felicitation function - · pdf fileconference:kartik badiani & co-ordinators shreyas shah...

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1February 2015 • CITC NEWS

Price 2/- (for members only)

The Chamber of Tax Consultants

Vol. XV No. 4 | For private circulation only | February, 2015Visit www.ctconline.org For Latest Updates, Notifications & Study Material of the Programmes

Forthcoming Programmes Committee Date Pg. No.

President : Mr. Paras Savla (Tel.: 24322258) | Vice President : Mr. Avinash Lalwani (Tel.: 23865363)Hon Jt. Secretaries Mr. Hinesh Doshi (Tel.: 24132475) Mr. Ajay Singh (Tel.: 22698338) | Hon. Treasurer Mr. Hitesh R. Shah (Tel.: 22001436)

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“Things do not happen. T

hings are made to happen.”

February 2015 • CITC NEWS

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Felicitation FunctionShri V. H. Patil has completed 50 magnificent years in the profession

We appreciate his glorious years of dedicated service to the profession and also to The Chamber of Tax Consultants. He is a person of distinction and has made outstanding contribution to the profession. It is through the contribution by persons like him profession has grown and thrived.

As a sincere appreciation the Chamber has planned to felicitate him on February 16, 2015 at 6.15 pm at Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai 400 020.

All are cordially invited.PROGRAMME

06.15 p.m. to 07.00 p.m. (Fellowship and High Tea) 07.00 p.m. to 07.45 p.m. (Felicitation)

FEMA Study Circle Meetings International Taxation 03-02-2015, 11-02-2015 & 12 24-02-2015Students Study Circle Meetings Students 05-02-2015 & 05-03-2015 13Study Course on Interpretation of Taxing Statutes Direct Taxes 06-02-2015 & 07-02-2015 14Indirect Tax Study Circle Meeting Indirect Taxes 10-02-2015 13Half Day Workshop on Charitable Trusts Direct Taxes 13-02-2015 2Amita Memorial Lecture Meeting — 13-02-2015 136th International Tax Conference with Focus on International Taxation 14-02-2015 3 Practical Evolving IssuesFelicitation Function — 16-02-2015 138th Residential Refresher Course RRC & Public Relations 19-02-2015 to 22-02-2015 11Study Group Meeting Study Circle & Study Group 23-02-2015 12Intensive Study Group on (ISG)-Direct Taxes Direct Taxes 26-02-2015 12Study Circle Meeting Study Circle & Study Group 27-02-2015 12Live Screening of Budget 2015 — 28-02-2015 4Lecture Meeting on Impacts of Budget Proposals on Capital Markets Corporate Members 02-03-2015 4Seminar on Finance Bill, 2015-Analysis of Direct & Delhi Chapter 04-03-2015 10 Indirect Tax ImplicationsWorkshop on Finance Bill, 2015 (Indirect Tax Provision) Indirect Taxes 07-03-2015 5Half Day Seminar on Direct Tax Provisions of Finance Bill, 2015 Direct Taxes 07-03-2015 55th Intensive Study Course on Transfer Pricing International Taxation 14 & 20-03-2015 6-7 10 & 11-04-2015 24 & 25-04-2015“3 in 1 - Geetmala” Membership & EOP & 18-04-2015 4 RRC & Public Relations9th Residential Conference on International Taxation, 2015 International Taxation 18 to 21-06-2015 2Dastur Essay Competition, 2015 Students — 8-9Jammu & Kashmir Flood Relief Fund — — 10Unreported Decisions — — 15

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February 2015 • CITC NEWS2

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Chairman : Naresh Ajwani

Vice Chairman : Ramesh Iyer

Convenors : Devendra Mehta Varsha Galvankar Ganesh Rajagopalan

Conference : Rutvik Sanghvi & Co-ordinators Jimit Devani

9TH RESIDENTIAL CONFERENCE ON INTERNATIONAL TAXATION, 201518TH JUNE, 2015 TO 21ST JUNE, 2015

The Focus

The past year has seen many global & national developments within the arena of International Taxation. The Union Budget of 2015 and OECD’s BEPS Action Plans are expected to bring about landmark changes in tax structuring, its compliance and enforcement.

The International Taxation Committee is pleased to announce its 9th Annual Residential Conference on International Taxation to focus on these and other practical issues from 18th June to 21st June, 2015 in the beautiful environs of Goa. Kindly block your diaries - complete details including faculty, conference venue and pricing will be intimated in a few days. The outline of topics to be discussed at the conference is as under:

Group Discussion Papers

Deputation of people (Inbound & Outbound) - Tax implications from an employer’s perspective

Royalty & FTS - Sectoral analysis based on case studies

Subject considering Budget of 2015

Papers for Presentation

BEPS & EOI – Global developments and Government initiatives.

Make in India – Direct & Indirect tax issues for non-residents investing in India

Tax implications in case of trusts used for estate planning for cross -border assets.

Panel Discussion

Case studies on International Taxation & Transfer Pricing

HALF DAY WORKSHOP ON CHARITABLE TRUSTS (JOINTLY WITH BOMBAY CHARTERED ACCOUNTANTS SOCIETY)

Chairman : Ketan VajaniVice Chairman : Sameer DalalConvenors : Dinesh Poddar Rahul HakaniAdvisor : K. Gopal

DIRECT TAXES COMMITTEE

Charitable Trusts play a very important role in development of the Society and thereby contribute in nation building. However, at times these trusts face various difficulties both under general law and taxation law. For past few years, various amendments are made in Income-tax Act, 1961 creating more difficulties to these trusts. The treatment given to these trusts are certainly non charitable and one tends to get discouraged with such amendments which lead to administrative as well as financial difficulties. With a view to address various issues under general law and also under tax laws, the Direct Taxes Committee, Jointly with Bombay Chartered Accountants Society has organised a Half Day Workshop on Charitable Trusts. The Workshop will also cover a session on the provisions of the Foreign Contribution Regulation Act. The relevant details of the Workshop are as under :

Day & Date : Friday, 13th February, 2015 Time : 2.00 p.m. to 6.00 p.m. Venue : Audio Visual Centre, Jai Hind College, “A” Road, Churchgate, Mumbai-400 020. Topics Speakers (1) Key Provisions of Maharashtra Public Trust Act CA Vipin Batavia (2) Taxation of Charitable Trusts CA Gautam Nayak (3) Foreign Contributions Regulation Act CA Rajesh Kadakia Fees : For Members ` 650/- + ` 80/- Service Tax = ` 730/- For Non-Members ` 750 + ` 93/- Service Tax = ` 843/- (includes Refreshments, Tea / Coffee and Course Material)

Members are requested to enroll for this Seminar at the earliest so as to avoid disappointment. Members may download the registration form from the Chamber’s website: www.ctconline.org or fill up the attached registration form and send it along with the cheque at the Chamber’s office.

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Conference : Kartik Badiani & Co-ordinators Shreyas Shah

6TH INTERNATIONAL TAX CONFERENCE WITH FOCUS ON PRACTICAL EVOLVING ISSUES

The Focus

There have been several developments in the fields of International Taxation. The OECD and G-20 are pursuing the tax measures to curb tax avoidance. They have initiated the measures under the Base Erosion and Profit Shifting (BEPS) programme. If implemented, it can have far reaching consequences on tax practice. The Conference will focus on recent developments and key practical evolving issues considering BEPS measures.

The Conference provides an opportunity to listen to leading International Tax Experts on subjects to be discussed.

The Conference is meant for tax practitioners and professionals in industry.

The following topics will be discussed:

Topics SpeakersKeynote address CA Pinakin DesaiRecent Developments in Transfer Pricing CA Vispi PatelTaxation in Digital economy in the light of BEPS report and Implications in Indian situation

CA Rashmin Sanghvi

Emerging issues for Inbound and Outbound Structuring of Investments from tax perspective

CA Vishal Gada

Emerging issues in Royalties and FTS considering BEPS CA Pranav Sayta

Who should attendThe Conference is meant for tax practitioners and professionals in industry. It will be useful for following professionals and executives:• Chartered Accountants • CEOs, CFOs & Financial Heads• Advocates • Legal Heads & In-House Counsels• Company Secretaries/Cost Accountants • Tax Strategists

Details of sessions are as under: Day & Date : Saturday, 14th February, 2015 Time : 8.45 a.m. to 5.30 p.m. Venue : Palladium Hotel, Near High Street Phoenix Mall, Lower Parel, Mumbai Fees :

For Members ` 3,600/- + Ser. Tax ` 445/- = ` 4,045/-For Non-Members ` 4,200/- + Ser. Tax ` 519/- = ` 4,719/-

(Course Fees include cost of technical materials, breakfast, Lunch and refreshments for both the days)

Interested members may download the Enrolment Form from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT.

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Live Screening of Budget 2015Dear Members,

The live screening of the Finance Minister’s speech and presentation of Budget 2015 has been arranged at the CTC office on 28th February 2015, from 10.00 a.m. onwards.

You are invited to watch the live screening and exchange notes and opinions thereon with fellow professionals over a cup of tea/coffee. As the seats are limited, kindly confirm your attendance by e-mail to Mr. Anand Kadam/Ms. Sneha Sawant at [email protected] at the earliest.

“3 IN 1- GEETMALA”The Membership Committee and Residential Refresher Course & Public Relations Committee are pleased to announce a grand Musical Evening – “3 in 1 Geetmala” comprising Singing by the CTC Members, their Immediate Family members & Student-members. The most popular Antakshari with interesting Bollywood Quiz will also be conducted by CA Bhavesh Joshi, Past Chairman of the RRC & PR Committee. The G r a n d Finale would be in the form of Dancing by all the participants and audience.

Day & Date : Saturday, 18th April, 2015Time : 6.30 p.m. onwardsVenue & Fees : Will be announced in due course.

The members are requested to block the date & time for this unique Musical Programme. Members, their immediate family members & Student-members interested in singing should send their names with contact No. & e-mail ID to the Chamber’s office.

The details of selection and rehearsal shall be informed in due course.

LECTURE MEETING ON IMPACTS OF BUDGET PROPOSALS ON CAPITAL MARKETSThe Hon’ble Finance Minister Shri Arun Jaitley will present second Budget of the NDA Government.. The Finance Minister, while presenting his first Budget last year had laid down broad policy indicator of the direction in which the Government wishes to take India and mentioned during his speech that this Budget is just the beginning of a journey towards a sustained growth of 7 to 8% or above within the next 3-4 years. Therefore lot of measures (including tax reforms) to give impetus to overall growth of the Economy are expected in the forthcoming Union Budget

In order to understand the post Budget impact of the measures taken by the Finance Minister to energise the Capital Markets, the Corporate Members Committee of the Chambers of Tax Consultants has organised a lecture meeting on ‘Post-Budget Impact on Capital Markets’ on 2nd March, 2015 for the benefit of Members including Corporate Members, Chartered Accountants, Advocates and Company Secretaries, Corporate Executives and other Professionals.

Details of the meeting are as under:Day & Date : Monday, March 2, 2015Time : 6.15 p.m. to 8.00 p.m. Fellowship over Tea : 5.45 p.m. to 6.15 p.m.Speaker : Eminent SpeakerVenue : Jai Hind College, 2nd Floor, Auditorium ”A” Road, Churchgate, Mumbai, Maharashtra-400020

All are cordially invited to take benefit of this unique lecture meeting

CORPORATE MEMBERS COMMITTEE

Chairman : Vipul ChoksiVice Chairman : Hasmukh DedhiaConvenors : Neha Gada Mitesh MajithiaAdvisor : Sujal Shah

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Chairman : Parag VedVice-Chairman : Chetan ShahConvenors : Charu Ved Ryan FernandesAdvisor : Bhavesh Vora

Co-ordinator : Vijay Bhatt, Priti Savla

RRC & PUBLIC RELATIONS COMMITTEE

Chairman : Parimal ParikhVice Chairman : Hemant ParabConvenors : Ashok Manghnani Ketan SaiyaAdvisor : Kishor Vanjara

MEMBERSHIP & EOP COMMITTEE

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HALF DAY SEMINAR ON DIRECT TAX PROVISIONS OF FINANCE BILL, 2015 (JOINTLY WITH WIRC OF ICAI)

Chairman : Ketan VajaniVice Chairman : Sameer DalalConvenors : Dinesh Poddar Rahul HakaniAdvisor : K. Gopal


The Finance Bill, 2015 is scheduled to be tabled in the Parliament on 28th February, 2015. The amendments which the Finance Bill makes to the Income-tax Act every year are far reaching and it is a must for any tax professional to study the amendments and its impact in a thorough manner. More often than not, the Finance Bill unsettles many settled principles and many age-old and tested concepts are revisited in view of the economic and social developments in the country. This Finance Bill will be part of the first full-fledged budget of the new Government who has a clear mandate. Accordingly the hopes are high. Few genuine and practical difficulties in taxation laws need to be addressed on a priority basis. How far the Finance Minister is able to come up to the expectations is a game of guess work. With a view to have threadbare analysis of the Direct Tax provisions of the Finance Bill, 2015, the Direct Tax Committee has organised a half-day Seminar on the Finance Bill, 2015 jointly with WIRC of ICAI.

Day & Date : Saturday, 7th March, 2015

Time : 2.30 p.m. to 6.00 p.m.

Venue : M. C. Ghia Hall, Kala Ghoda, Fort, Mumbai

Fees : ` 800/- (including of Service Tax, Course Material, Refreshment and Tea/Coffee)

Chairman : CA Kishor Karia

Speakers : CA Gautam Nayak, CA Yogesh TharMembers are requested to enrol at the earliest so as to avoid disappointment.

Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it also with the cheque. Outstation members are requested to send DD/ at Par Cheque.

WORKSHOP ON FINANCE BILL, 2015 (INDIRECT TAXES PROVISIONS) (JOINTLY WITH WIRC OF ICAI)

INDIRECT TAXES COMMITTEE

Chairman : Pranav KapadiaVice Chairman : Aalok MehtaConvenors : Narendra Soni Akhil KediaAdvisor : A. R. Krishnan

The Finance Bill will be presented by Finance Minister in the Parliament on Saturday, 28th February, 2015. As it has been indicated on the actions taken by the Finance Minister, hurdles in implementation of, much awaited Goods and Service Tax (GST) is being removed and hence there are chances that white paper would be submitted during the budget. There are lot of controversies on the implementation of Negative List regime of taxation, especially under Partial Reverse Charge Mecha-nism and Place of Provision of Service Rules and it is expected that some steps would be taken by the Finance Minister in this aspects. With a view to have threadbare analysis of the Indirect Tax provisions of the Finance Bill, 2015. The Indirect Taxes Committee of The Chamber of Tax Consultants has organised a half day “Workshop on Finance Bill, 2015 (Indirect Taxes Provisions)” jointly with WIRC of ICAI.

Day & Date : Saturday, 7th March, 2015

Time : 8.45 a.m. to 1.15 p.m.

Venue : M. C. Ghia Hall, Kala Ghoda, Fort, Mumbai

Fees : ` 700/- (including of Service Tax)

Speakers : CA A. R. Krishnan, Shri Vipin Jain, Advocate

(Seats limited to first 100 participants only)

Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/ at Par Cheque.

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5TH INTENSIVE STUDY COURSE ON TRANSFER PRICING (INCLUDING DOMESTIC TRANSFER PRICING) 24 SESSIONS – 6 DAYS





Co-ordinators : Namrata Dedhia Jay Kalra

International Taxation Committee is pleased to announce its 5th Intensive Study Course on Transfer Pricing for the benefit of practitioners and professionals in industry. With the growing importance of Domestic Transfer Pricing, the course continues to include Domestic Transfer Pricing subjects. The course provides 6 days of training spread over 24 sessions. It will include topics which can be useful for understanding transfer pricing law and issues, conducting transfer pricing study as well as revenue authority’s perspective, etc.

The course is designed for professionals who would like to understand practical aspects of Transfer Pricing. It will be of immense value for those who aspire to practice in this area and also for professionals who will be faced with this law in their career. The Sessions have been designed to have interaction with the Speaker. The topics and scope proposed to be covered are as under.

Days & Dates : • 14th and 20th March, 2015 (Saturday & Friday)

• 10th and 11th April, 2015 (Friday & Saturday) • 24th and 25th April, 2015 (Friday & Saturday)

Timing : 9.30 a.m. to 5.30 p.m. (Opening day starts at 9.15 a.m. Last day closes at 5.45 p.m.)

Venue : Hotel West End, Opp. Bombay Hospital, New Marine Lines, Mumbai-400 020.

Speakers : Mr. Ajit Korde (CIT - Pune), Ms. Alpana Saxena, Mr. Ameya Kunte, Mr. Arun Saripalli,

Mr. Darpan Mehta, Mr. Dhaivat Anjaria, Mr. Freddy Daruwala, Mr. Hasnain Shroff,

Mr. Jiger Saiya, Ms. Karishma Phatarphekar, Ms. Manisha Gupta, Mr. Maulik Doshi,

Mr. Milind Kothari, Mr. Rohan Phatarphekar, Mr. Samir Gandhi, Mr. Sanjay Kapadia,

Mr. Sanjay Tolia, Mr. Sudhir Nayak, Ms. Vaishali Mane, Mr. Vishwanath Kane,

Mr. Vispi Patel, Mr. Waman Kale

Fees

Up to 15th February, 2015 After 15th February, 2015For Members ` 8,500/- + Ser. Tax ` 1,050/- =

` 9,550/-` 9,500/- + Ser. Tax ` 1,174/- = ` 10,674/-

For Non-members ` 9,500/- + Ser. Tax ` 1,174/- = ` 10,674/-

` 10,500/- + Ser. Tax ` 1,298/- = ` 11,798/-

(Includes Tea, Snacks, Lunch & Study Material, if any)

Topics

Basics of Transfer Pricing

• Introduction, Brief History, General Philosophy of Transfer Pricing, Comparison between Indian & OECD Regulations, Associated Enterprise, International Transaction, Specified Domestic Transaction and other nuances in Indian Transfer Pricing.

• FAR Analysis, Comparability Principles, Search of Uncontrolled Transactions, Tested Party Concept, Principles of Aggregation and Segregation of International Transactions, Segmentation of data on Functional Lines, General Principles of Documentation.

• Methods of determining ALP: Transaction based Methods – CUP, Other method as prescribed by Rule 10AB, RPM, CPM, Meaning, with examples.

• Methods of determining ALP: Profit based Methods – PSM, TNMM, Concept of Most Appropriate Methods, ALP determination, Meaning, with examples.

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Benchmarking

• Search on database with case studies, includes benchmarking analysis and documentation

• Live example of carrying out search analysis on database with practical approach

Industry Specific Sessions

• Financial Services - banks, private equity investment, brokerage, etc., and Information Technology/Information Technology Enabled Services

• Pharmaceuticals/Manufacturing

Key Controversy Areas – Recent TP Audit Experience

• Financial Transactions comprising loans, guarantees, Intra group reimbursements

• a. Legal aspects of Intangibles – an Indian perspective

b. Transfer of Intangibles, Cost contribution, Management services/Cost Allocation, etc.

Practice Areas

• How to prepare for TP Litigation [viz. Transfer Pricing Assessments, Dispute Resolution Panel, Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal]

• Preparation of new Form No. 3CEB, issues relating to online e-filing, etc. Audit procedure, management representation, with examples, etc.

Other Areas having TP Implications

• Transfer Pricing aspects of restructuring the Business model and its consequences

• Business reorganisation such as Mergers, Demergers, Slump Sale, transfer of shares, discussion with examples

• Critical Issues in Transfer Pricing like those surrounding recharacterisation of transactions into an international transaction on the perspective of it being a deemed service to AE, etc., incurrence of Advertising and Marketing Expenses. Other critical issues like Valuation, Issue of shares, etc.

Domestic Transfer Pricing

• Definition, Different nuances between specified domestic transaction and international transaction, Understanding the different transactions covered under section 40A(2) with case studies

• Different nuances of other transactions covered under section 92BA i.e. 80-IA(8)/(10), 10A etc., with case studies

The Road Ahead

• Advance Pricing Arrangements – MAP and Safe Harbour

Attribution issues, experiences, recent rulings and Revenue’s perspective

• Recent Landmark decisions on Transfer Pricing

• Convergence between Custom and Transfer Pricing / Application of Transfer Pricing to Sections 10A/10B, Corporate Governance

• Practical aspects of and issues in documentation – Revenue’s perspective

• International developments, BEPS Report of OECD, GAAR and their inter-play with Transfer Pricing

• Panel Discussion

Closing Session

Restricted to 75 participants only

Interested members please download the Enrolment Form or may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque.

Visit www.ctconline.org to avail the facility of ONLINE PAYMENT

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THE DASTUR ESSAY COMPETITION, 2015The Chamber is organising Essay Competition for students since 2012. The Chamber is pleased to announce its Fourth Essay Competition for students pursuing Law and Article Trainees pursuing CA, CS, ICWA Course. Young students are the future leaders of our nation. They have the strength to bring ideas to life. The objective of the Competition is to cultivate good reading and written communication skills coupled with encouraging “creativity”, a quality which every human being possesses, possibly hidden and may be unknown to individual himself. Further, creativity is a sine qua non for Professionals. Chamber has always kept the flame of knowledge burning strong through time and hence the thought of organising this Competition.The topics for Dastur Essay Competition, 2015 are –(a) 10 challenges to be tackled by Prime Minister(b) Judicial Activism(c) Social sites/apps…......……kills or builds relationship?Only one essay can be authored by a participant. The entries will be judged by a panel of eminent judges. The 3 best essays will be awarded prizes, along with a certificate of merit and a memento, free subscription to The Chamber’s Journal for one year. Consolation Prizes will be awarded to the next 2 best essays. The winning essay will be published in The Chamber’s Journal and on the website of Chamber. The essays can be sent either by e-mail on [email protected] or by post/courier at The Chamber of Tax Consultants, 3 Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai–400 020. The e-mail/post/courier should reach latest by 28th February, 2015. However, the participation for essay competition should be sent to the Chambers Office by way of e-mail at [email protected] on or before 15th February, 2015. The Members are requested to encourage their Article Trainees and Law Students to participate in this competition.

RULES FOR ESSAY COMPETITION

1. PARTICIPATION AND REGISTRATION1.1 Each participant can author only one essay.1.2 Entries must be in English only.1.3 Participation is restricted to students enrolled in either the 3–year LLB course or the 5–year

integrated law course or CA Article or CS/ICWA trainees only. 1.4 Participants may register by sending a mail to [email protected] on or before 15th Feburary,

2015, mentioning their full name, college name, contact number, e-mail and postal address. CA Articles and CS/ICWA trainees additionally may also submit his/her Registration Number with the respective Institute and name of the organisation where undergoing article trainee. This will help the organisers to have better co-ordination with the participants.

2. PRESENTATION2.1 The essay must comprise not less than 5,000 words and not more 7,000 words including footnotes.2.2 The essay should be submitted on A4 size paper; font size of the body of the text must be 12, font

type: Times New Roman, 1.5 spacing and inch margins on each side.2.3 There should be appropriate footnotes indicating the correct source of information. The footnotes

may be typed in font size 9, font type: Times New Roman, 1.5 spacing.2.4 A bibliography, mentioning all the articles, books, references, websites etc. referred to, should be

made at the end.2.5 Two hard copies of each entry in the format specified above, must be posted/couriered or delivered: The Chamber of Tax Consultants

3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020 OR The participants may send their entries in the format specified above by e-mail in PDF File document

forwarded to [email protected]. Essay sent by e-mail will be rejected if there is no proper attachments.

2.6 Copyright of all authors are respected, but neither the CTC, nor the organisers will be responsible for any infringement of the same.

Chairman : Manish GadiaVice Chairman : Kamal DhanukaConvenors : B. L. Maheshwari Kishore JoshiAdvisor : A. S. Merchant

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2.7 Entries may be sent to the above-mentioned address by courier or hand delivered only.2.8 Entries shall be enclosed with a covering letter mentioning the name of the college, class of the

student along with self-certified photocopy of college ID. For CA Article/CS or ICWA Student seal of the Principal (organisation where student is Article Trainee) along with registration No. Participants must also submit a short bio-data duly signed (mentioning their contact number, e-mail and postal address). Entries sent by e-mail shall contain all the above attachments.

2.9 Entries must reach the above mentioned address on or before 28th February, 2015 by 6.00 p.m. IST.

2.10 The organisers will not be responsible for any loss or non-delivery of the entries.

3. MARKING CRITERIA3.1 Each essay will be marked on a total of 50 marks.3.2 The following is the criteria for marking and the marks allocated to each category:

Sr. No. Marking Criteria Marks Allocated1. Structure of Essay 52. Originality of the Essay 153. Content 154. Language, Grammar & Style 105. Use of Law & authorities, reference etc. 5

3.3 The decisions of the judges shall be final in all respects. The Chambers is not liable to give any clarification to any of the participants regarding the mark allotted to his/her essay.

3.4 The best 10 essay writers may be called for interview at Chamber’s office in relation to the contents of the essay.

4. AWARDS

4.1 A Certificate of Merit, Mementos and a prize shall be awarded to each of the 3 best essays.4.2 The prize awarded shall be as follows: First prize ` 10,000/- Second prize ` 7,500/- Third prize ` 5,000/-4.3 Consolation Prize, a Certificate of merit shall be awarded to next 2 best essays.4.4 Certificate of participation will be issued to each of the participants.4.5 The best article will be published along with a photograph of the participants in The Chamber’s

Journal and on the website of Chamber.4.6 All winners shall be duly intimated by e-mail or telephone and be called upon to be felicitated by

the President of CTC.

5. MISCELLANEOUS5.1 For the purpose of this competition, each essay shall be the original work of the participant/s. Any

article found to be copied from any other original work, would be disqualified.5.2 The article should not have been submitted to any other competition and/or should not have been

published earlier.5.3 All entries shall be deemed to be the property of the Chamber which reserves the right of publication

of the same.5.4 If there arises any situation that is not contemplated in the Rules, the organisers decision on the

same shall be final.5.5 The organisers reserve the right to vary, alter, modify or repeal any of the above rules if so required

and as they deem appropriate.5.6 The author should not send the papers for publication to any magazine, paper etc. without the prior

written consent of the organisers.

6. CONTACT DETAILS E-mail Address: [email protected] Kindly direct all postal correspondence to: The Chamber of Tax Consultants 3, Rewa Chambers, Ground Floor, 31, New Maines Lines, Mumbai-400 020 Tel : 2200 1787 / 2209 0423

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ANALYSIS OF DIRECT & INDIRECT TAX IMPLICATIONSIt is expected that Finance Bill 2015 scheduled to be tabled in the Parliament in end of Febru-ary 2015 is going to be one major event whereby the Government may announce various measures including structural tax reforms. It is a must for any tax professional to study the amendments announced in the Finance Bill and its impact in a thorough manner. With a view to have threadbare analysis of the proposals of the Finance Bill, 2015, the Delhi Chapter of Chamber of Tax Consultants and the Northern Region Chapter of International Fiscal Association - India Branch are jointly organising a half day Seminar on Finance Bill 2015 - Analysis of Direct & Indirect Tax Implications on Wednesday the 4th March, 2015 whereby various senior tax experts from profession and industry will discuss these proposals in panel discussion format to gain a detailed under-standing and their consequential impact on various industries in particular.Day & Date : Wednesday, 4th March, 2015Venue : Seminar Hall 1, 2 & 3, Above Multipurpose Hall, Kamladevi Complex, India International Centre, Max Muller Marg, Lodhi Estate, New Delhi-110 003Timing : 3.30 p.m. to 8.00 p.m. (followed by dinner)

We will be shortly announcing the detailed agenda on coverage, speakers and registration details of the programme. Please make sure to block your calendar accordingly.

DELHI CHAPTER

Chairman : C. S. MathurVice Chairman : R. P. GargAdvisor : V. P. VermaHon. Secretaries : G. S. Ahuja Suhit AggarwalHon. Treasurer : Vijay Gupta

JAMMU & KASHMIR FLOOD RELIEF FUNDDear Members,

In the month of September 2014, many parts of the State of Jammu & Kashmir were severely affected by unprecedented floods. This is the first time in decades that the State has witnessed such calamity. Many people have lost their lives and many are temporarily displaced. A large part of the local population is affected as their houses / hospitals are swept away. Many parts of the State have lost its connectivity as roads, bridges and other infrastructure are damaged.

Farmland, shops and other tourist facilities which were the main means of livelihood of the natives is lost. Even other basic facilities like medical centres, schools, etc., are affected. At present main focus is to carry out primary relief work. The rehabilitation and relief work would require substantial resources. The Chamber of Tax Consultants (CTC) has taken upon the task of collecting donations for this noble cause. The detailed modalities are being worked out. Depending on the circumstances, as per the object of the CTC, we shall directly or indirectly get involved in the restoration/rehabilitation of schools, colleges or any other educational institutions or join hands with other well-known and reliable NGOs or sister organisations actively engaged in such rehabilitation work.

We earnestly request you to donate generously for this noble cause. We also request you to collect donations from clients, friends, relatives, etc. CTC has opened a separate bank account – “The Chamber of Tax Consultants A/c Jammu & Kashmir Relief Fund” where all the funds gathered would be deposited. Kindly send your cheque in the above name. All donations will qualify for deduction u/s. 80G of the Income-tax Act, 1961.

No administrative expenses connected with work shall be charged to the project. All volunteers will contribute time and effort without any charges/reimbursement. Total donation collected till 31st January, 2015 is ` 61,501/-.

Thank you in advance.

For The Chamber of Tax Consultants,

Kishor Vanjara Paras K. Savla Chairman President The Jammu & Kashmir Flood Relief Committee

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38TH RESIDENTIAL REFRESHER COURSE AT TOSHALI SANDS RESORT, PURI, ODISHA THURSDAY, 19TH FEBRUARY, 2015 TO SUNDAY, 22ND FEBRUARY, 2015

Chairman : Parag VedVice-Chairman : Chetan ShahConvenors : Charu Ved Ryan FernandesAdvisor : Bhavesh Vora

RRC & PUBLIC RELATIONS COMMITTEE

In its endeavour to explore new venues for the delegates, the Residential Refresher Course and Public Relations Committee is pleased to announce the Chamber’s 38th Residential Refresher Course (RRC) at “Toshali Sands Resort”, Puri (www.toshalisands.com).

Puri, the holy land of Lord Jagannath, is the district headquarters of Puri district, Odisha. It is situated on the Bay of Bengal, around 60 kilometres south of the State capital of Bhubaneshwar.

Puri is famous for its annual Ratha Yatra, or “Festival of Chariots”, when the deities Jagannath, Balabhadra, and Subhadra, are brought out of the temple, and placed in a chariot procession.

To enrich the members with the knowledge, papers covering recent developments in tax laws have been selected to be discussed at the RRC.

Particulars Faculties

Paper I: Deeming Provisions under the Income-tax Act Paper Writer: CA Anil Sathe

Paper II: Issues in Corporate Taxation including LLP Paper Writer: CA Milin Mehta

Paper III: Case Studies on Direct Tax Paper Writer: CA A. K. Sabat

Paper for Presentation: Domestic Transfer Pricing CA Karishma Phatarphekar

Brains’ Trust: Direct Tax Brains’ Trustee: Mr. Saurabh Soparkar, Sr. Advocate

RRC Dates : Thursday, 19th February, 2015 to Sunday, 22nd February, 2015

Delegate fees : ` 13,083 + Service Tax 12.36% ` 1,617 = Total ` 14,700

The fee includes 3 nights–4 days accommodation on double occupancy basis in standard AC room, meals starting with lunch on Thursday (19th Feb.) and ending with breakfast on Sunday (22nd Feb.), course material and Sight Seeing to Konark & Puri temple.

Registration is on first–come–first served basis.

In case of cancellation, no refund request shall be entertained, except under genuine unavoidable circumstances, subject to the approval of the RRC & PR Committee.

Toshali Sands Resort is well connected by road from Bhubaneshwar. Flight options available from Mumbai for reaching Bhubaneshwar are listed below. The Resort is about 1.5 hours from Bhubaneshwar Airport. Delegates are requested to make their own travel arrangements up to Bhubaneshwar Airport.

Transportation by A.C. Bus (Optional)

Pick-up from & drop to Bhubaneshwar Airport at an additional cost of ` 1,200/- (inclusive of Service Tax) is being arranged.

Bus from Bhubaneshwar Airport will leave at around 1.00 pm on Thursday, 19th February, 2015. Delegates are requested to book their tickets accordingly and inform CTC about the bus option.

Bus from Puri to Bhubaneshwar Airport will leave at around 9.30 am on Sunday, 22nd February, 2015. Notes: 1) Check-in time at Hotel : Thursday, 19th February, 2015 at 12 noon Check-out time : Sunday, 22nd February, 2015 at 8 a.m.

2) RRC will commence at 4.30 p.m. on Thursday, 19-2-2015 and end by 6 p.m. on Saturday, 21-2-2015 followed by Gala dinner.

3) Delegates are requested to send their questions for Brains’ Trusts Session by e-mail/hard copy to the Chamber’s office.

Please return the duly completed Form along with Cheque/DD in favour of “The Chamber of Tax Consultants”. Outstation members are requested to make payment by At Par Cheque/Demand Draft only.

Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT.

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INTENSIVE STUDY GROUP ON (ISG) – DIRECT TAXES (ONLY FOR ISG MEMBERS) Chairman : Ketan Vajani

Vice-Chairman : Sameer DalalConvenors : Dinesh Poddar Rahul HakaniAdvisor : K. Gopal


Day & Date : Thursday, 26th February, 2015Time : 6.00 p.m. to 8.00 p.m.Speaker : Shri Paras S. Savla, AdvocateTopic : Recent Important Decisions under Direct TaxVenue : CTC Conference Room, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020

The decisions for the meeting will be circulated by email to all the members in due course. Members are requested to study decisions before the meeting so that optimum use can be made of the discussion at the meeting. Your active participation in the meeting is desired for the success of the programme.

STUDY CIRCLE & STUDY GROUP COMMITTEE

Chairman : Ashok SharmaVice Chairman : Dilip SanghviConvenors : Dinesh Shah Paras S. Savla Deepesh ChhedaAdvisor : Mahendra Sanghvi

STUDY GROUP MEETING(ONLY FOR SG MEMBERS)Day & Date : Monday, 23rd February, 2015Subject : Recent Judgments under Direct TaxesGroup Leader : To be announcedTime : 6.15 p.m. 8.00 p.mVenue : Babubhai Chinai Committee Room, 2nd Floor, IMC, Churchgate, Mumbai-400 020

Day & Date : Friday, 27th February, 2015Subject : Recent Judgments under Direct TaxesGroup Leader : Shri Vipul B. Joshi, AdvocateTime : 5.30 p.m. to 6.15 p.m. (Snacks) 6.15 p.m. to 8.00 p.m. (Discussion)Venue : A. V. Room, 4th Floor, Jaihind College, A Road, Churchgate, Mumbai-400 020

FEMA STUDY CIRCLE MEETINGS (ONLY FOR FEMA SC MEMBERS)



Vice-Chairman : Ramesh Iyer


Day & Date Tuesday, 3rd February, 2015

Wednesday, 11th February, 2015

Tuesday, 24th February, 2015

Subjects Intensive Study of FDI continues from previous sessions

Intensive Study on ECB Industry perspective issues on topics of FDI and ECB

Speakers Mr. Arvind Rao Mr. Pushpak Shah

To be Finalised To be Finalised

Time 6.15 p.m. to 8.00 p.m.Venue CTC Conference Room, 3, Rewa Chambers Ground Floor, 31, New Marine

Lines, Mumbai-400 020

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AMITA MEMORIAL LECTURE MEETING

The members of the Chamber are cordially invited to a talk under the auspices of Amita Memorial Trust, jointly with Bombay Chartered Accountants’ Society

The details are as under:

Day & Date : Friday, 13th February, 2015

Time : 6.15 p.m.

Speaker : Brahmakumari Shivani

Subject : Anger – The Enemy within

Venue : Jaihind College Auditorium, A Road, Next to Churchgate Station, Mumbai-400 020

STUDENTS STUDY CIRCLE MEETINGS

Chairman : Manish GadiaVice Chairman : Kamal DhanukaConvenors : B. L. Maheshwari Kishore JoshiAdvisor : A. S. Merchant

STUDENTS COMMITTEE

The Study Circle’s prime focus is to equip students skill-sets required for the execution of various compliances under various statutes in their day-to-day work during the training period. The Study Circle looks forward to imparting practical training to students, thereby developing and sharpening their skills and knowledge. It also strives to help students to improve the quality of work being handled by them. The fundamental object of the Committee is to create interest of next generation of professionals in field of taxation and accounting.In the present scenario for the practicing professional and professional in industry the responsibility has increased so much as regard compliance work under various statutes that any negligence in it has huge cost. Training programmes of the Study Circle would help students undergoing training to get themselves trained by the expert faculties and equip them with latest amendment in regulations/law. A trained junior is always an asset, but at times it is difficult to impart training due to various professional constraints. This difficulty will be addressed in such programmes. Training would help in building capacity of the student under training. The members are requested to encourage their Articled Trainees, law students and other staff to participate in the student programmes by enroling as student members.Details of Future Student Study Circle Meetings:

Venue : Maheshwari Bhawan, Chira Bazar, Marine Lines, Mumbai-400 002

Time : 4.00 p.m. to 6.00 p.m.

Fees : a. ` 400 + ` 50/- Service Tax = ` 450/- per Student for 5 or more enrollment from one firm b. ` 500 + ` 62/- Service Tax = ` 562/- for others

Dates Subjects Speakers Co-ordinator5th February, 2015 E-Filing of TDS Return CA Manish Dhedia CA Hitendra Gandhi

5th March, 2015 Finance Bill Eminent Speaker CA Mandeep Singh Talwar

INDIRECT TAX STUDY CIRCLE MEETING (ONLY FOR IDT SC MEMBERS)

INDIRECT TAXES COMMITTEE

Chairman : Pranav KapadiaVice Chairman : Aalok MehtaConvenors : Narendra Soni Akhil KediaAdvisor : A. R. Krishnan

Day & Date : Tuesday, 10th February, 2015Time : 6.00 p.m. to 8.00 p.m. Subject : Circulars and Notifications issued during 2014-15 under Service Tax LawsChairman : CA Naresh Sheth Group Leader : CA Payal ShahVenue : Babubhai Chinai Committee Room, 2nd Floor, IMC, Churchgate, Mumbai-400 020.

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S STUDY COURSE ON INTERPRETATION OF TAXING STATUTES Chairman : Ketan Vajani

Vice Chairman : Sameer DalalConvenors : Dinesh Poddar Rahul HakaniAdvisor : K. Gopal


Considering the immense response to the First Study Course on Interpretation of Taxing Statutes, the Direct Taxes Committee is pleased to announce the Second Study Course on the subject. The Study Course has been redesigned so as to incorporate some of the additional areas. The course will also deal with some of the fundamental concepts which keep on bothering professionals time and again while dealing with taxation statutes.

A tax professional must know the fundamental principles of any statute and interpretation is a process by which one can expound law. Statutory interpretation is the process by which courts interpret and apply legislation. To find the meanings of statutes, judges use various tools and methods of statutory interpretation, including traditional canons of statutory interpretation, legislative history, and purpose. If one is well-versed with the basic rules of Interpretation, then he can interpret any Act and can practice across any of the legislation, be it Direct Tax or Indirect Tax or even other Allied Laws. The fundamental rules of interpretation remain same across all legislation and hence it is desirable for a tax professional to grasp these fundamental principles thoroughly. This unique Study Course aims to address this need of the Professionals practising in various taxation laws. Who would be benefited from the Study Course• Tax Professionals practising in Direct Tax, Indirect Tax or Allied Laws• Professionals who wish to specialise in litigation and consultancy practice across tax laws• Taxation in-charge of corporates and multinationals• New entrants to the profession of chartered accountancy or legal profession • Students pursuing chartered accountancy or law graduation–future professionals Broad Topics to be covered 1. General Introduction to Interpretation 2. Principles and Rules of Interpretation – Heydon’s Rule, Mischief Rule, Purposive Construction, Literal

Construction, Strict construction etc.; Interpretation of Penal statutes3. Subsidiary rules i.e. Mandatory and directory provisions, harmonious and beneficial construction4. Aids to construction, Internal and External aids5. Principles of Interpretation of Double Tax Avoidance Agreement (DTAA) 6. Principles of Transfer Pricing provisions including Domestic Transfer Pricing 7. Principles of Natural Justice8. General Clauses Act – Interpretation9. Doctrine of Res judicata and Estoppel as applicable to tax law: Doctrine of Binding Precedent/stare decis10. Constitution of India vis-à-vis Income-tax Act 11. Some Important legal concepts like Ownership, Possession, Transfer etc. under general law and tax laws Faculties Eminent faculties will address the Study Course• Shri Ajay Singh, Advocate• Shri B. V. Jhaveri, Advocate• Shri Hiro Rai, Advocate• Shri P. C. Joshi, Advocate• CA Pradip Kapasi • Shri S. D. Srivastava, CIT DR, ITAT, Mumbai • CA Vispi Patel• Other Eminent FacultiesOther Relevant Details Days & Dates : Friday, 6th February, 2015 Saturdays, 7th February, 2015 Time : Fridays 5.45 p.m. to 8.00 p.m., Saturdays 9.30 a.m. to 1.30 p.m. Venue : Babubhai Chinai Committee Room, 2nd Floor, Indian Merchants’ Chamber, Churchgate, Mumbai-400 020Fees : For Members – ` 2,500/- + Service Tax ` 309/- = ` 2,809/- For Non-members – ` 3,000/- + Service Tax ` 371/- = ` 3,371/- (including Refreshments and Tea / Coffee on all days and Course Material)

Enrolment is restricted to 80 participants. Enrol at the earliest to avoid disappointment.Interested members may download the Form from the Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to USE ONLINE payment facility.

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UNREPORTED DECISIONSBy Ajay R. Singh & Rahul R. Sarda, Advocates

1. F&O loss – Treated as short term capital loss – Fresh claim during assessment proceedings – Set off against business income.

In the ROI, the assessee claimed ` 30,60,843 as short term capital loss from Futures & Options (F&O) transactions. The AO treated the same as business loss as against short term capital loss disclosed by the assessee. The assessee claimed that, if at all, the department sought to treat F&O transaction as business income, then loss of ` 30,60,843 may be allowed to be adjusted against other income of same year u/s. 71(1). The AO rejected the claim on the ground that the assessee ought to have claimed the same by way of a revised return.

Before the Tribunal, the counsel for the assessee submitted that the assessee was not making any fresh claim, but it was a natural outcome, if the AO treated F&O losses as business loss, then he was required to give full effect and to give set off with the income from other heads of income of the current year as per the provisions of the Act. Allowing the claim of the assessee, the Tribunal held that it was the duty of the AO, while completing the assessment, to compute the income in accordance with the provisions of the Act, and if while computing the income there was a loss, which needs to be set off within the statutory provisions then the same had to be given effect to. Further held, that there was no reason that the assessee could not be allowed to claim the set off of loss from F&O transaction with other heads of income, simply because he has not filed the revised return.

ACIT vs. Shri Nadir B. Ajani, ITA No. 923/M/2012 dated 26-11-2014, AY 2008-09 (ITAT, Mumbai) (www.ctconline.org)

2. Charitable Trust – Rejection of registration – Absence of dissolution clause – Non-commencement of charitable activities

The DIT (E) rejected the application for registration u/s. 12A on the ground that the trust had not commenced its activities and that the trust did not have a dissolution clause.

Held, the DIT (E) had not come to a finding that the activities of the trust are not genuine. Since the trust had not commenced its activities, it cannot be said that its activities are not genuine. Also, there is nothing in the Bombay Public Trusts Act, 1950, under which the trust was formed, which mandates for incorporation of mandatory clause of dissolution of any irrevocable trust. Therefore, the registration was required to be granted to the trust.

Geeta Lalwani Foundation vs. DIT (E), ITA No. 3566/M/2013 dated 02-01-2015, (Mumbai, ITAT) (www.ctconline.org)

3. Capital gains vs. Business income – Sale of shares – Principle of consistency

The assessee had shown long term capital gains at ̀ 19,85,376/- in his capital account which had been claimed as exempt u/s. 10(38). The assessee had also shown income from share trading at ` 12,24,202/-. The AO, taking into consideration the voluminous magnitude of transactions, treated income of Rs.19,85,376/- as business income.

On facts, it was observed that all the shares held in investment account during the year were having holding period of more than 12 months and in many cases even more than 2 to 3 years. Also, from the last so many years the assessee had been filing separate statements giving complete details as shares held by him in investment account and trading account on the basis of which the claim of the assessee had been consistently accepted by the department in the earlier assessment years and even in scrutiny assessment order passed under section 143(3) for assessment years 2002-03, 2003-04 & 2004-05. Though the principle of res judicata was not applicable to income tax proceedings but the principle of consistency requires that the view taken in one year should be followed in subsequent years unless the facts or the legal position justify departure there from. Therefore, the issue was decided in favour of the assessee.

ITO vs. Shri Ved Mitter N. Puri, ITA No. 1504/M/2012 dated 14-01-2015, (ITAT, Mumbai) (www.ctconline.org)

4. Business income vs. capital gains – Rejection of claim of capital gains – Allowability of expenditure - Rectification.

The claim of the Assessee of treating the income from sale of shares as capital gains was rejected by the AO and the CIT (A). Thereafter, the Assessee filed a rectification application before the CIT (A) for rectification of the order raising the ground that business expenditure should be allowed against the business income. This rectification application was rejected by the CIT (A) on the ground that the matter involves a long drawn out process of reasoning, hence cannot be subject matter of rectification under section 154.

On further appeal, the Tribunal held that since the claim of the assessee regarding income from sale and purchase of short term capital gains has been rejected by the lower authorities and the same has been treated as business income, hence the assessee was obviously entitled to deduction of expenditure incurred against earning of the said business income. Hence, there was an error apparent on record. The application of the assessee was allowed and consequently the matter was restored to the AO for the purpose of verification of the expenditure claim of the assessee.

Shri Uday Chander Khanna vs. DCIT, ITA No. 6979/M/2012 dt. 14/01/2015, AY 2008-09, (Mumbai ITAT) (www.ctconline.org)

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Posted at Mumbai Patrika Channel Sorting Office – Mumbai 400 001.

Date of Publishing 1st of Every Month Date of Posting : 1st & 2nd February, 2015

If undelivered, please return to :

Non-receipt of the CTC News must be notified within one month from the date of publication, which is 1st of Every Month.

Printed by Shri Kishor Vanjara and published by him on behalf of The Chamber of Tax Consultants (owners), 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai 400 020 and Printed at Finesse Graphics & Prints Pvt. Ltd., 309, Parvati Industrial Premises, Sun Mill Compound, Lower Parel (W), Mumbai 400 013 and published at The Chamber of Tax Consultants (owners), 3, Rewa Chambers, 31, New Marine Lines, Mumbai 400 020.

Editor : Shri Kishor Vanjara

To

3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai–400 020

Tel.: 2200 1787 / 2209 0423 • Fax: 2200 2455 E-mail: [email protected] • Website: www.ctconline.org

THE CHAMBER OF TAX CONSULTANTS

Regd. No. MCS/020/2015-17 Registered with Registrar of Newspaper for India under R. No. MAHENG/1999/1376

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STATEMENT AS PER PRESS AND REGISTRATION OF BOOKS ACTForm IV (See Rule 8)

CITC NEWS1. Place of Publication : The Chamber of Tax Consultants, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai - 400 020.

2. Periodicity of its publication : Monthly

3. Printer’s Name & Nationality : Shri Kishor Vanjara, Indian Address : 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020.

4. Publisher’s Name & Nationality : Shri Kishor Vanjara, Indian Address : 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020.

5. Editor’s Name & Nationality : Shri Kishor Vanjara, Indian Address : 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020.

6. Names & Addresses of : The Chamber of Tax Consultants Individuals who 3, Rewa Chambers, Ground Floor, own the newspaper and partners 31, New Marine Lines, Mumbai-400 020. or share holders holding more than one per cent of the capital

I, Kishor Vanjara, hereby, declare that the particulars given above are true to the best of my knowledge and belief.

Date : 31st January, 2015 Kishor Vanjara Signature of the Publisher

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