Price 2/- TITLE CODE :- MAHENG13836 (for members only ... · Price 2/- TITLE CODE :- MAHENG13836(for members only) ... name of monthly newsletter ... (International Taxation)-IV,

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1June 2015 • THE CTC NEWS

Price 2/- (for members only)

The Chamber of Tax Consultants

Vol. I No. 1 | For private circulation only | June, 2015Visit www.ctconline.org For Latest Updates, Notifications & Study Material of the Programmes

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)


Forthcoming Programmes Committee Date Pg. No.

Total Pages 12

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Study Course on Valuation Corporate Members 05, 12-06-2015 3 06, 13-06-2015Allied Laws Study Circle Meeting Allied Laws 08-06-2015 2 (Only for ALC SC Members)Study Circle Meetings (Only for SC Members) Study Circle and Study Group 09 & 16-06-2015 8Study Group Meeting (Only for SG Members) Study Circle and Study Group 11-06-2015 8Notice of Election — 12-06-2015 2Indirect Tax Study Circle Meeting (Only for IDT SC Members) Indirect Taxes 15-06-2015 99th Residential Conference on International Taxation, 2015 International Taxation 18 to 21-06-2015 7GST Study Group Meeting (Only for GST SG Members) Indirect Taxes 23-06-2015 9Scale Up the Tax Practices–An IT Way... Information Technology 25-06-2015 5Notice of The Annual General Meeting — 03-07-2015 1Workshop on MVAT Act, Service Tax & Allied Laws Indirect Taxes 6,13,20,27-06-2015 8 4,11-07-2015Half Day Seminar on ‘Law & Procedure Relting to Authority International Taxation 17-07-2015 4 for Advance Rulings & Recent Controversies’Seminar on EPC Contracts Delhi Chapter 18-07-2015 12Two Days Seminar on Real Estate Development Direct Tax 07 & 08-08-2015 6Unreported Decisions — — 10Renewal Notice - 2015-16 — — 11

NOTICE OF THE ANNUAL GENERAL MEETINGNotice is hereby given that the Eighty Eighth Annual General Meeting of THE CHAMBER OF TAX CONSULTANTS will be held at Garware Club House, Wankhede Stadium, D Road, Churchgate, Mumbai-400 020 on Friday, 3rd July, 2015 at 4.30 p.m. to transact the following business:1. To consider the Annual Report of the Managing Council for the year 2014-15.2. To consider and adopt the audited accounts for the year ended 31st March, 2015.3. To appoint auditors for the year 2015-16 and fix their honourarium.4. To declare results of the election of President and thirteen Members of the Managing Council.5. To transact any other business with permission of the Chair. FOR AND ON BEHALF OF THE MANAGING COUNCIL Sd/-Place : Mumbai HINESH DOSHI Dated : 30th April, 2015 AJAY SINGH Hon. Jt. SecretariesOffice: 3, Rewa Chambers, 31, New Marine Lines, Mumbai-400 020.Notes : 1. As per the decision taken at 86th Annual General Meeting, Annual Report would be circulated in electronic form. It shall also be

available on the Chamber’s website after 9th June, 2015. Any member desiring physical copy can send written request and get it collected from Chamber’s office after 9th June, 2015. Alternatively, can also send written request for sending it by post or courier.

2. If there is no quorum by 4.30 p.m., the meeting will be adjourned for half an hour and the members present at such adjourned meeting shall form the quorum.

3. The members are requested to send their queries, in writing, if any, on the Statements of Accounts and Annual Report for the year 2014-15 to the Hon. Jt. Secretaries at least four days before the day of the Annual General Meeting.

THE

NEWSCTCA

ction is the foundational key to all success.

CHANGE IN NAME OF NEWS LETTER: Post change in the name of the Chamber, name of monthly newsletter CITC NEWS also warranted change. On receiving approval from RNI, from this issue the name of the news letter has changed to “THE CTC NEWS“

TITLE CODE :- MAHENG13836

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June 2015 • THE CTC NEWS2

NOTICE OF ELECTIONTo The Members, The Chamber of Tax Consultants, Mumbai

The election of the President and thirteen Members of the Managing Council for the ensuing year 2015-16 shall take place on Friday, June 12th, 2015 at the Office of The Chamber of Tax Consultants, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai–400 020.

Nominations in the prescribed form should be filed so as to reach the office of the CTC not later than 6 p.m. on Tuesday, June 2nd, 2015. The nomination forms shall be available at the CTC office from Tuesday, May 19th, 2015.

FOR AND ON BEHALF OF THE MANAGING COUNCIL

Sd/- Sd/-

HINESH R. DOSHI/AJAY R. SINGH

Place: Mumbai Hon. Jt. Secretaries

Dated: 30th April, 2015

Office: 3, Rewa Chambers, 31, New Marine Lines, Mumbai-400 020

Notes:

1. Ordinary and Life Members are only eligible to vote at the election.

2. A Member who has completed at least two full years as a member shall be entitled to contest the election for Managing Council or to propose or second a candidate for the election. Each member can propose not more than three candidates.

3. Members whose membership subscription is in arrears shall not be entitled to contest the election or to propose or second any candidate for the election or to vote at the election.

4. Withdrawal of nomination for the elections can be made by the candidate on or before 6.00 p.m. on Friday, June 5th, 2015.

5. If elections are required to be held, the names of the valid candidates shall be intimated through the website of the Chamber as well as through the Notice Board at the Chamber’s office. The Mem-bers are requested to check through these mediums.

6. If elections are not required to be held, due to any reason whatsoever, the same shall be intimated through the website of the Chamber as well as through the Notice Board at the Chamber’s office. The Members are requested to check through these mediums.

7. The voting, if required, will commence at 11.00 a.m. and shall end at 5.00 p.m.

ALLIED LAWS STUDY CIRCLE MEETING (ONLY FOR ALC SC MEMBERS)Day & Date : Monday, 8th June, 2015

Subject : Investing and Trading in Financial Markets with Technical Analysis–A Professional Approach

Speaker : CA Manish Choksi

Time : 6.15 p.m. to 8.00 p.m.

Venue : 2nd Floor, Kilachand Hall, IMC, Churchgate, Mumbai-400 020

ALLIED LAWS COMMITTEE

Chairman : Vijay BhattVice Chairperson : Priti SavlaConvenors : Vijay Kewalramani Ashok MehtaAdvisor : Pravin Veera

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STUDY COURSE ON VALUATIONRight from the time the process of liberalisation of Indian Economy commenced, we have witnessed various Corporate Restructuring events. We have witnessed strategic as well as financial investments by foreign companies into Indian companies. We have also seen some large transaction where Indian Companies have acquired stake in foreign companies. Some companies have gone for internal restructuring through hive-offs, demergers, asset sale, etc. In any form of restructuring, valuation plays a critical role as the consideration gets decided based on valuation. Companies Act, 2013 also requires valuation to be made by a Registered Valuer. Valuation has always been an important aspect in any transaction as it affects finance, tax, shareholders, creditors, etc. Valuation is very subjective and is always vulnerable to challenge by the stakeholders. The Study Course on valuation is organised to update the professionals with various important aspects. Eminent professionals who have expertise on the subject would be the speakers. The course will be useful to Chartered Accountants, Company Secretaries, Finance professionals and also professionals working with Corporate Sector. The details of the Study Course are as under:

Days, Dates and Time Friday 5th June and 12th June 2015 between 3.30 p.m. to 7.30 p.m. Saturday 6th June and 13th June between 9.30 a.m. to 1.30 p.m.

Venue: Babubhai Chinai Hall, Indian Merchants’ Chamber, Churchgate, Mumbai-400 020

Fees:

FOR MEMBERS ` 3,728 + ` 522/- (14% ST) = ` 4,250/-

FOR NON-MEMBERS ` 4,167 + ` 583/- (14% ST= ` 4,750/-

Including Service Tax

Sr. No.

Subject Suggested Topics to be covered

DAY 1 5TH JUNE 20151. Keynote Address • Keynote Address

• Current M&A scenario• Critical Issues in Valuations

2. Overview of Valuation Methods and other important points

• Methods of Valuation• Sample Calculations• Important Adjustments

DAY 2 6TH JUNE 20153. Case Study on Valuation Case Study on Valuation Methods4. (1) Engagement Letter,

Management Representation Letter and Valuation Reports

(2) Important Judicial Decisions Concerning Valuation

• What care needs to be taken in Documentation• Important clauses in Valuation Report• Legal Cases

DAY 3 12TH JUNE 20155. Technical Valuations • Brief Background on Valuation of Immovable Properties, Plant &

Machinery, Equipments, etc.• Case Study

6. Valuation of Intangibles • Different Intangibles• Valuation Methods of Intangibles• Case Study on Intangible Valuation

DAY 4 13th JUNE 20157. Valuation Issues in

International M&A• Challenges in International M&As• Valuation Issues• Case Study

8. Valedictory Address • Practical aspects in M&A and Valuations

SPEAKERS : CA Parag Ved, CA Pinkesh Billimoria, Tejas Marfatia, CA Anup Shah, CA Ravishu Shah, CA Niraj Sanghvi (TCS)

Interested Members may download the form from Chamber’s website www.ctconline.org or may collect it from CTC Office and send it along with cheque. Outstation Members are requested to send DD/At Par cheque.

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

CORPORATE MEMBERS COMMITTEE

Chairman : Vipul Choksi

Vice Chairman : Hasmukh Dedhia

Convenors : Neha Gada/Mitesh Majithia

Advisor : Sujal Shah

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HALF DAY SEMINAR ON ‘LAW & PROCEDURE RELATING TO AUTHORITY FOR ADVANCE RULINGS & RECENT CONTROVERSIES’(JOINTLY ORGANISED BY INDIAN MERCHANTS’

CHAMBER, BOMBAY CHARTERED ACCOUNTANTS

SOCIETY AND IFA–INDIA BRANCH)

With the growing international trade, certainty regarding the tax liability and consequences of international transactions is of immense importance to the MNCs as well as the Indian Corporates dealing with them.

With the view to enlighten tax professionals as well as representatives of industry regarding the Law & Procedure Relating to Authority for Advance Rulings & Recent Controversies under the Income-tax Act. The Chamber of Tax Consultants jointly with the Indian Merchants’ Chamber, Bombay Chartered Accountants Society and IFA-India Branch have organised a half-day Seminar based on a panel discussion format.

Hon’ble Mr. Justice V. S. Sirpurkar, Chairman, Authority for Advance Rulings has graciously agreed to give the Keynote Address.

Moderators for the Panel discussion sessions: Mr. Rajan Vora, Mr. Pranav Sayta & Mr. Gautam Nayak.

Panellists : Mr. V. K. Gupta, Commissioner of Income-tax & Member-DRP, Mumbai; Mr. Pravin Kumar, Director of Income-tax (International Taxation)-II, Mumbai; Mr Ajay Kumar Shrivastav, Director of Income-tax (International Taxation)-IV, Mumbai; Mr. Dinesh Kanabar, Mr. Girish Dave, Mr. Kanchun Kaushal and Mr. Sunil Lala.

Topics to be covered at the Seminar:

Session I : Panel discussion on Alternative Dispute Resolution – Enhanced role of AAR going forward including specific issues relating to domestic transactions that can be pursued before the AAR.

Session II : Panel discussion on Availability of benefit of tax treaties; limitation of benefits clause; and tax avoidance, etc.

Session III : Panel discussion on Tax issues arising from transfer of shares, business restructuring (including issues related to indirect transfers) and applicability of MAT provisions to foreign companies.

Details of the Seminar: Day & Date : Friday, July 17, 2015 Time : 2.30 p.m. to 7.30 p.m.Venue : Walchand Hirachand Hall, 4th Floor, Indian Merchants’ Chambers, Churchgate, Mumbai-400 020

Registration Fees: For Members : ` 1,000/- + ` 140 (14% Ser. Tax )= ` 1,140/- For Non-Members : ` 1,250/- + ` 175 (14% Ser. Tax )= ` 1,425/-

(This includes the cost of Background material Tea / Coffee, and refreshment, etc.)

Who should attend:

This seminar will provide a good opportunity to CEOs, CFOs, Senior Executives handling Finance and Tax functions, Advocates, Chartered Accountants and Tax Professionals to hear from the experts on the subject and interact with them on various technical and procedural aspects of the subject.

INTERNATIONAL TAXATION COMMITTEE

Chairman : Naresh AjwaniVice Chairman : Ramesh IyerConvenors : Devendra Mehta Varsha Galvankar Ganesh RajagopalanCo-ordinators : Namrata Dedhia Jay Kalra

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SCALE UP THE TAX PRACTICES - AN IT WAY...THURSDAY, 25TH JUNE, 2015 AT IMC

Scaling up has been BIGGEST motivation for IT adoption nowadays. Look at lakhs of sq. ft. of shopping malls transforming into a web portal or a real estate broking going PAN India with an application. Why not CA Practices scale with technology adoption on operational side?

Ultimately what we sell is time. While we know much more can be done, we worry for misappropriation of development capital. If there is sufficient visibility and transparency with system being in centre, practices can scale up.

Like we have adopted IT for core delivery, can IT play a role in operations like delegation, setting priority, generating work pipeline so as to improve conversion from order to cash, Value Work in Progress, team performance and improve revenues & profitability? Answer is “YES”.

1. There are SMART best practices and IT tools developed out of our own trial and error.

2. There are a few “off the shelf” CA specific offerings to solve the problem.

This session is to deliberate on:

1. Operational Challenges of CA practices

2. How to look at the Rut (an uninspired routine just because change is difficult) – overview and microview

3. Alternatives to manage the rut, be it IT or otherwise developed in-house by our fraternity

4. What other similar businesses are doing to solve these issues

5. Available IT solutions - pros and cons for adopting them

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Subjects Speakers

1. An IT enthusiast Practitioners and process consultant CA Mitesh Katira2. Papilio–Cloud based Practice Management Software for CAs Mr. Srinivas Yermal

Founder, and Architect

The details of the programme are as under:

Day & Date : Thursday, 25th June, 2015

Venue : 2nd Floor, Babubhai Chinai Committee Room, Indian Merchants’ Chamber, Churchgate, Mumbai

Timing : 6.00 p.m. to 8.00 p.m.

Fees

For Members : ` 400/- + ` 56 (14% S.Tax) = ` 456/-

For Non-Members : ` 600/- + ` 84 (14% S.Tax) = ` 684/-

Interested Members may download the “form” from the Chamber’s website www.ctconline.org or may collect it from the Chamber’s office and send it along with the cheque in favour of “The Chamber of Tax Consultants”. Outstation members are requested to send the DD/At par Cheque)

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

INFORMATION TECHNOLOGY COMMITTEE

Chairman : Manoj ShahConvenors : Samir Kapadia Mitesh KatiraAdvisor : Sharad Dalal

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TWO DAYS SEMINAR ON REAL ESTATE DEVELOPMENT ON 7TH AND 8TH AUGUST, 2015 Chairman : Ketan Vajani

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

DIRECT TAXES COMMITTEE

We are pleased to announce Two Days Seminar on “Real Estate Transactions - Legal, Taxation and Accounting Aspects”, organised jointly with All India Federation of Tax Practitioner (WZ) and Sales Tax Practitioners Association of Maharashtra.

This is one of the most important and burning topics of today, in view of complexities of such transactions and several recent amendments and court rulings. The focus of the Seminar will be to enlighten the participants about the conceptual understanding, recent developments and controversies as well as to provide solutions thereto, thereby covering various aspects of Real Estate Development. The topics have been selected keeping in mind the day-to-day needs of legal and tax professionals, apart from the needs of the consumers as well as the industry. The faculty comprises eminent professionals, who will share their rich knowledge and experience with the participants.

Relevant details of the Seminar are as under:

Days and Dates : Friday, 7th August, 2015 and Saturday, 8th August, 2015

Time : 9.30 a.m. to 5.30 p.m.

Venue : West End Hotel, New Marine Lines, Near Churchgate Station, Next to Bombay Hospital, Mumbai-400 020 Broad Topics : 1. Basic Concepts of transfer of immovable property (involving Transfer of Property Act, Easements Act, Rent Act), Relevant provisions of MOFA.

2. Concept of FSI, TDR, etc. (involving relevant provisions of BMC Act, DCR, etc.)

3. Legal issues in Redevelopment of Properties, including from the point of view of housing co-operative societies / their members.

4. Relevant provisions of Bombay Stamp Duty Act & Indian Registration Act.

5. Accounting Aspects (including Accounting Standards, Guidance Note, etc.)

6. Issues under VAT

7. Issues under Service Tax

8. Issues under income tax from the perspective of developers/ builders (including section 43 CA, ICDS, etc.)

9. Issues under income tax from the perspective of land owner/flat purchaser/seller (including sections-50C, 194-IA, 56(2), 54, 54F etc.)

Faculties : Eminent faculty will address the Seminar

Fees : For Members : ` 2,750/- + ` 385 (14% S. Tax) = ` 3,135/- (Including tea, (Enrolment up to 10th July, 2015) breakfast, lunch on both the ` 3,000 + ` 420 (14% S. Tax) = ` 3,420/- days and (Enrolment after 10th July, 2015) course material)

For Non-Members : ` 3,250/- + ` 455 (14% S. Tax) = ` 3,705/- (Enrolment up to 10th July, 2015)

` 3,500 + ` 490 (14% S. Tax) = ` 3,990/- (Enrolment after 10th July, 2015)

Due to the focus on in-depth discussion, the enrolment is restricted. Interested participants are requested to block these two dates and register at the earliest.

Interested Members may download the form from Chamber’s website www.ctconline.org or may collect it from CTC Office and send it along with 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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INTERNATIONAL TAXATION COMMITTEE

Chairman : Naresh Ajwani

Vice Chairman : Ramesh Iyer

Convenors : Devendra Mehta Ganesh Rajgopalan Varsha Galvankar

Conference : Rutvik Sanghvi & Co-ordinators Jimit Devani

Undisclosed foreign income and assets – Proposed legislation and Assessment experience

CA Dilip J. Thakkar

9TH RESIDENTIAL CONFERENCE ON INTERNATIONAL TAXATION, 201518TH JUNE TO 21ST JUNE, 2015AT RADISSON BLU RESORT, GOAThe Committee is pleased to announce its 9th Annual Residential Conference on International Taxation from 18th June to 21st June, 2015 in the beautiful environs of Radisson Blu Resort, Goa.The ConferenceThere have been significant developments in the International Taxation arena – by way of amendments in law including those introduced in Budget 2015, judicial decisions or action by the revenue. To update the delegates, the Conference will focus on practical issues which one has to deal with on a day-to-day basis. Globally governments are also targeting various tax planning measures. To get a revenue perspective, we have a Senior Commissioner who will be addressing the delegates on this topic.The VenueRadisson Blu Resort, Goa is a luxurious 5 star Deluxe Resort with villas inspired by Goan-Portuguese architecture and spread over lush green gardens and coconut groves, connected by a short walk to the famous Cavelossim beach in South Goa.The technical content of the Conference is as under:Group Discussion Papers FacultyRoyalty & FTS – Case Study analysis of different sectors CA Himanshu ParekhDeputation of Personnel – Tax issues from an employer’s perspective (including PE risks)

CA Paresh Parekh

Inbound and Outbound investment structuring – impact of specific anti-avoidance rules including Indirect Transfer and Place Of Effective Management provisions

CA H. Padamchand Khincha

Papers for Presentation FacultyBEPS and Exchange of Information – Global Developments & Government Initiatives

Mr. Akhilesh Ranjan, Joint Secretary (FT&TR-I) & Mr. Rahul Navin, Director (FT&TR-III)

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

Chairman: CA Dilip J. Thakkar Paper Writer: CA Bijal Ajinkya

Multi-dimensional tax issues (Direct & Indirect Taxes) in respect of cross-border Transactions

Mr. V. Sridharan, Senior Advocate

Panel Discussion PanellistsCase Studies on International Taxation & Transfer Pricing Chairman: CA T. P. Ostwal

Panellists: CA Anish Thacker & CA Sanjay ToliaFEESFor Members For Non-Members ` 16,500 + ` 2,310/- (14% ST) = ` 18,810/- ` 18,000 + ` 2,520/- (14% ST) = ` 20,520/-

Special Non-Residential Delegate Fee (Only for permanent Goa Residents)` 5,000/- + ` 700 (14% S. Tax) = ` 5,700/- (Includes Course Material, Dinner on 18th and Lunch on 19th, 20th & 21st June, 2015)

Notes: 1. Conference will start at 3.30 pm on 18th June preceded by lunch from 12 noon onwards. It will end on 21st June

by 2.00 pm followed by lunch. Goa Airport is about 1 hour from the Hotel. Participants are requested to book their tickets accordingly. Pickup & drop facility from/to Airport/Railway station will be available for delegates who have provided their travel details.

2. Conference fee is inclusive of 3 nights–4 days accommodation on double-occupancy basis in Premium Room, including meals for all 4 days, course material, and use of certain hotel facilities on complementary basis.

3. In case of cancellation, no refund request shall be entertained, except under genuine unavoidable circumstances, subject to the approval of the International Taxation Committee.

4. For enrolment please contact: Mr. Hitesh Shah at the CITC Office at 91-22-2200 1787 / 2209 0423.

Interested Members may download the “form” from the Chamber’s website www.ctconline.org or may collect it from the Chamber’s office and send it along with the cheque in favour of “The Chamber of Tax Consultants”. Outstation members are requested to send the DD/At Par cheque.


Dear Members

We Thank You for your

Overhelming Response.

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STUDY CIRCLE & STUDY GROUP COMMITTEE

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

STUDY CIRCLE MEETINGS(ONLY FOR SC MEMBERS)

STUDY GROUP MEETING(ONLY FOR SG MEMBERS)

Day & Date : Tuesday, 9th June, 2015 Subject : Income Computation & Disclosure Standards Nos. I & V to XGroup Leader : CA Ravikant KamathTime : 6.15 p.m. to 8.15 p.m.Venue : 2nd Floor, Babubhai Chinai Committee Room, IMC, Churchgate, Mumbai-400 020

Day & Date : Tuesday, 16th June, 2015 Subject : To be AnnouncedGroup Leader : To be AnnouncedTime : 6.15 p.m. to 8.15 p.m.Venue : 2nd Floor, Babubhai Chinai Committee Room, IMC, Churchgate, Mumbai-400 020

Day & Date : Thursday, 11th June, 2015 Subject : Recent Judgments under Direct TaxesGroup Leader : CA Gautam NayakTime : 6.15 p.m. to 8.00 p.m.Venue : 2nd Floor, Babubhai Chinai Committee Room, IMC, Churchgate, Mumbai-400020.

WORKSHOP ON MVAT ACT, SERVICE TAX & ALLIED LAWS(JOINTLY WITH AIFTP (WZ), BCAS, MCTC, STPAM & WIRC OF ICAI)Timing : For Single Lecture Time - 2.30 p.m. to 5.30 p.m. & for Two Lectures Time - 2.00 p.m. to 5.30 p.m.

Venue : STPAM Library Hall, 1st Floor, R.No. 104, Vikrikar Bhavan, Mazgaon, Mumbai-400 010.

Delegates Fees : Member ` 2,248/- (incl. of 14% Service Tax), Non-Member ` 2,809/- (incl. of 14% Service Tax)

Days Subjects Speakers

6-6-2015 Saturday

Issues in Interest, Penalties and Show Cause Notices under MVAT and CST Acts

Mr. Ashvin Acharya, Advocate

Issues in Interest, Penalties and Show Cause Notices under Service Tax

CA Jayesh Gogri

13-6-2015 Saturday

Issues in Definition of Services, Exempt & Declared Services

CA Sunil Gabhawalla

Issues in Valuation of Services, Abatement & Reverse Charge Mechanism

CA Ashit Shah

20-6-2015 Saturday

Issues in Refunds, Audits, Assessments under MVAT and CST Acts

Mr. C. B. Thakar, Advocate

27-6-2015 Saturday

Issues in CENVAT Credit Rules under Service Tax CA Naresh Sheth

4-7-2015 Saturday

Constitutional amendments & Overview of GST Act Eminent SpeakerInterstate Transactions under GST Eminent Speaker

11-7-2015 Saturday

Issues in Place of Provision of Service Rules, 2012 CA Girish RamanIssues in Point of Taxation Rules, 2011 CA Rajiv Luthia

Interested members may Please download the Enrolment Form or may download 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.


INDIRECT TAXES COMMITTEE

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

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GST STUDY GROUP MEETING (ONLY FOR GST SG MEMBERS)

GST is the biggest indirect tax reform post independence, which (as announced in the Union Budget 2015) is likely to be introduced w.e.f. 1-4-2016. GST is not only a tax reform but a business reform which, as per study conducted by National Council of Applied Economic Research could boost GDP anywhere between 0.9% and 1.7%. Hence, it has to be perceived accordingly.

GST Constitutional 122nd Amendment Bill, 2014 [GST–CAB 14] has been introduced in Lok Sabha. The process of GST introduction would involve the following, in particular :

1) Approval of GST CAB 14 by Parliament (2/3rd majority – LS & RS)

2) Approval of GST CAB 14 by 50% of the States (i.e. 15 States)

3) Placing of Draft GST Legislations (Centre & States for response by all stake holders)

4) Approval of GST Legislations by Parliament & all the States.

Considering the complexity & far reacting implications of GST, Chamber has decided to create awareness & initiate measures to educate its members well in advance to enable preparedness before 1-4-2016 by one or more of the following :

• Formation of GST Study Group

• Organising Lecture Meetings

• Workshops to deliberate on Draft GST Legislations

• Representations (GST CAB 14, GST Legislations etc.)

• Interactive Meetings with Govt. Officials on GST implementation & procedural aspects

As of now, the formal announcements of the Govt. on GST, are the 1st Discussion Paper released in Nov. 2009, GST CAB-14 introduced in Parliament and the Announcements in the Union Budget-2015. However, the same can be taken as good starter, for the GST Study Group. Till the time Draft GST Legislations are released by the Govt., deliberations at the GST Group could focus on global practices prevalent on the relevant & applicable conceptual aspects in India.

The first meeting of the GST Study Group of The Chamber of Tax Consultants is scheduled on 23rd June, 2015 on the topic of “Overview of GST”. The details of the meeting are given hereinbelow.

The second meeting the GST Study Group would be on the topic of “Clause by clause analysis of GST Constitutional Amendment Bill, 2014”.

GST would usher in a new era of practice for professionals. Interested members are requested to kindly enrol and actively participate in the GST Study Group and enrich their knowledge on GST.

Day & Date : Tuesday, 23rd June, 2015

Time : 5.30 p.m. to 6.00 p.m. (Registration & Snacks) 6.00 p.m. to 8.00 p.m. (Meeting)

Subject : Overview of GST

Speaker : CA Heetesh Veera

Venue : A. V. Room, 4th Floor, Jaihind College, A Road, Churchgate, Mumbai-400 020



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

Day & Date : Monday, 15th June, 2015 Time : 6.00 p.m. to 8.00 p.m. Subject : Recent Amendments under MVAT, PT & Entry TaxChairman : Mr. Dhaval TalatiGroup Leader : Mr. Dinesh Tambde, AdvocateVenue : Babubhai Chinai Committee Room, 2nd Floor, IMC, Churchgate, Mumbai-400 020.



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

1. (a) Revision of return – After due date – Whether permissible – Sec. 139(5).

(b) Consistency – Claim accepted in earlier and later years – Cannot be rejected in the current year.

(a) The AO disregarded the claim of deduction of STT paid by the assessee in the revised return on the ground that the revised return was filed beyond the due date prescribed u/s. 139(5). On appeal, the CIT(A) accepted assessee’s revise return. The Tribunal held that the AO had disallowed the relief to the assessee only on the technical ground of delay in filing the revised return and that the AO had to assess the correct income of the assessee on the basis of the provisions of the Act and in case if the assessee inadvertently had offered the higher income, the same could not be taxed by taking excuse of technicalities. Even otherwise there is no restriction on the jurisdiction and the power of appellate authority to consider a fresh plea in view of the judgment of Hon’ble Supreme Court in the case of National Thermal Power Co. Ltd. vs. CIT [1998] 229 ITR 383 (SC). Therefore, the Revenue’s appeal was dismissed and revised return was accepted.

(b) The AO has disallowed the depreciation and expenses in respect of luxury boat owned by the as-sessee on the ground that the same are personal in nature. On appeal, the Learned CIT(A) has allowed the claim of the assessee on the ground that the claim of the assessee was allowed in the earlier years as well as in the subsequent years and therefore the same are to be allowed as business expenditure. Held, in both earlier and later years, assessee’s claim was allowed during assessment u/s. 143(3) and therefore in the absence of change in facts and circumstances, AO should maintain rule of consistency.

ACIT vs. M/s R. T. Exports Ltd., ITA No. 4468/M/2012 dated 15-05-2015 (ITAT Mumbai)

2. Reassessment – Set off of long term capital loss against short term capital gains – Issue examined in original assessment proceedings: Section 147

The assessment was reopened after four years on the ground that the assessee had set off long term capital loss against short term capital gains. The assessee objected to the reopening on the ground that during the original assessment proceedings, all details were disclosed and that there was no failure on part of the assessee in doing so and that there was no allegation to the contrary in the recorded reasons. The Tribunal observed that the impugned set off was brought to the notice of the AO by way of a note to the computation of income filed with the return of income which meant that when the assessment was made originally u/s. 143(3) of the Act, the AO has examined this issue as was evident from the assessment order placed on record and it was only after examining the details, the AO has allowed the set off of brought forward long term capital loss from short term capital gains. Hence, the order of the CIT(A) quashing the reassessment was upheld.

DCIT vs. M/s Concast (India) Ltd. ITA No. 4577/M/2013 dated 20/05/2015, A.Y. 2004-05 (Mumbai ITAT)

3. Exemption u/s. 54EC – Allowable beyond ` 50 lakhs – Investment in two financial years.

Held, investment in sec. 54EC bonds beyond ` 50 lakhs spread across two financial years is allowable as deduction u/s 54EC if the investment is made within the prescribed time.

M/s. Ketan Chemicals vs. ITO, ITA No. 6636/M/2013 dated 08/04/2015, A.Y. 2009-10 (Mum-bai ITAT)

4. Penalty – Exemption u/s. 54F – Loan paid to builder treated as consideration for acquisition of flat – Section 271(1)(c).

The assessee earned long term capital gain from which he claimed exemption u/s. 54F. After perusing the details, the AO allowed the deduction u/s. 54F partly and in respect of the balance claim, penalty proceedings were initiated u/s. 271(1)(c). The disallowance so made was in respect of the amount which was advanced by the assessee to the builder beyond one year before the sale and was converted into consideration for acquisition of flat at the time of sale deed. The assessee submitted that while there is stipulation in relation to the purchase of property before one year of the sale, there is no stipulation in so far as the payment for the property is concerned.

The Tribunal observed that the issue of whether the assessee is entitled for deduction u/s. 54F on this conversion of loan into sale consideration is definitely a highly debatable issue, therefore, in our consid-ered opinion, penalty cannot be levied u/s. 271(1)(c).

Shri Aftab Abdul Rehman Badshah vs. ITO, ITA No. 7307/M/2013 dated 20/05/2015, A.Y. 2009-10, (Mumbai ITAT)

NOTE : Whole decisions can be downloaded from CTC’s website www.ctconline.org under Knowledge Centre.

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RENEWAL NOTICE – 2015-16 28th February, 2015

Dear Members, SUB: PAYMENT OF ANNUAL MEMBERSHIP FEES FOR 2015-16

It’s our privilege to have been of service to you over the years. We truly appreciate and value your Association. It’s time to renew annual membership and subscription of The Chamber’s Journal, Study Group and Study Circle Meetings and other subscription of The Chamber of Tax Consultants (“The Chamber”). The renewal fees for Annual Membership, Study Group and Study Circle and other Subscription for the financial year 2015-16 falls due for payment on 1st April, 2015. We thank you for your subscription. Your involvement is important and very much appreciated. We hope you will always continue to support the Chamber in its activities and growth as done in the past.The Government vide its notification No.14/2015 Service tax dated 19th May, 2015 stated that the date of implementation of service tax will be w.e.f 1st June, 2015. Thus we wish to inform you that enrolments for membership fees/events has been charged @ 14% Service Tax post 1st June, 2015 as against the existing rate of 12.36%.

Thanking You, For the Chamber of Tax Consultants

Hitesh R. Shah Hon. TreasurerSr. No.

Particulars Fees Service Tax 14%

Total

1 Membership Renewal Fees (Applicable to Ordinary Members only) ` 1,900/- ` 266/- ` 2,166/-2 The Chamber’s Journal Subscription (Applicable to Life Members only) ` 900/- — ` 900/-3 The Chamber’s Journal Subscription (Applicable to Non-Members only) ` 1,800/- — ` 1,800/-4 Associate Membership (Applicable to Associate Members only) ` 5,000/- ` 700/- ` 5,700/-5 Student Membership (Applicable for Student Members only) ` 250/- ` 35/- ` 285/-6 The Chamber’s Journal Subscription

(Applicable to Student Members only)` 700/- — ` 700/-

7 Student Study Circle Meeting (Applicable to Student Members of CTC only)

` 500/- ` 70/- ` 570/-

8 Study Group (Direct Tax) ` 2,200/- ` 308/- ` 2,508/-9 Study Circle (Direct Tax) ` 1,500/- ` 210/- ` 1,710/-10 Study Circle (Indirect Tax) ` 1,200/- ` 168/- ` 1,368/-11 Study Circle (International Taxation) ` 1,500/- ` 210/- ` 1,710/-12 Study Circle (Allied Laws) ` 1,200/- ` 168/- ` 1,368/-13 Self Awareness Series ` 600/- ` 84/- ` 684/-14 Intensive Study Group on Direct Tax ` 1,500/- ` 210/- ` 1,710/-15 Intensive Study Group on International Tax ` 2,000/- ` 280/- ` 2,280/-16 Intensive Study Group on Goods & Service Tax (GST) ` 1,500/- ` 210/- ` 1,710/-17 FEMA Study Circle ` 1,500/- ` 210/- ` 1,710/-18 Transfer Pricing Study Circle ` 1,500/- ` 210/- ` 1,710/-Note: Members enroling for Study Circle & Study Group (Sr. Nos. 8 to 18 only) for 3 and above are entitled for 10% discount on gross fees

Notes: 1. Payments should be made by Account Payee Cheque/Demand Draft in favour of “THE CHAMBER OF TAX

CONSULTANTS”. Outstation members are requested to send payments only by “Demand Draft or At Par Cheque”. 2. A consolidated Cheque/Draft may be sent for all payments. 3. Please also update your Mobile number & E-mail Address to ensure receipt of regular updates on activities of the

Chamber. 4. Please send the below perforated portion duly filled with latest details along with payment. 5. Please write your full name on the reverse of Cheque/DD. 6. Subscribers opting to make payment through NEFT, are requested to e-mail the acknowledge copy of payment

made together with their name, mobile numbers to the Chamber’s office, so as to give correct credit to subscribers account.

7. Members are requested to download the Renewal Form from Chamber’s website www.ctconline.org. 8. Renewal Notices are also sent separately and members are requested to fill up the same and send it to the

Chamber’s office along with the cheque.

The details of NEFT payment are as under: In Favour of : The Chamber of Tax Consultants Name of the Bank : Axis Bank, New Marine Lines Branch, Mumbai-400 020 A/c No. : 233010100194495 IFSC Code : UTIB0000233 Account Type : Saving Account

In Favour of : The Chamber of Tax Consultants Name of the Bank : IDBI Bank, Nana Chowk Branch, Mumbai-400 007.A/c No. : 0166104000060738 IFSC Code : IBKL0000166Account Type : Saving Account

Members are requested to visit the website www.ctconline.org for online payment.

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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 June, 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 The Great Art Printers, 25, S. A. Brelvi Road, Unique House Opp, Apurva Restaurant, Next to Poddar Chambers, Ground Floor, Fort, Mumbai-400 001. 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

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TS SEMINAR ON EPC CONTRACTSDELHI CHAPTER

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

Day & Date : Saturday, 18th July, 2015Time : 9.00 a.m. to 5.00 p.m.Subject : EPC Contracts (Direct Tax, Indirect Tax, Regulatory and other related issues)Faculties : Mr. V. Lakshmikumaran Managing Partner of Lakshmikumaran & Sridharan’s Mr. S. P. Singh, Senior Partner, DeloitteVenue : Multipurpose Hall, Kamladevi Block, India International Centre, Max Mueller Marg, New DelhiFees : For Members ` 1,053 +14% Ser. Tax: ` 147 Fee: ` 1,200 For Non-Members ` 1,316 +14% Ser. Tax: ` 184 Fee: ` 1,500 (Fees includes Tea, Snacks and Lunch)

Payment may be made by Cheque in favour of ‘The Chamber of Tax Consultants’, and sent to the Delhi Chapter of CTC, C/o. Mohinder Puri & Company, Chartered Accountants 1A-D, Vandana Building, 11 Tolstoy Marg, New Delhi-110 001.

In case you wish to remit the money to the account through NEFT, our bank details are provided below.

Current Account Number 126010100241359

Name and address of the bank Axis Bank Ltd. Branch Address: Lajpat Nagar, New Delhi (DL), New Delhi-110 024

Name of Beneficiary The Chamber of Tax Consultants

NEFT/RTGS Code UTIB0000126

Please ensure that UTR No. along with payment particular is forwarded to us by e-mail at the address [email protected].

Please make sure to block your calendar accordingly.

For any query on registration and further details, please contact Ashwani Kumar (Mob. 9891677316, [email protected])

Documents

Price 2/- TITLE CODE :- MAHENG13836 (for members only ... · Price 2/- TITLE CODE :- MAHENG13836(for members only) ... name of monthly newsletter ... (International Taxation)-IV,