EIRC 1st October 2015 �

EIRC NEWSLETTERVOL: 41 ISSUE: 08 1st OCTOBER 2015 ` 10/-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EASTERN INDIA REGIONAL COUNCIL(Set up by an Act of Parliament)

Regi

onal

Council Writes

Principal Sponsor

Dear Brothers and Sisters,

Firstly the Eastern India Regional Council takes an opportunity to convey its best wishes to all the members and their families a very Happy Dussehra and Subho Bijaya in advance. The Regional Council seeks great delight in communicating with all respected professional colleagues and our beloved students in this Write-Up. With today’s expectations of the society from our fraternity, we all have to update ourselves each day, with vigorous efforts. There is no alternative to this and the EIRC strongly believes that effective communication is one of the areas which can be strengthened and this Write Up is the endeavor in line to communicate. We also believe that if members communicate amongst themselves, form and nurture network, things would be much easier. We are striving to ensure that the soft copy of the Newsletter reaches you every month. We request you to please update us with your E-Mail IDs so as to enable us communicate efficiently.

The Indian economy is going through a tough phase however it remains resilient and maintains a better growth rate compared to developed economies. In the current economic scenario the members of the Institute are required to emerge as true friends of the Consumers of product and services on one side and assisting the Regulators on the other. The responsibility cast upon the members of the institute is a challenging one and we are taking it as an opportunity to prove our worth to the society. We are in process of putting our acts together in almost all the areas from administration, IT backbone, and infrastructure to make our beloved Institute emerge as a single unified network. The process is a challenging one and requires action plan and some retrospection of our practices. The time and demand from the regulators requires disciplined ethical practices and we are fully committed to this.

We are very pleased to share with you that this Council of EIRC 2013-16 has successfully completed seven months of its work. It has been indeed been a wonderful journey filled with enriching learning experiences for all of us in the team. To encapsulate all of our work and share it with all, EIRC took giant steps and unleashed more path breaking initiatives for members and students.

Investor Awareness Programme: The Ministry of Corporate Affairs had taken a proactive step for the noble cause of investor awareness and mandated us to conduct investor awareness programmes across the country. EIRC has spread the message and urged upon all its Branches and Study Circles to

conduct the Programme on Investor Awareness for the benefit of its members so as to enable them guide and educate their clients and others.

Recognition of CAs as P.G. degree for registration to Ph.D: EIRC has taken up with West Bengal National University of Juridical Sciences (WBNUJS), Kolkata for recognition of the qualification of Chartered Accountantancy as a Post Graduate degree for the purpose of registration to Ph.D programme conducted by WBNUJS. EIRC is proud to announce that the same has been considered favourably.

Extension of date of filing of Income Tax Return: EIRC has taken up with the Direct Taxes Committee, ICAI for extension of filing of Income Tax Return

on receipt of the requests from the members residing in North Eastern States especially from Dibrugarh Branch of EIRC of ICAI, due to natural calamities viz., flood and excessive monsoon and non-availability of net connectivity. The authorities are kind enough to grant the request and have extended the last date as 7th September 2015.

The Members must have toiled hard as September

30th is due date for completing tax audit and filing

of return of income for all assesse where tax audit

is mandatory. The times ahead are exciting both

professionally and spiritually. The festive season is

around the corner, and we, at EIRC, pray to almighty

may continue to grant us wisdom, prosperity and good

fortune. At the same time let us always remember that “God helps those who

help themselves” and as said by ANDREW J. DUBRIN

“Coping with adversity is necessary for achieving a successful career.

Learning how to prepare for career downturns and how to manage

them is part of climbing up the success ladder”

New Committee – EICASA (2015-16). The new committee members have

taken office of the EICASA of the EIRC for the year 2015-

16 on 16th September 2015. We congratulate all the

office bearers and urge upon them to put in their best in

the interest of the ever growing number of the students

of the Eastern Region.

To conclude, this is to once again wish you a very

happy and colourful festive season ahead.

Best wishes and warm regards,

��EIRC 1st October 2015

EIRC 1st October 2015 �

Forthcoming Programme

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

EIRC

Friday & Saturday, Workshop on Ind AS Eminent Speakers EIRC along with Conclave Club, 10.00pm to 12 15002nd & 3rd Camac Street CA Verde Vista, 2052, 5.00pm October 2015 Study Circle Chakgaria, East Jadavpur, Panchasayar

Tuesday, 6th Seminar on Proceedings under Search CA K K Chapparia CA Subhash R Singhi Hall, 5.30pm to 3 80October 2015 and Seizure under Income Tax Act & Other Eminent Speakers Chandra Saraf EIRC Premises 8.30pm Spot 100

Friday, 9th Directors Reports, Annual Returns & CA Mohit Bhuteria CA Subhash R Singhi Hall, 5.30pm to 3 80October 2015 Compliances w.r.t ROC CA Priyanka Choraria Chandra Saraf EIRC Premises 8.30pm Spot 100

Tuesday, 13th Seminar on Project Finance & CA Vikash Jain CA Subhash R Singhi Hall, 5.30pm to 3 80October 2015 Strategies to raise Finance Past Chairman, EIRC Chandra Saraf EIRC Premises 8.30pm Spot 100

Thursday, 15th Brand Building by negotiation skills CA Vinod Agarwal CA Subhash R Singhi Hall, 5.30pm to 3 80October 2015 and approach Chandra Saraf EIRC Premises 8.30pm Spot 100

Wednesday, 28th New Listing Regulation & CA Vinod Kothari CA Subhash R Singhi Hall, 5.30pm to 3 80October 2015 Insider Trading Regulation Chandra Saraf EIRC Premises 8.30pm Spot 100 Corporate Social Responsibility CS Nidhi Bothra

Wednesday, 4th Seminar on Code of Ethics CA K P Khandelwal CA Subhash R Singhi Hall, 5.30pm to 3 80November 2015 Past Council Member, ICAI Chandra Saraf EIRC Premises 8.30pm Spot 100

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. 3. Out of the Registartion Fees collected for each programme Rs 10 per person would be contributed to Chartered Accountant Benevolent Fund

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

IMPORTANT DATES

Friday, 30th October 2015 Bijoya Sammilani along with All Study Circles* R Singhi Hall, EIRC Premises 6.00pm onwards

Saturday, 7th November 2015 Deepawali Get together along with All Study Circles* Panache Banquets, Bhawanipore 6.00pm onwards

STUDY CIRCLESTUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

Views Exchange Saturday, Issues in E-filling of Eminent Speakers CA Kushal Bhuwania Globsyn Room 4.00pm to 3Chartered 10th October Companies Forms Under kushal.bhuwania@icai.org (Telegraph Room) 7.00pm Accountants Study 2015 Co’s Act 2013 03340084929 BCCI, 6, N.S.Road, Circle-EIRC 2nd Floor, Kolkata -700001VIP Road Chartered Saturday, Critical Issues in MCA Filing & CA Mohit Bhuteria CA Rajesh Singhania Merchant Chamber 2.30pm to 4Accountants Study 10th October Other Relevant Issues CA Priyanka Choraria 9830094600 of Commerce, 6.30pm Circle-EIRC 2015 15B Hemanta Basu Sarani, Kolkata- 1VIP Road Chartered Sunday, Preparation and Presentation CS Mamta Binani CA Rajesh Jalan 220, Bangur 10.00am to 3Accountants Study 11th October of Director’s Report including CA Kamal Bagrodia 9831228811 Avenue, 01.00pm Circle-EIRC 2015 MGT 9 for Private Ltd Kolkata-700055 CompaniesVitta Salahkar Saturday, New Annual ROC Filings and CS Mohan Ram CA Devendra Agarwal Barabazar library 4.30pm to 3Chartered 3rd October Preparation of Annual Returns Goenka 9330164847 10/1/1, Syed 7.30pm Accountants Study 2015 Salley lane, Circle-EIRC Kolkata-700073Vitta Salahkar Saturday, Listing & Funding Opportunity CS Siddhartha CA Rajesh Bagla Barabazar library 4.30pm to 3Chartered 10th October for MICRO SME Start ups Murarka 8961044408 10/1/1, Syed 7.30pm Accountants Study 2015 Abhijeet Nagi Salley lane, Circle-EIRC Kolkata-700073Vitta Salahkar Saturday, Reopening of Assessment U/s Eminent Speakers CA Navin Sureka Barabazar library 4.30pm to 3Chartered 31st October 148- How to deal with the 99032 50389 10/1/1, Syed 7.30pm Accountants Study 2015 AO and its Powers. Salley lane, Circle-EIRC Kolkata-700073

* Details inside in Page 9

��EIRC 1st October 2015

Announcement

Please collect from EIRC & Respective Branch Sales Counter EIRC Sales Counter – ICAI Bhawan, 7, Anandilal Poddar Sarani (Russel Street) Kolkata - 71

Available at EIRC Sales Counter

Price ` 150/-

(including CD)

Jute Tray ` 125/-

Tie ` 350/-

Ladies Bag ` 250/-

Chartered Accountants Benevolent Fund (CABF) established in 1962 by ICAI, is one of the largest body providing welfare and support to the Chartered Accountants Fraternity. It provides financial. It provides financial assistance for medical treatment, education, maintenance or any other similar purpose to necessitous persons of the CA fraternity. Financial assistance in lump sum is also fiven to the windows/relatives of the deceased member in case of accident/unnatural dealth at age below 55 years. A considerable number of members/family is already getting such assistance from CABF.

Please contribute generously towards the fund through at par cheque / DD favour “Chartered Accountants Benevolent Fund” and send it concerned Regional of ICAI at 8, Anandilal Poddar Sarani, Kolkata - 700 071 or at ICAI, A-29, Sector 62, Noida - 201309,Dist-Gautam Budh Nagar (UP), Email:cabf@icai.in

To Continue this endeavour, CABF invite contribution from our CA members.

The contribution can be made in the form of

1. Life Membership - Rs.2500/-

2. Ordinary Membership - Rs.500/- annually

3. Voluntary Contribution - An honourable amount upto any extent.

All subscription and contribution made towards CABF is eligible for deduction under Section 80(G) of Income Tax Act, 1961.

CHARTERED ACCOUNTANTS BENEVOLENT FUND

EIRC 1st October 2015 �

Members Ready Referencer ContentsAnnouncements for Student

��EIRC 1st October 2015

EICASA

S.No. NAME DESIGNATION REG. NO.

1. PRAFUL BHAGAT VICE-CHAIRMAN ERO0175462

2. RISHABH RAJ SINGH SECRETARY ERO0179914

3. VIDHI AGARWAL TREASURER ERO0199400

4. PRATEEK KR. KHEMKA MEMBER CRO0432791

5. SOURAV AGARWALA MEMBER ERO0186088

6. SUMIT KR. SINGH MEMBER ERO0163300

7. ANKIT BANSAL MEMBER CRO0268399

8. ANKIT KR. BHALOTIA MEMBER ERO0185081

9. SHAHEEN KHAN MEMBER ERO0165808

10. ADITYA AGARWAL MEMBER ERO0197386

11. PRATEEK JHUNJKHUNWALA MEMBER ERO0170987

12. VICKY SINGH MEMBER ERO0132045

EICASA MANAGING COMMITTEE MEMBERS – 2015-16

Quiz Contest for Students held on 1st September, 2015.Dignitaries with the participants in Regional Level Elocution Contest held on 31st August, 2015.

Inter-Active Voice Response System (IVRS) At ICAI Bhawan, Kolkata

Members and students are hereby informed that Inter-active Voice Response System (IVRS) at the Institute’s office at Kolkata is functional 24x7 for automated response on telephone calls. To avail the facility, it is requested to call on landline telephone 033-39893989 during regular office hours on all working days between 10.00am and 5.30pm, if the telephone operator is busy, then the call will be diverted to the automated response (IVRS) and also after office hours and on holidays.

Reading Room for CA students:

1. Hazra Reading Room at 31A, Mahim Haldar Street , Kolkata-700026

2. Howrah Reading Room for Girls’ at 16/4/1,Round Tank Lane near Mullick Phatak, Howrah-711101.

3. Howrah Reading Room for Boys’ at 2, Jay Narayan Santra Lane, Howrah-711101.

EIRC 1st October 2015

Announcements

The Board of Studies of the ICAI has been providing Online Articles Placement facility for selection of articled Assistants by CA Firms through its

Articles Placement Portal on pan India basis. It provides a platform to the firms of Chartered Accountants having vacancies for Articled Assistants

to shortlist eligible students for selection of articled assistants, and call them for Interview at their offices, as per date and time convenient to

them. The eligible candidates who have passed Group-l or both Groups of the Intermediate (Integrated Professional Competence) Course or

have been admitted under the Direct Entry Scheme and are willing to join articled training can register themselves on the portal. The services

to the Online Placement Portal are available free of charge for both CA Firms and students and they can register themselves online through the

Portal at http://bosapp.icai.org

The services on the Portal would be available for two months, twice a year, from the date of registration by the firms. Similarly the bio data of a

student will also be available on the portal for a maximum period of 2 months from student’s registration. The candidates shortlisted by CA Firms

would be informed bye-mails through the Portal, to appear for interview at their respective Offices, at the designated date and time.

Detailed guidelines are available at the institutes’ website www.icai.org and on the Portal. In case of any further clarification, please contact the

Board of Studies, ICAI Bhawan, A-29, Sector-62, Noida-201309, Tel. No. 0120-3045930/931/988; eMail: bosapp@icaLin

Chairman,

Board of Studies

On Line Articles Placement Portal for selection of Articled Assistants by CA Firms

The ICAI Cloud Campus enables Students can learn anytime and from anywhere using e-Learning, Audio Lectures, Video Lectures and Online Mentoring. Students can even learn through Mobile Enabled e-Learning facility on the Students Learning Management System (LMS) on their Mobile Phones/ Smart PhoneslTablets. Online Mentoring is one of the major value added features on the Cloud Campus. The schedule of online mentoring sessions from 3.00 p.m. to 4.00 p.m. is as follows:

Online Mentoring Schedule

Date Course Topic Faculty

September 2 IIPC Paper 6: Auditing and Assurance CA. Rajeev Sachdeva

September 4 Final Paper 4: Corporate and Allied Laws CA. Nisha Gupta and CA. Shraddha Saxena

September 9 IIPC Paper 4: Taxation Part II: IndirectTaxes CA. Smita Mishra and CA. Shefali Jain

September 11 Final Paper 1: Financial Reporting CA. Seema Gupta and CA. Shilpa Agrawal

September 16 II PC Paper 3: Part II: Financial Management CA. Ashish Gupta

September 18 Final Paper 6: Information System Control and Audit Ms. Sukriti Arora

September 23 IIPC Paper 7B: Strategic Management Mr. Shaleen Suneja and Dr. Ruchi Gupta

September 24 Final Paper 5:Advanced Management Accounting Dr. N.N.5engupta and CA. Deepak Gupta

Students are advised to register for Online Mentoring Sessions on the ICAI Cloud Campus and provide specific questions/ queries that they need to be discussed at least 48 working hours before the session. Links to access the aforementioned Online Mentoring Sessions are also available on the http://c!oudcampus.icaLorg under Online Mentoring.

Additional SecretaryBoard of Studies

Online Mentoring on ICAI Cloud Campus

�EIRC 1st October 2015

Road Map for Kasba Office

EIRC 1st October 2015 �

���EIRC 1st October 2015

ACAE Chartered Accountants Study Circle

Accountants’ Library Chartered Accountants Study Circle

ASOCAS Chartered Accountants Study Circle

B.B.D Bag Chartered Accountants Study Circle

Bhowanipur CPE Study Circles for Members in Industry

Bidhan Nagar Chartered Accountants Study Circle

CA ISA Chartered Accountants Study Circle

CAMAC Steet Chartered Accountants Study Circle

Central Kolkata Chartered Accountants Study Circle

DTPA Chartered Accountants Study Circle

Duliajan Study Circle for Members in Industry

Eight By Two Chartered Accountants Study Circle

Howrah Chartered Accountants Study Circle

Madhya Kolkata Chartered Accountants Study Circle

NTEC CPE Study Circle for Members in Industry

Rishra CPE Study Circle for Members in Industry

Salt Lake City Chartered Accountants Study Circle

South City CPE Study Circle for Members in Industry

South Kolkata Chartered Accountants Study Circle

Uttarpara Chartered Accountants Study Circle

Views Exchange Chartered Accountants Study Circle

VIP Road Chartered Accountants Study Circle

Vitta Salahkar Chartered Accountants Study Circle

Organised by :EASTERN INDIA REGIONAL COUNCIL

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

&

EIRC 1st October 2015 ��

40th Regional Conference

���EIRC 1st October 2015

Road Map for Kasba Office

Contact Details

EIRC 1st October 2015 ��

EASTERN INDIA REGIONAL COUNCIL THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

Russell Street Office: ICAI Bhawan 7, Anandilal Poddar Sarani (Russell Street), Kolkata- 700071Kasba Office : ICAI Bhawan, 382/A, Prantik Pally, Kasba, Kolkata – 700107

Name Responsibility Kasba Office

Russell Street Office EMAIL

Dr. Alok Ray, Jt. Secretary (9330001192) Decentralised Office - Head 30840277 30211102 alokray@icai.inMr. Abhijit Basu, Dy. Secretary (9830664225) In Charge of Members & Articles 30840271 – abhijit.basu@icai.in Mr. Pallab Sarkar, Dy. Secretary (9230062227) DCO 30840251 pallab@icai.inMEMBERS SECTION Mr. Pradip Sarkar, Consultant Disputes, Query Redressal Fees Enquiry 30840296 – eromem@icai.in

Mr. Arun Kumar Santra, Asst. SecretaryFellow COP, Cancellation & Restoration of COP, Script Certificate and Fees enquiry, CA. Main Exam, IFRS & ISA Exam related issues.

30840287 – erofellow@icai.in; eroexam@icai.in

Ms. Nandini Guha, Executive OfficerEnrollment of Associate Membership, Identity Card, Script Certificate and fees enquiry

30840299 – eroenroll@icai.in

Mr. Somnath De, Executive Officer Merger, Networking, Reconstitution of Firms 30840288 – erofirm@icai.in, Mr. Soumen Mondal, DEO Restoration of name, Registration of Firms 30840289 – erorestore@icai.inARTICLES SECTIONMr. Utpal Basu, Consultant Article Registration, Completion 30840257 - utpal.basu@icai.in

Ms. Anindita Kundu, Sr. Executive OfficerArticle Re-registration, termination, Other Courses, Exam eligibility

30840265 – eroart@icai.in; anindita.kundu@icai.in

CA Shreya Lohia, Executive OfficerRegistration alongwith other courses, Supplementary Registration

30840256 – shreya@icai.in

Ms. Sutapa Das, Executive Officer Article Completion & Secondment 30840263 – erocompl@icai.inMr. Pallab Ghosh, DEO Registration, Industrial Training, ATC, 30840259 – eroreg@icai.inMs. Moushumi Bhadra Chatterjee, DEO Article Re-registration, termination & Other Course 30840266 – eroterm@icai.in BOARD OF STUDIESMr. Srijib Bardhan, Dy. Director (9332561250) Head of Dept. 30840251 – sbardhan@icai.in, Mr. Bivas Kanti Dasgupta, Consultant Final & ITT Certificate, Campus Placement 30840242 – erocct@icai.in

Ms. Susmita Sen, Student CounsellorTo know about CA Course, Student Programmes, Campus Placement

30840239 – erobos@icai.in

Ms. Sarmistha Biswas, Section Officer Orientation Course 30840237 – eircorient@icai.inMs. Piyali Chatterjee, DEO CPT, IPCC – 30211123 erocpt@icai.inMr. Kaushik Bhattacharjee, DEO IPCC, CPT, Revalidation 30840241 – eroipcc@icai.inMr. Swarup Karmakar, LDC Distribution of Study Materials 30840243 – eroitt@icai.inPost Qualification Courses (PQC) CELL

CA Debasish Sen, Asst. Secretary (9903424014)Co-ordinator and Nodal Officer of all Post Qualification & Certificate Courses.

– 30211117 ero@icai.in

CALCUTTA COMPUTER CENTREMs. Malini Sinha Chowdhury, Sr. Faculty In Charge of Computer Centers. – 30211142 malini.sinha@icai.inREGIONAL COUNCILMr. Saibal Krishna Chakraborty, Asst. Secretary Seminar Information – 30211104 schakraborty@icai.inMr. Kabir Ghosh, Consultant Seminar Information – 30211134 eircpubn@icai.inMr. Pradyut Chakraborty, Consultant Seminar Information – 30211104 pradyut.chakraborty@icai.in Mr. Amit Paul, Sr. Executive Officer Seminar Information – 30211133 eirc@icai.in, amit.paul@icai.inCA Manish Agarwal, Executive Officer GMCS – 30211260 manish.agarwal@icai.in, eircgmcs@icai.inCA Jyoti Luharuka, Executive Officer Website (eirc-icai.org), Seminar Information – 30211133 jyoti.luharuka@icai.inMr. Santanu Bose, DEO Seminar information, CPE Hrs. – 30211108 eircevents@icai.in; eirccpe@icai.inLIBRARY

Ms. Swati Banerjee, Librarian In Charge of Library Section – 30211103eirc.library@icai.in, swati.banerjee@icai.in

SALES COUNTER / PUBLICATIONSMr. AN Bhaduri, Asst. Secretary (9748003216) Publications – 30211120 anbhaduri@icai.in

Mr. Abhijit Roy, LDC Sales Counter 30211101/47 psc_ero@icai.in

Contact Details

���EIRC 1st October 2015

A. INDIRECT TAXES Compiled and Edited By : CA. RAGINEE GOYAL

(Email: raginee@gmail.com)1. MEERUT INDUSTRIES LTD. Versus UNION OF INDIA - 2015 (321) E.L.T.

444 (All.) - Drawback claim - Fraud - Goods sent to destination other than mentioned in shipping bills - Claim for drawback not admissible and penalty leviable - Section 76 of Customs Act, 1962:

By means of present writ petition, the petitioners have sought for quashing of the orders dated 30th March, 2002, 14th August, 2003 and 31st December, 2004 passed by respondents rejecting the claim of the petitioners for duty drawback. By the impugned orders, the authorities below have rejected the claim on the ground that the goods were actually sent to Dubai whereas destination of the goods in shipping bill was Masco, Russia. Findings have been recorded by the authorities below that it was fraudulently done and the penalty was also levied on the petitioners.

2. JMC PROJECTS (INDIA) LIMITED Versus COMMISSIONER OF SERVICE TAX - 2014 (36) S.T.R. 1223 (Guj.) - Commercial or Industrial Construction Service or Complex Service - Classification of, as ‘Works Contract Service’ after 1-6-2007 as well as availing the composition scheme - Permissibility of - HELD : After 1-6-2007, with introduction of entry ‘Works Contract Service’, it was open to the assessee to change the classification, provided it satisfied the requirements therefore - However, for ongoing projects as on 1-6-2007, if any payment of Service Tax was made under the respective taxable service head before the said date, qua such contract, composition scheme was not available - On facts, matter as to appropriate classification of service provided by assessee and availability of benefit of paying Service Tax at the concessional rate after 1-6-2007 under the Works Contract (Composition Scheme of Payment of Service Tax) Rules, 2007 on the ongoing projects of assessee, having been remanded by the Tribunal for fresh consideration, held, same does not warrant interference - Rule 3 of Works Contract (Composition Scheme of Payment of Service Tax) Rules, 2007 - Sections 65(25b), 66, 67, 73, 75, 76 and 78 of Finance Act, 1994

The combined effect of the said classification is that after 1-6-2007, with introduction of the new entry of works contract service, it would be open for an assessee to change the classification provided he satisfied the requirements. However, for the ongoing projects as on 1-6-2007, if any payment of service tax was made under the respective taxable service before the said date, qua such contract, composition scheme would not be available. Such a view has also been upheld by the Supreme Court in the case of Nagarjuna Construction Co. Ltd. (supra).

3. ACC LTD. Versus COMMISSIONER OF SERVICE TAX, MUMBAI - 2014 (36) S.T.R. 405 (Tri. - Mumbai) - Demand, interest and penalty - Service Tax - Consulting Engineers Service - Documentary evidence showing that consideration received was for other than Consulting Engineers Service, not produced - Burden to produce documents lies with appellants - In absence of any evidence, presumption goes against appellants, impugned order confirming the demand not faulted - Interest liability is automatic and consequential on confirmation of demand - Penalty under Section 78 of Finance Act, 1994 payable if element of fraud, collusion, suppression, wilful misstatement of facts and contravention of any of provisions of Act with intent to evade payment of tax is present - Appellants did not disclose receipt of consideration for services rendered - Clearly amount to wilful misstatement of facts - Penalty imposable - Section 73 ibid.

Penalty under Section 76 of Finance Act, 1994 - Mens rea not required for imposition - Service Tax liability discharged along with interest after a gap of 12 years, penalty imposable.

Once the demand for Service Tax is upheld, the interest liability is automatic and consequential.

As regards the penalty imposed, penalty under Section 76 is for default and delay in payment of Service Tax and no mens rea is required for imposition of penalty under Section 76. The appellant has discharged the Service Tax liability along with interest only in 2013 after a gap of 12 years from the date of rendering of service and the due date for payment of Service Tax. Further this, payment needs verification.

As regards the penalty imposed under Section 78, Section 78 envisages imposition of penalty on account of fraud, collusion, suppression, wilful misstatement of facts and contravention of any of the provisions of the Act with an intent to evade payment of tax. If these elements are present, penalty can be imposed under Section 78. In the present case, the charge against the appellant is that in the Returns filed for the respective periods, the appellant did not disclose receipt of the consideration for the services rendered and that would clearly amount to wilful misstatement of facts. Therefore, penalty under Section 78 is correctly imposable on the appellant.

NOTIFICATIONS & CIRCULARSCompiled and Edited By: CA. RAGINEE GOYAL

(Email: raginee@gmail.com)A. CENTRAL EXCISE

1. Seeks to further amend Notification No.12/2012-Central Excise dated 17.03.2012 (Notification No 41/2015-CE, Dated 17/09/2015

2. Clarification regarding binding nature of circular and instructions (Circular No. 1006/13/2015-CX dated. 21-09-2015)

B. CUSTOMS1. Seeks to further amend Notification No.12/2012-Customs dated 17.03.2012

(Notification No.46/2015-Custom,dated. 17-09-2015)2. Seeks to further amend Notification No.12/2012-Customs dated 17.03.2012

(Notification No.47/2015-Custom,dated. 22-09-2015)3. Appointment of Common Adjudicating Authority (Notification No.

78/2015-Custom(NT),Dated 18-08-2015)4. Appointment of Common Adjudicating Authority (Notification No.

79/2015-Custom(NT), Dated 18-08-2015)5. Rate of exchange of conversion of the foreign currency with effect from 26th

August, 2015 (Notification No. 82/2015-Custom(NT), Dated 25-08-2015)

6. Fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver (Notification No. 83/2015-Custom(NT), Dated 31-08-2015)

7. Rate of exchange of conversion of the foreign currency with effect from 4th September, 2015 (Notification No. 84/2015-Custom(NT), Dated 03-09-2015)

8. Amendment in Principal Notification No. 12/97-Customs(N.T.) dated 02.04.1997 (Notification No.85/2015-Custom(NT),Dated 04-09-2015)

9. Appointment of Common Adjudicating Authority (Notification No86/2015-Custom(NT), Dated 04-09-2015)

10. Appointment of Common Adjudicating Authority (Notification No. 87/2015-Custom(NT), Dated 04-09-2015)

11. Appointment of Common Adjudicating Authority (Notification No. 88/2015-Custom(NT), Dated 04-09-2015)

12. Appointment of Common Adjudicating Authority (Notification No. 89/2015-Custom(NT), Dated. 04-09-2015)

13. Appointment of Common Adjudicating Authority (Notification No. 90/2015-Custom(NT), Dated 04-09-2015)

Recent Judicial PronouncementsIndirect Taxes

EIRC 1st October 2015 ��

Notifications & CircularIndirect Taxes & MCA

14. Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver (Notification No. 92/2015-Custom(NT), Dated 15-09-2015)

15. Rate of exchange of conversion of the foreign currency with effect from 18th September, 2015 (Notification No. 93/2015-Custom(NT), Dated 17-09-2015)

16. Seeks to levy provisional safeguard duty on Hot-rolled flat products of non-alloy and other alloy Steel in coils of a width of 600 mm or more [heading 7208 or tariff item 7225 30 90] at the rate of 20% for a period of 200 days (Notification No. 02/2015 Custom.(SG), Dated 14-09-2015)

17. Seeks to impose anti-dumping duty on the imports of Phosphoric Acid of all grades and all concentration (excluding Agriculture or Fertilizer grade), originating in or exported from Korea RP for a period of five years (Notification No. 45/2015-Custom (ADD), Dated 24-08-2015)

18. Seeks to levy definitive anti-dumping duty on imports of Acrylonitrile Butadiene Rubber (NBR), originating in or exported from Korea RP for a period of five years. (Notification No. 46/2015-Custom (ADD), Dated 04-09-2015)

19. Seeks to levy definitive anti-dumping duty on imports of Float Glass of thickness 2 mm to 12 mm (both inclusive) of clear as well as tinted variety (other than green glass) but not including reflective glass, processed glass meant for decorative, industrial or automotive purposes falling under chapter heading 7005 of the First Schedule to the Customs Tariff Act, originating in or exported from the Peoples' Republic of China for a period of five years (Notification No. 47/2015-Custom (ADD), Dated 08-09-2015)

20. Regarding Authorized Economic Operator (AEO) Programme (F.No. 450/179/2009-Custom IV (Pt)Dated 19-08-2015

21. Regarding delay in furnishing reply to the Queries raised by the Department (F. No. 450/06/2015-Dir (Customs) Dated 03-09-2015)

C. WB VATCompiled by : CA VIKRAM KHAITAN

vikram@arvsolutions.co.in

Introduction of Electronic Module for Anti-Evasion Exercise – In the new scheme, In case of detention of vehicle at the Check-post /wayside or seizure of goods at the warehouse, dealers/other persons or transporters from whose custody the goods are detained or seized, will have to login to the e-Anti Evasion System (AES) module with their usual user-ID/password assigned against their regular VAT TIN or Enrolment Nos. Others will be given access to the system through one time password (OTP) sent to the mobile Nos./email so registered with the system. They will then be asked to upload the inventory of detained/seized goods in the system. The same will be accessed by the revenue authority, who will thereafter take the exercise through to subsequent stages of the proceedings. At each stage the necessary information will be shared with the incumbent electronically/through email.

[Trade Circular No. 16/2015, dated 28-08-2015]

E-Return, Generation of Profession Tax Payment Certificate, Generation of ID number for Government officers & surrender of certificate of registration or certificate of enrolment & e-Payment of Profession Tax prescribed in terms with Sub Rule (1) of Rule 6A of the West Bengal State Tax on Professions, Trades, Callings and Employments Rules, 1979

[Order dated 28-09-2015 by the Commissioner, Commercial Taxes & Professional Tax, West Bengal]

D. MCACompiled by : CA Mohit Bhuteria

m_bhuteria@yahoo.co.in

Companies (Accounts) Second Amendment Rules, 2015 notified on 4th September, 2015In the Companies (Accounts) Rules, 2014, under Rule 2- Definitions, “Indian Accounting Standards” have been defined under clause (da) to mean the Indian Accounting Standards referred to in Rule 3 and Annexure to the Companies (Indian Accounting Standards) Rules, 2015”

Rule 4A has been inserted which reads as under:

“Forms and items contained in Financial Statements-The financial statement shall be in the form specified in Schedule III to the Act and comply with Accounting Standards or Indian Accounting Standards as applicable:

Provided that the items contained in the financial statements shall be prepared in accordance with the definitions and other requirements specified in the Accounting Standards or the Indian Accounting Standards, as the case may be.”

Rule 8 sub-rule (3) of the Rules lays down certain information and details that Board’s Report must contain. However, MCA vide a proviso inserted under this Notification, has exempted the compliance with this sub-rule to a Government company engaged in producing defence equipment.

Under Rule 12, sub-rule (1) has been substituted as “Every company shall file the financial statements with Registrar together with Form AOC-4 and the consolidated financial statement, if any, with Form –AOC- 4 CFS”. Therefore, Form for Consolidated Financial Statements have also been notified.

The Companies (Filing of Documents and Forms in Extensible Business Reporting language) Rules, 2015 dated 9th September, 2015MCA notifies e-form AOC-4 XBRL for the financial years commencing on or after 1st April, 2014 using the XBRL taxonomy for the following class of companies:

(i) all companies listed with any Stock Exchange(s) in India and their lndian subsidiaries; or

(ii) all companies having paid up capital of rupees five crore or above;

(iii) all companies having turnover of rupees hundred crore or above; or

(iv) all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011:

Companies in Banking, lnsurance, Power Sector and Non-Banking Financial companies are exempted from XBRL filing.

Further, companies required to furnish cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Act and rules made thereunder shall file such report and other documents using the XBRL taxonomy for the financial years commencing or or after 1st April, 2014 in e-form CRA-4 specified under the Companies (Cost Records and Audit) Rules, 2014.

The Companies (Acceptance of Deposits) Second Amendment Rules, 2015 dated 15th September, 2015

In the Companies (Acceptance of Deposits) Rules, 2014, sub-clause (viii) of the definition of “Deposit” has been amended so as to not include any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the Private company: Provided that the director of the company or relative of the director of the private company, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board's report.

Therefore, now the exemption extends to amount received from the relative of the

���EIRC 1st October 2015

Notifications & Circular - FEMA

director, provided that he furnishes the declaration in writing as specified. Further, the details of money so accepted are required to be disclosed in the Board’s Report.Further, in Rule 3, the words "paid-up share capital and free reserves" have been substituted by "Paid-up share capital, free reserves and securities premium account". Therefore, Rule 3 of the said Rules as amended reads as under: No company referred to in sub-section (2) of section 73 shall accept or renew any deposit from its members, if the amount of such deposits together with the amount of other deposits outstanding as on the date of acceptance or renewal of such deposits exceeds twenty five per cent of the aggregate of the paid-up share capital, free reserves and securities premium account of the company. Amendments in Schedule III notified on 4th September, 2015MCA vide Notification dated 4.09.2015 makes the following alteration to Schedule III to the Act: In the said Schedule, in Part I- Balance Sheet,- (i) Under the heading "Equity and Liabilities", in para (4), for,

(b) Trade payables,, the following shall be substituted, namely:- "(b) Trade Payables:- (A) total outstanding dues of micro enterprises and small enterprises;

and (B) total outstanding dues of creditors other than micro enterprises and

small enterprises.(ii) Under the heading "Notes: General Instructions for preparation of Balance

Sheet", in para 6, after sub-para F the following shall be inserted, namely:- FA. Trade Payables- The following details relating to Micro, Small and Medium Enterprises shall be disclosed in the notes:- (a) the principal amount and the interest due thereon (to be shown separately)

remaining unpaid to any supplier at the end of each accounting year: (b) the amount of interest paid by the buyer in terms of section 16 of the Micro,

Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;

(c) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006;

(d) the amount of interest accrued and remaining unpaid at the end of each accounting year; and

(e) the amount of further interest remaining due and payable even in the succeedin9 years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.

The terms 'appointed day' ,'buyer', 'enterprise', 'micro enterprise', 'small enterprise' and 'supplier', shall have the same meaning assigned to those under clauses (b), (d), (e), (h), (m) and (n) respectively of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006.

E. RBI – NBFCCompiled by : CA Dhiraj Jain

dhiraj@icai.org1. Notification No.DBR.AML.BC.No.36/14.01.001/2015-16 dated 28/08/2015- Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)- All the concerned ‘financial institutions’ should take steps for complying with the Reporting Requirement under Foreign Account Tax Compliance Act(FATCA).Accordingly all the concerned financial institutions should register on the related

e-filling portal of Income Tax Department as Reporting Financial Institution by submitting the requisite details.Thereafter the reports can be submitted online by using the Digital Signature of ‘Designated Director’ by either uploading the Form 61B or ‘NIL’ report.In this regard, Central Board of Direct Taxes(CBDT) is developing a schema,which would be shared with all the regulated entities shortly.2. Notification No.DBR.AML.No.3074/14.01.001/2015-16 dated 31/08/2015Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) – Guidance Note-Guidance Note on implementation of Reporting Requirements under Foreign Account Tax Compliance Act and Common Reporting Standards has been issued.

F. FEMA Compiled by : CA Vivek Newatia

vnewata@sjaykishan.comFINANCE ACT, 2015 - NOTIFIED DATE ON WHICH PROVISIONS OF PART-I (EXCLUDING SECTION 132) AND PART II OF CHAPTER VIII OF SAID ACT TO COME INTO FORCE In exercise of powers conferred by sections 131 and 133 of the Finance Act, 2015 (20 of 2015), the Central Government vide NOTIFICATION NO. SO 2362(E) [F.NO.1/9/SM/2015], DATED 28-8-2015 hereby appoints the 28th day of September, 2015 as the date on which the provisions of Part I (excluding Section 132) and Part II of Chapter VIII of the said Act shall come into force.DEFERRED PAYMENT PROTOCOLS DATED 30-4-1981 AND 23-12-1985 BETWEEN GOVERNMENT OF INDIA AND ERSTWHILE USSR The RBI has vide A.P. (DIR SERIES 2015-16) CIRCULAR NO.10, DATED 3-9-2015 fixed the Rupee value of the Special Currency Basket at Rs.81.3268160 with effect from August 27, 2015 which was previously Rs. 77.6331180 videA.P. (DIR Series) Circular No. 105 dated May 28, 2015.SECTION 138 OF THE FINANCE ACT, 2015 - AMENDMENTS IN FOREIGN EXCHANGE MANAGEMENT ACT, 1999 - NOTIFIED DATE ON WHICH PROVISIONS OF CLAUSE (b) OF SAID SECTION, SECTIONS 140, 141, 142 AND CLAUSE (ii) OF SECTION 143 OF THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 TO COME INTO FORCE In exercise of the powers conferred by clause [A] of section 138 of the Finance Act, 2015 (20 of 2015), the Central Government hereby vide NOTIFICATION NO.SO 2454(E) [F.NO.1/29/EM/2014], DATED 8-9-2015 appoints the 9th day of September, 2015 as the date on which the provisions of clause [B] of the said section, sections 140,141, 142 and clause (ii) of section 143 of the said Act shall come into force.TRADE CREDIT POLICY - RUPEE (INR) DENOMINATED TRADE CREDIT With a view to providing greater flexibility for structuring of trade credit arrangements, the RBI has vide A.P. (DIR SERIES 2015-16) CIRCULAR NO.13, DATED 10-9-2015 decided that the resident importer can raise trade credit in INR within a framework after entering into a loan agreement with the overseas lender. Overseas lenders of Rupee (INR) denominated trade credits will be eligible to hedge their exposure in Rupees through permitted derivative products in the on-shore market with an AD Category - I bank in India. EXCHANGE EARNERS’ FOREIGN CURRENCY (EEFC) ACCOUNT - DISCONTINUATION OF STATEMENT PERTAINING TO TRADE RELATED LOANS AND ADVANCES With a view to liberalizing the procedure, the RBI has vide A.P. (DIR SERIES 2015-16) CIRCULAR NO.13, DATED 10-9-2015 decided that the requirement of transactions relating to loans/ advances from EEFC account to be reported by the AD banks on a quarterly basis to the Regional Office of Reserve Bank has been dispensed with from an immediate effect.CLARIFICATION ON FDI POLICY ON FACILITY SHARING ARRANGEMENTS BETWEEN GROUP COMPANIES The RBI has vide PRESS RELEASE, DATED 15-9-2015 clarified that:“Facility sharing agreements between group companies through leasing/sub-leasing arrangements for the larger interest of business will not be treated as

EIRC 1st October 2015 �

LIBRARY NEWSSome of the latest and useful addition to the EIRC Library

SlNo Title & Edition Author Publisher Year

1 Wealth Secrects of the 1% Wilkin Sam Sceptre 2015

2 Digital GoldNathaniel Popper

Harper 2015

3 Profiles in Enterprise Peter Church Roli Books 2015

4 The Country of First Boys Amartya Sen Oxford 2015

5The Negotiable Instruments Act

Bhashyam & Adiga’s

Bharat law House

2015

6Practice Procedure of Labour Laws with Model Forms

H L Kumar Lexis Nexis 2015

7Treatise on General Princi-ples of Government Works Contract

Gopalkrishnan G S

Thomson Reuters

2015

8 Guide to Companies Act Ramiya Lexis Nexis 2015

9 Its Raining BlackSailendra Kumar

Lexis Nexis 2015

10Appeals & Litigation in Indirect Tax

Avinash Poddar

CCH 2015

Please enrol and enjoy the treasure of knowledge at EIRC Library. For further information call EIRC at (033)30211103/05 or mail us at eirc.library@icai.in.

WORK DISPOSAL WORK DISPOSAL STATUS OF VARIOUS ACTIVITIES RELEATED TO

MEMBERS SECTION as on 24/09/ 2015

1) New Enrolment 04/09/2015

2) Grant of Certificate of Practice 14/09/2015

3) Grant of Fellow Admission 14/09/2015

4) Firm Registration / Constitution 14/09/2015

5) Reconstitution of Firms 10/09/2015

6) Restoration (Prospective) 18/09/2015

7) Change of Address 01/09/2015

8) Permission of other Engagement 14/09/2015

BOARD OF STUDIES SECTION as on 28/09/2015

CPT Registration 14/09/2015

IPCC Registration 24/08/2015

Final Registration 11/09/2015

By Hand By Post

Issuance of Study Materials - CPT Upto Date 11/09/2015

Issuance of Study Materials - IPCC Upto Date 11/09/2015

Issuance of Study Materials - Final Upto Date 11/09/2015

GMCS Certificate Issuance Upto Date

Orientation Certificate Issuance Upto Date

ITT Certificate Issuance 06/09/2015

Change of Name/Address Upto Date

Work Disposal

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

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA RABIN KUMAR DATTAMembership No. 007382

Passed away on 05th January 2015

An inadvertant mistake has occured in publishing the name of the member who has left us for the heavenly abode on 5th January 2015 in May Newsletter page no. 15. The correct name is CA Rabin Kumar Datta. We apologise for the incovenience.

‘real estate business’ within the provisions of the Consolidated FDI Policy Circular of 2015, provided such arrangements are at arm’s length price in accordance with relevant provisions of Income-tax Act, 1961, and annual lease rent earned by the lessor company does not exceed 5% of its total revenue.”EXIM BANK’S GoI SUPPORTED LINE OF CREDIT OF USD 26.24 MILLION TO GOVERNMENT OF REPUBLIC OF NICARAGUA Exim Bank vide A.P. (DIR SERIES 2015-16) CIRCULAR NO.14, dated 16-9-2015 has entered into an Agreement dated March 25, 2015 with the Government of Republic of Nicaragua, for making available to the latter, a Government of India supported LOC of USD 26.24 million for financing building of Carlos Fonseca substation in the Republic of Nicaragua.The credit agreement under the LOC is effective from August 10, 2015 and the date of execution of agreement is March 25, 2015. The last date for opening of letters of credit and disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and March 24, 2021 (72 months from the execution date of the credit agreement) in the case of other supply contracts.REVIEW OF EXISTING FOREIGN DIRECT INVESTMENT POLICY ON PARTLY PAID SHARES AND WARRANTS - AMENDMENT IN PARA 2.1.5 AND INSERTION OF PARA 3.3.3 OF CONSOLIDATED FDI POLICY CIRCULAR OF 2015 The Government has reviewed the provisions of the extant FDI policy on the captioned subject and it has been decided to allow partly paid shares and warrants as eligible capital instruments for the purposes of FDI policy. Accordingly, the following amendments are made:(i) Para 2.1.5 is amended to read as below:“’Capital’ means equity shares; fully, compulsorily & mandatorily convertible preference shares; fully, compulsorily & mandatorily convertible debentures and warrants.Note: The equity shares issued in accordance with the provisions of the Companies Act, as applicable, shall include equity shares that have been partly paid. Preference shares and convertible debentures shall be required to be fully paid, and should be mandatorily and fully convertible. Further, ‘warrant’ includes Share Warrant issued by an Indian Company in accordance to provisions of the Companies Act, as applicable.”

(ii) Insertion of a new para after para 3.3.3 of Consolidated FDI Policy Circular of 2015:3.3.3: Acquisition of Warrants and Partly Paid Shares - An Indian company may issue warrants and partly paid shares to a person resident outside India subject to terms and conditions as stipulated by the Reserve Bank of India in this behalf, from time to time.

GUIDELINES FOR GRANT OF AUTHORISATION FOR ADDITIONAL BRANCHES OF FFMC/AD CAT.II The RBI has vide A.P. (DIR SERIES 2015-16) CIRCULAR NO.12, DATED 10-9-2015decided to incorporate the changes in the guidelines in respect of submission of documents by the applicant FFMC/AD Cat. II while applying for authorization for an additional branch.The revised guidelines will come into force with immediate effect.

��EIRC 1st October 2015

Seminar on Companies Act 2013 on 8th September 2015

L – R: CA Priyanka Choraria, CA Rittika Adhikary, CA Mohit Bhuteria CA Priyanka Choraria CA Mohit Bhuteria

EIRC Events

Seminar on Tax Audit on 11th September 2015

L – R: CA Beena Jajodia, CA S S Gupta CA S S Gupta

CA Manoj Banthia

Seminar on Issues in E Filing of Tax Audit Report on 21st September 2015

CA Beena Jajodia, CA Sanjay Bhattacharyya CA Sanjay Bhattacharyya

CA M Sathya Kumar

Seminar on Companies Act 2013 on 19th September 2015

L – R: CA Sourav Loharuka, CA Beena Jajodia, CA Manoj Banthia

EIRC 1st October 2015 ��

���EIRC 1st October 2015

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

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BOOK POSTCA Pramod Dayal Rungta, Editor

CA Subodh Kumar Agrawal, Member

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