EIRC NEWSLETTER · 2019-11-30 · EIRC 1st December 2014 Forthcoming Programme DAY AND DATE KNOWLEDGE SESSION RESOURCE COORDINATOR VENUE DURATION CPE DELEGATE PERSON HOURS FEES `

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

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EASTERN INDIA REGIONAL COUNCIL

��EIRC 1st December 2014

EIRC 1st December 2014 ��

CA Subhash Chandra SarafChairman, EIRC

,, ,,My Dear Professional Colleagues,

Wishing you most and more…

Winter has set in early and with end of Income tax return filings and Transfer pricing & SDT compliances, there finally is some breather for the professionals.

Now is the time to assess how this year has been and to plan ahead for the remaining quarter and the year to come. Just fresh from examination, our young guns would also be raring to showcase their ideas and intellect in the professional sphere.

The Government at centre is quite heated while fixing up basic administrative problems, aims to make GST a reality, push reforms in land acquisitions, encourage manufacturing, private investment in mining minerals, trying to streamline the tax regime and spearheading ‘Make in India’ drive besides already initiated reforms through their maiden budget. In all such initiatives, the new Government is not reinventing the wheel but it is trying to wheeling it forward with almost the same bureaucratic set up and system. Likewise, I am sure that we professionals have great opportunities ahead and we need to get present and future ready while acquiring new and improved skill set and larger capacities to serve the complex business issues, regulatory regime and tax complications and for this we need to keep wheeling forward our wheel of knowledge and learning. The ICAI is also keeping pace with the government and has just released another Background Material on GST while taking continuous initiatives by leveraging information technology for its members and students in this direction. Initiatives like ICAI’s Mobile App, Knowledge Gateway, Digital Library, ICAI TV, Publication Online Store, Flexi Women Portal for Women, Active on Social Media, Cloud Campus, e Books, Video Podcasts, Global Career e-Kits have opened various gateways for improvement in the knowledge and skill set. I can just say that transformation in our professional outlook and practice is required which can happen only with experience and both are progressive phenomena.

We at EIRC just concluded our 39th Regional Conference with the theme “ CA Profession in Times Ahead: Dynamic, Vibrant & Challenging” where best

Transformation & Maturity are, and can only be progressive phenomena

subject experts shared their experience with more than 1700 delegates and participants. The event was also graced by Chief Guest, our President CA K. Raghu and Vice President CA Manoj Fadnis who shared the visions of the ICAI and various initiatives which Council is taking to help members and students to become future ready. The conference was succeeded by a National Debate in association with The Economic Times with the motion “Achhe Din Aa Gaye” with debaters from all walks of life who enthralled the packed audience. The entire two day conference and Debate was webcast live for the first time by any Regional Council for its members. I am truly grateful to one and all for their wholehearted support and endeavor in making this conference a grand success. Glimpses of the event are provided in the newsletter.

In our endeavor to update our members, we are continuing to organize seminars on Financial Reporting, Membership opportunities in NSE, Audit of share brokers, developing entrepreneurial skills, internal financial reporting, issues in claiming of accounts for FY 2014-15 under the Companies Act 2013 and others, details of which are provided later which are critically important for present and future service to the clients.

The reason EIRC is here is for all our students and members. It is you who define us, and in continuing our activities I would request for your valuable feedbacks, both positive and more importantly the negative ones, so that we can work upon and try to eliminate them for smooth and efficient functioning. I would also request all members to contribute to the Chartered Accountants Benevolent Fund (CABF).

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

Tuesday, 2nd Revised Regulatory Framework CA Vinod Kothari CA Anirban Datta R Singhi Hall, 5.30pm to 3 150December 2014 for NBFCs EIRC Premises 8.30pm Spot 200

Friday, 5th NSE Emerge & Emerge-ITP Mr. Dipan Mitra CA Manish Goyal R Singhi Hall, 5.30pm to 3 150December 2014 (Opportunities for SME`s) EIRC Premises 8.30pm Spot 200 Membership Oppourtunities in NSE Mr. Abhishek Kumar

Tuesday, 9th Critical Aspects of Audit of CA Vinod Goyal CA Sunil Kumar R Singhi Hall, 5.30pm to 3 150December 2014 Share Brokers Sahoo EIRC Premises 8.30pm Spot 200

Wednesday,10th Awareness Programme on Details inside in Page 8 EIRC R Singhi Hall, 5.30pm to 3 150December 2014 Financial Reporting Practices EIRC Premises 8.30pm Spot 200

Thursday, 11th Developing Enterpreneur Skills of CA Abdul Rahim CA Ranjeet Kumar R Singhi Hall, 5.30pm to 3 150December 2014 CA`s for future survival Agarwal EIRC Premises 8.30pm Spot 200

Saturday, 13th Seminar on VAT Audit and Mr. Rajsekhar CA Pramod R Singhi Hall, 9.30am to 5 600December 2014 Detail Discussion on Form Bandyopadhayay, Dayal Rungta EIRC Premises 2.30pm Spot 700 88 and 88A Mr. Khalid Aizaz Anwar, (followed by Sales Tax Officials Lunch) CA Rip Das CA Prasun Kumar Bhattacharyya

Tuesday, 16th GST- Roadmap & Future ahead Mr. Rajsekhar CA Anirban Datta R Singhi Hall, 5.30pm to 3 150December 2014 in Indirect Tax Practice Bandyopadhayay, EIRC Premises 8.30pm Spot 200 Mr. Khalid Aizaz Anwar, Sales Tax Officials CS Timir Baran Chatterjee CA Prasun Kr Bhattacharyya

Wednesday, 17th MSMED Act, 2006- Practical CA Pradipto Roy CA Manish Goyal R Singhi Hall, 5.30pm to 3 150December 2014 difficulties in Implementation of CA Nirmal Bajaj EIRC Premises 8.30pm Spot 200 the Act & Auditor`s Perspective Critical Issues in Audit of Insurance Companies

Saturday, 20th Indirect Taxes : Practice of the Future Details inside in Page 8 EIRC R Singhi Hall, 10.00am to 6 700December 2014 EIRC Premises 5.00pm Spot 800

Tuesday, 23th Key Issues in Closing of CA Vinod Kothari CA Sunil Kumar R Singhi Hall, 5.30pm to 3 150December 2014 Accounts for FY 2014-15 Sahoo EIRC Premises 8.30pm Spot 200

Tuesday, 30th Audit Under Companies Act 2013- Details inside in Page 8 EIRC R Singhi Hall, 3.00pm to 5 500December 2014 Challenges for Statutory Auditors EIRC Premises 8.00pm Spot 600

Thursday, 8th Internal Financial Control- CA Rajesh Guraria CA Pramod Dayal R Singhi Hall, 5.30pm to 3 150January 2015 Operation and Audit aspect in view Rungta EIRC Premises 8.30pm Spot 200 of the Companies Act 2013

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

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

SPECIAL EVENT

Monday, 15th S Vaidyanath Aiyar Memorial Lecture EIRC G D Birla Sabhagar 4.00pm to 2 FREEDecember 2014 by CA Mohan Das Pai Birla Mandir, Kolkata 6.000pm


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

STUDY CIRCLES

ACAE Chartered Friday, 5th Lecture Meeting on CS Manoj Kr. Banthia CA Vasudeo Agarwal Emami Conference 5.00pm to 3Accountants Study December, Recent Amendments 9830078378 Hall (ACAE) 8.00pm Circle - EIRC 2014 in NBFC [email protected] 6, Lyons Range, [email protected] 3rd Floor, Unit-2 Kolkata-700 001

VIP Road Chartered Sunday, 7th Interactive Session CA Arun Agarwal CA S N Jojodia VIPCA Library, 10.00am to 3Accountants Study December On Vat Audit 9830071300 220,Bangur 01.00pm Circle 2014 Avenue, Bl-A, Kolkata-700055

VIP Road Chartered Sunday,14th Concept of LLP and FAQ CS Manoj Banthia CA S N Jojodia VIPCA Library, 10.00am to 3Accountants Study December, under the companies 9830071300 220,Bangur 01.00pm Circle 2014 Act 2013 Avenue, Bl-A, Kolkata-700055

ACAE Chartered Tuesday, 16th Lecture Meeting on CA (Dr.) Debashis Mitra CA Vasudeo Agarwal Emami Conference 5.00pm to 3Accountants Study December, Standards on Auditing 9830078378 Hall (ACAE) 8.00pm Circle - EIRC 2014 -Opinion and Reporting on [email protected] 6, Lyons Range, Financial Statements (SA 700, [email protected] 3rd Floor, Unit-2, SA 705 & SA 706) Kolkata-700 001 -Standard on Quality Control -Audit Sampling (SA 530)

Branch Day & Date Programme Speakers Co- ordinator Venue Duration CPE HourDurgapur Saturday, 13th Service Tax Workshop CA Arun Agarwal CA Manoj Sharma Branch 9.30am to 6Branch December 2014 CA Pankaj Jain 9933057025 Premises 5.00pm manojsharma1976@ gmail.com

Durgapur Sunday, 14th Service Tax Workshop CA Shivani Shah CA Manoj Sharma Branch 10.00am to 6Branch December 2014 CA Sushil Kr. Goyal 9933057025 Premises 5.00pm manojsharma1976@ gmail.com

Guwahati Saturday, 6th IT Workshop Eminent Faculty CA Rohit Agarwala Branch 10.00am to 6Branch December 2014 9435058514 Premises 5.00pm [email protected]

BRANCHES

EIRC Grievance Cell for Members

For any grievance/ query on

any matter, members are

requested to write to

[email protected]


CA Pramod Dayal RungtaChairman, EICASA

Vice Chairman, EIRC

EICASA

Dear Students,

Conceive, Believe, Achieve!

As November is drawing to a close, let me wish each and every student a very Happy Children’s Day. Pandit Jawaharlal Nehru has famously said, “There is no end to the adventures that we can have, if only we seek them with our eyes open.” So I would like to advice all the students to listen to their hearts and

believe in themselves that they can achieve anything if they venture into new paths without fear.

Before I continue any further, I’d like to wish all the students who have appeared for their IPCE/CA Final examinations all the very best!! I hope each one of you passes the examination with flying colours. Also, I’d like to convey my best wishes to the students who are appearing for their CPT examination to be held in December.

A word to every student who is either facing the CA Examinations for the first time or not, Do Not Be Nervous! So students, have confidence in yourself and the hard work you put in. Because hard work and determination never goes unrewarded!

It’s advisable that students make best possible use of the resources available to them and keep themselves informed of the events and announcements that are regularly updated on the website, www.icai.org. The student body of the Eastern Region of the CA Fraternity, EICASA, also makes efforts to conduct seminars, industrial visits, etc.

In the month of November, EICASA also conducted the following events:

On 2nd November, 2014, in association with the Art of Living, the EICASA team organized an event, “Swachh Bharat Abhiyan”. On the call of the Prime Minister, Mr. Narendra Modi, a large number of students participated and took the initiative to keep their city garbage-free.

On 27th November, 2014, EICASA organized an industrial visit to CDC Printers, Kolkata.

Students who missed out on these events need not worry as ample opportunities shall be presented to them in the form of other events and visits.

The upcoming events that EICASA has chalked out for you to participate are as follows:

� 1st December, 2014 – On account of the World AIDS Day, a Blood Donation camp will be held at the R.Singhi Hall, ICAI, Russel Street,

Kolkata between 10 am to 3 pm Students are requested to take part in this noble cause For any queries, feel free to contact the EICASA Board members.

��8th & 9th December, 2014 – A Crash Course for students appearing for CPT Exams will be held.

��15th December, 2014 – An industrial visit is to be held; details of which will be provided in due course.

��11th January, 2014 – A Fest for the CA students by the name – “CArizma: Unveil the Flare” is being organized by the EICASA team of EIRC of ICAI, Kolkata. A youth festival of this kind containing more than 20 events, both on and off stage, along with mouth-watering delicacies, is happening for the first time. Interested students are required to contact the EICASA Board Members for details and passes.

A famous person has said, “Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and do not surrender, that is strength.” Students, always remember, being strong is simply about being able to persevere through extreme adversity. Success is not final and failure is not fatal; it is the courage to continue that counts.

Students, move towards your goals with the same passion. Have confidence in yourself that you can achieve them and believe that you can. After all, if you want to succeed, your desire for success should be greater than your fear for failure.

Finally, I’ll end with a quote from the great philosopher, Confucius. It goes like this – “It does not matter how slowly you go, as long as you don’t stop.”

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] marking a copy to [email protected].

Looking forward to an eventful journey.

With Best Wishes,

Students Attending the Industrial Visit to CDC Printers Pvt. Ltd.

CA Students participating in a “Swachh Bharat Abhiyan”

Group Photo of the Students with EICASA Chairman CA Pramod Dayal Rungta

EIRC 1st December 2014 �

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA[Set up by an Act of Parliament]

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

NOTIFICATION 9th November, 2014

No.13-CA(EXAM)/ISA/D/2014: - In pursuance of Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Information Systems Audit (ISA) Course Assessment Test (which is open to the members of the Institute) will be held on 27th December, 2014 (Saturday) from 10.30 AM to 2.30 PM at the following cities provided that sufficient number of candidates offer themselves to appear therefrom.

Sl. No. Name of the Cities Sl. No. Name of the Cities Sl. No. Name of the Cities1 AGRA 23 GUWAHATI 45 MUMBAI2 AHMEDABAD 24 GWALIOR 46 MYSORE3 ALIGARH 25 HISAR 47 NAGPUR 4 AMRAVATI 26 HYDERABAD 48 NASIK5 AURANGABAD 27 INDORE 49 PATNA6 BANGALORE 28 JABALPUR 50 PUNE7 BELGAUM 29 JAIPUR 51 RAIPUR8 BHOPAL 30 JALANDHAR 52 RAJAMAHENDRAVARAM9 BHUBANESWAR 31 JALGAON 53 RAJKOT10 BIKANER 32 JAMMU 54 ROHTAK11 BILASPUR 33 JAMNAGAR 55 SHIMLA12 CHANDIGARH 34 JODHPUR 56 SILIGURI13 CHENNAI 35 KANPUR 57 SOLAPUR14 COIMBATORE 36 KARNAL 58 SURAT15 CUTTACK 37 KOLHAPUR 59 TIRUPUR16 DELHI / NEW DELHI 38 KOLKATA 60 UDAIPUR17 DURGAPUR 39 KOZHIKODE 61 VADODRA18 ERNAKULAM 40 LUCKNOW 62 VARANASI19 FARIDABAD 41 LUDHIANA 63 VIJAYAWADA20 GANDHIDHAM 42 MANGALORE 21 GHAZIABAD 43 MEERUT 22 GOA 44 MORADABAD

The Council reserves the right to withdraw any centre at any stage without assigning any reason. The above Test is open only to the Members of the Institute who are already registered with the Institute for the ISA course and passed the related eligibility test. The fee payable for the above Assessment Test is ` 1000/-.

An application for admission to the Assessment Test is required to be submitted online by visiting http://isaat.icaiexam.icai.org and the sum of ` 1100/- (` 1000/- as examination fees and ` 100/- towards the examination form) has to be paid online using Master / Visa / Maestro Credit or Debit Card on or from 21st November, 2014. Alternatively, the format of application form can be downloaded from the website of the Institute viz. www.icai.org and the cost of the application form of ` 100/- can be added to the Assessment Test fee of ` 1000/- and the Demand Draft for ` 1100/- of any Scheduled Bank drawn in favour of “The Secretary, The Institute of Chartered Accountants of India”, payable at New Delhi only has to be sent to the Additional Secretary (Exams), The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002 so as to reach him on or before 4th December, 2014. The applications received after 4th December, 2014 will not be entertained under any circumstances.

(V. Sagar)Acting Secretary

“ICAI Bhawan”, Post Box No.7112 Telephones: 3054829, 3054823, 3054822Indraprastha Marg, New Delhi-110 002, India Fax: 0120-3054843/3054841 E-Mail: [email protected]


Announcements

INDIRECT TAXES : PRACTICE OF THE FUTUREOrganised by

Indirect Taxes Committee

Hosted By : Eastern India Regional Council

The Institute of Chartered Accountants of India

Day & Date : Saturday, 20th December 2014

Time: 10.00pm to 5.00pm

Venue: R Singhi Hall, EIRC Premises

Topics: Speakers

1) Opportunities in Indirect Taxes CA Pulak Saha

2) Representation of Service Tax Laws CA Sushil Kr Goyal

3) GST-Going to be a Realty CA Rajarshree Dasgupta

4) Latest Amendments & Important CA Brijesh Verma Disputes arising in Service Tax

` 700` 800 Spot

Fees6 CPE

AUDIT UNDER COMPANIES ACT 2013- CHALLENGES FOR STATUTORY AUDITORS

Organised by Auditing & Assurance Standards Board

Hosted By Eastern India Regional Council


Day & Date : Tuesday, 30th December 2014



Topics:1) Audit Report under Companies Act 2013 including IFC

2) Reporting on Fraud and Risk assessments and fraud risk considerations for Auditors - SA 315 and SA 240

3) SA 230 - Audit Documentation

4) SA 570 - Going Concern

5) Audit of Related Party transactions under Companies Act 2013

` 500` 600 Spot

Fees5 CPE

AWARENESS PROGRAMME ON FINANCIAL REPORTING PRACTICES

Organised by Financial Reporting Review Board, ICAI

Hosted by Eastern India Regional Council


Day & Date: Wednesday, 10th December 2014



Topics Speakers

General Purpose Financial Statements observed by Financial Reporting Review Board

&

Companies Act, 2013 (erstwhile Revised Schedule VI, Companies Act, 1956) and Issues in CARO

3 CPE ` 150` 200 SpotFees

Facility of Payment by Swiping Credit /

Debit Card Introduced

You can make payment for the following Services :1) EIRC Sales Counter – Purchase of Books/ Publications2) Seminar Registration – Delegate Fees at EIRC

REQUIRED FOR READING ROOMEIRC of ICAI requires space for reading halls in North and South Kolkata for CA Students – Preferably at ground/1st floor. Reading Space is also reqired in our branches at Asansol, Bhubaneswar, Cuttack, Dibrugarh, Durgapur, Guwahati, Ranigunj, Rourkela, Sambalpur, Siliguri, Tinsukia. Space owners including NGO’s may apply, giving details of the Location, Area, Site plan and expected monthly rent to

Ms. Swati Banerjee, Librarian, EIRC of [email protected]/[email protected],

Phone – 033 30211103/05

CA Saubhik Sarkar



New President ICAI Elected

CA K. Raghu, President, ICAI elected as IFAC Board Member

CA K. Raghu, President, (ICAI) has been elected as the Board Member of International Federation of Accountants (IFAC) for a period of three years from November 2014 to November 2017at the IFAC Council Meeting held at Rome, Italy in November, 2014. IFAC is a global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and

contributing to the development of strong international economies.

IFAC’s mission is to serve the public interest by: contributing to the development of high-quality standards & guidance; facilitating the adoption & implementation of these standards; contributing to the development of strong professional accountancy organizations & accounting firms and promoting the value of professional accountants worldwide and speaking out on public interest issues.

CA K. Raghu a fellow member of the ICAI with more than 23 years of impeccable professional standing in the International Fora, is the Chairman of “Committee on Education, Training & CPD of South Asian Federation of Accountants (SAFA),” a Member on the “Board of the Confederation of Asian and Pacific Accountants (CAPA)”, Technical Advisor to President, SAFA and a Member of “Membership Development Committee of XBRL International.”

Fees- FreeCPE- 2


Recent JudicialPronouncements - Direct Tax

Compiled by CA RAJ [email protected]

1. CIT vs. Vishal Developers (Gujarat High Court)S. 80-!B(10): Law laid down in Radhe Developers 341 ITR 483 (Guj) on “works contract” is not affected by the law laid down by the Supreme Court in Larsen and Toubro Limited (2014) 1 SCC 708 and K. Raheja Development Corporation (2005) 141 STC 298The department argued that the judgement in Commissioner of Income-tax v. Radhe Developers, (2012) 341 ITR 483 (Guj.) which draws a distinction between a “development contract” and a “works contract” and which holds that the benefit of s. 80-IB(10) is allowable to an assessee even if he is not the owner of the land is not good law in view of the judgements of the Supreme Court in Larsen and Toubro Limited v. State of Karnataka, (2014) 1 SCC 708 andK. Raheja Development Corporation v. State of Karnataka, (2005) 141 STC 298 where the concept of a “works contract” has been explained. HELD by the High Court dismissing the department’s appeal:The interpretation of the expression “works contract” in K. Raheja Development Corporation v. State of Karnataka was rendered in the background of the term “works contract” defined in Section 2(1)(v-i) of the Karnataka Sales Tax Act and it was in that backdrop that the Supreme Court concluded that the agreement was one of works contract. The interpretation rendered by the apex court in the said decision was based not on the normal meaning of the term “works contract” but on the special meaning assigned to it under the Act itself, which provided for a definition of inclusive nature. Even the decision in the case of Larsen and Toubro Limited (supra) was rendered in the context of Sales Tax/VAT of the said State. The Supreme Court while upholding the ratio of the decision in the case of Raheja Development Corporation (supra) further laid down certain principles for judging when a contract for construction can be stated to be a works contract and in the process when the materials used in the execution of such contracts can be exigible to Sales Tax/VAT. There is no reason to deviate from the case of Radhe Developers and the assessees were entitled to the benefit under section 80IB of the Act even where the title of the lands had not passed on the assessees and under some cases the development permissions also have been obtained in the name of the original owners (Commissioner of Income Tax III v. Swastik Associates And Commissioner of Income Tax-I v. Archan Enterprises followed)2. Empire Pumps Pvt. Ltd vs. ACIT (Gujarat High Court)S. 80HHA/ 80-IA: Interest earned on fixed deposits placed out of business compulsion is “derived” from the undertakingIncome earned from fixed deposit placed for business purpose cannot be treated as income from other source but must be seen as part of the assessee’s business income. In the present case also the assessee was compelled to park a part of its funds in fixed deposits under the insistence of the financial institutions and therefore the income received thereupon cannot be termed to be income from other sources.3. Mitsu Industries Ltd vs. DCIT (Gujarat High Court)S. 271(1)(c): In the absence of a clear-cut finding by the AO as to whether it is a case of ‘concealment’ or ‘furnishing inaccurate particulars’, penalty cannot be leviedIt is incumbent upon the AO to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income have been furnished by the assessee. In the absence of a clear-cut finding reached by the AO, and, on that ground alone, the order of penalty passed by the AO is liable to be struck down (New Sorathia Engg. Co. 282 ITR 642 (Guj) and Manu Engineering Works 122 ITR 306 (Guj) followed)4. Bipinchandra K. Bhatia vs. DCIT (Gujarat High Court)S. 28/ 37(1): Even if the business is illegal, a loss which is incidental to such business has to be allowed u/s 28 and the Explanation to s. 37(1) has no bearing.

The assessee claimed a deduction of `40,34,898 on account of gold seized by the Custom Authorities. The Tribunal rejected the claim by relying on the Explanation to s. 37(1) of the Act. The assessee claimed before the High Court that as the loss is incidental to the business carried on, the loss is allowable u/s 28 and the provision of Section 37(1) of the Income Tax Act, 1961 cannot override the provision of Section 28. HELD by the High Court allowing the appeal:In view of the decision of the Apex Court in the case of Dr. T. A. Quereshi v. Commissioner of Income-tax, 287 ITR 547, the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the loss suffered by the assessee has to be allowed as a deduction.5. CIT vs. C. Sugumaran (Madras High Court)S. 2(47)(vi): A Power of Attorney which does not enable enjoyment of property does not result in a “transfer”. CBDT Circular No.495 dated 22.9.1987 reads more into s. 2(47)(vi) than warranted.(i) There is no transfer to or enabling enjoyment of property in favour of the

assessee in any manner and therefore, sub-clause (vi) of Section 2(47) of the Income Tax Act does not get attracted. Clause 21 of the power of attorney, which has been already referred to supra, clearly reveals that no consideration was received from the power agent for appointing him as power of attorney. It also emphasised therein that the property right has not been handed over to the power agent. We are, therefore, unable to accept the plea of the Revenue that there was an element of transfer or enabling enjoyment in favour of the assessee. The letter of the land owner subsequently issued does not come to the aid of the Department. It is the duty of the power of attorney holder to deliver the amount received for the purpose of transfer of property. Therefore, no fault could be found on the part of the assessee. Assuming that he had delivered certain sum to the land owner, it is but the lawful duty of the power of attorney to deliver payment to the land owner. The sale to Dr.Meera Bai is also for the same value. Hence, nothing turns on the letter of the erstwhile owner, in favour of the Department.

(ii) We, therefore, now proceed to analyse the meaning behind circular No.495 dated 22.9.1987. The interpretation of the circular as put forward by the Revenue, we are not in agreement. The provisions of sub-clause (vi) of Section 2(47) of the Income Tax Act make it clear that the transaction, which has the effect of transferring or enabling the enjoyment of immovable property alone would come within the ambit of transfer. The circular reads something more into the provision. We are not inclined to accept such an interpretation. The circular also states that the legal ownership would continue with the transferor; but the property rights if it is transferred by way of power of attorney would come within the ambit of sub-clause (vi) of Section 2(47) of the Income Tax Act. Assuming we accept the intention behind the circular, then there should be an element of transfer or enabling enjoyment of property right as stated in paragraph 11.2 of the circular by the power of attorney holder.

(iii) We find no such recital in the power of attorney as extracted by the Tribunal and referred to by us. On the contrary, the terms of the power of attorney clearly show that property rights has not been transferred to the power of attorney holder and there is also no provision for enabling enjoyment. It is not the case of the Department that the power of attorney is sham. If they accept the power of attorney is valid, then the plea of capital gains at the hands of the assessee has no legs to stand.

6. Cochin Stock Exchanges Limited vs. CIT (Kerala High Court)S. 2(47)(v): Execution of a Power of Attorney in favour of the builder constitutes part performance u/s 53A of TOP Act and a “transfer” for capital gains.(i) On a reading of the above provision itself, it is clear that possession of the

property has been handed over to the builder immediately on receipt of the first installment of the payment from the builder. As per clause (3), the total consideration is mentioned as `8,83,50,400/- and `3,00,00,000/- was to be paid as advance on the date of the agreement. The balance amounts were to be paid in instalments. These provisions categorically indicate the existence of


an agreement by which the substantial portion of sale consideration is paid and possession of the property is handed over to the builder.

(ii) It is argued on behalf of the respondent that this is not a sale agreement at all. It is an agreement between owner of the land and the builder. It is argued that Clause (1) itself would show that if the project is not viable the property has to be returned back and the assessee will return all the money till then received. That apart, when a power of attorney is executed, the factum of sale arises only when the property is sold by the builder in favour of third parties. Only at that stage, that is when the sale deeds are executed, transfer as defined under Section 2(47) takes place.

(iii) On going through the materials on record and the documents made available, we do not think that the Tribunal has correctly appreciated the question on hand. When transfer is defined under the Income Tax Act and it includes a transaction involving possession to be handed over in part performance of a contract in the nature referred to in Section 53A of Transfer of Property Act, it amounts to transfer. Section 53A clearly explains the concept of part performance of a contract of sale of immovable property. If a buyer is put in possession of a property in part performance of the obligations under the agreement on the buyer paying a substantial portion of the sale consideration, the contract of sale is treated to be in part performance. Perusal of the agreement in the case clearly indicates such a contract of part performance. The assessee cannot take a contention that the builder is not the buyer. In fact, the terms and conditions of the agreement clearly indicates that the intention of the parties is to sell the property as such to the buyer, or their nominees and a power of attorney is given to enable the buyer to sell the undivided share of land in favour of purchasers of apartments to be constructed by the buyer of the land. The execution of the sale deed is deferred as at the time when the possession of the property is transferred to the builder, there is no purchaser for the property. In other words, the builder himself has crept into the shoes of the purchaser of the property and the registered instruments were created subsequently and the idea of keeping alive the agreement and execution of power of attorney in favour of the builder is only for the purpose of avoiding duplication of registered instruments and payment of stamp duty. In this case, the assessee themselves executes the sale deed after several years on the request of the builder. Therefore, in principle, the actual transfer takes place between the assessee and the builder and it is thereafter the builder transfers possession to the purchaser of the apartments.

(iv) In the said circumstances, we are of the opinion, capital gains is to be computed at the time when the transfer takes place which has to be during the assessment year when a substantial portion of the amount was received by the assessee, that is when `3.81 crores was received by the assessee during the assessment year 2004-05. Hence the said question is to be answered in favour of the department.

7. ACIT vs. Dhampur Sugar Mill Pvt. Ltd (Allahabad High Court)S. 14A/ Rule 8D: Interest expenditure attributable to a taxable business cannot be disallowed. Expenditure on creating assets which do not belong to the assessee is revenue expenditure.(i) Once it was duly established that no borrowed funds on which interest was

paid had been invested for earning tax free income, no disallowance was permissible under Section 14A. The Tribunal has observed that under Rule 8D(2)(ii), a proportionate disallownace out of interest expenditure would be made in respect of interest expenditure which is not directly attributable to any particular income or receipt. Since the entire interest expenditure, in the present case, was attributable to business in which the resultant income was assessable to tax, a disallowance could not be made.

(ii) The true test is whether the expenditure which has been incurred by the assessee is for the purpose of obtaining a commercial advantage in the capital field. In the present case, it is clearly evident that the power transmission lines which were laid by the assessee were, upon erection, to constitute the exclusive property of UPPCL. UPPCL was the only consumer of the electricity

generated by the assessee.. The assessee incurred the expenditure to facilitate its own business. The fixed capital of the assessee was untouched and there was no capital accretion for the assessee (Empire Jute Co Ltd 124 ITR 1 (SC), L H Sugar Factory and Oil Mills 125 ITR 293 (SC), Gujarat Mineral Development Corp 249 ITR 787 (SC) & Coats Viyella India 253 ITR 667 (Mad) referred).

8. UCO Bank vs. UOI (Delhi High Court)Liability for TDS u/s 194A does not arise if the beneficiary is not ascertainable and the person in whose name the interest is credited is not person liable to pay tax. Circular No. 08/ 2011 dated 14.10.2011 set aside.(i) Essentially, the controversy in the present case involves the question whether

the provisions of Chapter XVII of the Act would be applicable in respect of interest which is payable on the fixed deposits maintained by this Court with the petitioner bank, in the name of the Registrar General. Concededly, money deposited by litigants or at their instance in this Court and kept in fixed deposit with the petitioner bank are not funds or assets of this Court and would be payable to the person as may be ultimately directed in the concerned proceedings. Any accretion on account of interest on the said deposits also do not inure to the benefit of this Court

(ii) There are myriad of situations in which this Court directs deposit of money by litigants or at their instance; directions for depositing funds in a case are made after considering the relevant facts and circumstances of that case. The final recipient or the beneficiaries of the funds can be ascertained only after appropriate orders are passed in those proceedings.

(iii) In the absence of an assessee, the machinery of provisions for deduction of tax to his credit are ineffective. The expression “payee” under Section 194A of the Act would mean the recipient of the income whose account is maintained by the person paying interest. In the present case, although the FD is made in the name of the Registrar General, the account represents funds which are in custody of this Court and the Registrar General is neither the recipient of the amount credited to that account nor the interest accruing thereon. Therefore, the Registrar General cannot be considered as a “payee” for the purposes of Section 194A of the Act. The credit by the bank in the name of the Registrar General would, thus, not attract the provisions of Section 194A of the Act. Although, Section 190(1) of the Act clarifies that deduction of tax can be made prior to the assessment year of regular assessment, nonetheless the same would not imply that deduction of tax is mandatory even where it is known that the payee is not the assessee and there is no other assessee.

(iv) It is relevant to note that there is no assessee to whom interest income from the deposits in question can be ascribed; no person can file a return claiming the interest payable by the petitioner as income. The necessary implication of this situation is recovery of tax without the corresponding income being assessed in the hands of any assessee. The ultimate recipient of the funds from the FD would also not be able to avail of the credit of TDS. It is apparent that in absence of an ascertainable assessee the machinery of recovering tax by deduction of tax at source breaks down because it does not aid the charge of tax under Section 4 of the Act but takes a form of a separate levy, independent of other provisions of the Act. This is, clearly, impermissible.

(v) Circular 8/2011 proceeds on an assumption that the litigant depositing the money is the account holder with the petitioner bank and/or is the recipient of the income represented by the interest accruing thereon. This assumption is fundamentally erroneous as the litigant who is asked to deposit the money in Court ceases to have any control or proprietary right over those funds. The amount deposited vests with the Court and the depositor ceases to exercise any dominion over those funds. It is also not necessary that the litigant who deposits the money would be the ultimate recipient of those funds. As indicated earlier, the person who is ultimately granted the funds would be determined by orders that may be passed subsequently. And at that stage, undisputedly, tax would be required to be deducted at source to the credit of the recipient. However, the litigant who deposits the funds cannot be stated to


be the recipient of income for the reasons stated above.(vi) Deducting tax in the name of the litigant who deposits the funds with this

Court would also create another anomaly because the amount deducted would necessarily lie to his credit with the income tax authorities. In other words, the tax deducted at source would reflect as a tax paid by that litigant/depositor. He, thus, would be entitled to claim credit in his return of income. The implications of this are that whereas this Court had removed the funds from the custody of a litigant/depositor by judicial orders, a part of the accretion thereon is received by him by way of Tax deducted at source. This is clearly impermissible because it would run contrary to the intent of judicial orders.

(vii) In the given circumstances, the writ petitions are allowed and the impugned notice dated 25.04.2012, the impugned circular bearing no. 8/2011 and the impugned order dated 10.03.2014 are set aside.

9. B. Kishore Kumar vs. DCIT (Madras High Court)Admission of undisclosed income by assessee constitutes good evidence. Loose sheets found during search can be relied upon.(i) With regard to the undisclosed income of ̀ 52,73,920/- supported by printouts,

in the sworn statement dated 29.8.2006, the assessee says that he had separate business income which was not included in his income tax returns. Therefore, admission of undisclosed income of `52,73,920/- is categoric and undisputed. When there is a clear and categoric admission of the undisclosed income by the assessee himself, there is no necessity to scrutinize the documents. The document can be of some relevance, if the undisclosed income is determined higher than what is now determined by the department. Moreover, it is not the case of the assessee that the admission made by him was incorrect or there is mistake. In fact, when there is a clear admission, voluntarily made, by the assessee, that would constitute a good piece of evidence for the Revenue.

(ii) The assessee relied upon a decision of the Delhi High Court in Commissioner of Income Tax v. Girish Chaudhary, [2008] 296 ITR 619 to plead that loose sheets of papers should not be taken as a basis for determining undisclosed income. However, in the case on hand, loose sheets found during the search are not the sole basis for determining the tax liability. It is a piece of evidence to prove undisclosed income. The printout statements of undisclosed income is not disputed by the assessee and in his sworn statements it is accepted. The entire exercise by the department to bring to tax undisclosed income, we find has been generous and simple. There appears to be no confusion in the quantification of the tax liability and we uphold the order of the Tribunal.

10. P & O Nedlloyd Ltd. & Ors vs. ADIT (Calcutta High Court)Though a firm is not a “person” under UK law, it is so under the Indian law. Consequently, the firm is eligible for exemption under the India-UK DTAA. The department’s contention that the firm is not eligible for benefits under the DTAA is not acceptable.(i) It is the other objection regarding attempt on the part of the Revenue to

subject the said partnership to taxation on the ground its income was not saved from the charge of income tax by the India-UK Treaty, that the Revenue has not been able to overcome. In dealing with such objection it is necessary to reproduce below certain clauses, relevant for the purpose, of the India-UK Treaty notified on 11th February, 1944.

(ii) The effect of the relevant provisions of the India-UK Treaty is the convention applies to persons who are residents of one or both of the Contracting States by operation of clauses 1(f) and 2 of Article 3 of the convention. It is found the said partnership, partners of which are registered in the UK, is not a person treated as a taxable unit under the taxation laws in force in the UK. Under section 2(31) (iv) of the Income Tax Act, 1961, person includes a firm. Under section 2(23)(i) thereof a firm shall have the meaning assigned to it in the Indian Partnership Act, 1932 and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008. The provisions of the Indian Partnership Act, 1932 in particular sections 4 and 69 when applied for

the purpose of determining whether the said partnership is a firm within the meaning of the said Act, leads this court to conclude in the affirmative. That obviates the necessity of applicability of the provisions of the Limited Liability Partnership Act, 2008.

(iii) Once it is found the said partnership is a firm under section 2(23)(i) of the Income Tax Act, 1961, it becomes a person under section 2(31)(iv) of the said Act, attracting the operation of paragraph 2 of Article 3 of the said convention. Such conclusion is inescapable as the Revenue must bring a charge of income tax against a person under section 4 of the Income Tax Act, 1961. The Revenue in treating the said partnership as an assessee and seeking to assess income of it which had escaped assessment is for the purpose of charging tax on the income of the said partnership, treating it as a person liable to be charged with the levy of income tax under the said section. In doing so the revenue has to treat the said partnership as a person within the definition provided of person under section 2(31)(iv) of the said Act. Thus the Revenue’s case the said partnership is not covered by the said convention fails.

(iv) In as much as in the facts and circumstances aforesaid it would be unjust to compel the said partnership or the petitioners to submit themselves to the assessment sought by the impugned notice, the writ petition succeeds. The impugned notice dated 25th March 2004 issued under section 148 of the Income Tax Act, 1961 to P&O Nedlloyd (partnership) is set aside and quashed.

11. CIT vs. C. Jaichander (Madras High Court)S. 54EC: Assessee is eligible for deduction of `1 Crore in respect of investment of `50 Lakhs made in two different financial years. Proviso to s. 54EC seeking to curb this has effect from AY 2015-16(i) On a plain reading of Section 54EC(1) of the Act it is clear that it restricts the

time limit for the period of investment after the property has been sold to six months. There is no cap on the investment to be made in bonds. The first proviso to Section 54EC(1) of the Act specifies the quantum of investment and it states that the investment so made on or after 1.4.2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees. In other words, as per the mandate of Section 54EC(1) of the Act, the time limit for investment is six months and the benefit that flows from the first proviso is that if the assessee makes the investment of `50,00,000/- in any financial year, it would have the benefit of Section 54EC(1) of the Act.

(ii) The legislature has chosen to remove the ambiguity in the proviso to Section 54EC(1) of the Act by inserting a second proviso with effect from 1.4.2015. The memorandum explaining the provisions in the Finance (No.2) Bill, 2014 also states that the same will be applicable from 1.4.2015 in relation to assessment year 2015-16 and the subsequent years. The intention of the legislature probably appears to be that this amendment should be for the assessment year 2015-2016 to avoid unwanted litigation of the previous years.

12. ACIT vs. Inlay Marketing Pvt. Ltd (ITAT Delhi)S. 153A/ 153C: Entire law on recording of satisfaction by the AO and limitation period explained(i) It must not be lost sight of that s. 153C of the Act and 158BD of the Act are

draconian in nature when accounts of the person or entity other than the person searched are reopened automatically and revenue gets authority to assessee or reassess assessment of six assessment years preceding previous year in which seized material or evidence belonged to the person other than the person searched is handed over to the AO of that other person. Therefore, it is always advisable to the revenue authorities that the proceedings u/s 153C of the Act should not be initiated and conducted in a casual manner and the motive of statutory provision clearly stipulates that the AO should make himself satisfied prior to initiation of proceedings u/s 153C of the Act.

(ii) As per RTI reply, it has been stated and answered to the present assessee i.e. person other than person searched, the AO of the person searched has admitted that no satisfaction note is available in their record/files concerning person other than the present case. The satisfaction note clearly reveals ex


facie that the same has been recorded by the AO in the capacity of AO of the person other than person searched meaning thereby assessee of the instant appeals. In these circumstances, it can safely be held that no valid satisfaction was recorded by the AO of person searched so as to fulfill requirement of valid assumption of jurisdiction u/s 153C of the Act which is sine qua non for validly assumed jurisdiction u/s 153A of the Act.

(iii) The AO recorded satisfaction and issued notice u/s 153C of the Act from AY 2003-04 to 2008-09 but on the date of recording of satisfaction i.e. 5.7.2010 the relevant previous year is 2010-11. The assessment for AY 2003-04 and AY 2004-05 is time barred as per provisions of section 153(1) of the Act which stipulated that the AO can issue the notice u/s 153A of the Act for six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted and for the purpose of section 153C of the Act for the six assessment years immediately preceding the assessment year relevant to the previous year in which the document or material is handed over (DSL Properties Ltd & V.K. Fiscal Services Pvt. Ltd followed)

13. SRF Limited vs. ACIT (ITAT Delhi)S. 253(3): Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned as it would result in the limitation period becoming otiose.(i) We are of the view that there is an extraordinary delay of 1163 days in

filing this appeal for which assessee has to show “sufficient cause” but the cause shown by the assessee may be considered a “sufficient cause” for the intervening period when old officers left or parted with the company and till new Manager Taxation Mr. Hemant Gupta joined, meaning thereby from October 2007 to 29.2.2008, but we are unable to see any “sufficient cause” which could justify or properly explain the delay which occurred from last date of filing the appeal as per statutory provisions of the Act to departure of Shri Suresh Chawla – AVP – Taxation i.e. from 17.6.2006 to October 2007 and from joining of Mr. Hemant K. Gupta – Manager Taxation to the date of filing this appeal i.e. from 29.2.2008 to 12.8.2009. From impugned order of the CIT(A) dated 30.3.2006, we clearly observe that Shri Suresh Chawla AVP (Taxation) of the company was present at the time of delivery of the order with Shri Satya Sethi, Advocate and Shri Harsh Singhal the representative of the assessee company which reveals that Shri Suresh Chawla was well aware about the impugned order from the date of the order i.e. from 30.3.2006, therefore, delay in filing appeal was not due to ignorance but the delay was caused due to languid and inane conduct of the assessee. We also note that the date on which Mr. Hemant Kumar Gupta found relevant papers in a file folder is neither mentioned in the application for condonation of delay nor in the affidavit of Mr. Gupta. Therefore, “sufficient cause” as shown by the assessee is not acceptable in the light of ratio of the decision of Hon’ble Apex Court in the case of Chief Postmaster General and Others vs Living Media India Ltd. and Another (supra) and Pundlik Jalam Patil (Dead) by LRS vs Executive Engineer (supra). In above facts and circumstances of the present case, we are of the considered opinion that if such kind of extraordinary delay is condoned without any sufficient cause, then the provisions of prescribed limitation period would become otiose and infructuous.

(ii) Thus, we respectfully hold that the benefit of the ratio of the decisions of Vedabai (supra) and Mst. Katiji (supra) is not available for the assessee. On the other hand, the decisions as relied by the ld. DR i.e. decisions of Hon’ble Apex Court in the cases of Chief Postmaster General and Others vs Living Media India Ltd. and Another (supra) and Pundlik Jalam Patil (Dead) by LRS vs Executive Engineer (supra) are squarely applicable to the present case as the “sufficient case” shown by the assessee in the application for condonation of delay is neither supported by the affidavit of Mr. Hemant Kumar Gupta nor by the submissions and other contentions of the assessee. Therefore, we reach to a fortified conclusion that the assessee miserably failed in establishing and substantiating “sufficient cause”, as required by the statutory provisions of the Act, for the extraordinary delay of 1163 days. Hence, present application for condonation of delay is dismissed.

14. Dilip Anand Vazirani vs. ITO (ITAT Mumbai)S. 2(47((v)/(vi): Mere execution of a development agreement does not result in a “transfer” if the approval of the municality is delayed and the developer has not started work.The assessee had received advance amounts much earlier to the execution of development agreement, probably on the strength of the MOU. The property was encumbered with tenancy rights of many persons and the release of tenancy right was completed only in January, 2005. Further, the approval from municipal corporation was also got delayed and the plans were revised subsequent to AY 2000-01. The surrounding circumstances show that the developer did not start the work of development in the year relevant to AY 2001-02. As per the terms of development agreement, the assessee has given only licence to enter into the property, meaning thereby the possession was not given in the year relevant to AY 2001-02. In view of the peculiar facts narrated above, the assessee has contended that the tax authorities are not correct in holding that the transfer of property took place in the year relevant to AY 2001-02. The various case laws discussed above also support the view taken by the assessee. Hence, we agree with the contentions of the assessee in this regard. Accordingly, we hold that the transfer of property did not take place on the date of execution of development agreement and accordingly the tax authorities are not justified in assessing the capital gain in AY 2001-02.15. CIT vs. Dimension Apparels Ltd (Delhi High Court)S. 143(3) assessment on amalgamating company is a nullity. U/s 170(2) assessment has to be on successor. Mistake cannot be cured u/s 292B. Participation by amalgamating company is irrelevant as there is no estoppel against a statute.(i) Section 481 of the Companies Act provides for dissolution of the company. The

Company Judge in the High Court can order dissolution of a company on the grounds stated therein. The effect of the dissolution is that the company no more survives. The dissolution puts an end to the existence of the company. It is held in M.H. Smith (Plant Hire) Ltd. Vs. D.L. Mainwaring (T/A Inshore), 1986 BCLC 342 (CA) that “once a company is dissolved it becomes a non-existent party and therefore no action can be brought in its name. Thus an insurance company which was subrogated to the rights of another insured company was held not to be entitled to maintain an action in the name of the company after the latter had been dissolved.

(ii) After the sanction of the scheme, the amalgamating company ceases to exit. Even if the amalgamating company had filed the returns, it became incumbent upon the Income tax authorities to substitute the successor in place of the said “dead person”. When notice under Section 143 (2) was sent, the appellant/amalgamated company appeared and brought this fact to the knowledge of the AO. He, however, did not substitute the name of the appellant on record. Instead, the Assessing Officer made the assessment in the name of the amalgamating company which was non existing entity on that day. In such proceedings and assessment order passed in the name of the amalgamating company would clearly be void. Such a defect cannot be treated as procedural defect. Mere participation by the appellant would be of no effect as there is no estoppel against law. This is not a mistake that can be cured u/s 292BB.

16. ITO vs. Narinder Kaur Bhatia (ITAT Mumbai)S. 54: Purchasing the undivided share of a co-owner in a new flat constitutes a “purchase” & is eligible for exemption.(i) The assessee purchased a residential flat on 08.01.1981, which was sold on

07.02.2007 for a sale consideration of `1,25,00,000/-. The long term capital gain on such sale amounted to `1,14,63,650/-. Before the said sale, assessee had entered into an agreement to purchase a residential flat, being flat no. 501 Elegant Orchid at Santacruz (west), Mumbai along with her son, Gurdeep Singh Bhatia and daughter-in-law, vide agreement dated 28.12.2005 and payment of `5,00,000/- was made. Another payment of ` 5 lakhs was made on 16.05.2006. This payment of `10 lakhs was claimed as exemption u/s 54, which has been restricted to `5 lakhs by the CIT(A). Thereafter the assessee


Recent JudicialPronouncements - Indirect Tax

Compiled by CA Ankit [email protected]

1. ST - unless there is control, which is passed to hirer under rent-a-cab scheme, there cannot be taxable transaction - Ratio of Punjab & Haryana High Court order differed with: HC- [COMMISSIONER OF CUSTOMS & CENTRAL EXCISE Vs SACHIN MALHOTRA & RAJ KUMAR TANEJA & M/s SHIVA TRAVELS (2014-TIOL-2039-HC-UKHAND-ST)]

The appeals were filed by Revenue against the order of Tribunal setting aside the demand under Rent a Cab operator service by holding that, for imposing service tax within the meaning of Section 65(105)(o) of the Service Tax Act, the hirer must have possession of the vehicle in question. Before the High Court, revenue argued that The Tribunal has been in error in not noting that, essentially, there is no distinction between “hiring” and “renting”. The important element is the consideration of what is “taxable service”. The Court may not overlook the words “in relation to”. It has the effect of widening the scope of the activities, which are sought to be taxed. No reliance can be placed on the provisions of the Motor Vehicles Act, 1988 in interpreting the provisions contained in the Finance Act. In these cases, factually, the respondents / assessees entered into contracts with public sector organizations and the nature of the transactions make it clear that it partakes element of a rent-a-cab scheme and the vehicles were being offered to the organizations, which were using them.

After hearing both sides, the High Court held what is sought to be taxed under the provisions, is service, which is rendered in relation to renting of cabs. Under Section 65(91) of the Service Tax Act, “rent-a-cab scheme operator” has been defined as a person, who is engaged in the renting of cabs. The words “in relation to”, undoubtedly, do have the effect of expanding the scope of taxation. With this proposition, we can have no quarrel. But, this cannot detract from our enquiring into as to what is the transaction, which is actually brought to tax. We are constrained to pose this question and answer this question as what is sought to be taxed is the service in relation to the renting of cabs. So, the most important and crucial element, which we must bear in mind, is, whether there is a business of renting of cabs. Unless there is renting of cabs, there is no question of further enquiring as to the services, which may be rendered therein. In other words, any service, which may be rendered and which does not relate to renting of cabs, would be irrelevant for our consideration. When we consider the matter in the said light, we have no doubt in our minds that the Tribunal has, in this case, correctly propounded the principle that, unless the control of the vehicle is made over to the hirer and he is given possession for howsoever short a period, which the contract contemplates, to deal with the vehicle, no doubt subject to the other terms of the contract; there would be no renting. When a person chooses to hire a car, which is offered on the strength of a permit issued by the Motor Vehicles Department, then the owner of the vehicle, who may or may not be the driver, will offer his service while retaining the control and possession of the vehicle with himself. The customer is merely enabled to make use of the vehicle by travelling in the vehicle. In the case of a passenger, he is expected to pay the metered charges, which is usually collected on the basis of the number of kilometers travelled. These are all matters, which are regulated by the Government. Unlike the said scenario, in the case of a rent-a-cab scheme, as is clear from the very fundamental principle underlying the scheme, it is to give the hirer the freedom to use the vehicle as he pleases, which, undoubtedly, implies that he must have possession and control over the vehicle. This is the fundamental distinction

had entered into an agreement with her son Gurdeep Singh Bhatia on 20.03.2007, who was the co-owner, for purchasing his undivided share in the new flat for sum of `1,10,00,000/-. The payment schedule has already been recorded above. The department’s case is that, firstly, the purchase agreement for new flat on was 28.12.2005, which is beyond the period of one year before the date of sale and secondly, the purchasing of undivided share in the flat from the son does not amount to purchase of a flat; and therefore on these two counts, exemption u/s 54 is not available to the assessee. On the first issue CIT(A) has held that the payment of purchase consideration to the extent of `5 lakhs which was made on 16.05.2006, falls within the period of one year before the date of sale of original flat and hence this amount is eligible for exemption u/s 54. The other part of the `5 lakhs paid on 13.10.2005 was denied by him, as it was beyond period of one year. To this extent the finding of the CIT(A) is factually and legally correct therefore no inference is called for and same is affirmed.

(ii) Now coming to the other part of the issue, whether purchasing of share of the son who is co-sharer in the flat amounts to purchase or not. We find that this issue, in principle, is settled by the decision of Hon’ble Supreme Court in the case of CIT Vs. T.N. Aravinda Reddy (1979) 120 ITR page 46 (SC) wherein it was held that the word ‘purchase’ in section 54(1) had to be given a common meaning, that is, buying for a price or equivalent of a price on by payment in kind or adjustment towards debt or for other monitory consideration. In the case before the Hon’ble Supreme Court, four brothers were the members of HUF, who had partitioned a joint family property, leaving an undivided common house. The three brothers executed a release deed in favour of the elder brother for a consideration which was treated as purchase of the house by the elder brother. The elder brother had sold one of his house and out of the sale proceeds, paid the consideration to his brothers to acquire their shares in the house. In this context it was held that the elder brother would be entitled to relief u/s 54(1). Similarly the Hon’ble Gujarat High Court in CIT Vs. Chandan Ben Maganlal has held that sale proceeds invested for purchase of interest in the residential house owned by assessee’s husband and son amounts to purchase, hence entitled for exemption u/s 54. There are other High Court decisions on this score, which have been referred and relied upon by the CIT(A). Thus, following the said proposition laid down by the Hon’ble courts, we hold that the reasoning and the conclusion drawn by the CIT(A) is legally correct and the same is upheld.

17. ACIT vs. Cecilia Haresh Chaganlal (ITAT Mumbai)S. 271(1)(c): Explanation that bona fide mistake was committed on advice of CA is a reasonable one as per Explanation 1B of s. 271(1) and does not attract penalty.When there is no attempt on the part of the assessee to show the Long Term Capital Gain in a different category then merely because a concessional rate of tax was applied in the revised return does not ifso facto lead to the conclusion that the assessee has concealed the particulars of income. Even otherwise, all these facts and circumstances supports the explanation of the assessee that the concessional rate of tax on Long Term Capital Gain was applied on the basis of the advice of the Chartered Accountant, therefore, it was a bona fide mistake. This explanation, in our view is quite reasonable as per the Explanation 1B of section 271(1) of the Income Tax Act particularly in view of the fact that the assessee did not claim the benefit of indexed cost while computing the Capital Gain in question. This is not a case that the Long Term Capital Gain in question is not eligible for benefit of indexed cost. The claim of concessional tax applied on the Long Term Capital Gain, though, is against the provisions of Income Tax Act, however, it is based on the fact that the benefit of indexed cost was available to the Capital Gain in question which was not claimed by the assessee. In view of the above facts and circumstances of the case, we do not find any error or illegality in the impugned order of CIT(A) in deleting the penalty by following the Judgment of Hon’ble Supreme Court in the case of Price Waterhousecoopers 348 ITR 306 (SC).


Recent Judicial Pronouncements - Indirect Tax

applications are allowed and the same are dismissed as withdrawn.

4. ST - Refund - When it is held that no Service Tax is payable, whatever has been paid by the appellant, whether by way of tax or interest, has to be treated as deposit and the amount is to be refunded: CESTAT (ROSHAN R JAISWAL Vs THE COMMISSIONER OF CENTRAL EXCISE, NAGPUR 2014-TIOL-2308-CESTAT-MUM)

The brief facts of the case are that the appellant is a distributor for BSNL Pre-paid Cellular services etc. and was registered with Service Tax department under the category of ‘franchise service’. As per para 9 of the Order-in-Original, the appellant had deposited an amount of `24,73,590/- during the period 13.1.2009 to 9.11.2009 which included interest. These taxes were paid pursuant to issue of show-cause notice dated 16.10.2008, which was adjudicated vide Order-in-Original dated 17.8.2009. Although the tax and interest has been deposited, the appellant had preferred appeal before the Commissioner (Appeals), who vide Order-in-Appeal No. SR/52/NGP/2010 dated 15.2.2010 allowed the appeal in favour of the appellant holding that the appellant is a trader in SIM cards and have paid the Sales Tax on such transaction and accordingly, no Service Tax is payable

Consequent to allowing of the appeal, the appellant applied for refund for the total amount of ̀ 24,76,590/-. The Assistant Commissioner while adjudicating the claim of refund, allowed refund of `23,76,070/- (`18,98,953/- being Service Tax and `4,77,117/- towards interest) observing that as per the order of the Commissioner (Appeals), the amount of Service Tax on the alleged value of Service Tax comes to `18,98,953/- and the interest on such tax comes to ` 5,74,637/- whereas on scrutiny of the challans it is observed that the appellant has paid `19,96,473/- as tax and `4,77,117/- towards interest and the amount of ` 97,520/- was rejected. It was observed that the interest paid by the appellant does not tally with the calculation as per the appellate order and thus, the amount was rejected on the ground of mismatch.

Being aggrieved, the appellant is in appeal before this Tribunal and states that as it has been held that no Service Tax is exigible on the appellant, whatever amount was deposited by it is acquired the character of deposit. The Tribunal after hearing both the sides held that amounts deposited by the appellant whether by way of tax or interest, it assumed the character of deposit when it was held in its favour that no Service Tax is payable and or exigible. Thus, the adjudicating authority had erred in rejecting the refund claim of ̀ 97,520/- on the ground of mismatch. Thus, the appeal was allowed, the impugned order is set aside and the adjudicating authority was directed to issue the refund of ` 97,520/- within a period of four weeks from production of a copy of this order.

We are a Kolkata-based firm with a pan-India practice in diverse professional segments, interested to take over the practice, through merger or purchase, of any established Firm in the Eastern Region.

Contact as follows :Mookherjee Biswas & Pathak

5 & 6, Fancy Lane, 5th Floor, Kolkata 700 001e-mail : <[email protected]>

Phone No : (033) 2248 1733, 2231 8869, 2242 1789

Required

between rent-a-cab and a pure case of hiring. Unless there is control, which is passed to the hirer under the rent-a-cab scheme, there cannot be a taxable transaction under Section 65(105)(o), read with Section 65(91) of the Service Tax Act. We are, therefore, unable to subscribe to the view taken by the Punjab & Haryana High Court - 2010-TIOL-436-HC-P-H-ST and the impugned orders passed by the Tribunal are confirmed.

2. CENVAT – When there is no dispute regarding receipt of inputs, therefore, whatever tax has been paid by appellant on Inward Transportation Service is entitled for input service credit - Appeal allowed: CESTAT (M/s MAHANAGAR GAS LTD Vs COMMISSIONER OF CENTRAL EXCISE, MUMBAI-V 2014-TIOL-2341-CESTAT-MUM]

The appellant is procuring gas from Gas Authority of India Ltd. (GAIL) through pipelines and the same was supplied through petrol pumps or through pipelines to the consumers. The appellant is availing CENVAT credit on inputs on Inward Transportation Service and paying duty on their final product. At the end of the year, the appellant maintains a balance-sheet and account for Measurement Tolerance in their balance sheet showing shortage of gas lost during the supply as final product. Based on the aforementioned balance sheet, the department took a view that since a shortage has occurred of inputs, consequently the input service credit availed on Inward Transportation Service is reducible to the said extent. Proceedings were initiated & the lower authorities confirmed the demands. A princely sum of `2.26 lakhs with equivalent penalty was involved in one appeal. It was submitted that in this case the CENVAT credit on inputs have not been denied on account of shortages but input service credit on transportation of these inputs has been denied by the department; that it is not permissible. Moreover, the Measurement Tolerance has occurred on account of receipt of inputs and supply of finished goods and whatever shortage may occur may be during the process of manufacturing& hence CENVAT credit cannot be denied. The Bench held that in the given case there is no dispute on account of availment of CENVAT credit on inputs. When there is no dispute regarding receipt of inputs, therefore, whatever transportation has been paid by the appellant on Inward Transportation Service are entitled for input service credit. Further, the measurement Tolerance is on account of receipt of inputs and supply of finished goods. In these terms, it cannot be said the appellants have received the input in short quantity. Therefore, service tax on inward transportation is entitled as input service. Holding that the appellants have rightly taken the CENVAT credit on input service on Inward Transportation Service, the orders of the lower authority were set aside and the appeals were allowed with consequential relief.

3. CE - Pre-deposit - Once the appellant pays the mandatory amount prescribed u/s 35F of CEA, 1944, no separate order of Stay is required for the balance amount of demand - Miscellaneous applications for withdrawing Stay applications allowed: CESTAT (M/s ISMT LTD Vs COMMISSIONER OF CENTRAL EXCISE, PUNE-III 2014-TIOL-2345-CESTAT-MUM)

In this case, the appellants had filed the miscellaneous applications seeking stay of the balance amount of impugned demand. The appellants state that they have deposited the mandatory amount as required under section 35F of the Central Excise Act, 1944. In this view of the matter, no separate order of stay is required under the mandatory statute.

Thus, the miscellaneous applications filed for withdrawing the stay

EIRC 1st December 2014 �

Notification & CircularsIndirect Taxes & FEMA & FDI

A. SERVICE TAXComplied by CA Ankit Kanodia

[email protected]

1. Corrigendum to Office Orders No. 3/2014-CUS Dated 15.10.2014, 4/2014-ST Dated 15.10.2014, 5/2014-C.E. Dated 22.10.2014, 6/2014-ST Dated 22.10.2014, 7/2014-CUS Dated 22.10.2014 and 8/2014-CUS Dated 22.10.2014 (OFFICE ORDER – 10., Dated: November 12, 2014)

2. Impact of natural disaster hitting some parts of India - CBEC extends ST-3 last date to 14 Nov 2014 (ORDER NO 02/2014-ST, Dated: October 24, 2014)

3. ST Commissionerates - CBEC modifies Office Order to notify First and Second Link Officer (OFFICE ORDER NO 193/2014-ST, Dated: October 27, 2014)

B. CENTRAL EXCISE

1. CBEC clarifies as regards availment of Cenvat Credit within six months of invoice date (Circular No.: 990/14/2014-CX-8 Dated: November 19, 2014)

2. Govt grants excise duty exemption to bunker fuels for use in ships (Notification no. 21/2014-Central Excise, Dated: November 11, 2014)

3. Excise duty on Petrol and High Speed Diesel increased (Notification no. 22/2014-Central Excise, Dated: November 12, 2014)

4. Constitution of Review Committee of Commissioners of Central Excise - Reg. (OFFICE ORDER NO 5/2014-CE, Dated: October 22, 2014)


6. Splitting up of rebate claims to avoid pre-audit-reg (INSTRUCTION NO. F. No. 206/05/2014-CX.6., Dated: November 3, 2014).

7. Excisability of Odoriferous compound/ agarbathi mix arising during the course of manufacture of agarbathi (Circular no. 989/13/2014-CX.3, Dated: November 7, 2014)

8. Judgement of Hon’ble Bombay High Court in the case of M/s Bharti Airtel Ltd. vs The Commissioner of Central Excise, Pune III in Central Excise Appeal No. 73 of 2012 and 119 of 2012 (reported as 2014-TIOL-1452-HC-MUM-ST) - reg. (INSTRUCTION NO. F. No. 267/60/2014-CX.8., Dated: November 11, 2014).

9. Judgment of the Larger Bench of Tribunal on Aluminum dross and skimming - reg. (INSTRUCTION NO. F. No. 17/02/2009-CX.1., Dated: November 12, 2014).

C. CUSTOMS

1. Govt grants Customs duty exemption to bunker fuels for use in ships (Notification no. 31/2014-Cus, Dated: November 11, 2014)


3. Constitution of Review Committees – reg (OFFICE ORDER No. 9/2014, Dated: October 29, 2014)

4. Anti-dumping duty on Flexible Slabstock Polyol imported from China PR. extended till 30.08.2015 (Notification No. 42/2014-Cus., (ADD), Dated: September 25, 2014)

5. Govt imposes definitive anti-dumping duty on phenol (Notification No. 43/2014-Cus., (ADD), Dated: September 30, 2014)

D. FEMA & FDIComplied by CA Gautam Sharma

[email protected]

1. Release of Foreign Exchange for Haj/ Umrah pilgrimage

Reserve Bank vide Notification No. RBI/2014-15/310 A.P. (DIR Series) Circular No.40, dated 21st November, 2014 has drawn attention of Authorized Dealers and Full Fledged Money Changer that they may release the full amount of BTQ entitlement in cash or up to the cash limit specified by the Haj Committee of India, to the Haj/ Umrah pilgrims.

2. External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds

Reserve Bank vide Notification No. RBI/2014-15/309 A.P. (DIR Series) Circular No. 39, dated 21st November, 2014 has decided to permit AD Category -I banks to allow eligible ECB borrowers to park ECB proceeds (both under the automatic and approval routes) in term deposits with AD Category- I banks in India for a maximum period of 6 months pending utilisation for permitted end uses subjected to specified conditions.

3. Acquisition/Transfer of Immovable property – Payment of taxes

Reserve Bank vide Notification No. RBI/2014-15/307 A.P. (DIR Series) Circular No. 38, dated 20th November, 2014 clarifies that transactions involving acquisition of immovable property under Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 (notified vide Notification No. FEMA 21 /2000-RB dated 3rd May 2000 as amended from time to time) shall be subject to the applicable tax laws in India. RBI has since amended the principal regulation through these regulation vide Notification No. FEMA.321/2014-RB dated September 26, 2014 c.f. G.S.R. No. 733(E) dated 17th October, 2014.

4. Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs

Reserve Bank vide Notification No. RBI/2014-15/306 A.P. (DIR Series) Circular No. 37, dated 20th November, 2014 draw attention of AD Category-I bank regarding extending the enhancement period for realization and repatriation of the amount representing the full value of export to India (except To Warehouse established outside India, which remain unchanged). The enhancement period was extended from 6 months to 12 months from date of export up to 31st March, 2013, thereafter from 12 months to 9 months till 30th September, 2013. Further, it was decided that period of realization and repatriation of export proceeds shall be 9 months from the date of export for all exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs & BTPs until further notice.

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ICAI InternationalConference 2015


Announcement


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

CA GAUTAM KUMAR LAHAMembership No. 054775

Passed away on 14th September 2014

CA PARSHURAM BHAGATMembership No. 013604

Passed away on 30th September 2014

CA DEBDULAL SAHAMembership No. 015402

Passed away on 2nd August 2014

CA AMITAVA DHARMembership No. 051300

Passed away on 29th July 2014

EIRC DEEPLY MOURNS THE SAD DEMISE OF

WORK DISPOSAL STATUS WORK DISPOSAL STATUS OF VARIOUS ACTIVITIES RELEATED TO

MEMBERS SECTION as on 25/11/2014

PARTICULARS DATE 1) New Enrolment 17/11/2014

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CPT REGISTRATION 26 /11/2014

IPCC REGISTRATION 25/11/2014

FINAL REGISTRATION 24/11/2014

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ITT CERTIFICATE ISSUANCE 21/10/2014

CHANGE OF NAME/ADDRESS UPTO DATE

Work Disposal& Library News

LIBRARY NEWSSome of the latest and useful addition to the EIRC LibrarySl Title & Author Publisher Place &No Edition Year

01 ITALY LONELY PLANET LONELY 2014 PLANET,

02 THE JUDICAIL WORLD OF PAI & UNIVERSAL 2014 A MULTI SPLENDOURED V SUDHISH LAW GENIUS

03 ONE LIFE IS NOT ENOUGH SINGH K N RUPA 2014 PUBLICATION

04 THE INNOVATORS ISSACTION W SIMON & 2014 SCHUSTER

05 WINNING IN INDIA SINGH S RUPA 2014 PUBLICATION

06 ASIAN CAPITAL MARKET KOREA CAPITAL OXFORD 2014 DEVELOPMENT & MARKET INTIGRATION

07 BUILDING MARKANDA LEXIS NEXIS 2014 CONSTRUCTION & DR. P C PRACTICE

08 LAW OF PREVENTION OF MEHANATHAN LEXIS NEXIS 2014 MONEY LAUNDERING DR. M C IN INDIA

09 OUTBOND INVESTMENT JAIN R CCH 2014 READY RECKONER

10 THINK BAYES DOWNEY A B SPD 2014

List of on line Journals/Databases1. CAPITALINE – For business information2. MAGAGEMENT SCIENCE – For management studies3. Income tax Reports – For case reference and decision4. Direct / Indirect tax / Company cases encyclopaedia – for latest charges/

circulars etc.

Reading rooms for students under EIRC Library1. Park Circus Reading Room at 21D/1D, Gora Chand Road, Kol –142. Howrah Reading Room for Girls’ at16/4/1, Round Tank Lane, near Mullick

Phatak. Howrah – 711101

Please enrol and enjoy the treasury of knowledge at EIRC Library. For further information call EIRC Library at (033) 30211103 / 05 or mail us at [email protected].


L : R – CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Rajesh Poddar, CA Subhash Chandra Saraf, Chairman, EIRC, CA P L Mehta, CA Uttam Jhunjhunwala

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Subhash Chandra Saraf, Chairman, EIRC, CA Vikram Khaitan, CA Anurag Singhi

L – R : CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Pulak Saha, CA Subhash Chandra Saraf, Chairman, EIRC

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

L – R: CA Anirban Datta, Secretary, EIRC, CA Sushil Kumar Goyal, Past Chairman, EIRC

View of the Audience at Stress Management – Inset Mr. Ashray Gaurango Das (ISCKON)

L – R: CA Brijesh Verma, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

L – R: Mr. Ashray Gaurango Das (ISCKON), CA Pramod Dayal Rungta, Vice Chairman, EIRC

Let’s Connect – An Open House with Members in Industry on 5th November 2014

Let’s Build - An Open House with Young Members on 17th November 2014

Service Tax Workshop on 7th November 2014

Seminar on Capital Gains including International Taxation Aspect on 18th November 2014

Service Tax Workshop on 7th November 2014

How to improve Professional Efficiency (Art of Stress Management) on 12th November 2014

EIRC Events


Welcoming The President (L–R): CA Sumantra Guha, Council Member, ICAI, CA Manish Goyal, Treasurer, EIRC, CA Anirban Datta, Secretary, EIRC, CA K Raghu, President, ICAI, CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA Subhash Chandra Saraf, Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sunil Kumar Sahoo, Member, EIRC

Releasing the Official Souvenir (L – R) CA Anirban Datta, Secretary, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Subodh Kumar Agrawal, Past President, ICAI, CA K Raghu, President, ICAI, CA Subhash Chandra Saraf, Chairman, EIRC, CA Pramod Dayal Rungta, Vice Chairman, EIRC

Meet the Press : CA K Raghu, President, ICAI briefing the journalists in the session which was also attended by CA Subhash Chandra Saraf, Chairman,EIRC, CA Sumantra Guha, Council Member, ICAI

L – R: CA Manish Goyal, Treasurer, EIRC, CA A C Chakrabortti, Past President, ICAI, CA Amarjit Chopra, Past President, ICAI, CA Sanjay Goyal, Chairman, Siliguri Branch of EIRC

Lighting of Inaugural Lamp (L – R): CA Sunil Kumar Sahoo, Member, EIRC, CA K P Khandelwal, Past Council Member, EIRC, CA Anirban Datta, Secretary, EIRC, CA Pramod Dayal Rungta, Vice Chairman, EIRC, CA K Raghu, President, ICAI, CA Manish Goyal, Treasurer, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Amarjit Chopra, Past President, ICAI, CA Subhash Chandra Saraf, Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sushil Kumar Goyal, Past Chairman, EIRC,

Group Photo of the President along with Central Council, Regional Council and Branch Managing Committee Members

L – R: CA K P Sarda, Chairman, Guwahati Branch of EIRC, CA Varun Nirmal, Advocate Firoz B Andhyarujina , CA Chandra Sekhar Gokhale

39th Regional Conference – 28th & 29th November 2014


Welcoming the Vice President, ICAI (L – R): CA Raj Kumar Bagri, Chairman, Rourkela Branch, CA Bimal Jain, CA Manoj Fadnis, Vice President, ICAI, CA Subhash Chandra Saraf, Chairman, EIRC, CA Dilip B Desai, CA P R Ramesh

Speakers speaking for the motion (L –R) Mrs. Meenakshi Lekhi, Mr. Rahul Sinha, MP Dr. Sambit Patra, MP,

Ms. Shazia Ilimi being welcomed by CA Subhash Chandra Saraf, Chairman, EIRC

(L – R) CA Raj Kumar Bagri, Chairman, Rourkela Branch of EIRC, CA Bimal Jain, CA Manoj Fadnis, Vice President, ICAI, CA Dilip B Desai, CA P R Ramesh, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

Ms. Shazia Ilimi being given memento by CA Subhash Chandra Saraf, Chairman, EIRC and Mr. Gautam Sen, Times Group

Speakers speaking against the motion (L-R) Dr. Kunal Sarkar, eminent Cardiologist, Mr. Ritabrata Banerjee, MP, Mrs. Renuka Choudhary, MP

(L – R) Dr. Kunal Sarkar, eminent Cardiologist, Mr. Ritabrata Banerjee, MP, Rajya Sabha, Mrs. Renuka Choudhary, MP speaking against the motion while (R-L) Dr. Sambit Patra, MP, Mr. Rahul Sinha, Mrs. Meenakshi Lekhi, MP speaking for the motion. The moderator is Ms. Shazia Ilimi, social activist

39th Regional Conference on 28th and 29th November 2014

National Debate in association with Economic Times on “Acche Din Aa Gaye” on 29th November 2014

EIRC Events


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

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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

Mrs. Renuka Choudhury, MP Mrs. Meenakshi Lekhi, MP Mr. Sambit Patra, MP Mr. Rahul Sinha

CA P D Rungta, Vice Chairman, EIRC presenting memento to Dr. Kunal Sarkar CA Manish Goyal, Tresurer,EIRC presenting memento to Mr.Ritabroto Banerjee CA Ranjeet kr Agarwal, Member,EIRC presenting memento to Mrs. Renuka Choudhary

Presenting memento to Mr.Rahul Sinha by Times Group Presenting memento to Mrs. Meenakshi Lekhi by Times Group Presenting memento to Mr. Sambit Patra by Times Group

Dr. Kunal Sarkar

National Debate in association with Economic Times on “Acche Din Aa Gaye” on 29th November 2014

The Participants of the National Debate along with CA Subhash Chandra Saraf, Chairman, EIRC Mr. Ritabroto Banerjee, MP

Documents

EIRC NEWSLETTER · 2019-11-30 · EIRC 1st December 2014 Forthcoming Programme DAY AND DATE KNOWLEDGE SESSION RESOURCE COORDINATOR VENUE DURATION CPE DELEGATE PERSON HOURS FEES `