1991-92 [the year in which the name was removed] `150

Fees for the intervening years (1992-93 to 2013-2014) `8100

`150*4 = `600`225*4 =`900/-

`300*8 = `2400 `600*3=`1800`800*3=`2400

Fee for the current year (2014-15) ` 800 [where the associate member has not attained the age of 65 years as on 1st April, 2011][where the associate member has not attained the age of 60 years as on 28th March , 2013]

Restoration fee `1200

TOTAL `10250


Campus Placement Programme for the Newly Qualified Chartered Accountants –February-March, 2015

The Committee for Members in Industry of the Institute of Chartered Accountants of India organises Campus Placement Programme for the newly qualified Chartered Accountants at various centres all over India. The programme has been evolved to provide an opportunity both to employing organisations as well as the young professional aspirants to meet and explore the possibility of taking up positions in the industry.

Invitation to Organisations/CA Firms

Campus Placement Programme will be organized at various centres viz. Ahmedabad, Bangalore, Baroda, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Ernakulam, Hyderabad, Indore, Jaipur, Kanpur, Kolkata, Mumbai, Nagpur, Navi Mumbai, New Delhi, Pune, Thane & Vasai. The schedule of programme is given below.

Sl. No. Centre Dates

1. Baroda, Coimbatore, Ernakulam & Vasai 12th - 13th February, 2015

2. Bhubaneswar, Chandigarh & Kanpur 13th - 14th February, 2015

3. Indore, Nagpur, Navi Mumbai &Thane 16th - 17th February, 2015

4. Ahmedabad & Jaipur 18th - 19th February, 2015

5. Pune 19th - 20th February, 2015

6. Mumbai & New Delhi 16th,17th,18th ,19th ,20th,21st & 23rd March, 2015

7. Bangalore,Chennai & Kolkata 18th,19th, 20th, 21st, 23rd & 24th March, 2015

8. Hyderabad 19th, 20th, 21st, 23rd & 24th March, 2015

The placement programme would be organized in the months of February-March, 2015 for the candidates who pass the CA final examination held in November, 2014 and also for others who are eligible.

The organisations intending to recruit the Newly Qualified Chartered Accountants through the programme are requested to get in touch with Committee for Members in Industry Secretariat, Indraprastha Marg, New Delhi - 110002, Tel. No. (011) 30110491/548/549 Email: [email protected], [email protected] log on to www.placement.icai.org or http://www.icai.org .

CA. Tarun Jamnadas Ghia ChairmanCommittee for Members in IndustryThe Institute of Chartered Accountants of India

(ii) Retrospective restoration of membership under Regulation 19 of CA Regulations, 1988:

Category II: The members whose membership exists as on 01st April 2014 and continued upto 30th September 2014 but subsequently got removed as on 1st October 2014 on account of non-payment of fee are eligible for restoration of their names retrospectively under Regulation 19 of the Chartered Accountants Regulations, 1988. Such members may apply upto 31st March 2015 in Form 9 along with the membership fees i.e `800/- as an associate and `2200/- as fellow, as the case may be, for the current year and the additional fee of `1200/- towards restoration of name.

Members desirous of availing the opportunity may also apply on-line for restoration of their name by visiting www.icai.org and downloading pre-filled Form ‘9’. The link is given on home page “Know Your Institute - Restore your Membership”.

(iii) Restoration of certificate of Practice:

(a) The members who had held their Certificate of practice as on 30th September, 2014 and the same had subsequently been cancelled on account of non payment of the related fee w.e.f 01st October, 2014 are eligible to have their Certificate of Practice restored retrospectively i.e from 1st October, 2014 provided application in Form 101 for restoration along with the Certificate of Practice fee of `2000/-[`1500/- where a member has attained the age of 60 years as on 1st April, 2014] for the current year from such members is received by the Institute latest by 31st March, 2015.

(b) Where, the Certificate of Practice stands cancelled on or before 31st March, 2014 on account of non payment of the required fee, certificate of practice in such cases will be issued afresh from the prospective date, i.e., the date on which the application for the same together with Form ‘101’/ ‘6’ and the requisite fee is received by the Institute.

Members desirous of availing the opportunity may also apply online for restoration/issue of afresh Certificate of Practice by visiting www.icai.org and downloading Form ‘6’ and the payment can be made online through link “online membership payment under e-services”.

For further clarification or more details, please contact the concerned Decentralised Office of the Institute or the Head Office over phone No. 0120-3045997 / 3045998 or e-mail to [email protected]

V. SAGARActing Secretary

ICAIThe above Amnesty Scheme for retrospective restoration of membership will remain in force up to 5:30 pm till 31st March 2015 and shall stand withdrawn automatically thereafter.


EIRC ANNUAL AWARDS


Examination Details

PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIANo.13-CA (EXAM)/M/2015: 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 Course under Regulations 204, viz.: Insurance and Risk Management (IRM) examination (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: 3rd, 6th, 8th & 10th May 2015

Group-II: 12th, 14th & 16th May 2015

(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: 2nd, 5th, 7th & 9th May 2015

Group -II: 11th, 13th, 15th & 17th May 2015


INSURANCE AND RISK MANAGEMENT (IRM) EXAMINATION

Modules I to IV 11th, 13th, 15th & 17th May 2015


The candidates who apply online at http://icaiexam.icai.org from 3rd February, 2015 to 24th February, 2015 and remit the fee online by using either VISA or MASTER Credit/ Debit Card shall not be charged ̀ 1000/- 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 24th February, 2015 and upto 3rd March, 2015.

The fees payable for the various examinations are as under:

INTERMEDIATE (IPC)

For Both the Groups / Unit - 9 `1600/-

For one of the Groups / Unit 1 to 8 `1000/-

FINAL EXAMINATION

For Both the Groups `2250/-

For one of the Groups `1250/-

INSURANCE & RISK MANAGEMENT (IRM) EXAMINATION `1000/-

Candidates of Intermediate (IPC) and Final examination opting for Dubai /Abu Dhabi / Muscat are required to remit, US$ 350 and US$ 400 respectively or their equivalent Indian Currency irrespective of whether the candidates appears in a group or in both the groups or in a unit.

Candidates of Intermediate (IPC) and Final Examinations opting for Examination Centre at Kathmandu are required to remit Indian `2250/- and Indian `3000/- respectively or their equivalent relevant foreign currency irrespective of whether the candidates appear in a group or in both the groups or in a unit.

For more information visit : www.icai.org

(V. SAGAR) ACTING SECRETARY

No.13-CA (EXAM)/CPT/June/2015: 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 Common Proficiency Test will be held on Sunday, 14th June, 2015 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.

[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants Regulations, 1988.]

First Session 10.30 AM to 12.30 PM (IST)

(i.e. Morning Session) Section - A : Fundamentals of Accounting

Section - B : Mercantile Laws

Second Session 2.00 PM to 4.00 PM (IST)

(i.e. Afternoon Session) Section - C : General Economics

Section - D : Quantitative Aptitude

Applications for admission to Common Proficiency Test is required to be made

in the relevant prescribed form as contained in the Information Brochure, which

may be obtained from the Deputy Secretary (Examinations), The Institute of

Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi –

110002 on payment of ̀ 1500/- (`500/- towards examination fee and ̀ 1000/-

towards cost of application form and Information brochure) per application

form. The fee for candidates opting for Abu Dhabi and Dubai, centres will be US

$170 (US $ 150 towards examination fee and US $ 20 towards cost of application

form and information brochure) or its equivalent Indian Currency. The fee for the

candidates opting for Kathmandu centre are required to remit INR.1850/-(INR

850/- towards examination fee and INR 1000/- towards the cost of application

form and information brochure) or its equivalent foreign Currency. Since the

cost of Information brochure containing Common Proficiency Test application

form includes the examination fee, no separate fee is required to be remitted at

the time of submitting the filled in application form. The Information brochure

containing Common Proficiency Test application form will also be available in

the Regional and Branch Offices of the Institute and can be obtained there from

on cash payment on or from 7th April, 2015.

Common Proficiency Test application forms duly filled in may be sent so as to reach the Deputy Secretary (Examinations) at New Delhi not later than 28th April, 2015. Applications received after 28th April, 2015 shall not be entertained under any circumstances. Applications duly filled in will be received by hand delivery at the office of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Delhi, Ahmedabad, Bangalore, Ernakulam, Hyderabad, Indore, Jaipur, Nagpur, Pune, Surat, Thane and Vadodara upto 28th April, 2015. Candidates residing in these cities are advised to take advantage of this facility. It may be noted that there is no provision for acceptance of application forms after 28th April, 2015 with late fee.

The candidates who fill up the examination application form online at http://icaiexam.icai.org from 7th April, 2015 (10.00 hrs) to 28th April, 2015 (17.30 hrs) and remit the fee online by using either VISA or MASTER Credit / Debit Card shall not be charged `1000/- (i.e. cost of application form fee).

The aforesaid Common Proficiency Test (CPT) is open only to students registered with the Institute of Chartered Accountants of India for the Common Proficiency Course on or before 1st April, 2015 and fulfill the requisite eligibility conditions.

(V. SAGAR)ACTING SECRETARY


Announcement for Students


Recent JudicialPronouncements - Direct Taxes

Compiled by : CA RAJ [email protected]

India Trade Promotion Organization vs. DGIT (E) (Delhi High Court)

S. 2(15)/ 10(23C)(iv): If the definition of "charitable purpose" is construed literally, it is violative of the principles of equality & unconstitutional. If the dominant object is not to carry on business or trade or commerce, then an incidental or ancillary activity for which a fee is charged does not destroy the character of a charitable institution.

The expression “charitable purpose”, as defined in Section 2(15) cannot be construed literally and in absolute terms. It has to take colour and be considered in the context of Section 10(23C)(iv) of the said Act. It is also clear that if the literal interpretation is given to the proviso to Section 2(15) of the said Act, then the proviso would be at risk of running foul of the principle of equality enshrined in Article 14 of the Constitution India. In order to save the Constitutional validity of the proviso, the same would have to be read down and interpreted in the context of Section 10(23C)(iv) because, in our view, the context requires such an interpretation. The correct interpretation of the proviso to Section 2(15) of the said Act would be that it carves out an exception from the charitable purpose of advancement of any other object of general public utility and that exception is limited to activities in the nature of trade, commerce or business or any activity of rendering any service in relation to any trade, commerce or business for a cess or fee or any other consideration. In both the activities, in the nature of trade, commerce or business or the activity of rendering any service in relation to any trade, commerce or business, the dominant and the prime objective has to be seen. If the dominant and prime objective of the institution, which claims to have been established for charitable purposes, is profit making, whether its activities are directly in the nature of trade, commerce or business or indirectly in the rendering of any service in relation to any trade, commerce or business, then it would not be entitled to claim its object to be a ‘charitable purpose’. On the flip side, where an institution is not driven primarily by a desire or motive to earn profits, but to do charity through the advancement of an object of general public utility, it cannot but be regarded as an institution established for charitable purposes

CIT vs. Jignesh P. Shah (Bombay High Court)

S. 2(22)(e) has to be construed strictly. If assessee is not a shareholder of lending co, s. 2(22)(e) does not apply even if funds are ultimately paid by Co in which assessee is a shareholder

The assessee received loan from one NS Fincon Pvt. Ltd. The Revenue seeks to tax this loan as deemed dividend. The case of the Revenue was that one Lafin Financial Services Pvt. Limited had advanced money to NS Fincon Pvt. Ltd. who in turn advanced money to the Assessee. The Assessee a 50% share holder of Lafin Financial Services Pvt. Limited and in view thereof, loan advanced by NS Fincon Pvt. Ltd. to the Assessee is to be treated as a dividend in the hands of the Assessee. It is the admitted position that the Assesee is not a share holder in NS Fincon Pvt. Ltd. The AO brought to tax the amount of loan received by the Assesee from NS Fincon Pvt. Ltd. as deemed dividend under Section 2 (22)(e) of the Act. This was deleted by the CIT(A) and the Tribunal. On appeal by the department to the High Court HELD dismissing the appeal:

The submission on behalf of the Revenue made before us is that one has to look at the substance of the transaction and that if one looks at the substance, then the Assessee would be chargeable to tax. This is not acceptable as fiscal status have to be interpreted strictly. Section 2 (22)(e) of the Act creates a fiction by bringing to tax an amount as dividend when the amount so received is otherwise then dividend. On a strict interpretation of Section 2(22)(e) of the Act, unless the Assessee is the shareholder of the company lending him money, no occasion to apply it can arise (CIT v/s. Vatika Township 2015 (1) SCC 1, CIT v/s. Universal Medicare Pvt. Ltd. 324 ITR 263 CIT v/s. Impact Containers Pvt. Ltd. 367 ITR 346 followed)

ACIT vs. M/s Vardaan Fashion (ITAT Delhi)

S. 269SS: Loan & deposit by way of journal entries are not covered. Transactions between a firm and its partner are also not covered

(i) As per Section 269SS, no person is supposed to take or accept from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft. The term ‘loan or deposit’ has also been defined by way of explanation by which loan or deposit means “loan or deposit of money”. Thus, for the purpose of Section 269SS, loan or deposit of money only is to be considered. Now, in the case of all the credit entries in the accounts of the assessee which are considered for levy of penalty under Section 271D, we find that there is no monetary transaction between the assessee and the creditors. The monetary transaction had taken place between the creditors and some third party which were all by account payee cheques. In the books of the assessee, there is only a journal entry by debiting the account of some other party and crediting to the account of the creditor. In these circumstances, in our opinion, when there is no monetary transaction between the assessee and creditor, it cannot be said that assessee accepted loan or deposit from the creditor in violation

of Section 269SS.

(ii) The Apex Court clearly held that the partnership firm is only a collective name of separate persons and not a legal person in itself and therefore, a partner cannot be a servant of the firm because no person can be his own servant in law. The ratio of the above decision would be squarely applicable in the case under appeal before us. Similar to the contract for employment where two distinct persons employee and employer are required, for the purpose of giving and acceptance of loan or deposit also, two different persons are required – (i) the lender and (ii) the debtor i.e. the borrower. As per Hon’ble Apex Court, firm and partner are not two different persons, therefore, credit in the books of firm in the account of partner, it cannot be said that firm has taken loan or deposit from partner. Admittedly, in the assessee’s books of account, the amount has been credited in the capital account of Shri Inderpal Singh Wadhawan. The firm and partners have also treated the transaction as of contribution of capital from the partner to the firm and not as a loan by an individual to the partnership firm.

Fortune Polymers Industries Pvt. Ltd vs. DCIT (ITAT Delhi)

S. 271(1)(c): Penalty cannot be levied for an assessment made in a cursory & summary manner

A perusal of the assessment order demonstrates that it has been passed in a cursory and summary manner, de hors of any detail, except for mentioning that certain figures had not tallied, no analysis whatsoever or reasons leading to the disallowance, are given by the AO. AO simply says that the assessee has filed reply explaining the discrepancies but does not give any reason as to why the explanation cannot be accepted. Nowhere in the penalty order the charge on which penalty is being levied has been specified. Such an assessment, in our view cannot be a basis for levy of penalty u/s 271(1)(C) (New Holland Tractors India (P) Ltd. Vs. CIT & CIT vs. Manjunatha Cotton and Ginning Factory followed)

ITO vs. Modipon Ltd (ITAT Delhi)

S. 50C: The consideration has to be determined on the basis of the circle-rate prevailing on the date of execution of sale deed and not on the basis of the circle-rate prevailing on the date of registration of the sale deed

It is manifest that u/s 50C, the value adopted by the stamp-valuation authority is deemed as the consideration for computation of capital gain. However, such valuation adopted by the stamp-valuation authority should be in respect of the transfer by the assessee, of the capital assets. The agreement to sale was duly registered, whereby, the total consideration was agreed to between parties works out to Rs.2,62,08,000/- and was adopted as the consideration for the payment of stamp-duty i.e.@ 4% of Rs.2,62,08,000/- i.e. Rs.10,48,320/-. In view thereof, the aforesaid valuation is also the value adopted by the stamp valuation authority in respect of transfer of the capital asset by the assessee. However subsequent to the said agreement to sell, there was change in the circle rate from 16th June 2014, whereby the valuation was enhanced from Rs.13,000/- to Rs.20,000/- per sq meter. This enhancement was beyond the control of the assessee (seller). It is also not the case of the revenue, that the buyer has given more than the consideration that has been accepted by the parties where they executed the agreement to sale. Furthermore on facts of a case, the Hon’ble Apex court held that registration of the transfer in accordance with the agreement to sale cannot be termed as the “date of transfer” as envisaged by Section 50C of the Act (Sanjeev lal & Anr. Vs. CIT & Anr. (2014) 365 ITR 389(SC)).

Manpreet Singh vs. ITO (ITAT Delhi) S. 22: Rent received from mobile phone company for use of terrace to install antenna is taxable as "Income from house property" and not as "Other sources"

The true test is whether the space rented out is part of the building or land appurtenant thereto. The rent is not for the antenna but for the space for installation of antenna. It is not the case of the Assessing Officer that the rent is for the antenna, and, therefore, it is wholly irrelevant whether antenna is part of the building or land appurtenant thereto. What is relevant is the space which has been rented out and, therefore, as long as the space, which has been rented out, is part of the building, the rent is required to be treated as “income from house property”. Learned counsel for the assessee has filed copies of leaves and licence agreements with the Bharti Airtel Limited and the Idea Cellular Limited. In both of these agreements, it is specifically mentioned that the rent is for use of “roof and terrace” area (not more than 900 sq ft in the case of Bharti Airtel Ltd and approx 800 sq ft in the case of Idea Cellular Limited). The agreement with Bharti Airtel Ltd mentions that the assessee “permits the licences to install, establish, maintain and work on the licenced premises, inter alia, including the following – (a) transmission tower/pole, with multiple antennas; (b) pre-fabricated equipment shelter; (c) D G Set upto 25 KVA: and (d) two earthing connection and laying of other cables to ground an one lightning arrestor, necessary cabling and connecting to each antenna/ equipment, and space for installation of electricity meter and power connectivity etc”. Similarly, agreement with Idea Cellular Ltd, inter alia, states that the assessee gives permission and licence “to use and occupy a portion admeasuring approx. 800 sq ft terrace and roof area for installation of prefabricated temporary assembled air conditioned shelter, tower/antenna poles and such other equipment as may be necessary”.


All these installations are to be done by the related companies and the obligation of the assessee does not extend beyond permitting use of space for such installations. It is thus clear that the rent is for space to host the antennas and not for the antennas. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be taxed as ‘income from house property’ (Mukerjee Estates Pvt Ltd Vs. CIT 244 ITR 1 (Cal) distinguished).

ACIT vs. M/s G V Sons (ITAT Mumbai)

Bogus purchases: Merely because a party has admitted to indulging in sham/ accommodation transactions does not mean that all his transactions with the assessee should be treated as sham

It is not in dispute that the survey action was conducted on a third party. It is also not in dispute that the assessee had business relation with Moxdiam Group, like so many other parties. It is also a fact that there is not even a iota of evidence with the AO, to prove that the assessee did not have straight dealings with the Moxdiam Group. It is also a fact that, that the assessee entered each of its transaction in its primary books, comprising of ledger and stock register. From the order of the AO, the DR could not establish before us that the transaction as recorded in the books was sham. We cannot accept a bald statement made by the AO that any transaction/business done with a party would be sham, simply because the opposite party besides doing regular business was also indulging in providing accommodation entries. Simply on the basis of statement given by the third party, that they were also providing accommodation entries as well, the conduct of the assessee cannot be doubted and held to be sham.

CIT vs. Janapriya Engineers Syndicate (Andhra Pradesh High Court)

S. 40(a)(ia): Despite stay by High Court, Special Bench verdict In Merilyn Shipping is binding on the ITAT due to judicial discipline

The Tribunal had to consider whether in view of the Special Bench verdict in Merilyn Shipping & Transport 146 TTJ 1 (Vizag), a disallowance u/s 40(a)(ia) could be made in respect of the amounts that have already been paid during the year and are not “payable” as of 31st March. The Tribunal held that as the department’s appeal against the said verdict was pending in the High Court and as the High Court had granted an interim suspension, the AO should decide the issue after the disposal of the appeal in the case of Merilyn Shipping by the High Court. HELD by the High Court:

We are of the view that until and unless the decision of the Special Bench is upset by this Court, it binds smaller Bench and coordinate Bench of the Tribunal. Under the circumstances, it is not open to the Tribunal to remand on the ground of pendency on the same issue before this Court, overlooking and overruling, by necessary implication, the decision of the Special Bench. We simply say that it is not permissible under quasi judicial discipline. Under the circumstances, we set aside the impugned judgment and order, and restore the matter to the file of the Tribunal which will decide the issue in accordance with law and it would be open to the Tribunal either to follow the Special Bench decision or not to follow. If the Special Bench decision is not followed, obviously remedy lies elsewhere.

CIT vs. Darbhanga Mansion CHS Ltd (Bombay High Court)

Transfer Fees recd by Co-op Hsg Soc from incoming & outgoing members (even in excess of limits) is exempt on the ground of mutuality

The assessee, a Co-operative Housing Society, received a sum of Rs.39,68,000 on account of transfer of flat and garage and credited it to ‘general amenities fund’ as well as ‘repair fund’. The assessee claimed that the said receipt is exempted from tax on the ground of mutuality. However, the AO held that the principles of mutuality will not apply. However, the CIT(A) and Tribunal allowed the assessee’s claim by relying on Sind Co-operative Housing Society vs. ITO 317 ITR 47. On appeal by the department to the High Court HELD dismissing the appeal:

The very issue and the very question was raised repeatedly in the case of the assessee society. Repeatedly the Revenue has failed in convincing the Tribunal that Sind Co-operative Housing Society will not cover the Society’s case. The contribution is made to the repair fund or to the general fund and credited as such. While it may be true that it is occasioned by transfer of a flat and garage, yet, we do not see how merely because there was cap or restriction placed on the transfer fees or the quantum thereof, in this case the principle of mutuality cannot be applied. The underlying principle and of a co-operative movement has been completely overlooked by the Revenue. The Revenue seems to be of the view that a Co-operative Housing Society makes profit, if it receives something beyond this amount of Rs.25,000. There has to be material brought and which will have a definite bearing on this issue. If the amount is received on account of transfer of a flat and which is not restricted to Rs.25,000/- but much more, then different consideration may apply. However, in the present case, what has been argued and vehemently is the amount was received by the Society when the flat and the garage were transferred. Therefore, it must be presumed to be nothing but transfer fees. It may have been credited to the fund and with a view to demonstrate that it is nothing but a voluntarily contribution or donation to the Society, but still it constitutes its income. However, for rendering such a conclusive finding there has to be material brought by the Revenue on record. Beyond urging that it has been received at the time of a transfer

of the flat and credited to such a fund will not be enough to displace the principle laid down in the decision of Sind Cooperative Housing Society. The attempt of the Revenue therefore is nothing but overcoming the binding judgment of this Court. In the present case, the Commissioner and the Tribunal both have held that the receipt may have been occasioned by the transfer but the principle of mutuality will still apply. It is a typical relationship between the member of the Co-operative Society and particularly a Housing Society and the Society which is a body Corporate and a legal entity by itself that is forming the basis of the principle laid down by the Division Bench. Co-operative movement is a socio economic and a moral movement. It has now been recognized by Article 43A of the Constitution of India. It is to foster and encourage the spirit of brotherhood and co-operation that the Government encourages formation of Co-operative Societies. The members may be owning individually the flats or immovable properties but enjoying, in common, the amenities, advantages and benefits. The Society as a legal entity owns the building but the amenities are provided and that is how the terms “flat” and the “housing society” are defined in the statute in question. We do not therefore find any reason to deviate from the principle laid down in Sind Co-operative Housing Society’s case and which followed a Supreme Court judgment.

Donaldson India Filters Systems Pvt. Ltd vs. DCIT (Delhi High Court)

S. 147: Assessment cannot be reopened in the absence of "fresh material"

(i) Undoubtedly, Explanation – 1 to Section 147 indicates that mere production of account books or other evidence before the Assessing Officer would not necessarily amount to disclosure of the material information by the assessee. But then, the explanation clarifies the said general refrain by the words “not necessarily”. Therefore, the burden is equally placed on the Assessing Officer to exercise due diligence in examining the record (account books or evidence) produced before him in the light of declarations made in the return or responses (to the notices, questionnaire etc.). As has been noted above, the sine quo non for action under Section 147 (to deal with escapement of income) is gathering or availability of some “tangible material” requiring the matter to be re-opened;

(ii) The order passed by the assessing authority extracted above unmistakably shows that even at that stage it had no fresh material available to it so as to exercise the jurisdiction available under Sections 147/148 of Income Tax Act. It was, thus, taking a fresh call on the subject of assessment of income (i.e. re-assessment), drawing conclusions and inferences from the same very material that had been scrutinized in the original assessment proceedings. The case at hand is concededly not covered by other exceptions as indicated by second and third proviso or explanation to Section 147 quoted earlier.

M/s. ANS Law Associates vs. ACIT (ITAT Mumbai)

Additions made solely on the basis of AIR information are not sustainable in law. The AO has to prove that assessee has received income from a particular source. The assessee cannot be expected to prove the negative

It has been held time and again by this Tribunal that the additions made solely on the basis of AIR information are not sustainable in the eyes of the law. If the assessee denies that he is in receipt of income from a particular source, it is for the AO to prove that the assessee has received income as the assessee cannot prove the negative. Reliance can be placed in this respect on the decision of the Tribunal in the case of “DCIT vs. Shree G. Selva Kumar” in ITA No.868/Bang/2009 decided on 22.10.10 and another case in the case of “Aarti Raman vs. DCIT” in ITA No.245/Bang/2012 decided on 05.10.12.

Sannidhi C. Patel vs. ITO (ITAT Mumbai)

S. 56(2)(vi): Amounts received under a Power of Attorney for making investments cannot be treated as income in the hands of the recipient

Section 56 of the Act deals with income from other sources. Sub-clause (vi) to section 56 (2) was inserted by taxation laws (amendment) Act, 2006, with effect from 01/04/2007. The plain reading of the aforementioned statutory provisions reveals that it is intended to tax a receipt of money without consideration. The impugned amount was received by the assessee for making the investment on behalf of Ustad Zakir Hussain, on the basis of Power of Attorney. If the provisions of the Act and the content of the Power of Attorney are kept in juxtaposition and analyzed then it can be concluded that the mutual funds, purchase and sold by the assessee were made on behalf of Shri Zakir Hussain and there is no evidence to establish that the investment made by the assessee is from the funds of Shri Zakir Hussain as is evident from return of income, balance sheet filed in the case of Ustad Zakir Hussain and the explanation of the assessee there is no doubt about the genuineness of the transaction. The assessee never became the beneficiary of the impugned amount i.e. Rs.25 lakh, thus there is no question of making the addition u/s 56(2)(vi) of the Act. Even otherwise, the amount after liquidating the mutual fund was returned back meaning thereby, the amount was returned back along with profit, consequently, the provision of section 56(2)(vi) is not applicable (CIT vs Saran Pal Singh (HUF) 237 CTR (P & H) 50 followed)


3. Service Tax - Refund of SAD sale invoice is dated 02/11/2009 and refund

filed on 14/12/2009 before payment of VAT refund rejected by noting that

at the time of filing claim VAT not paid since VAT law allows importer to pay

VAT within 21 days of close of month, claim may be said to be premature

however, as claim filed within one year from payment of SAD, rejection on

technical ground is not sustainable Appeal allowed with consequential

relief: CESTAT (STANDARD CONDUITS PVT LTD Vs COMMISSIONER OF CUSTOMS

(IMPORT), MUMBAI2015-TIOL-200-CESTAT-MUM)I

n this case, the learned lower appellate authority haD rejected the refund to the

extent of Rs.55,673/inrespect of sales invoice dated 02/11/2009 in respect of sale of

goods weighing 29.780 MTs.The reason for rejecting this amount is that VAT/Sales Tax

amount was paid on 14/12/2009,which is subsequent to filing of refund application

on 20/11/2009 and therefore, at the time offiling of refund claim, the appellant had

not fulfilled the condition of payment of VAT andhence the said amount is not eligible

for refund. The Appellant submitted that the Special Additional Duty (SAD) of Customs

was paid in respect of Bill of Entry No. 876192 dated26/08/2008 on 07/01/2009. The

goods imported under the said bill of entry were sold over aperiod time and one such

VAT payment was on 14/12/2009 in respect of invoice dated02/11/2009. The sale had

been effected in respect of said invoice on 02/11/2009. Inasmuch asthe appellant is

entitled to a time limit of 21 days from the close of the month for payment ofVAT, the

actual remittance of tax was made on 14/12/2009. In any case, since the VAT liability

has also been discharged on 14/02/2009, that is, within a period of one year from the

date of payment of SAD, the department should nothave rejected the refund claim

for the amount of Rs.55,673/relatingto the invoice dated02/11/2009.The learned

Assistant Commissioner (AR) appearing for the Revenue while admitting the fact

mentioned by the learned Counsel for the appellant submits that when the refund

claimwas filed on 20/11/2009, the appellant had not discharged the VAT liability to

the extent of Rs.55,673/and therefore, as on the date of filing of refund claim the

appellant was not eligible for the refund of the said amount. The Bench held that

The argument that at the time of filing of the refund as on 20/11/2009, the appellant

had not discharged VAT liability to the extent of Rs.55,673/, which could at best be

considered as a premature claim, but the facts remains that the appellant had paid

this amount on 14/12/2009, that is, within a period of one year. Therefore, rejection

of refund claim on a technical ground is not sustainable in law

4. Service Tax - Once appeal filed by paying pre-deposit amount of 7.5% of

tax demand in terms of s.35F of CEA, 1944 is pending before Tribunal, there

was no need for freezing bank accounts - DGCEI directed to defreeze bank

accounts forthwith: CESTAT (KALA MINES AND MINERALS Vs CCE, Goa2015-

TIOL-193-CESTAT-MUM)

The brief facts of the case are that the appellants had complied with the provisions

of the section 35F of Central Excise Act, 1944 while filing appeal against order-in-

original GOA-EXCUS-000-009-2014-15 dated 28.11.2014 on 13.01.2015. It is his

submission that despite such compliance, the office of the Deputy Director, DGCEI,

Goa has written a letter to their bankers namely HDFC, SBI and Corporation Bank to

remit the amounts lying balance in the account of the appellant in order to credit

the same with the Government exchequer against the dues. It is his submission that

in pursuance to such letter written by the Deputy Director of DGCEI, the banks have

frozen their accounts and are not allowing them to operate the accounts for their day

to day activities/functioning. When this matter was mentioned before this Bench on

13.01.2015 we had directed the office of the authorized representative to inform the

concerned Commissioner not to take any coercive action. It is his submission that they

have communicated to the Dy. Director, DGCEI on 13.01.2015 itself informing about

the Bench’s direction. The Bench after considering the submission of both the sides

held that once mandatory deposit of 7.5% has been made, there is no reason for

recovery of any further amount from the appellant and the action of the Dy. Director,

DGCEI seems to be beyond the scope of law. There is no need to freeze the account

of the appellant as long as the appeal is pending before this Bench. Accordingly, the

lower authorities, specially the Dy. Director, DGCEI, Goa was directed to defreeze the

account forthwith by issuing appropriate instructions to the appellant’s bankers.

Recent Judicial Pronouncements - Indirect Taxes

ITO vs. Pioneer Radio Training Services Pvt. Ltd (ITAT Delhi)

S. 14A/ Rule 8D: (i) Expenditure (like audit fees) required to be incurred

irrespective of income cannot be disallowed, (ii) investments in subsidiaries are

not to earn dividend income and cannot be considered for disallowance

(i) There was no basis for the Ld. CIT(A) to sustain ad-hoc disallowance of Rs.50,OOO/- by

holding that “the only expenses which can be attributed to exempt income likely to be

earned in future are the auditor’s remuneration and legal & professional charges”. The

auditor’s remuneration and legal & professional charges incurred for maintenance

of statutory books and its audit etc. were required to be incurred irrespective of

whether the Company had any income or not and hence, there was absolutely no

basis for considering a part of such expenditure towards earning of exempt income.

In this connection, reliance is placed on Gujarat High Court judgment in the case of

CIT vs. Suzion Energy Ltd. 354 ITR 630, in which the Court confirmed the deleting

of disallowance u/s 14A in respect of interest expenses incurred for investments in

subsidiaries and administrative expense such as staff salary of corporate office, audit

fees, building rent and communication expenses.

(ii) It is also evident from the balance sheet of the Appellant Co., its investments in shares

were only in two subsidiary companies. Such investments in subsidiary companies

were made by the Appellant to acquire/promote the subsidiary companies which

are in the media business and were not made purely for earning dividend income.

Neither any dividend income has been earned since the time such investments were

made in the shares of the subsidiary companies. Hence, such investments cannot be

considered for disallowance u/s 14A read with Rule 8D.

Recent Judical Pronouncements - Indirect Tax

Compiled by : CA ANKIT [email protected]

1. CENVAT - Valuing inputs at lower rate is not equivalent to writing off the value of inputs in books of account- CESTAT [M/s Autoline vs Commissioner of Central Excise, Kolhapur [2014-TIOL-2003- CESTAT-MUMBAI]]

In this case, the appellant segregated the inputs which were found defective during the process of manufacture and kept it in stock as ‘process rejection’. The departmental authorities observed that such inputs were valued at a rate lower than the purchase value and demanded reversal of CENVAT credit availed on such input under the provisions of Rule 3(5B) of CENVAT Credit Rules, 2004 as existed during that moment of time. The Appellant had contended that Rule 3(5B) of CENVAT Credit Rules, 2004 was applicable only when CENVAT credit was written off fully or partially in the books of account. In the case of the Appellant, it had not made any entry in the books of account for writing off such ‘process rejection’ inputs either partially or fully and thus, they were not required to reverse the credit under Rule 3(5B) of CENVAT Credit Rules, 2004. The Hon’ble Tribunal observed that there was no finding that assessee had written off the ‘process rejected inputs’ but had only valued it at lower value for the purpose of finalization of account. The Bench held that valuing at lower rate was not equivalent to writing of the value of inputs in the books of account and thus the appellant was not required to reverse the credit. Thus, the appeal was allowed.

2. Manpower supply service used for cane area survey and sugar cane development by educating farmers to be considered as input service. (M/s

Mawana Sugars Ltd vs Commissioner of Central Excise and Service Tax, LTU, Delhi [2014-TIOL-2582-CESTAT-Delhi])

In the instant case, the assessee had procured manpower supply service which was used for cane area survey and sugar cane development by educating farmers to get good quality sugar cane. The Assessee has also availed the CENVAT credit of service tax charged for the said service provider of manpower supply service. The departmental

authorities contended that sugar cane area survey and sugar cane development were welfare activities having no nexus with manufacture of final product and thus the CENVAT credit on the same was not eligible to the assessee. The Tribunal held that

during the period under dispute, the definition of input service covered “activities relating to business”. It was of the view that activities of sugar cane area survey and sugar cane development might not have nexus with manufacture of sugar. However the said activities certainly had nexus with the business of manufacture of sugar as supply of good quality sugar cane was a must for the business of manufacture of

sugar. Thus, CENVAT credit with respect to such activities was allowed and thereby the appeal too.

EIRC 1st February 2015 �

Notification & CircularsDirect Taxes

Compiled by CA Raj [email protected]

NOTIFICATIONS1. S.O. 14(E). - In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and insupersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 718(E), dated the 31st March, 2010 (No. 21/2010, dated the 31st March, 2010), except as respects things done or omitted to be done before such supersession, the Central Board of Direct Taxes hereby directs that the Income-tax authorities specified in column (2) of the Table below shall, for the purposes of the functions under section 144C of the said Act, be subordinate to the Income-tax authority specified in column (1) of the said Table, namely:-

TABLE Income-tax Authority Income-tax Authority (1) (2)

Principal Chief Commissioner of Commissioners of Income-tax being MembersIncometax(International Taxation) of Dispute Resolution Panel-1, Delhi and Dispute Resolution Panel -2, Delhi

Chief Commissioner of Income-tax Commissioners of Income-tax being Members(International Taxation) (West Zone), of Dispute Resolution Panel -1 Mumbai andMumbai Dispute Resolution Panel - 2, Mumbai

Chief Commissioner of Income-tax Commissioners of Income-tax being Members(International Taxation)(South Zone), of Dispute Resolution Panel, BengaluruBengaluru Bengaluru

2. This notification shall come into force on 1st January, 2015 [Notification No. 1/2015/F. No. 500/25/2014-SO/FTnTR-2] dated 01.01.20152. S.O. 180(E). - In exercise of the powers conferred by section 295 read with subsection (4) of section 115 UA 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 (1st Amendment) Rules, 2015. (2) They shall come into force from the day of their publication in the Official

Gazette.2. In the Income-tax Rules, 1962, -(A) after rule12C the rule 12CA shall be inserted.(B) in the Appendix II, after the Form No. 64, the Forms 64A and 64B shall be inserted.[Notification No.03/2015/F. No. 142/10/2014-TPL] dated 19.01.20153. S.O. 3324 (E). - In exercise of the powers conferred by section (14) of Section 144C 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 (Dispute Resolution Panel) Rules, 2009, namely:— 1. (1) These rules may be called the Income-tax (Dispute Resolution Panel) (First

Amendment) Rules, 2014. (2) They shall come into force on 1st January, 2015. 2. In the Income-tax (Dispute

Resolution Panel) Rules, 2009, in rule 3,—(i) for sub-rule (1), the following sub-rule shall be substituted, namely:—“(1) The Board may, on the basis of workload and for efficient functioning, constitute panel in the places specified in column (2) of the Table below, having jurisdiction over the areas specified in column (3) thereof.

TABLESl. Name of the JurisdictionNo Headquarters (1) (2) (3)1. Delhi (1) National Capital Territory of Delhi (2) States of Punjab, Haryana, Jammu and Kashmir and Union territory of Chandigarh, (3) States of Uttar Pradesh, Uttarakhand, Rajasthan and Himachal Pradesh (4) States of Bihar, Odisha and Jharkhand (5) States of West Bengal, Sikkim, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura and Union territory of Andaman and Nicobar Islands2. Mumbai (1) Mumbai(Area lying within the territorial limits of Municipal Corporation of Greater Mumbai and Navi Mumbai Municipal Corporation) (2) Rest of Maharashtra (3) States of Gujarat, Madhya Pradesh, Chhattisgarh and Union territories of Daman and Diu, and Dadra and Nagar Haveli3. Bengaluru States of Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Goa and Union territories of Puducherry and Lakshadweep

(ii) for sub-rule (2), the following sub-rule shall be substituted, namely:—

“(2) The Board shall constitute panels at headquarters referred to in sub-rule (1) and assign

three Commissioners of Income-tax to each panel as Members.”;

(iii) for sub-rule (3) and sub-rule (3A), the following sub-rules shall be substituted,

namely:—

“(3) The Principal Chief Commissioner of Income-tax (International Taxation) or Chief

Commissioner of Incometax(International Taxation) may, after giving the eligible assessee

an opportunity of being heard and after recording the reasons, transfer a case from one

panel to another panel under their jurisdiction.

(3A) The Principal Chief Commissioner of Income-tax (International Taxation) may, after

giving the eligible assessee an opportunity of being heard and after recording the reasons,

transfer a case from the jurisdiction of –

(a) the Principal Chief Commissioner of Income-tax (International Taxation) to the

jurisdiction of any Chief Commissioner of Income-tax(International Taxation); or

(b) the Chief Commissioner of Income-tax(International Taxation) to the jurisdiction of

the other Chief Commissioner of Income-tax(International Taxation) or the Principal

Chief Commissioner of Income-tax (International Taxation).";

(iv) for sub-rule (5), the following sub-rule shall be substituted, namely:—

“(5) The Principal Chief Commissioner of Income-tax (International Taxation) or the Chief

Commissioner of Income-tax (International Taxation) of the region where headquarters of

the panel is located shall, for the purposes of sub-rule (4), constitute the secretariat for the

panel.”.

[Notification No.91 /2014/F.No.500/25/2014--SO/FT&TR-2(1)] dated 31.12.2014

Instruction No. - 01 /2015

The 13th of January, 2015

Subject: - Clarification regarding applicability of section 143(1D) of the

Income-tax Act, 1961 -reg.

1. Sub-section (ID) of section 143 of the Income-tax Act, 1961 ("Act') provides that

where a notice has been issued to a taxpayer under sub-section (2) of section

143 of the Act, it shall not be necessary to process the return in such a case.

2. Some doubts have been expressed, in view of the words "shall not be necessary"

used in the said sub-section, as to whether this provision permits processing of

returns having a refund claim, where notice under section 143(2) of the Act has

been issued.

3. The matter has been examined by the Board. Sub-section (1D) of section 143 of

the Act was introduced by the Finance Act, 2012 with effect from 01.07.2012.

The purpose of introduction of this sub-section has been stated in the

Explanatory Note to the Finance Act as under:

"Under the existing provisions, every return of income is to be processed under

sub-section 1) of section 143 and refund, if any, due is to be issued to the

taxpayer. Some returns of income are aL selected for scrutiny which may lead to

raising a demand for taxes although refunds may have been issued earlier at the

time of processing,

It is therefore proposed to amend the provisions of the Income-tax Act to provide

that processing of return will not be necessary in a case where notice under sub-

section (2) of section 143 has already been issued for scrutiny of the return."

Thus, in cases where an unprocessed return is selected for scrutiny, the legislative

Intent is to prevent the issue of refund after processing as scrutiny proceedings

may result demand for taxes on finalization of the assessment subsequently.

4. Considering the unambiguous language of the relevant provision and the intent

n of law as discussed above, the Central Board of Direct Taxes, in exercise of the

powers car erred on it under section 119 of the Act hereby clarifies that the

processing of a return cannot be undertaken after notice has been issued under

sub-section (2) of section 143 of the Act. It shall, however, be desirable that

scrutiny assessments in such case re completed expeditiously.

5. This may be brought to the notice of all concerned for strict compliance.


Notification & CircularsIndirect Taxes

Compiled and Edited By : CA Ankit Kanodia

[email protected]

A. SERVICE TAX

1. CBEC amends territorial jurisdiction of Principal Commissioner of Service

Tax in Mumbai, Delhi, Bangalore & Noida (Notification No. 1/2015-SERVICE TAX,

Dated: 20th January, 2015)

B. CENTRAL EXCISE

1. Seeks to further amend notification no 12/2012 - Central Excise dated

17/03/2012 so as to increase the Basic Excise Duty (BED) on petrol (both

branded as well as unbranded) and diesel (both branded as well as

unbranded) (Notification no. 1/2015-Central Excise, Dated: 1st January, 2015)

2. Seeks to further amend notification no 12/2012 - Central Excise dated

17/03/2012 (Notification no. 02/2015 - Central Excise, Dated: 7th January, 2015)

3. Govt goes for one more round of excise duty hike for petrol and diesel

(Notification no.03/2015 - Central Excise, Dated: 16th January, 2015)

4. Jurisdiction of Principal Chief Commissioners, Chief Commissioners,

Principal Commissioners & Commissioners amended for Bangalore &Vizag

substituted by Vijaywada (Notification No. 01/2015 – Central Excise (N.T.), Dated:

20th January, 2015).

5. Regarding mandatory pre-deposit of duty or penalty for filing appeal

(Circular no. 993/17/2014-CX., Dated: 5th January, 2015)

6. Initiatives towards good governance-reg(F.No. 296/267/2014-CX-9, Dated: 7th

January, 2015)

7. Instructions regarding issue of summons in Central Excise and Service Tax

matters(F. No. 207/07/2014-CX-6., Dated: 20th January, 2015)

C. CUSTOMS

1. Seeks to amend Notification No. 10/2008-Customs, dated 15th January,

2008 so as to further deepen the tariff concessions in respect of goods

covered under the Comprehensive Economic Cooperation Agreement

(CECA) between India and Singapore(Notification No. 01/2015-Customs, Dated:

5th of January, 2015)

2. Seeks to amend Notification No. 60/2011 – Customs, dated 14th July

2011, so as to include Srinagar, Tripura, on the India-Bangladesh Border,

in order to extend exemption from the whole of the duty of Customs

leviable thereon under the First Schedule to the Customs Tariff Act, 1975 to

commodities traded in the Srinagar Border Haat, with effect from the 13th

day of January 2015.(Notification No. 02/2015-Customs, Dated: 6th of January,

2015).

3. Customs and Excise Exemption for Bunker Fuels for use in ships - extended

(Notification no. 03/2015-Customs, Dated: 7th of January, 2015).

4. Rate of exchange of conversion of each of the foreign currency with effect

from 02th January, 2015 (Notification No. 01/2015-CUSTOMS (N.T.), Dated: 1st 0f

January, 2015).

5. Appointment of Commissioner of Customs, Jawaharlal Nehru Customs

House, Nhava Sheva-IV, Taluka Uran, District Raigad, Mumbai (Notification

No. 02/2015-CUSTOMS (N.T.), Dated: 8th 0f January, 2015).

6. Appointment of Principal Commissioner of Customs, Tughlakabad

(Import), Inland Container Depot , Tughlakabad, New Delhi (Notification No.

03/2015-CUSTOMS (N.T.), Dated: 8th 0f January, 2015).

7. Appointment of Principal Commissioner of Customs (III), (Air Cargo

Complex-Import), Sahar, Mumbai (Notification No. 04/2015-CUSTOMS (N.T.),

Dated: 8th 0f January, 2015).

8. Appointment of Principal Commissioner of Customs, Nhava Sheva-I,

Mumbai Zone-II, Jawaharlal Nehru Custom House, Nhava Sheva,Uran,

Raigad (Notification No. 05/2015-CUSTOMS (N.T.), Dated: 8th 0f January, 2015).

9. Appointment of the Joint or Additional Commissioner of Customs in the

office of Principal Commissioner of Customs (General), Mumbai Zone-I, New

Custom House, Ballard Estate, Mumbai (Notification No. 06/2015-CUSTOMS

(N.T.), Dated: 8th 0f January, 2015).

10. Appointment of the Joint/Additional Commissioner of Customs, Custom

House, Kandla (Notification No. 07/2015-CUSTOMS (N.T.), Dated: 8th 0f January,

2015).

11. Srinagar notified as land customs route for trade with Bangladesh

(Notification No. 08/2015-Customs (NT), Dated: January 9, 2015)

12. CBEC notifies new Customs Exchange rates effective from January 16, 2015

(Notification No. 09/2015-Customs (NT), Dated: January 15, 2015)

13. CBEC hikes tariff value of gold, silver & edible oils (Notification No.

10/2015-Customs (NT), Dated: January 15, 2015)

14. CBEC amends exchange rate for Swiss Franc (Notification No. 10/2015-Customs

(NT), Dated: January 19, 2015)

15. CBEC amends exchange rate for Danish Kroner and EURO effective from

January 28, 2015 (Notification No. 13/2015-Customs (NT), Dated: January 27,

2015)

16. CBEC merges commercial invoice and packaging list as part of simplification

drive (Circular No. 01/2015-CUS, Dated: January 12, 2015)

17. CBEC simplifies shipping related Customs Procedures (Circular No. 02/2015-

CUS, Dated: January 15, 2015)

18. CBEC allows export or import of Indian Currency up to Rs 25000/-(Circular No.

03/2015-CUS, Dated: January 16, 2015)

19. Re-export of goods imported under bonafide mistake –Reg(Circular No.

04/2015-CUS, Dated: January 20, 2015)

20. Anti-dumping duty on Synchronous Digital Hierarchy Transmission

Equipment extended for one year(Notification No. 01/2015-Customs (ADD),

Dated: January 5, 2015)

21. CBEC extends anti-dumping duty on Melamine for one year (Notification No.

02/2015-Customs (ADD), Dated: January 7, 2015)

CIRCULARSCIRCULAR NO : 01/2015 dated 21st January ,2015

Finance (No.2) Act, 2014 - Explanatory Notes to the Provisions of the Finance(No.2) Act, 2014

1. Introduction1.1 The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the

Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes.

2. Changes made by the Act2.1 The Act has-(i) specified the rates of income-tax for the assessment year 2014-15 and the rates

of income-tax on the basis of which tax has to be deducted at source and advance tax has to be paid during financial year 2014-15.

(ii) amended sections 2,10, 10AA, 11, 12A, 12AA, 24, 32AC, 35AD, 37, 40, 43, 44AE, 45, 47, 48, 49, 51, 54, 54EC, 54F, 56, 73, 80C, 80CCD, 80CCE, 80-IA, 92B, 92C, 92CC, 111A, 112, 115A, 115BBC, 115BBD, 115JC, 115JEE, 115-O, 115R, 115TA, 116, 119, 133A, 139, 140, 145 153, 153B, 153C, 194A, 194LC, 200, 200A, 201, 206AA, 220, 245A, 245N, 245-O, 269SS, 269T, 271FA, 271G, 271H, 276D and 281B of the Income-tax Act, 1961;

(iii) Substituted new sections for sections 142A and 285BA;(iv) inserted new sections 133C, 142A, 194DA, 194LBA and 271FAA in the Income Tax

Act, 1961;(v) inserted Chapter XII-FA consisting of section 115UA in the Income-tax Act, 1961;(vi) amended sections 22A of the Wealth-tax Act, 1957;(vii) amended sections 97 and 98 of the Finance (No.2) Act, 2004;(viii) amended section 13 of the Unit Trust of India (Transfer of Undertaking and Repeal)

Act, 2002. —In pursuance of the provisions contained in sub-clauses (vi) and (via) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) read with rule 2CA of the Income-tax Rules, 1962, and in supersession of the notification of the Ministry of Finance, Central Board of Direct Taxes dated the 30th May, 2007 published in the Gazette of India, Extraordinary, Part II, Section (3), Sub-section (ii) vide number S.O. 852(E), dated the 30th May, 2007 except as respects things done or omitted to be done before such supersession, the Central Board of Direct Taxes hereby authorises the Commissioners of Income-tax (Exemptions), to act as 'prescribed authority' for the purposes of sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 with effect from the 'specified date'.

2. The 'specified date' for the purpose of the aforesaid rule 2CA shall be the 15th day of November, 2014.

[F. No. 142 /13/2014-TPL/F. No. 196/26/2014-ITA. I] dated 21.01.2015

For detailed explanations on each amended section please visit http://www.incometaxindia.gov.in/communications/circular/circular1_2015.pdf


Notification & CircularsFEMA & FDI

D. FEMA & FDICompiled by : CA Gautam Sharma

[email protected]

1. Exim Bank’s Line of Credit of USD 120.05 million to the Government of the Republic of Rwanda

Reserve Bank of India vide Notification No. RBI/2014-15/369 A.P. (DIR Series) Circular No.52, dated 29th December, 2014, has clarified that Export-Import Bank of India (Exim Bank) has entered into an Agreement dated October 26, 2013 with the Government of the Republic of Rwanda for making available to the latter, a Line of Credit (LOC) of USD 120.05 million (USD One Hundred and Twenty million and fifty thousand) for financing [i] Export Targeted Modern Irrigated Agricultural Project (USD 60.22 million); and [ii] Extension of Export Targeted Modern Irrigated Agricultural Project (USD 59.83 million).The Credit Agreement under the LOC is effective from December 2, 2014 and the date of execution of Agreement is October 26, 2013. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and 72 months (October 25, 2019) from the execution date of the Credit Agreement in the case of supply contracts.

2. Exim Bank’s Line of Credit of USD 82 million to the Government of the Republic of Congo

Reserve Bank of India vide Notification No. RBI/2014-15/370 A.P. (DIR Series) Circular No.53, dated 29th December, 2014, has clarified that Export-Import Bank of India (Exim Bank) has entered into an Agreement dated June 27,2014 with the Government of the Democratic Republic of Congo for making available to the latter, a Line of Credit (LOC) of USD 82 million (USD Eighty Two million) for financing eligible goods, Machinery, equipment and services including consultancy services from India for the purpose of financing completion of Ketende Hydro-electric Project in Congo.The goods, machinery, equipment and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services including consultancy services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 percent goods and services may be procured by the seller for the purpose of Eligible Contract from outside India.The Credit Agreement under the LOC is effective from October 8, 2014 and the date of execution of Agreement is June 27, 2013. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date(s) of contract(s) in the case of project exports and 72 months (June 26, 2020) from the execution date of the Credit Agreement in the case of supply contracts.

3. Overseas Direct Investments by Indian Party – Rationalization / Liberalization

Reserve Bank of India vide Notification No. RBI/2014-15/371 A.P. (DIR Series) Circular No.54, dated 29th December, 2014, in order to grant more flexibility to the Indian party, it has been decided to further liberalize certain regulations of the Notification as detailed under.

i) Creation of charge on shares of JV / WOS / step down subsidiary (SDS) in favour of domestic / overseas lender: It has been decided that the designated AD bank may permit creation of charge / pledge on the shares of the JV / WOS / SDS (irrespective of the level) of an Indian party in favour of a domestic or overseas lender for securing the funded and / or non-funded facility to be availed of by the Indian party or by its group companies /sister concerns / associate concerns or by any of its JV / WOS / SDS (irrespective of the level) under the automatic route subject to the conditions stipulated therein.

ii) Creation of charge on the domestic assets in favour of overseas lenders to the JV / WOS / step down subsidiary:It has been decided that the designated AD bank may permit creation of charge (by way of pledge, hypothecation, mortgage, or otherwise) on the domestic assets of an Indian party (or its group companies / sister concerns / associate concerns including the individual promoters / directors) in favour of an overseas lender for securing the funded and / or non-funded facility to be availed of by the JV / WOS / SDS (irrespective of the level) of the Indian party under the automatic route subject to the conditions stipulated therein.

iii) Creation of charge on overseas assets in favour of domestic lender: It has been decided that the designated AD bank may permit creation of charge (by way of hypothecation, mortgage, or otherwise) on the overseas assets (excluding the shares) of the JV / WOS / SDS (irrespective of the level) of an Indian party in favour of a domestic lender for securing the funded and / or non-funded facility to be availed of by the Indian party or by its group companies / sister concerns / associateconcerns or by any of its overseas JV / WOS / SDS (irrespective of the level) under the automatic route subject to the conditions stipulated therein.

4. Security for External Commercial Borrowings

Reserve Bank of India vide Notification No. RBI/2014-15/377 A.P. (DIR Series) Circular No.55, dated 1st January, 2015, has,with a view to liberalising, expanding the options of securities and consolidating various provisions related to creation of

charge over securities for ECB at one place, decided that AD Category-I banks may allow creation of charge on immovable assets, movable assets, financial securities and issue of corporate and / or personal guarantees in favour of overseas lender / security trustee, to secure the ECB to be raised / raised by the borrower, subject to satisfaction of the condition as prescribed in the circular.

5. Non-resident guarantee for non-fund based facilities entered between two resident entities

Reserve Bank of India vide Notification No. RBI/2014-15/387 A.P. (DIR Series) Circular No.56, dated 6th January, 2015, has clarified that under the provisions of the circular no.- A. P. (DIR Series) Circular No. 20 dated 29thAugust 2012, residents that are subsidiaries of multinational companies can also hedge their foreign currency exposure through permissible derivative contracts executed with an AD Category – I bank in India on the strength of guarantee of its non-resident group entity. The method of discharge of liability by the non-resident guarantor under the guarantee and the subsequent repayment of the liability by the principal debtor shall continue to be governed, as hitherto, by the provisions of A.P. (DIR Series) Circular No. 28 dated March 30, 2001.

6. Exim Bank’s Line of Credit of USD 144 million to the Government of the Republic of Liberia

Reserve Bank of India vide Notification No. RBI/2014-15/388 A.P. (DIR Series) Circular No.57, dated 6th January, 2015, has clarified that Export-Import Bank of India (Exim Bank) has entered into an Agreement dated September 11, 2013 with the Government of the Republic of Liberia for making available to the latter, a Line of Credit (LOC) of USD 144 million (USD One Hundred and Forty four Thousand) for financing Power Transmission and Distribution Project. The goods, machinery, equipment and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services including consultancy services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 percent goods and services may be procured by the seller for the purpose of Eligible Contract from outside India.The Credit Agreement under the LOC is effective from December 19, 2014 and the date of execution of Agreement is September 11, 2013. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and 72 months (September 10, 2019) from the execution date of the Credit Agreement in the case of supply contracts.

7. Risk Management and Inter Bank Dealings: Hedging under Past Performance Route‐ Liberalisation of Documentation Requirements in the OTC market

Reserve Bank of India vide Notification No. RBI/2014-15/401 A.P. (DIR Series) Circular No.58, dated 14th January, 2015, in order to rationalise the documentation process for exporters and importers relating to hedging of probable exposures based on past performance, the extant guidelines in this regard have been revised as follows:

a) In terms of paragraph (2)(g)(ii) of section B contained in the annex to the above circular, importers and exporters are required to furnish a quarterly declaration, as per Appendix M, duly certified by the Statutory Auditor, to the AD Category I banks regarding amounts booked with other AD Category I banks under this facility. It has now been decided that importers and exporters shall, henceforth, be required to furnish a quarterly declaration to the same effect as per the format in Annex I to this circular signed by the Chief Financial Officer (CFO) and the Company Secretary (CS). In the absence of a CS, the Chief Executive Officer (CEO) or the Chief Operating Officer (COO) shall co‐sign the undertaking along with the CFO.

b) Further, in terms of paragraph (2)(g)(iv), aggregate outstanding contracts in excess of 50 per cent of the eligible limit may be permitted by AD Category I banks on being satisfied about the genuine requirements of their customers after examination of the documents as prescribed therein.

c) As part of the annual audit exercise, the Statutory Auditor shall also certify the following:

i) The amounts booked with AD Category‐I banks under this facility; and

ii) All guidelines have been adhered to while utilizing this facility over the past financial year.

8. Overseas Direct Investments by proprietorship concern / unregistered partnership firm in India – Review

Reserve Bank of India vide Notification No. RBI/2014-15/419 A.P. (DIR Series) Circular No.59, dated 22ndJanuary, 2015, has clarified that keeping in view the changes in the definition / classification of the exporters as per the Foreign Trade Policy of the Ministry of Commerce and Industry issued from time to time, it has been decided to review the policy framework for Overseas Direct Investments (ODI) by a proprietorship concern / unregistered partnership firm in India. Accordingly, henceforth, the revised


Required

We are Kolkata Head Quartered Firm with Professional

practice interest across India & in diverse sectors. We are

interested to take over a partnership firm in practice for

more than 15 years in Eastern India.

Email : [email protected]

Contact : +91 9830268455

Announcement

CPE hours requirement for the Calendar Year 2014 has

been extended from 31st December, 2014 to

31st March, 2015

terms and conditions as stipulated in the circular, are required to be complied with for considering the proposal of ODI, by a proprietorship concern / unregistered partnership firm in India, by the Reserve Bank under the approval route.

9. Foreign Direct Investment (FDI) in India – Review of FDI policy –Sector Specific conditions- Construction Development

Reserve Bank of India vide Notification No. RBI/2014-15/420 A.P. (DIR Series) Circular No.60, dated 22ndJanuary, 2015 have reviewed that extant FDI policy for Construction Development sector. Accordingly, effective December 3, 2014 100% FDI under automatic route shall be permitted in construction development sector subject to the conditions specified in the Press Note 10 (2014 Series) dated December 3, 2014.

10. Depository Receipts Scheme

Reserve Bank of India vide Notification No. RBI/2014-15/421 A.P. (DIR Series) Circular No.61, dated 22ndJanuary, 2015 have announced a new scheme called ‘Depository Receipts Scheme, 2014’ (DR Scheme, 2014) for investments under ADR/GDR have been notified by the Central Government effective from December 15, 2014 which provides for repeal of extant guidelines for Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 except to the extent relating to foreign currency convertible bonds. The salient features of the above mentioned scheme are described in the circular.

11. Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 – Remittance of salary

Reserve Bank of India vide Notification No. RBI/2014-15/423 A.P. (DIR Series) Circular No.62, dated 22ndJanuary, 2015, in reply to queries that whether remittance of salary outside India can be affected for employees on deputation to a group company in India and for employees of Limited Liability Partnership, has clarified that the facility available to an employee of a company under Regulation 7(8) of Notification No. FEMA 10 (as amended from time to time) shall also be available to an employee who is deputed to a group company in India. In addition, the term ‘company’ referred to in the said regulation will include ‘Limited Liability Partnership’ as defined in the LLP Act, 2008.

12. Export and Import of Indian Currency

Reserve Bank of India vide Notification No. RBI/2014-15/424 A.P. (DIR Series) Circular No.63, dated 22ndJanuary, 2015with a view to mitigating the hardship of individuals visiting from India to Nepal or Bhutan, it has now been decided that, an individual may carry to Nepal or Bhutan, currency notes of Reserve Bank of India denominations above Rs.100/-, i.e. currency notes of Rs.500/- and/or Rs.1000/- denominations, subject to a limit of Rs.25000/-.

13. External Commercial Borrowings (ECB) Policy – Simplification of Procedure

Reserve Bank of India vide Notification No. RBI/2014-15/425 A.P. (DIR Series) Circular No.64, dated 23rd January, 2015 has announced that as a measure of simplification of the existing procedure for rescheduling / restructuring of ECBs and in supersession of the provisions as mentioned herein, it has been decided to delegate powers to the designated AD Category-I banks to allow:

i) Changes / modifications (irrespective of the number of occasions) in the draw-down and repayment schedules of the ECB whether associated with change in the average maturity period or not and / or with changes (increase/decrease) in the all-in-cost.

ii) Reduction in the amount of ECB (irrespective of the number of occasions) along with any changes in draw-down and repayment schedules, average maturity period and all-in-cost.

iii) Increase in all-in-cost of ECB, irrespective of the number of occasions.

This measure is subject to the designated AD Category-I bank ensuring the following: i) Revised average maturity period and / or all-in-cost is / are in conformity with

the applicable ceilings / guidelines; and ii) The changes are effected during the tenure of the ECB.

14. Exim Bank’s Line of Credit of USD 22.50 million to the Government of the Republic of Gambia

Reserve Bank of India vide Notification No. RBI/2014-15/428 A.P. (DIR Series) Circular No.65, dated 27thJanuary, 2015 has clarified that Export-Import Bank of India (Exim Bank) has entered into an Agreement dated October 29, 2014 with the Government of the Republic of Gambia formaking available to the latter, a Line of Credit (LOC) of USD 22.50 million(USD Twenty two million five hundred thousand) for financing eligible goods,Machinery, equipment and services including consultancy services from Indiafor the purpose for replacement of Asbestos Water Pipes with UPVC pipes inthe greater Banjul Area in the Gambia. The goods, machinery, equipment and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services including consultancy services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 percent goods and services may be procured by the seller for the purpose of Eligible Contract from outside India.The Credit Agreement under the LOC is effective from December 26, 2014 and the date of execution of Agreement is October 29, 2014. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date of contract in the case of Project exports and 72 months (October 28, 2020) from the execution date ofthe Credit Agreement in the case of supply contracts.

15. Exim Bank’s Line of Credit of USD 100 million to the Government of the Federal Republic of Nigeria

Reserve Bank of India vide Notification No. RBI/2014-15/429 A.P. (DIR Series) Circular No.66, dated 27thJanuary, 2015 has clarified that Export-Import Bank of India (Exim Bank) has entered into an Agreementdated May 22, 2014 with the Government of the Federal Republic of Nigeriafor making available to the latter, a Line of Credit (LOC) of USD 100 million(USD One hundred million) for financing eligible goods, Machinery, equipmentand services including consultancy services from India for the purpose offinancing completion of three power sector projects in Nigeria viz. [i] Supplyand Commissioning of Transmission lines, 33 KV, 33/0/415 KV distributiontransformers and associated accessories for 96 communities in threesenatorial zones of Enugu State [USD 40.00 million]l; [ii] 132/33 KVsubstation, solar mini grid electrification and solar street lighting in the state ofKaduna [USD 29.85 million]; and [iii] construction of 2 x 26 MW gas-basedpower plant in the cross river state [USD 30.00 million]. The goods, machinery, equipment and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services including consultancy services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 percent goods and services may be procured by the seller for the purpose of Eligible Contract from outside India.The Credit Agreement under the LOC is effective from December 31,2014 and the date of execution of Agreement is May 22, 2014. Under theLOC, the last date for opening of Letters of Credit and Disbursement will be48 months from the scheduled completion date of contract in the case of

Project exports and 72 months (May 21, 2020) from the execution date of theCredit Agreement in the case of supply contracts.


WORK DISPOSAL STATUS WORK DISPOSAL STATUS OF VARIOUS ACTIVITIES RELEATED TO

MEMBERS SECTION as on 23/01/2015

PARTICULARS DATE

1) New Enrolment 12/01/2015

2) Grant of Certificate of Practice 19/01/2015

3) Grant of Fellow Admission 19/01/2015

4) Firm Registration / Constitution 15/01/2015

5) Reconstitution of Firms 15/01/2015

6) Restoration (Prospective) 15/01/2015

7) Change of address 12/01/2015

8) Permission of other engagement 15/01/2015

ARTICLES SECTION as on 29/01/2015

New Registration 28/11/2014

Industrial training Registration 06/01/2015

Re-registration 02/01/2015

Termination 02/01/2015

Completion 30/12/2014

Permission to Study 02/01/2015

Supplementary Registration 08/01/2015

Change of Address 15/01/2015

BOARD OF STUDIES SECTION as on 29/01/2015

CPT REGISTRATION 19/01/2015

IPCC REGISTRATION 21/01/2015

FINAL REGISTRATION 21/01/2015

BY HAND BY POST

ISSUANCE OF STUDY MATERIALS - CPT UPTO DATE 21/01/2015

ISSUANCE OF STUDY MATERIALS - IPCC UPTO DATE 21/01/2015

ISSUANCE OF STUDY MATERIALS - FINAL UPTO DATE 17/12/2014

GMCS CERTIFICATE ISSUANCE UPTO DATE

ORIENTATION CERTIFICATE ISSUANCE UPTO DATE

ITT CERTIFICATE ISSUANCE 28/12/2014

CHANGE OF NAME/ADDRESS UPTO DATE

Work Disposal& Library News

LIBRARY NEWSSOME OF THE SALIENT FEATURES OF LIBRARY RULES

AND SERVICES.

1. EIRC Library follows an open access system.

2. Library’s Database search devices are free of charge.

3. Suggestions for purchasing books and other materials and improving the Library services are welcome.

4. A Chartered Accountant can borrow two books at a time by giving a security deposit of Rs.1000/- for each card.

5. Each member shall be allowed to borrow a book for a period of four weeks and is renewable once if the book is not in demand.

6. Journals,Reports,Encyclopaedias,Dictionaries,Handbooks,Pamphlets,Books in constant use,Institute publications,E-resources and such other books as are marked : NOT IN LOAN & REFERENCE will not be lent out.

7. Book –lost by a Reader,he/she will be required to replace it or pay such replacement value to the Library as will be fixed by the Librarian.

8. A fine of Rs.2/- is to be paid if the book is not returned in due date.

9. Internet facility through proxy server is available in the Library.

10. EIRC Library has the Institutional membership both for American & British Council Library. Readers are allowed to take books from these two largest Public Libraries in Kolkata.

11. Online databases for financial/tax etc. are available for Members.

12. EIRC Library regularly updates its stock.

13. Library remains open 10am to 7.30pm from Monday to Friday and 12pm to 5pm on Saturdays.

14. It remained closed on Sundays and listed holidays.

15. New additions to the Library is available in the website of the Institute.

16. Twelve leading newspapers are on display including two Hindi and one Bengali.

17. There are three Reading rooms available for Students, two in Howrah and one in Park Circus.

18. Contact nos – 30211103/05

19. Email- [email protected]

20. Library enrollment forms are available in eircwebsite/library/reception

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

CA SUBRATA GHOSH

Membership No. 016342Passed away on 12th September 2014

CA SANDEEP DAGAMembership No. 058082

Passed away on 14th October 2014

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA AMITAVA MAJUMDAR

Membership No. 060040Passed away on 3rd September 2014


EIRC EVENTS

L – R: CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Rajesh Guraria

L – R: CA Subhash Chandra Saraf, Chairman, EIRC, CA Mohit Bhuteria, CA Pramod Dayal Rungta, Vice Chairman, EIRC

L – R: CA Suresh Kumar Kejriwal, CA Subhash Chandra Saraf, Chairman, EIRC, CA Manoj Fogla, Mr. Adarsh Kataruka, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

L-R: CA Subhash Chandra Saraf, Chairman ,EIRC, CA Lalit Pransukhka, CA Pramod Dayal Rungta, Vice Chairman, EIRC

L – R: Mr. Amol Ubale and others

L – R: CA Shivani Shah, CA Sharad Singhal, Secretary, Indirect Taxes Committee, ICAI

L – R: CA Pramod Dayal Rungta, Vice Chairman, EIRC, Mr. Ravish Bhateja, CA Subhash Chandra Saraf, Chairman, EIRC

L - R : Mr. Nurul Hasan, CA Anirban Datta, Secretary, EIRC

Seminar on Internal Financial Control – Operation & Audit

aspect in view of Companies Act 2013 on 8th January 2015

Seminar on Related Parties Transaction as per Companies

Act 2013 and related Taxation Issues on 16th January 2015

Seminar on FCRA Renewal Process & Critical Areas in Operation & Professional Opportunities in CSR emerging

from the Companies Act, 2013 on 21st January 2015

Success Mantras for Chartered Accountants in Modern Era on 27th January 2015

Investor Awareness Programme on

13th January 2015

Training Programme on Accounting and Auditing Aspect related to the Service Tax Law on 19th & 20th January 2015

at Service Tax Office at Kolkata

Seminar on Professional Etiquettes, Communication Skill for CAs on 22nd January 2015

Seminar on Concurrent, Revenue, Stock Audit of Banks

on 30th January 2015


CA Subhash Chandra Saraf, Chairman, EIRC inaugurating the Reading Room

CA Praveen Sharma, Guest of Honour with CA Pramod Dayal Rungta, Chairman, EICASA along with EICASA Board Members

Glimpse of the Students at the Fest

CA Subhash Chandra Saraf, Chairman, EIRC with the Teachers and Students of the college

L – R: Mrs. Swati Banerjee, Librarian, CA Subhash Chandra Saraf, Chairman, EIRC, CA Pramod Dayal Rungta,

Vice Chairman, EIRC, CA Atis Basu, Jt. Secretary & DCO Head of ICAI Kolkata Office

RJ Praveen at Student’s Fest

Students participating in Tug of War

Inauguration of the Workshop

Inauguration of Reading Room for Boys at Howrah on 16th December 2014

Students Fest- CArizma : Unveil The Flair on 11th January 2015 at Exhibition Ground, Swabhumi, Kolkata

Lecture at J. D. Birla on 6th January 2015 Workshop on Service Tax organised by Durgapur Branch of EIRC on 13th & 14th December 2014

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

Swachh Bharat Abhiyan on 19th January 2015 at EIRC Premises

Republic Day Celebration on 26th January 2015 at EIRC Premises

L – R: Dr.Alok Ray, Jt. Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Siddhartha Chatterjee, Chief Guest, CA Subhash Chandra Saraf, Chairman, EIRC, CA Pramod DayalRungta, Vice Chairman, EIRC, CA AtisBasu, Jt. Secretary, ICAI Kolkata Office, CA NirupamHaldar, Past Chairman, EIRC

Hoisting of the National Flag by CA Subhash Chandra Saraf, Chairman, EIRC. Other seen are CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Anirban Datta, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC and others

Swachh Bharat Abhiyan in progress Members and Staff of ICAI Kolkata Office participating in the Swachh Bharat Abhijan

Swachh Bharat Abhijan in progress

Address the gathering by CA Subhash Chandra Saraf, Chairman, EIRC. Others seen are CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Anirban Datta, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman,

EIRC and other members

eirc newsletter · eirc 1st february 2015 ca subhash chandra saraf chairman, eirc,, ,, my dear...

Documents