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The Institute ofChartered Accountants of India(Set up by an Act of Parliament)

WESTERN INDIACHARTEREDACCOUNTANTSNEWSLETTER

WESTERN INDIACHARTEREDACCOUNTANTSNEWSLETTER

AUGUST 2012VOL. 38 | No. 8

http.//wirc-icai.org

Discover the Difference - A World of Opportunities

AUGUST 2012 Western India Chartered Accountants Newsletter

For Online Event Registration & Payment Visit www.wirc-icai.org

For Seminar registration, enquiry contact 3980 2923 / 2922. Cheques should be drawn in favour of "WIRC OF ICAI" and sent toWIRC Office, ICAI Bhawan, Cuffe Parade • R. No. 580, Aayakar Bhawan, Churchgate • RVG Extension Counter, Andheri (W) •Mulund Reading Room, Mulund (W) • Dadar Reading Room, Dadar (E)

DATE PROGRAMME TIME VENUE FEES`

CPE PG.NO.

LectureMeeting on Opportunities inInternational Finance

DAY & DATE WEDNESDAY,5TH SEPTEMBER, 2012

TOPIC & SPEAKER

Venue

Time

FeesChief Co-ordinators

J.S. Lodha Auditorium,ICAI BhawanCuffe Parade6.00 p.m. to8.00 p.m.Free

CA. Anil Bhandari 9821037605CA. N. C. Hegde 9820423420(Regional Council Members)

Opportunities in International FinanceShri Praveen Mohnot ( ED & CFO) – PipavavCompany Ltd

CPE HRS02

22

FORTHCOMINGEVENTS

Lecture Meetingon Prospects ofEducation Sector

DAY & DATE WEDNESDAY,3RD OCTOBER, 2012

TOPIC & SPEAKER

Venue

Time



CA. Shardul Shah 9820287625CA. Ashok Jain 9833512888(Regional Council Members)

Prospects of Education SectorShri Anup Gandhi ( CFO) – MT Educare

CPE HRS02

Lecture Meeting on Filing ofService Tax Returns

DAY & DATE FRIDAY,12TH OCTOBER, 2012

TOPIC & SPEAKER

Venue

Time



CA. Mangesh Kinare 9869070539CA. Dilip Apte 9930314856(Regional Council Members)

Filing of Service Tax ReturnCA. Parag Mehta

CPE HRS02

31/08/2012 & 27th Regional Conference of WIRC 9.00 a.m. to 6.00 p.m. Hotel The Lalit Intercontinental, Andheri (E) 3450 12 4, 501/09/2012

08/09/2012 Full Day Seminar on “Practical Aspects of Revised 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 1000 06 6Schedule-VI vis-a-vis Presentation of FinancialStatements (IAS-1) & IFRS Conceptual Framework”

14/09/2012 & Workshop on Hospitality Industry 10.00 a.m. to 6.00 p.m. Hotel Orchid, Near Domestic Airport, Vile Parle (E) 3500 12 715/09/2012

15/09/2012 Seminar on International Tax & Transfer Pricing 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 1000 06 6

22/09/2012 Workshop on Reporting & Business Intelligence (BI) Tools 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 1000 06 6

05/10/2012 Workshop on Networking Meet on Debt Restructuring 5.00 p.m. to 8.00 p.m. Hotel Sea Princess, Juhu Tara Road, Juhu 1850 03 6

06/10/2012 Seminar on Issues in VAT Audit and Works Contract Taxation 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawa, Cuffe Parade 1000 06 07

12/10/2012 & International Conference on Coal Industry 10.00 a.m. to 6.00 p.m. Taj Mahal Hotel, Mumbai 6500 12 0913/10/2012

13/10/2012 Seminar on India Entry Tax Controversies 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 1000 06 07

13/10/2012 Seminar on Sectorial Impact of Changes in Service Tax 10.00 a.m. to 6.00 p.m. Walchand Hirachand Hall, 4th Floor, IMC, Churchgate 1000 06 07

STUDENT SECTION

19/08/2012 MISC for CA Final 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 300 -- 08

21 to 23/08/2012 Forex, Derivatives and Valuation of Securities for CA Final 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 750 -- 08

As financial professionals we are aware of the problems facingthe Indian economy and am sure Members are doing their bestto mitigate issues faced by the layman. The volatilecombination of high inflation, tight monetary policy, weakglobal economic conditions and slow implementation of fiscal policies and reforms have put a dent in India Inc. But the recentdecision to reinstate P. Chidambaram as Finance Minister hasbeen welcomed by Industry and the mood is upbeat. RBI, too, istrying to motivate the Government to restart theimplementation of shelved reforms by allowing FDI insupermarkets and the aviation industry.

Our former Finance Minister, Shri Pranab Mukherjee has beenelevated to the highest post the country can offer. We can beproud that a statesman of his stature and calibre will grace the post of the President of India and take this opportunity tocongratulate the new President of India.

The latest policy review by RBI has seen interest ratesunchanged. However, the statutory liquidity ratio (SLR) hasbeen reduced by 1% so as to increase the flow of credit toindustry. This SLR reduction will bring down lending rates,release funds for private sector and improve the profitability ofprivate sector banks.

The recent blackout of North, North East and East India hascaused a disruption in the filing of returns, hence the ITdepartment has extended the deadline for filing of returnswhich were required to be filed by July 31st to August 31st.While this directive will ease the pressure on Members, I wouldlike to remind them of the saying, “Do not wait to strike till theiron is hot; but make it hot by striking.”In short, Members shouldencourage and remind their clients to file their returns inadvance and not wait till the last possible moment.

Last month I visited WIRC branches at Gandhidham andBhavnagar in Gujarat and Jalgaon, Akola, Amravati, Kolhapur,Sangli and Latur in Maharashtra as well as the Dhule andIchalkaranji chapters. I have now visited all the branches acrossthe whole of the Western Region and am proud to say that the brotherhood, camaraderie, efficiency and dedicated efforts putin by the Members of our Branches is truly praiseworthy.

This sincere dedication of Members is the reason why WIRCConferences and Seminars are so successful. A recent example being the National Tax Conference held in Surat which was verywell attended and acclaimed by all.

WIRC has always been in the forefront in encouraging students.The recent International and National Student Conferencesheld at Nagpur and Aurangabad respectively were a reflectionof this ethos where we saw our brilliant students make a markby presenting their own research papers.

The 27th Regional Conference is scheduled for 31st August and1st September.To enable Members to derive maximum benefit,this unique Conference has been designed in a manner that

Members can get the best out of verticals most relevant to eachindividual. Members are requested to attend this flagship WIRCevent and partake of the knowledge disseminated therein.

I am happy to say that the ICAI Bhawan under construction atBandra-Kurla Complex is on the cusp of fruition. This landmark and prestigious structure will shortly be dedicated in the serviceof the nation and to all our Members and Students within amonth. It will house state of the art infrastructural amenitiesand facilities including Conference rooms, Auditorium, ITCentre, Student's Classrooms, etc.

The month of August has ushered in the festive season. Thismonth we celebrate the bond that exists between brothers andsisters with Raksha Bandhan as well as the holy month ofShravan and Ramadan. My best wishes to all our Members,brothers and sisters on the auspicious occasions of RakshaBandhan as well as Ramadan.

The celebration of Independence Day is also a time forretrospection. Let us go beyond words and work to uplift ourcountry and people in whichever small way we can.To make thishappen we have to realise that we are all inventors, each sailingout on a voyage of discovery, guided each by a private chart, ofwhich there is no duplicate. The world is all gates, allopportunities.

We have to realise that true independence can only be achievedwhen we have eradicated poverty, illiteracy, malnutrition andsocial ills to become a healthy and progressive nation. CAs arelooked upon as the guardians of financialintegrity, let us take a small stepforward and also become guidinglights in the struggle to better the lifeof our fellow Indians, rememberingthe words,

With warm regards,

CA Durgesh Kabra

Dear Colleagues,

CA. Durgesh Kabra, Chairman CA. Jay Chhaira, Vice-ChairmanCA. Anil Bhandari, Secretary CA. Dinesh Gandhi, Treasurer

OFFICE BEARERS

Editor: CA. Durgesh Kabra Joint Editor: CA. Anil Bhandari

CA. Sanjeev Lalan • CA. Shriniwas Joshi • CA. Mangesh Kinare • CA. Neel MajithiaMembers

EDITORIAL BOARD

Page 2Page 10Page 11Page 14Page 15Page 21

Forthcoming EventsForthcoming Study Circle MeetingsForthcoming Branch MeetingsBulletin BoardLaw UpdatesRecent Judgments

CHAIRMAN’sCOMMUNICATION

3AUGUST 2012 Western India Chartered Accountants Newsletter

of financialall step

guidingthe lifeffbering

K1:

K2:

K3:

K4:

Session Chairman –CA. T. N. Manoharan,Past President, ICAI

Transfer Pricing for Domestic Transactions - CA. S. P. SinghBusiness Restructuring and Anti Avoidance Provision -CA. Ketan Dalal

Session Chairman –Eminent Personality

Cross Border Transactions ofServices.– Adv. Rohan ShahOverlapping in VAT and ServiceTax – CA. SunilGabhawalla

Session Chairman –CA. M. M. ChitalePast President, ICAI

Real Estate - Accounting Issues – CA. Khushroo Panthaky• Is India Ready for Fair MarketValue ? – CA. P.R. Ramesh

Session Chairman –CA. Dilip J. Thakar

Issues in Valuation of Sharesunder FEMA - CA. Sujal Shah

Inbound FDI and FEMA Policy -Shri Rajendra Prasad

KNOWLEDGE TRACK (K)

T1:

T2:

T3:

T4:

SMEs should they invest in ERP •When • Which • Assessing ERP Implementation Readiness and Value Creation through ERPSelection and Implementation of ERP - Challenges and OpportunitiesCA. Mazhar Khan

Open Source Softwares & Applications • Can Companies optimise Licences Cost for Solution Deployment • Mapping Business Needs to Open Source Applications–• Cloud Applications - Risks and BenefitsShri A.V. Ramesh KumarJGM, ICICI Bank

Systems AuditBusiness View - Opportunities, Need and Value in SystemsAudit for Business & Auditors –Shri Prem Chopla, GM - DIT, RBIHow to Start Systems Audit Practice - Chartered Accountants PerspectiveCA. A. Rafeeq

Next Generation Security Operation Centre Concepts - Local & Cloud Environment– Shri Sunil Dhaka JGM(CISO) ICICI Bank

TECHNOLOGY TRACK (T)

F1:

F2:

F3:

F4:

PE/VC- Funding for SMEShri Carlton Pereira, Managing Director, Tano India Advisors Pvt Ltd.• Funding for Real EstateShri Dhanpal Jhaveri -Partner & CEO - Everstone Capital Advisors

PE/VC - Regulatory,Taxation, Post InvestmentIssues and Exit IssuesShri Tehmasp RustomjeeSenior Director Deloitte ToucheTohmatsu Private Limited• How to prepare and pitch to PE/ VC FundsCA. Shailendra Jindal

Angel Funding – Structured and Issues Mezzanine EquityShri Prashant ChokseyCo-founder Mumbai Angels

Session Chairman –Shri M. Narendra, CMD Indian Overseas Bank

Restructuring Loans of Corporate – BankersPerspectiveShri Vishal Gupta, VP-SBICapital Market

Financial Analytics for StrategicDecision MakingShri Gopal Mahadevan CFOand Ex.VP Thermax

Chief Guest Dr. Veerappa

Address by CA. Jaydeep Narendra Shah, President, ICAI &CA. Subodh Kumar Agarwal, Vice-President, ICAI

FINANCIAL TRACK (F)

I1:

I2:

I3:

I4:

Infrastructure - Long TermHorizon for InvestmentGovt. Policies/Initiatives,Challenges and OpportunitiesEminent Speakers

Is Maharashtra still an Investment destination?Shri Bhushan GagraniCEO MIDC

Logistics • Supply Chain Govt. Policies/Initiatives,Challenges and OpportunitiesEminent Speaker

Tourism - Will India Catchup?Govt. Policies/Initiatives,Challenges and OpportunitiesShri Ravi MenonHead Foreign Exchange Cox & Kings Ltd.

INDUSTRY TRACK (I)

Keynote 1 : Chartered Accountants •Partners in Nation Building

Keynote 2 : Economic Uncertainties "Are we still under the Weather”?Shri Anand Rathi, Chairman, Anand Rathi Financial Services Ltd.

Friday, 31st August, 2012

AUGUST 2012 Western India Chartered Accountants Newsletter4

th27 REGIONAL CONIntegrated with Industry, Technology

Discover the Difference -

st st31 August & 1 September, 2012 at Hotel The Lalit Intercontinental, Andheri (E)Time 8.00 a.m. to 6.00 p.m. (Reg. 8.00 a.m. to 9.00 a.m.)

K5:

K6:

K7:

K8:

Session Chairman –CA. Sunil TalatiPast President, ICAI

Complexities in Taxation of Dividend - Section 2(22)CA. Kishore Karia

Issues Under Sec 195 -CA. Padamchand Khincha

Session Chairman –CA. Bhavna Doshi

GST - Way Forward - Service Tax -Negative List with Positive Approach! -Shri Sampath Thirumalai

Session Chairman – CA. N. P. SardaPast President, ICAI• Risk Management and InternalAudit CA. Vinod Kumar, ChiefAudit and Risk officer – TataChemicals• Issues in AS – an IntegratedApproach – SME perspective.CA. Amarjit Chopra, PastPresident, ICAI

Session Chairman –CA. Gautam DoshiGMD, ADAG

Panel Disscussions - Impact ofInternational Affiliation on DomesticFirms - CA Mitil Chokshi • IsIndustry better than practice? - CAJayraj Sheth • LLP - Way forwardfor CA? - CA. Jeenendra Bhandari• Have we been able to movetowards Value Added Services asagainst Compliances? - CA SunilGoyal • Are we ready to change ourmindset for consolidation? CA.Shariq Contractor • Will rotationof Auditors Work?- CA Milin Mehta

T5:

T6:

T7:

T8:

Functional Testing ofSoftwares • Can CharteredAccountants Add Value • Role &Opportunities of CharteredAccountants in Software Testing- Tools and TechniquesCA. Abhay Gupte

Eff ic iency throughtechnology and automation• integration of various tools and gadgets • PracticeManagement & PracticeEnhancements - Applications provided by CA InstituteCA. Ashwin DedhiaDirector - Cnergyis InfoTech CA. B.C. Khechani

Fraud & Forensic AuditCyber Law - Role of Chartered AccountantsForensic Audit - Available Tools& TechniquesCA. Chetan Dalal

CAAT Tools & PracticesAudit in the Digital Environment - Addressing Challenges – CA. Nitant Trilokekar

Panel Discussion - Role of IT in Practice ManagementCA. Sunil SharmaCA. B.C. KhechaniCA. Nikunj Shah

F5:

F6:

F7:

Alternate Funding Options - other than BanksShri Conrad D' SouzaMember Executive Management, HDFC Ltd.

Structured ProductsSession Chairman –Shri D. Sarkar, CMD Union Bank of India

Credit Rating for SME - How Determined?Credit Rating for Non SMEShri Yogesh DixitDirector SME Rating CrisilShri Somasekhar VemuriDirector- Criteria and Product Development, CRISIL Ratings

Panel Discussion on Direction of Market and Economy a way forward

by

Nivesh Pathshala

AnchorCA. Anil Singhviwith the wizards of Dalal Street

I5:

I6:

I7:

I8:

Alternative Energy - Nation BuildingGovt. Policies/Initiatives,Challenges andOpportunitiesCA. Suresh PrabhuFormer Union Minister of IndiaDr. Harish PattnaikCEO, Golden Gujarat Growth Fund

Mumbai A Financial Hub - A Necessity ?Eminent Speaker

Real Estate - Govt. Policies/Initiatives,Challenges and OpportunitiesShri Chandrashekhar Prabhu Former Minister for Housing, Govt. of Maharashtra

IT/ITES - Is BPO/KPO for Chartered Accountants?Govt. Policies/Initiatives,Challenges and OpportunitiesShri Susir Kumar, ExecutiveChairman SERCO, Global

Saturday, 1st September, 2012

KNOWLEDGE TRACK (K) TECHNOLOGY TRACK (T) FINANCIAL TRACK (F) INDUSTRY TRACK (I)

Keynote 1 : Why does only America have Entrepreneurs with vision or is it better marketing?–Shri Kishore Biyani, Founder and Group CEO, Future Group

Keynote 2 : Are we ready for the NEXT GENERATIONShri Milind Deora, Member of Parliament


FERENCE OF WIRC

Fees: `3450/- (inclusive of Course Material, Breakfast & Lunch)(Please add ` 250/- towards CA. Benevolent Fund as voluntary Contribution)

& Financial Services Tracks to be held onCPE HRS12

Moily, Union Minister of Corporate Affairs

A World of Opportunities

Workshop on Networking Meeton Debt RestructuringCPE HRS

03DAY & DATE FRIDAY, 5TH OCTOBER, 2012

TOPICS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Hotel Sea Princess, JuhuTara Road, Juhu

5.00 p.m. to 8.00 p.m.

` 1,850/- (inclusive of course material &followed by dinner)(Please add ` 100/- towards CA BenevolentFund)

CA. Sunil Patodia 9820344085CA. Neel Majithia 9820327660(Regional Council Members)

CA. Praveen Shenoy 8655070738CA. Arun Prithwani 9820917280

Impact of slowdown on working capital management

Fund management through business re-organisation

How to prepare and present your case for debt

restructuring/rephasement

FORTHCOMINGEVENTS

26

Seminar on International Tax &Transfer PricingCPE HRS

06DAY & DATE SATURDAY, 15TH SEPTEMBER, 2012

Topics Speakers

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

J. S. Lodha Auditorium, ICAI Bhawan,Cuffe Parade10.00 a.m. to 6.00 p.m.(Registration & Breakfast 9.00 a.m. to 10.00 a.m.)` 1,000/- (inclusive of course material,breakfast & lunch) (Please add ` 100/- towardsCA Benevolent Fund)CA. Shardul Shah 9820287625CA. Shruti Shah 9892407988(Regional Council Members)CA. Gaurav Shah 9867978894CA. Poonam Joshi 9167513531CA. Jignesh Nagda 9930506033CA. Pravin Manudhane 9820136429

Inauguration and Keynote Shri L N Pant, Director ofAddress International Taxation

– 1, MumbaiTransfer Pricing – Applicability CA. Jiger Saiyato Specified Domestic TransactionsTransfer Pricing – Practical CA. KarishmaChallenges in Documentation, PhatarphekarCertification, Audits & LitigationInternational Taxation – CA. RadhakrishnaAmendments to Section 9, Rawal90, 195 and their implicationsInternational Taxation – Recent CA. Darpan MehtaControversies and Jurisprudence


Full Day Seminar on “PracticalAspects of Revised Schedule-VIvis-à-vis Presentation ofFinancial Statements (IAS-1)& IFRS Conceptual Framework”

CPE HRS06

DAY & DATE SATURDAY, 8TH SEPTEMBER, 2012

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade

10.00 a.m. to 6.00 p.m.

(Registration & Breakfast 9.00 a.m. to 10.00 a.m.)

` 1,000/- (inclusive of course material,breakfast & lunch) (Please add ` 100/- towardsCA Benevolent Fund)

CA. Parag Raval 9824339200CA. Dilip Apte 9930314856(Regional Council Members)

CA. Milind Joshi 9930033939CA. Surendra Surekha 9327475219CA. Hrishikesh Wandrekar 9892919239CA. Anil Bhomavat 9323243205

“Presentation of Financial Statements CA. Yagnesh Desai(IAS-1) and IFRS Conceptual Framework”

“Practical Aspects of Revised CA. Anand BathiyaSchedule – VI”

Workshop on Reporting &Business Intelligence (BI) ToolsCPE HRS

06DAY & DATE SATURDAY, 22ND SEPTEMBER, 2012

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

J. S. Lodha Auditorium, ICAI Bhawan,Cuffe Parade

10.00 a.m. to 6.00 p.m.



CA. Anil Bhandari 9821037605CA. Vishnu Agarwal 9324544607(Regional Council Members)

CA. Bakul Bhatia 9004017351CA. Hemal Selarkha 9323492258CA. Jignesh Nagda 9930506033CA. Priti Savla 9321426883

Business Intelligence CA Hitesh Dixit

BM Cognos BI tools Eminent Faculty

Qlikview Eminent Faculty

Reporting with Tally Shri Sanjay Mehta, CEO, MAIA

Panel discussion CA Hitesh Dixit &Other experts

Organised by IT Committee of ICAI

Hosted by WIRC of ICAI


FORTHCOMINGEVENTS

Workshop onHospitality IndustryCPE HRS

12DAYS & DATES SATURDAY & SUNDAY

14 & 15 SEPTEMBER, 2012

TOPICS

Venue

Time

Fees

Hotel Orchid, Nr Domestic Airport, Vile Parle (E)

10.00 a.m. to 6.00 p.m.(Registration & Breakfast 9.00 a.m. to 10.00 a.m.)

` 3500/- (inclusive of course material,breakfast & lunch) (Please add ` 100/- towardsCA Benevolent Fund)

DAY 1: Direct Tax aspects of Hotel and tourism industry, Provision of the Income-tax Act, Exemptions, deductions, TDS and DTAA

Applicability of provisions of Service Tax to various transactionsconcerning Hotel andTourism entities

Exim policy and provision relating to the Hotel andTourism Industry

Internal Audit & Risk Assurance function relating to Hotel industry

DAY2: Financing Norms- venture Capital Funds- Equity- project financewith applicable governing laws and provisions

VAT, including works contract provisions applicable on varioustransactions concerning Hotel andTourism industry.

Role of Chartered Accountants in Preparation of Feasibility Study Report,Technical Reports and Presentation to Investors and Lenders

Auditing Function and Risk management in the Hotel &Tourism industry

Workshop Chairman :CA Rajkumar Adukia, Chairman, CMII-ICAI

Workshop Co-ordinators : CA. Shriniwas Joshi, Chairman, CMII-WIRCCA. Dhiraj Khandelwal, RCM

For Registration & Enquiry

Dial : 093212089136 |8454861578 | 9004213085

E-mail : ruchi_gupta2icai.in | [email protected] |[email protected]

Organized by Committee for Members in Industry of ICAI

Hosted by Western India Regional Council of ICAI

Seminar on Issues in VAT Auditand Works Contract TaxationCPE HRS

06DAY & DATE SATURDAY, 6TH OCTOBER, 2012

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators


10.00 a.m. to 6.00 p.m.



CA. Anil Bhandari 9821037605CA. Ashok Jain 9833512888(Regional Council Members)

CA. Milind Joshi 9930033939CA. Aalok Mehta 9892001645CA. Suhas Gharat 9820420675

Issues in VAT Audit CA. Dilip Phadke

Taxation of Works contract VAT and CA. Vikram MehtaService Tax Implications

Seminar on India EntryTax ControversiesCPE HRS


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators


10.00 a.m. to 6.00 p.m.



CA. Neel Majithia 9820327660CA. Vishnu Agarwal 9324544607(Regional Council Members)

CA. Pratik Jariwala 9833217888CA. Divya Sukumar 9930604296CA. Vipul Agrawal 9821359804

Holding Structures & Cross BorderFinance Structures - Case Studies onUse of favourable tax treaties &impact of LOB clause

Recent tax controversies pertaining tovarious India entry structures & also onestablishment of PE in India Eminent Speakers

Issues regarding availing of foreign taxcredit and attribution of incometo PE in India - A Practical Insight

Important Regulatory Issues applicableat the time of entry into India

Seminar on Sectorial Impact ofChanges In Service TaxCPE HRS


TOPICS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Walchand Hirachand Hall, 4th Floor, IMCChurchgate

10.00 a.m. to 6.00 p.m.



CA. Mangesh Kinare 9869070539CA. Sunil Patodia 9820344085(Regional Council Members)

CA. Vinay Mulye 9820140710CA. Mehul Sheth 9820297310CA. Lalit Gawde 9967061762

Impact on services relating to Govt., Agriculture, Banking, CharitableOrganizations, Education & Health Care Services

Impact on services relating to Construction, Real Estate & WorksContract Services, Renting, Job Work

Impact on services relating to Sports, Amusement, Media & Entertainment, Marketing, Business, IPRs, Software

Impact on services relating to Travel, Tourism, Hotel, Restaurant and Food services, Transport & Logistics

7

International Conference onCoal IndustryCPE HRS

12DAYS & DATES FRIDAY & SATURDAY,

12 & 13 OCTOBER, 2012

TOPICS

Venue

Time

Fees

Taj Mahal Hotel, Mumbai

10.00 a.m. to 6.00 p.m.(Registration & Breakfast 9.00 a.m. to 10.00 a.m.)

` 6500/- (inclusive of course material,breakfast & lunch) (Please add ` 100/- towardsCA Benevolent Fund)

Day 1

First Session: Government/Ministries: Securing Coal for Indian Industry

Topic : Securing Coal for Indian Industry, Issues and challenges in increasing domestic production , Facilitating mine development:Initiatives taken to fast track environmental clearances , ContiniuousCoal supply and its impact on power project development

Second Session: Indian Power Sector Update: an industry health check:

Topic :Overvier of Power sector, Power access to loans and other waysto help the power generation and distribution companies .

PANEL DISCUSSION- Indian Power Sector Update

Third Session : Indian Coal Production, Contract Mining, and Washing

Topic: Challenges in operating captive mines in India , Unique challenges of contract miners in India

Fourth Session: Demand from Cement, Phrama,Textiles and PaperIndustry

Topic : Overview of global coal markets, Indian Industry demand and changing raw material requirement

PANEL DISCUSSION: Demand from above Industry Binani, Ultratech,Dalmia Cement etc.

Day 2

Fifth Session: Infrastructure and Logistics

Topic: Is the Railway Infrastructure able to handle domestic and imported coal demand, Overview of Indian port developments – what is the capacity now and in the future

Sixth Session : Coal Trading and Imports to India

Topics : Coal Import In India and Status, Emerging Indonesian rules and regulations , Making Coal available to small and medium sized buyers in India, Merger and acquisition, Role of Chartered Accountants in Valueaddition Services;Due diligence-structuring-tax aspect.

Seventh Session: International Markets

Topics: Resource Competition: China Market – International Demand , Moving away from traditional benchmark costs.

PANEL DISCUSSION

Conference Chairman : CA Rajkumar Adukia, Chairman, CMII-ICAI

Conference Directors: CA. Shriniwas Joshi, Chairman, CMII-WIRC

CA Dhiraj Khandelwal, RCM

Registration & Enquiry: Call: 8454861578 | 9004213085

E-mail: [email protected] | [email protected]

Organized by Committee for Members in Industry of ICAIHosted by Western India Regional Council of ICAI

STUDENT SECTIONDAY & DATE SUNDAY, 19TH AUGUST, 2012

TOPIC SPEAKER

Venue

Time

Fees

Chief Co-ordinator

StudentCo-ordinators

J.S. Lodha Auditorium, ICAI Bhawan, WIRC

10.00 a.m. to 6.00 p.m.

` 300/- (inclusive of course material,breakfast & Lunch)

CA. Shruti Shah 9892407988(Regional Council Member)

Mr. Sanat Doshi 9819664790Mr. Chirag Dangi 9920100331Mr. Aman Khandelwal 9892657459

MICS for CA Final Prof. Jignesh Chheda

DAYS & DATES TUESDAY TO THURSDAY21ST TO 23RD AUGUST, 2012

TOPIC SPEAKER

Venue

Time

Fees

Chief Co-ordinator

StudentCo-ordinators

J.S. Lodha Auditorium, ICAI Bhawan, WIRC

10.00 a.m. to 6.00 p.m.

` 750/- (inclusive of course material,breakfast & lunch)

CA. Neel Majithia 9820327660(Regional Council Member)

Mr. Aman Khandelwal 9892657459Mr. Sanat Doshi 9819664790Mr. Ankush Kejriwal 9819998931

Forex, Derivatives and Valuation of Prof. Archana KhetanSecurities for CA Final

WORK DISPOSAL POSITIONThe position of disposal of various matters relating to members and students of WIRC

as on 31/07/2012

PARTICULARS DATE

Members Section

Articles Section

Proprietary Firm Registration 28/07/2012Partnership Firm Registration – Constitution 10/07/2012

Reconstitution 10/07/2012Grant of Certificate of Practice 24/07/2012Fellow Admission 27/07/2012Change of Address 27/07/2012New Enrolment 25/07/2012Restoration 23/07/2012Permission for other engagement 27/07/2012

IPCC Registration - Article 29/07/2012Final + Articles Registration 29/07/2012Industrial Training Registrations 23/07/2012Re-registration 25/07/2012Termination 25/07/2012Completion 28/07/2012Permission to study 27/07/2012Supplementary Registration 28/07/2012Change of Address 30/07/2012

FORTHCOMINGEVENTS


210

Note: All Convenors are requested to send their forthcoming programmes only on e-mail Id [email protected] at the end of the preceding month for the period starting 20th of Next Month.

Date & Day Time Subjects Speaker(s) Venue Organised By / Convenor / Tel. No.

18/08/2012 4.00 p.m. Issues in Tax Audit CA Atul Suraiya Hotel Kubera Vasai Virar CA CPE Study Circle

Saturday CA. Aniket Padhye M: 9922063800

18/08/2012 3.30 p.m. Study Group Meeting CA Vijay Shroff Direct-I-Plex,Old Nagar Das Road, J.B. Nagar CPE Study Circle

Saturday Provision of Works Contract Near Andheri (East) Subway, Andheri (E) CA Shrish Pandit M: 9820133126

under MVAT Act 2002

19/08/2012 8.45 a.m. Issues in Revised Schedule VI-SME CA Sanjeev Maheshwari Kohinoor Continental, J. B. Nagar, J.B. Nagar CPE Study Circle

Sunday Audit Planning & Documentation CA Mandeep Singh Andheri (East), Mumbai -59 CA Rakesh Gupta M: 9819160820

Talwar

19/08/2012 8.45 a.m. Recent Important CA Mangesh Kinare Shiv Samarth School AC Thane CPE Study Circle

Sunday Amendments in Service Tax – Part 2 Hall, Opp Gadkari Rangayatan, CA Rajdatta Oak M: 9869061090

Thane (West) - 400602

19/08/2012 9.30 a.m. Workshop on Service tax CA. S S Gupta Shyam Kunj Haveli Hall, Chandavarkar Road, Borivali (Central) CPE Study Circle

Sunday Session-5 Near Raj Mahal Hotel, Borivli (W) CA. Manish Sheth M: 9769536260

• Valuation of Services

• Abatement

• Composition Schemes

Session-6 CA. Bakul Mody

• Cenvat Credit Rules as applicable

to Service Providers

• Concept of Input Service Distributor

• Service Tax Rules, 2004

24/08/2012 5.00 p.m. Revised Schedule VI CA. Sanjeev Maheshwari – Thane Mid Town CPE Study Circle

Friday 7.15 p.m. Continued Technical Session By Tally CA. Sarad Beria M: 9820508633

24/08/2012 6.00 p.m. Service tax – Finance Act 2012 & CA Rajkamal R Shah Chitalia Hall, Federation House, Churchgate CPE Study Circle

Friday recent notification (in continuation) Anandilal Podar Marg,Near Metro Cinema, CA Rajendra Somani M: 8108810899

Above Dark Temptations

25/08/2012 5.00 p.m. PMSME Listing CA Shailesh Bathiya Kandivali Recreation Club, Shantilal Modi Kandivali CPE Study Circle

Saturday Road, Near S.V.P. School, Kandivali (W), CA Hiren Shah M: 9819091855

Mumbai – 400067

26/08/2012 9.30 am Health & Happiness through MS Komal Tanna 1st FloorSeminar Room Andheri (West) CPE Study Circle

Sunday Breathing Techniques CA Rahul Sutar [Mayor Hall], All India Institute of Local CA Vidyadhar Khandekar M: 9820970166

Transforming Stress into Strength Divine Sister Self Government , Sthanikraj Bhavan,

BK Chandrika C D Barfiwala Marg, Andheri (West),

Mumbai – 400 058

26/08/2012 10.00 a.m. Tax Audit u/s 44AB and related issues CA Sanjeev Lalan Dahisar Sports Foundation’s Samaj Dahisar CPE Study Circle

Sunday – Kalyan Kendra, Chess Room, 1st Floor, CA. Mehul Savla M: 9892488281

Near Vidya Mandir High School,

Dahisar (E), Mumbai - 400 068

02/09/2012 Standard on Quality Control (SQC) 1 N.M. College, Vile Parle West

Sunday

02/09/2012 9:30 a.m. New Features in Tally Prabodhankar Thakre Natya Borivali (Central) CPE Study Circle

Sunday CARO & Tax Audit Report Eminent Speaker Sabhagruh (Mini Hall), Sodavala Lane, CA. Manish Sheth M: 9769536260

Revised Schedule-VI CA. Jayesh Parikh Borivli (W)

02/09/2012 8.45 a.m. Issues in Tax audit Recent Important CA Yogesh Thar Hotel-VITS, Andheri Kurla Road, J.B. Nagar CPE Study Circle

Sunday Judicial Pronouncement Adv. Niraj Sheth Kondivita Lane, Andheri (E), Mumbai-59 CA Hemant Gandhi M: 9820051454

07/09/2012 6.00 p.m. Issues in Tax Audit CA Atul T. Suraiya Chitalia Hall, Federation House, Churchgate CPE Study Circle

Friday Anandilal Podar Marg,Near Metro Cinema, CA Rajendra Somani M: 8108810899

Above Dark Temptations

FORTHCOMINGSTUDY CIRCLE MEETINGS


11

FORTHCOMINGBRANCH MEETINGS

BARODA

JAMNAGAR

NAGPUR

PUNE

VASAI

21/08/2012 10.00 a.m. Orientation Program for Newly Qualified Chartered Accountants Eminent Faculties ICAI Bhawan, Baroda

Video Profiling N.A N.A

21/08/2012 6.00 p.m. 1st Annual Meet of South Gujarat Members in Industry Eminent Faculties Hotel Surya Palace,Sayajigunj, Baroda

22/08/2012 09.00 a.m. Full Day Training for Peer Reviewers Training Chairman - Inaugural Session CA. Pankaj Jain, Chairman,

Peer Review Board ICAI Bhawan, Baroda

Rationale & Significance of Peer review CA. V. Rethinam, New Delhi

Session I- Compliance with Framework of QualityControl General & Specific controls Eminent Faculty

Session- II Compliance with Technical Standards CA. Munish Sarogi, New Delhi

Session- III Compliance with Audit Documentation CA. V. Rethinam, New Delhi

Session- IV Quality of Reporting by Peer Reviewers Eminent Faculty

24/08/2012 09.00 a.m. Felicitation ProgramFelicitation for completed 60 yrs of continuous membership N.A ICAI Bhawan, Barodaof ICAI, Felicitation of Co-opted WIRC Members,Felicitation of Newly Qualified Chartered Accountants,Felicitation of All India Rankers- CPT( June)/IPCC/Final (May-12)

24/08/2012 09.00 a.m. Full Day Training for Financial Reporting ReviewersInaugural SessionCA. Sanjeev Maheshwari, Chairman, FRRB & CCM, ICAI , CA. Durgesh Kabra, Chairman, WIRC ICAI Bhawan, Baroda

Technical Session I- Overview of Financial Reporting CA. Sanjeev Maheshwari,Review Board& Common Non- compliances in the Chairman, FRRB & CCM, ICAIGeneral Purpose Financial statements observed by FRRB

Regulatory Compliances- Revised Schedule VI & CARO CA. Dhinal Shah, Member ofFRRB & CCM, ICAI

Technical Session -II- Audit Palnning & documentation Eminent Faculty

Technical Session- III Methodology for sound review,case studies & Query clarifications CA. Narendra Hindocha, Baroda

24/08/2012 3.00 p.m. 5th Charitable Clinic N.A United Way of Baroda, 9thFloor, Sidcup Tower, Race Course, Baroda

18/08/2012 Overview of LLP CA. Vikash Jain, Ahmedabad Branch Premises

Revised schedule VI “Practical Issues” CA. Yagnesh Desai, Mumbai

18/08/2012 3.00 p.m. Half day Seminar on Ratings Eminent Speakers ICAI Bhavan

18/08/2012 WICASA Seminar on Tax Audit Eminent Speakers ICAI Bhavan

20/08/2012 10.30 a.m. IPCC Orientation Programme (47th Batch) ICAI Bhavan

25/08/2012 9.30 a.m. Seminar on Internal Audit Eminent Speakers ICAI Bhavan

27/08/2012 9.30 am ISA Course ICAI Bhavan

28/08/2012 6.00 p.m. ISA Meet Hotel Centre Point

18/08/2012 9 am to 6 pm Seminar on TAX Audits – YASHADA, Baner Road

25/08/2012 6.00 p.m. Lecture Meeting on SME Listing Mr. Ravi Tyagi, Hotel Veg Sagar,(Head-NSE EMERGE) nr. Maxus Mall,Mr. Swapnil Mahajan Bhy (W)

DATE TIME SUBJECTS SPEAKERS VENUE


212


AHMEDABAD: CA. Jainik Vakil, Branch Chairman, addressing thetwo day seminar on “Finance Act 2012 – Service Tax Impact” held on07/07/2012. L to R: CA. Purushottam Khandelwal, CA. UdayanChoksi, Faculty, CA. Aniket Talati, CA. Amish Khandhar.

AMRAVATI: Felicitation Function at Amravati Branch. L to R: CA.Vijay Jadhao, CA. Julfesh Shah, RCM, CA. Sanjay Lakhotia BranchChairman, CA. Durgesh Kabra Chairman, WIRC CA. Anil BhandariSecretary, WIRC, CA. Vishnukant Soni.

ANAND: Full day Tax Awareness programme held on 11/7/2012. L toR: CA Mahesh Sarda, CCM, CA. Brijesh Shah, Branch Chairman, CA.Jaydeep Shah, President, ICAI, Shri Rajiv Lal, CCIT, Shri KrishnaSaini, CIT, CA Dhinal Shah, CCM.

BARODA: CA. Jaydeep Shah, President, ICAI lighting the lamp at the25th All India CA Students Conference held on 6th & 7th July, 2012.L to R: CA. Pradeep Agarwal, Branch Chairman, Mr. Shahrukh Pathan,CA. Rajesh Shah, RCM, Mr. Anand Gokani, CA. Nilesh Vikamsey, CCM,CA. Durgesh Kabra, Chairman, WIRC, CA. Ashish Parikh, CA. NayanKothari.

BHARUCH: Photograph taken on the occasion of commencement ofconstruction of ICAI Bhawan at Bharuch by worthy hands of Hon’blePresident of ICAI CA. Jaydeep Shah dated 11-7-2012. Others CA.Dhinal Shah, CCM, CA. Durgesh Kabra, Chairman, WIRC, CARahuldeo Patel, Branch Chairman.

BHAVNAGAR: Felicitation at Bhavnagar Branch on 19/07/2012.L to R: CA. Piyush Doshi, CA. Jay Chhaira, Vice Chairman, WIRC, CA.Durgesh Kabra, Chairman WIRC, CA. Jayesh Mehta, BranchChairman, CA. Manoj Ganatra.

GANDHIDHAM: Felicitation at Gandhidham Branch held on18/07/2012. L to R: CA. Narendra Dhalani, Branch Chairman, CA.Durgesh Kabra, Chairman WIRC, CA. Jay Chhaira, Vice ChairmanWIRC, CA. Shailesh Chothani.

GOA: CA. Virendra Prabhudesai, Branch Chairman, Lighting theTraditional Lamp at the Workshop on Enabiling Service Tax Practiceheld on 6/7/2012. L to R: CA. Anup Borkar, CA. S. Ramasubramanian,Faculty.

NAGPUR: Dr. M. Veerappa Moily Hon. UnionCabinet Minister lighting the auspicious lamp at theInternational Conference for CA Students held on13 & 14/07/2012. L to R: CA. Julfesh Shah, RCM,CA. Jaydeep Shah, President, ICAI, CA. K.Rahaman Khan, Hon. Member of Parliament, CA.Satish Sarda, Mr. Hitesh Agrawal, CA. DurgeshKabra, Chairman WIRC, CA. Abhijit Kelkar, BranchChairman, CA. Subodh Agrawal, Vice President,ICAI, CA. Ashwini Agrawal, CA. Makarand Joshi,


NASHIK: Photograph taken during the 30th Annual General Meetingheld on 21/07/2012. L to R: CA Vikrant Kulkarni, CA Praful Bardiya,CA. Kishor Birari, CA Brijesh Surana, CA. Sanjeev Mutha, BranchChairman CA. C.V. Pawar, RCM, CA Ulhas Borse, CA. M.Y. Sarode CAUjwal Navsarikar.

NAVI MUMBAI: Intensive Study Course in Service Tax and VAT heldon 3/7/2012. L to R: CA. Shrikant Limaye, CA. Sameer Gavli, CA.Durgesh Kabra, Chairman WIRC, CA. Uttam Agarwal, Past PresidentICAI, CA. Narendra Mangal, Branch Chairman, CA. Vishnu Agarwal,RCM, CA. Sunil Gabhawalla, Faculty, CA. Sreekumar Nair.

PUNE : Inauguration of Seminar on “Real Estate Industry and RecentDevelopments” organized by CMII, ICAI hosted by Pune Branch ofWIRC of ICAI held on 21st July, 2012.

SOLAPUR: Public Lecture on "Cyber Law and Cyber Crime" held on7/7/2012. Shri G. B. Maware, Collector, Solapur CA. R. A. Shah, Adv.Prashant Mali, CA. B. S. Birajdar, Branch, Chairman, Shri PradeepRaskar, IPS, Solapur, Dr. S. A. Halkude, Principal, WIT College ofEngineering, Solapur.

VAPI: CA Members Directory unveiled by the Vapi Branch

VASAI : Na t i ona l CAStudents Convention heldon 30/6/2012 L to R: CA.Dinesh Gandhi, Treasurer,WIRC, CA. Jay Chhaira, ViceChairman, WIRC, CA.Durgesh Kabra, Chairman,WIRC, CA. Nilesh Vikamsey,Chairman, BOS, CA. ShwetaJain, Branch Chairperson,CA. La l i t Ba ja j , CA.Ramanand Gupta.

JAMNAGAR: Group photo taken during the CA day celebration heldon 01-07-2012

CA. Anand Paurana CA. Mukul Rathi CA. Purshottam Nayti

Various Faculty from Students Programme

14/07/2012 27/07/2012 27/07/2012

CA. Durgesh Kabra, Chairman, WIRC addressing the ChittorgarhCPE Chapter of CIRC. L to R: CA. Sunil Bhandari, Dy. Convenor, CA.Rajendra Nyati, CA. Ravi Holani, CCM, CA. Gopal Mundra, Convenor,CPE Study Circle.

13



TOLL FREE HELP LINE:

Initiatives for CA Members:

The attention of members and students is drawn to thetoll-free helpline available to them at ICAI Bhawan, Cuffe Parade during officehours from Monday to Friday 1800 22 8009 to solve their queries.

Webcast on CPC & E-filing: To resolve issues associated with e-filing of returnsand establishment of CPC which remain unsolved due to a communication gapbetween taxpayers and tax collector, ICAI, in coordination with the Income TaxDepartment, recently organised a successful Live Webcast on CPC & E-filing-Issues/Resolutions and the Way Forward. A complete recording of the webcastalong with the presentation as made by CPC officials is hosted on our website.

The annual membership and Certificate of Practice fee (if member holdscertificate of practice) became due and payable on 1st April, 2012. Circularsadvising members to pay the membership/certificate of practice fee were sentto individual members in the month of April, 2012.Attention of all those members who have still not paid the annual membershipfee/certificate of practice fee by 31st July, 2012 is invited to pay the feeimmediately so as to reach the concerned Regional Office before 30thSeptember, 2012.The non-payment of annual membership/certificate of practice fee will have thefollowing consequences:i) The member will not be eligible to use designatory letters CA as a prefix to

the name and ACA/FCA and designation 'Chartered Accountant’ii) A member in practice will cease his right to practice as a Chartered

Accountantiii) Such a member will not be eligible to train articled/audit assistant already

receiving training under him.iv) The member will not be eligible to train any new articled/audit assistant.v) Such a member will not be eligible to carry out audit/certificate/attest and

other functions in view of (i) & (ii) aboveFor any other clarification, members are advised to contact the concernedDecentralised offices of the Region.

Please pay your membership fee and avoid unwanted removal of yourname“Help us to serve you better”

Members are requested to remit the current year’s fee for continuance ofmembership - Associate/Fellow/Certificate of Practice as the case may be by30th September 2012 as per following applicable schedule of fees.Particular of Fees Annual membership FeeAnnual Membership Fee Associate Fee 800 Fellow Fee 2200Certificate of Practice Fee 2000Members who are senior citizens i.e. have attained the age of 65 years as on 1st April, 2012 will be required to pay the fees at concessional rats which areas under:-

Fees for Senior Citizen MembersParticular of Fees Annual membership FeeAnnual Membership Fee Associate Fee 600 Fellow Fee 1600Certificate of Practice Fee 1500Members can pay their fee on line by clicking online payments link on the homepage of Initiatives for Students:Campus Placement during August-September 2012: ICAI will organise the nextcampus placement programme for newly-qualified chartered accountantsduring August-September 2012 at 18 centres across the nation. Detailedannouncement in this regard is available at our website. ICAI would like toappeal to members to spread the information on the programme and make it agrand success.

IMPORTANT ANNOUNCEMENT

www.icai.org


BULLETIN BOARD

and after due verification of such claim, will make suitable correction in thefigure of arrear demand in his records and upload the correct figure of arreardemand on CPC portal.

It has been specifically clarified that these instructions will apply only to caseswhere the figures of arrear demand is to be reconciled/ corrected- whethersuch arrear demand has been uploaded by the Assessing Officer on toFinancial Accounting System (FAS) of CPC or it is still in the records of theAssessing Officer.

The central government vide notification No- 20/2012 [F. No. 503/03/2005-FTD-II] dated 12.06.2012 notifies the agreement between the government ofthe republic of India and the government of Nepal for the avoidance of doubletaxation and the prevention of fiscal evasion with respect to taxes on income.The agreement shall be given effect to in the Union of India with effect from01.04.2013.

The central government vide notification No. 24/2012 [F. No. 505/3A/81-FTD-I]dated 19.06.2012 directs that all the provisions relating to agreement betweengovernment of Republic of India and the government of the Kingdom ofNorway for the avoidance of double taxation and the prevention of fiscalevasion with respect to taxes on income and on capital.

The CBDT vide press release No. 402/92/2006-MC dated 02.07.2012 clarifiedthat the following entities does not mandatorily required to e-file their returnof income for the Assessment Year 2012-13 with digital signature and such taxpayer can also transmit the data in the return electronically and thereaftersubmit the verification of income in Form ITR-V. Such person can e-file return ofincome without digital signature.

The entities are as under-

a) An individual or HUF whose total income is exceeding Rs. 10 lacs.

b) An individual or HUF being a resident, having asset (including financialinterest in any entity) located outside India or signing authority in anyaccount located outside India and required to furnish the return in FormITR- 2 or ITR-3 or ITR-4.

The CBDT vide press release dated 28.06.2012 issued the draft guidelinesregarding implementation of General Anti Avoidance Rules in terms of section101 of the Income Tax Act. The details of the guidelines are available in abovemagazine.

The CBDT vide notification 25/2012 [F. No. 142/31/2011-TPL]/S.O. 1453(E)dated 02.07.2012 gives income tax (Seventh Schedule) Rules, 2012. It amendsRule 12 and substitute form ITR-5 and ITR-6. It also makes an amendment inproviso to clause (a) and clause (ca) to sub-rule (1) of Rule 12 in order to clarifythat the amendment relating to disclosure of assets (including financialinterest in any entity) located outside India and signing authority locatedoutside India applies to resident other than not ordinarily resident in Indiawithin the meaning of section 6(6) of the Income Tax Act. The proviso to clause(a) and clause (ca) deals with the sahaj (ITR-1) and sugam (ITR-4S) repectively.The similar amendment is also made in proviso (aa) of sub-rule (3) of Rule 12 ofIncomeTax Rules.The proviso (aa) deals with the requirement of compulsory e-filing of return either with digital signature or transmitting data electronicallyand submitting the verification form in ITR-V.

MAHARASHTRA VAT(Contributed by CA. C. B. Thakar)

i) 8T of 2012 dated 21.6.2012, in which, he has explained the ratio ofBombay High Court judgment given in the case of M/s MahalaxmiCotton Ginning Pressing and Oil Industries, on Section 48(5) of MVATAct, 2002.

DTAA between India and Nepal [207Taxman (ST.) 173]

DTAA between India and Norway [207Taxman (ST.) 194]

Press release regarding mandatory e-filing of Income Tax Returns [208Taxman (ST.) 1]

Draft guidelines regarding implementation of General Anti AvoidanceRules (GAAR). [208Taxman (ST.) 3]

Amendment in Rule 12 and substitution of Forms ITR-5 and ITR-6 [208Taxman (ST.) 20]

Circulars

The Commissioner of Sales Tax has issued following circulars:

DIRECT TAX(Contributed by CA. Haresh P. Kenia &

CA. Deepak Lala)

The CBDT vide letter [F.No.500/111/2009-FTD-1(PT)] dated 29.05.2012 clarifiesand directs that in case where assessment proceedings have been completedu/s 143(3) of the Income Tax Act before the 1st day of April, 2012, and no noticefor reassessment has been issued prior to that date, then such cases shall notbe reopened u/s 147/148 of the Income Tax Act on account of retrospectiveclarificatory amendments made in the Finance Act, 2012 in section 2(14),section 2(47), section 9 and section 195 of the Income Tax Act. It is also clarifiedthat assessment or any other order which stand validated due to saidclarificatory amendments in the Finance Act, 2012 would be enforced.

The Central Government hereby notifies that no deduction of tax shall bemade u/s 194J i.e. payment made by person (hereinafter referred to astransferee) for acquisition of a software from another person, being resident(hereinafter refer to as transferor) provided the following conditions aresatisfied.The notification comes in effect from 01.07.2012.

Conditions:

i. The software is acquired in a subsequent transfer and the transferor hastransferred the software without any modification.

ii. Tax has been deducted-

a. Under section 194J on payment for any previous transfer of suchsoftware or

b. Under section 195 on payment for any previous transfer of suchsoftware from a non-resident and

iii. The transferee obtains a declaration from the transferor that the tax hasbeen deducted either under sub-clause (a) or (b) of clause (ii) along withthe Permanent Account Number of the transferor.

CBDT instruction to Subordinate Authorities- Authorization to AO’s in certaincases to rectify/reconcile disputed arrear demand [207Taxman (ST.) 171]

The CBDT vide circular No-4 of 2012 dated 20.06.2012 issued the certainclarification to avoid the genuine hardship to certain class of cases andauthorized the Assessing Officer to make the appropriate correction in respectof disputed arrear demand irrespective of the fact that period of limitation for 4years u/s 154(7) of the Act has elapsed.

The Board has been appraised that in certain cases the assessee has disputedthe figures of arrear demand shown as outstanding against them in therecords of Assessing officer. The Assessing Officer has shown their inability tocorrect or rectify the same on the ground of period of limitation of 4 years u/s154(7) of the Income Tax Act. In addition to this, the Assessing officer hasuploaded such arrear demand on the Financial Accounting System (FAS) portalof Centralized Processing Centre (CPC), Bangalore which has resulted intoadjustment of refunds against the arrear demand.

Such adjustment has been disputed by the assessee either on the ground thatit has been already paid or eliminated in appeals. Such arrear of demand hasalso not rectified due to aforesaid period of limitation.

In view of the above CBDT has issued the following clarification-

a) In the category of cases where based on the figure of arrear demanduploaded by the Assessing Officer but disputed by the assessee, theCentralized Processing Centre (CPC), Bengaluru has already adjusted anyrefund arising out of processing of return, the jurisdictional AssessingOfficer shall verify the claim of the assessee on merits. After dueverification of any such claim on merits, the Assessing officer shall issuerefund of the excess amount, if any, so adjusted by CPC due to inaccuratefigures of arrear demand uploaded by the Assessing Officer. The Assessingofficer, in appropriate cases, will also upload amended figure of arreardemand on Financial Accounting System (FAS) portal of CentralizedProcessing Centre (CPC), Bengaluru wherever there is balance outstandingarrear demand still remaining after aforesaid correction/ reconciliation.

b) In other cases, where the assessee disputes and requests forcorrection of the figures of arrear demand, whether uploaded on CPC or notuploaded and still lying in the records of the Assessing officer, thejurisdictional Assessing Officer shall verify the claim of the assessee on merits

Clarification regarding reopening of completed assessments [207Taxman (ST.) 129]

No deduction of TDS in respect of specified payment u/s 197A(1F) [207Taxman (ST.) 161]

15

LAW UPDATES


ii) 9T of 2012 dt.30.6.2012 by which he has explained the amendmentsmade to various Schedule Entries under the MVAT Act, 2002.

iii) 10T of 2012 dt.2.7.2012, by which he has explained about theAdministrative relief available in respect of claiming of input credit onpurchases of import licences.

iv) 11T of 2012 dt.17.7.2012 and informed about the granting of refundthrough ECS and filing of mandate form.

CORPORATE LAWS(Contributed by CA. Jayesh Thakur)

The SEBI has issued Circular No. CIR/IMD/FIIC/14/2012 dtd. 07.06.2012 revisingthe reporting timelines on the above subject as under :

• FIIs issuing ODIs/PNs shall submit details of ODI/PN transaction report(Annexure A, B and C) along with the monthly summary report by 10th ofevery month for previous month‘s ODI transactions. The first such reportshall be submitted for the month of October 2012 by November 10, 2012.

• The details of ODI/PN transaction report for month of December 2011 toApril 2012 shall be submitted with six months lag.

• The details of ODI/PN transactions report for month of May 2012 toSeptember 2012 shall be submitted along with report of October 2012 byNovember 10, 2012.

The SEBI has issued Circular No. CIR/MRD/ICC/16/2012 dated 15.06.2012stating that it had commenced processing of complaints through SEBIComplaints Redress System (SCORES) and that the complaints received by SEBIagainst SEs and depositories shall be electronically sent through SCORES. Onecan view the pending complaints at http://scores.gov.in/admin and submitthe Action Taken Report (ATR) along with supporting documentselectronically in SCORES and that updation of action taken shall not bepossible with physical ATRs. Hence, submission of physical ATR shall not beaccepted for complaints lodged in SCORES. SEBI has now advised that SEs anddepositories shall do the following in this regard :

• indicate a contact person in case of SCORES, who is an employee headingthe complaint services division/cell/department. Contact details (i.e.phone no., email id, postal address) of the said contact person be madewidely available for e.g. on the websites of SEs/Depositories.

• address/redress the complaints within a period of 15 days upon receipt ofcomplaint on SCORES. In case additional information is required from thecomplainant, the same shall be sought within 7 days of receipt on SCORES.In such case, the period of 15 days will be counted upon the receipt ofadditional information.

• maintain a monthly record of the complaints which are notaddressed/redressed within 15 days from the date of receipt of thecomplaint/information, alongwith the reason for such pendency.

• Upload/update the ATR on the SCORES. Failure to do so shall be consideredas non-redressal of the complaint and the complaint shall be shown aspending

• Ownership and governance norms for market infrastructure institutions[www.sebi.gov.in]

The SEBI has issued Notification No. LAD-NRO/GN/2012-13/07/13546 dated20.06.2012 notifying the Securities Contracts (Regulation) (Stock Exchangesand Clearing Corporations) Regulations, 2012, (SECC) to regulate recognition,ownership and governance in stock exchanges and clearing corporations. Theprocedural aspects involved in implementing the SECC Regulations includingdetailed compensation norms for key management personnel of stockexchanges and clearing corporations, statutory committees for clearingcorporations etc., will be separately issued by way of a Circular.

The SEBI has issued Circular No. CIR/MRD/DMS/17/2012 dated. 22.06.2012 inrelation to the broad guidelines it had earlier issued for Business Continuity

Reporting of offshore derivative instruments (ODIs)/participatory notes(PNs) activity [www.sebi.gov.in]

Redressal of complaints against SEs and depositories through SCORES[www.sebi.gov.in]

SEBI clarification on guidelines for business continuity plan and disasterrecovery [www.sebi.gov.in]

Plan (BCP) and Disaster Recovery (DR) for Stock Exchanges and Depositories. Inview of guidance and clarifications sought by the Stock Exchanges andDepositories, SEBI has clarified and modified the guidelines as under :

• Apart from DRS, stock exchanges should have a Near Site (NS) to ensurezero data loss whereas, the depositories should also ensure zero data lossby adopting a suitable mechanism.

• Exchanges/Depositories should have Recovery Time Objective (RTO) andRecovery Point Objective (RPO) not more than 4 hours and 30 minutes,respectively.

• Stock Exchanges/Depositories/Clearing Houses or Clearing Corporationsof Stock Exchanges should also demonstrate their preparedness to handleany issue which may arise due to trading halts in stock exchanges and/orfailure or stoppages at other Stock Exchanges/Depositories/ClearingCorporations.

The MCA has issued Notice on 21.06.2012 stating that under that InvestorEducation and Protection Fund (Uploading of information regarding unpaidand unclaimed amounts lying with companies) Rules, 2012, it has mandatedevery company to file eForm 5INV containing the information of unclaimedand unpaid amounts as referred to in subsection (2) of section 205C of theCompanies Act, 1956. This information is required to be filed every year withina period of 90 days after the holding of Annual General Meeting or the date onwhich it should have been held as per the provisions of section 166 of the Act,and every year thereafter till completion of the seven years’ period. Theinformation is to be filed in Form 5- INV as per the above mentioned rules andthereafter an excel sheet containing detailed investor wise details is to be filedseparately. The eForm, the excel template and detailed steps are provided inthe IEPF application link on the portal www.iepf.gov.in. For financial yearended on 31 March 2011, it is provided that the eForm should be filed latest by31 July 2012.

The MCA has issued Notice on 21.06.2012 on the above subject with a view ofproviding better services to its stakeholders and ensuring correctness ofnames approved through online mode (i.e. through STP mode withoutbackend processing by RoC user), verification of such names by the RoC useron a real time basis for immediate action. Filing of incorporation documents inrespect of such names shall not be allowed as per below timelines:

• If name is approved on or before 11.00 AM of any working day thenincorporation documents shall not be filed before 7.00 PM of the sameworking day.

• If name is approved after 11.00 AM of any working day or at any time onholiday/ non-working day then incorporation documents shall not befiled before 7.00 PM of the next working day.

During verification, if the RoC user finds that the approved name ought not tohave been allotted, the same shall be liable to be withdrawn by giving anopportunity of being heard to the applicant.

The SEBI has issued Press Release No. PR No. 67/2012 dated 26.06.2012 inrelation to the SEBI Board meeting held on 26 June 2012 at which the followingdecisions were taken :

a) E-voting by shareholders : Electronic voting will be mandatory for all listedcompanies for businesses transacted through postal ballot. Initially, themandate would be top 500 listed companies at BSE/NSE based on marketcapitalization with an option to choose any one of the agency which iscurrently providing the e-voting platform. Other companies would beincluded in phased manner.

b) Dealing with audit reports : To enhance the quality of financial reporting,SEBI has decided to put in place a mechanism by creating Qualified AuditReport Review Committee (QARC). Listed companies will be then requiredto submit their annual audit report to stock exchanges which will do aninitial scrutiny and based on materiality refer these reports to SEBI/QARC.Where the qualifications are significant and explanation given byCompany is unsatisfactory would be referred to ICAI-FRRB (Institute ofChartered Accountants of India-Financial Reporting Review Board) andSEBI may mandate restatement of the accounts of the entity and requirethe entity to inform the shareholders by making an announcement tostock exchanges if ICAI-FRRB opines that the qualification is justified.

c) Amendments to SEBI (ICDR) Regulations, 2009 on minimum public

Notice under Investor Education and Protection Fund Rules[www.mca.gov.in]

Changes to name availability guidelines [www.mca.gov.in]

Decisions taken at SEBI board meeting held on 25 June 2012[www.sebi.gov.in]

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shareholding / minimum subscription requirements in infrastructuresector : Henceforth, minimum subscription requirement for an IPO shallnot be less than 90% of the offer, subject to an allotment of minimum 25%or 10%, as the case may be, of the securities offered to the public.

d) Review of offer for sale (OFS) and institutional placement programme (IPP)mechanism : Promoters can sell their shares using OFS or IPP with a gap of2 week within the cooling period of ± 12 (earlier 12 weeks). Modification orcancelation of bids not allowable during last 60 minutes from closure ofthe bid (earlier 30 minutes). Institutional investors will have an option ofbidding with ad hoc margin of a lower percentage (earlier 100% upfrontcash margin). Indicative price would now have to be given an hour beforethe bidding close (earlier only once the book was fully subscribed).Compulsory announcement of floor price has been abandoned - if sellerswant to disclose the floor price, they can do so a day before the sale ofshares starts (earlier two days prior).The minimum size of offer for OFS andIPP shall now be Rs.25 crores and issue size may be lower than Rs. 25 croresto achieve minimum public shareholding in single tranche. (earlier offersize had to be higher of 1% of market capitalization or Rs. 25 crore).

The MCA has issued Circular No. 52/17/CAB-2011 dated 29.06.2012 in relationto filing of cost audit report (Form-I) and compliance report (Form-A) in theeXtensible Business Reporting Language (XBRL) mode and now the Cost AuditReports and Compliance Reports shall be submitted with the CentralGovernment in XBRL mode on/after 31 July, 2012.

The MCA has issued Circular No. 15/2012 dated 29.06.2012 notifying referringto its earlier circular whereby the time for filing the annual return by LLPs (i.e.Form 11) was extended up to 31.07.2012. It is now clarified that in order to havea better understanding of the circular, it is clarified that the time limit of 60 daysshall be read as 122 days for filing of Form 11 by LLPs in respect of the financialyear ending on 31.03.2012.This circular shall be effective from 30.06.2012.

The RBI has issued Circulars dated 02.07.2012 in relation to followingdirections on NBFCs so as to have all current instructions on the subject at oneplace :

• Non-Banking Financial (Non - Deposit Accepting or Holding) CompaniesPrudential Norms (Reserve Bank) Directions, 2007

• Non-Banking Financial (Deposit Accepting or Holding) CompaniesPrudential Norms (Reserve Bank) Directions, 2007

• Non-Banking Financial Companies Acceptance of Public Deposits(Reserve Bank) Directions, 1998

• Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977.

The SEBI has issued Circular No. CIR/MIRSD/8/2012 dtd. 05.07.2012 stating thatthe listing agreement for equity shares prescribed under the SecuritiesContracts (Regulation) Act, 1956 inter alia specifies a period of one month forregistering transfer of shares from the date of lodgment. Now, with a view toexpedite the transfer process in the interest of the investors, it has beendecided, in consultation with Registrars Association of India (RAIN), stockexchanges and market participants to reduce the time-line for registering thetransfer of shares/ debt securities to 15 days. Consequently, all the recognizedstock exchanges are directed to amend clauses 3(c) and 12A(3) of the listingagreement for equity shares, clauses 3(c) and 14(b) of the SME equity listingagreement, incorporate time-line of 15 days for transfer of debt securities andthe provision for compensation of the opportunity losses caused during theperiod of delay in transfer, in the listing agreement for debt securities, on thelines of the existing provisions in the listing agreement for equity shares and toamend any other clauses as applicable in the listing agreements.

The MCA has issued General Circular Nos. 16/2012 dtd. 06.07.2012 stating thatcurrently certain select class of companies are required to submit their balancesheet and profit & loss account and other documents as required under section220 of Companies Act, 1956 with the Registrar of Companies for the financialyear ending on or after 31 March, 2011. It has now been decided to mandate

Cost audit report in XBRL mode [www.mca.gov.in]

Extension of time in filing of annual return by LLPs [www.mca.gov.in]

Updated versions of NBFC notifications/circulars/clarifications in latestmaster circulars [www.rbi.gov.in]

Reduction and prescription of time-line for registration and transfer ofequity and debt securities [www.sebi.gov.in]

Filing of Balance Sheet and Profit and Loss Account in XBRL[www.mca.gov.in]

the following select class of companies to submit their balance sheet andprofit & loss account in XBRL mode for the financial year commencing on orafter 1.4.2011 :

a) all companies listed with any Stock Exchange(s) in India and their Indiansubsidiaries; or

b) all companies having paid up capital of Rupees 5 crore and above; or

c) all companies having turnover of Rupees 100 and above; or

d) all companies who were required to file their financial statements for FY2010-11, using XBRL mode.

However, banking companies, insurance companies, power companies andNon-Banking Financial Companies (NBFCs) are exempted from XBRL filing tillfurther orders. It is clarified that the applicable taxonomy as per Schedule VI tothe Companies Act, 1956 has already been placed on the MCA’s websitewww.mca.gov.in. The business rules, validation tools, etc. required forpreparing the financial statements in XBRL format, as per the RevisedSchedule-VI and Accounting Standards, are under preparation and wouldsoon be made available by the Ministry. The actual date for enabling XBRLfiling will be intimated separately. All companies referred to above will beallowed to submit their financial statements in XBRL mode without anyadditional fee/penalty upto 15th November, 2012.

The SEBI has issued Circular No. CIR/MIRSD/7/2012 dtd. 05.06.2012 in relationto registrars to an issue and share transfer agents who are required to furnishquarterly report in electronic form in the prescribed format. Now, in order tostrengthen the compliance mechanism and the role of the boards of registrarsto an issue and share transfer agents, it has been decided to review the normsand format for periodic reporting. The revised format as given in the Annexureto the above circular includes the status of regulatory compliance and investorgrievances redressal. The boards of registrars to an issue and share transferagents shall, henceforth, review the report and record their observations on (i)the deficiencies and non-compliances, and (ii) corrective measures initiated toavoid such instances in future. With effect from half year ending September 30,2012, the compliance officer of the registrar to an issue and share transferagent shall send the report in the revised format to SEBI at [email protected] onhalf yearly basis within three months of the expiry of the half year. Also,currently, the registrars to an issue and share transfer agents are required toreport the changes in their status or constitution. The same information hasnow been incorporated in the revised format of the report.

The MCA has issued Notification No. [F No 1/1/2003-CL.V] dated 11.07.2012amending the Company Law Board (Fees on Application and Petitions) Rules,1991 whereby with effect from 12 August 2012 certain applications/petitionsto CLB are no more required as the same are delegated to the office of theRegional Director and which are in relation to the following applications /petitions :

a) Application/petition for confirming alteration in memorandum ofassociation as to change of place of the registered office from one Stateto another or with respect to objects of a company (section 17(2))

b) Application/petition for extension of time for filing documents forregistration of alteration (section 18(4))

c) Application/petition Application for revival of order made undersection 17 (section 19)

d) Application/petition for extension of time or condonation of delay infiling the particulars of a charge or modification of a charge orintimation of payment or satisfaction of a charge with the Registrar ofCompanies (section 141(1/3))

e) Application/petition for order as to whether the Rights conferred arebeing abused to secure needless publicity for defamatory matter and toorder company’s costs to be paid in whole or in part by therequisitionists (section 188(5)).

R e v i e w o f r e g u l a t o r y c o m p l i a n c e a n d p e r i o d i c r e p o r t i n g[www.sebi.gov.in]

Certain applications/petitions to CLB no more required as delegated toRegional Director [www.mca.gov.in]

Delegation of powers of central government to Regional Director[www.mca.gov.in]

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iv) The documents enclosed with return to contain certification from theexporter to the effect that taxable service to which the document pertains,has been received and used for export of goods by mentioning the specificshipping bill no. on the said documents.

v) If the amount of commission charged in respect of the specified serviceexceeds 10% of the FOB value of export, then the service tax on such excessamount shall be paid within the period specified under Rule 6 of theServiceTax Rules.

hasinserted an explanation after Section 66B of the Finance Act,1994. Theexplanation clarifies that the references to the provisions of section 66 inChapter V of the Finance Act, 1994(32 of 1994) or any other Act, for the purposeof levy and collection of service tax, shall be construed as references to theprovisions of section 66B.

has granted exemption to following services provided by the IndianRailways from the whole of service tax from 2nd July, 2012 to 30th September,2012.

• Service of transportation of passengers, with or without accompaniedbelongings, by railways in first class; or an air conditioned coach

• Services by way of transportation of goods by railways

has issued following clarifications on Point ofTaxation Rules, 2011.

The continuous supply of service was governed by Rule 6 till 31st March,2012with prefix “Notwithstanding contained in Rule 3, 4….”Hence , the Point ofTaxation for such services provided on or before 31st March, 2012 would beunaffected by Rule 4

The position for continuous supply of service has undergone change duringtransition to negative list approach and amendment in Service Taxdetermination of Value Rules, 2006. Point of taxation in respect of taxableworks contract in progress on 1st July, 2012 would be determined as per theprovisions of Rule 4 if there is change in effective rate of tax

It is clarified that following would be considered as“change in effective rate oftax”in respect of a works contract

i. The change in the portion of total value liable to tax in respect of workscontract other than original works (from @ 4.8% earlier to @ 12% on 60% ofthe total amount charged, or effectively @ 7.2% now)

ii. Exemption granted to certain works contracts w.e.f. 1st July, 2012 whichwere earlier taxable.

iii. Taxability of certain works contracts which were hitherto exempted.

iv. Change in the manner of payment of tax from composition scheme underthe Works Contract (Composition Scheme for Payment of Service Tax)Rules, 2007 to payment on actual value under clause (i) of rule 2A of theServiceTax (Determination ofValue) Rules, 2006.

It is also clarified that following would not be considered as “change ineffective rate of tax”in respect of a works contract

i. works contracts earlier paying service tax @ 4.8% under compositionscheme and now required to pay service tax @12% on 40% of the totalamount charged, keeping the effective rate again at 4.8% (as only themanner of expression has been altered).

ii. works contracts which were outside the scope of taxation (and not merelyexempted) but have become now taxable e.g. construction of residentialcomplex comprising of 2 to 12 residential units, construction of buildingsmeant for use by NGOs etc. (Rule 5 of the Point ofTaxation Rules, 2011 shallapply to such services.)

The provisions of partial reverse charge would be applicable in respect ofWorks Contract Services where Point of Taxation is on or after 1st July, 2012under applicable Rule in respect of service provider

has clarified that Service tax will not be leviable on the amount offoreign currency remitted to India from overseas , since the term “Service” asdefined in Section 65B(44),excludes transaction in money. It is further clarifiedthat the conversion charges levied for sending such remittance are also notleviable to service tax since the person sending the money and the companyconducting remittances are both located outside India and service is deemedto be provided outside India in view of Place of Provision of Service Rules, 2012(POP Rules,2012). The Indian counterpart bank charging fees for serviceprovided at the receiving end of remittance transaction is also not leviable toService Tax as place of provision of service is outside India in terms of Rule 3 ofPOP Rules, 2012

Central Government vide Order No.2/2012-ST dated 29th June,2012

Central Government Vide Notification No.43/2012-ST dated 2nd July,2012

Central Government Vide Circular No 162/13/2012- ST dated 6thJuly,2012

Central Government Vide Circular No 163/14/2012- ST dated 10thJuly,2012

The MCA has issued Notification No. F No 1/1/2003-CL.V dated 10.07.2012delegating certain powers to the Regional Director in relation to applicationsunder sections 17, 18, 19, 22, 224(3/4/7(a)), 141, 188, 297(1) proviso, 394-A,400, 439(5 proviso 2/6), 496(1)(a), 508(1)(a), 551(1), 555(7(b)/9(a) proviso),610(1) proviso and 627. This notification shall be effective from 12 August2012.

The MCA has issued Notification No. F No 1/1/2003-CL.V dated 10.07.2012delegating certain powers to the Regional Director in relation to applicationsunder sections 21, 25, 31(1) proviso, 108(1D) and 572. This notification shall beeffective from 12 August 2012.

The MCA has issued Notification dated 28.05.2012 and 10.07.2012 on theabove subject notifying the Limited Liability Partnership (Winding up andDissolution) Rules, 2012 superseding the earlier Limited Liability Partnership(Winding up and Dissolution) Rules, 2010. The Rules cover the whole gamut ofwinding-up regulations apart from the various forms for the purpose.

The MCA has issued Notification No. [FNo 1/1/2003-CLV] dated 28.05.2012 and10.07.2012 amending the Companies (Central Government’s) General Rulesand Forms, 1956 to notify Petitions under sections 17/18/19/141/188 of theCompanies Act, 1956. The form notified for the purpose is form 24AAA (Formfor filing Petitions to Central Government – Regional Director), For thispurpose, rules 4BBB, 6C, 6D, 6E, 6F.

SERVICE TAX(Contributed by CA. Rajiv Luthia)

has superseded Notification No. 52/2011-ST dated 30th December, 2011w.e.f 1st July, 2012. The exporter of goods has option either to apply for refundof Service Tax on the basis of schedule rates prescribed for descriptions ofgoods exported or to avail refund of Service Tax paid on “Specified InputServices” on the basis of submissions of documents. The conditions andprocedure for availing refund of service tax is laid down in the said notification.

The exporter of goods can file the refund claim on the basis of submissions ofdocuments only if the difference between the rebate amount calculated as perschedule rates and the rebate amount calculated as per the documents, ismore than 20%.

has grantedexemption to taxable services provided by a commission agent locatedoutside India and engaged under a contract or agreement or any otherdocument by the exporter in India, to act on behalf of the exporter, to causesale of goods exported by him to the extent of 10% of the FOB value of exportof goods

The above exemption is subject to following conditions:

i) the exemption is available to exporter who-

a) informs the AC/DC having jurisdiction over the factory/regionaloffice/head office in Form EXP3 before availing the said exemption

b) is registered with EPC sponsored by Ministry of Commerce orMinistry ofTextiles

c) is holder of IEC No.

d) is registered U/s.69 of the Finance Act, 1994

e) is liable to pay service tax U/s.68(2) of the Finance Act read with item(B) of sub clause (i) of Rule 2(1)(d) of the ServiceTax Rules, 1994.

ii) The invoice/bill/challan/any other document issued by the serviceprovider to the exporter, on which exporter intends to avail exemption,shall be issued in the name of the exporter

iii) The exporter to file half yearly return in Form EXP4 within 15 days from therespective half year along with original bill/invoice/challan & certifiedcopies of consignment note.

Delegation of powers of central government to Registrar of Companies[www.mca.gov.in]

LLP (Winding up and Dissolution) Rules, 2012 [www.mca.gov.in]

New forms for Petitions [www.mca.gov.in]

SYNOPSIS OF NOTIFICATIONS, CIRCULARS & LETTERS

Central Government Vide Notification No.41/2012-ST dated 29th June,2012

CBEC vide Notification No.42/2012-ST dated 29th June,2012

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1. Supply of Transformer.

2. Its erection, testing & commissioning.

The Determining Authority has issued determination order u/s.80 of theGVAT Act. holding that the Transaction is for supply of Transformer only & not works contract. Reliance has been placed on Supreme Court’s decision incase of Kone Elevators (2005) 140-S.T.C.-22 for this purpose

Transformers & Rectifiers (India) Limited

Determination No : S.80/2011/D/170/otw.620/623 Dt.17-03-2012.

FEMA(Contributed by CA. Manoj Shah,

CA. Hinesh Doshi)

In order to bring uniformity in the sectoral classification position for ForeignDirect Investments as notified by the Department of Industrial Policy andPromotion, Ministry of Commerce & Industry, Government of India under theConsolidated FDI Policy Circular with the Foreign Exchange Management(Transfer or Issue of Security by a Person Resident outside India) Regulations,2000 Regulation, RBI has suitably revised the position on Annex A and Annex Bof Schedule 1 to the said Regulations.

T h e r e v i s e d a n n e x u r e a n d c i r c u l a r s a r e a v a i l a b l e a t :http://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7305&Mode=0

RBI has decided to continue the scheme of buyback of FCCBs subject to certainmodifications. Accordingly, henceforth proposals from Indian companies forbuyback of FCCBs will be considered under the approval route subject to:

a) The buyback value of the FCCBs shall be at a minimum discount of 5%on the accreted value.

b) In case the Indian company is planning to raise a foreign currencyborrowing for buyback of the FCCBs, all FEMA rules/ regulations relatingto foreign currency borrowing shall be complied with.

c) All terms and conditions as stipulated in paragraph 5 of A.P. (DIR Series)Circular No. 39 dated December 8, 2008 will continue to be applicable.

d) This facility shall come into force with immediate effect and the entireprocess of buyback should be completed by March 31, 2013 after whichthe scheme lapses.

The existing requirement of submission of ECB 2 return will continue ashitherto. Further, on completion of the buyback, a report giving details ofbuyback, such as, the outstanding amount of FCCBs, accreted value of FCCBsbought back, rate at which FCCBs bought back, amount involved, and source/s

Foreign Investment in India - Sector Specific conditions

A.P. (DIR Series) Circular No. 137 dated June 28, 2012

Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)

A. P. (DIR Series) Circular No.1 dated July 5, 2012.

CENTRAL EXCISE(Contributed by CA. Jayesh Gogri)

Exemption has been granted to products cleared under Focus Market Schemeduty credit Scrip subject to certain conditions like:

a. said scrip is issued against exports to the countries notified in Appendix37C of the Handbook of Procedures,Volume I

b. the benefits under this notification shall not be available to clear the itemslisted in Appendix 37B of the Handbook of Procedures, Volume I and togoods or items, the imports of which are not permitted against the saidscrip

c. the scrip must be presented to the Customs authority for endorsement

d. the manufacturer must retain a copy of the said scrip, debited by theCustoms authority and endorsed by the Officer and duly attested by theholder of the scrip

e. holder of the scrip, to whom the goods were cleared, shall be entitled toavail the drawback or CENVAT credit of the duties of excise leviable againstthe amount debited in the said scrip and validated at the time ofclearance.

(Notification no. 30/12 dated 9.7.2012)

Exemption has been granted to specified capital goods, when cleared againstan Agri. Infrastructure Incentive Scrip duty credit scrip issued under VisheshKrishi and Gram Udyog Yojana (VKGUY) subject to fulfilment of certainconditions like:

a. the benefits under this notification shall not be available to clear the itemslisted in Appendix 37B of the Handbook of Procedures, Volume I and togoods or items, the imports of which are not permitted against the saidscrip

b. capital goods cleared under this exemption shall be subject to actual usercondition

c. the holder of the scrip, who may either be the person to whom the scripwas originally issued or a transferee-holder, presents the said scrip to thesaid Customs authority along with a letter or proforma invoice from thesupplier or manufacturer indicating details of its jurisdictional CentralExcise Officer (hereinafter referred as the said Officer) and the description,quantity, value of the goods to be cleared and the duties leviable thereon,but for this exemption

d. the manufacturer must retain a copy of the said scrip, debited by theCustoms authority and endorsed by the Officer and duly attested by theholder of the scrip

e. the said holder of the scrip, to whom the goods were cleared, shall beentitled to avail the drawback or CENVAT credit of the duties of exciseagainst the amount debited in the said scrip and validated at the time ofclearance.

(Notification No. 31/2012 CE dated 9.7.2012)

On similar lines of the earlier two exemptions with certain suitablemodifications, the exemption is also granted to the goods cleared against dutycredit scrip underVKGUY Scheme or Status Holder Scheme.

(Notification No. 32 and 33/2012 CE dated 9.7.2012)

GUJARAT VAT(Contributed by CA. Kishor R. Gheewala)

Determination

In this case, the applicant had raised two separate invoices as under.

Notifications:

Tariff:

Exemption to products cleared against scrip- Focus Market Scheme :

Exemption to goods cleared against scrip-VKGUY:

Exemption to goods cleared against scrip-VKGUY/Status Holder

ObituaryObituaryCA. R. Ramanarasimha Rao, M. No. 031230 left for heavenly abode on 8th March, 2012. May the departed soul rest in peace.

CA. Maulikkumar Vrajlal Malaviya, M. No. 134790 left for heavenly abode on 11th June, 2012. May the departed soul rest in peace.


Submission of Revised A-2 Form under Foreign Exchange ManagementAct, 1999

A.P. (DIR Series) Circular No. 5 dated July 12, 2012

In view of the revision on the purpose codes for foreign exchange purchase/sale transactions, used for filling up of the cover page of R-Return, RBI has felt itnecessary to revise the list of purpose codes appended to Form A-2.Accordingly, the said list has been revised and the revised list and circulars area v a i l a b l e a t : h t t p : / / r b i d o c s . r b i . o r g . i n / r d o c s / N o t i f i c a t i o n /PDFs/5APDIR120712.pdf

Scheme for Investment by Qualified Foreign Investors (QFIs) in Indiancorporate debt securities

A. P. (DIR Series) Circular No. 7 dated July 16, 2012

Hitherto, QFIs were allowed to invest in rupee denominated units of domesticMutual Funds, listed equity shares and SEBI registered FIIs are allowed to investin to be listed debt securities subject to specified terms and conditions.

RBI has, now decided to permit QFIs to purchase on repatriation basis debtsecurities subject to terms and conditions specified in the circular.

For detailed terms and conditions, refer circular available on RBI website at:http://rbidocs.rbi.org.in/rdocs/notification/PDFs/AE134SI16072012.pdf

Exchange Earner’s Foreign Currency (EEFC) Account


The RBI has advised that the provision contained in A. P. (DIR Series) circular no.124 dated May 10, 2012 relating to balance in EEFC account shall not apply tothe Resident Foreign Currency Accounts.

of funds may be submitted, through the designated AD Category - I bank, tothe RBI.

Risk Management and Inter Bank Dealings


Presently, the facility of cancellation and rebooking is not permitted forforward contracts, involving Rupee as one of the currencies, booked byresidents to hedge current and capital account transactions. However, forwardcontract(s), booked by residents to hedge capital account transactions fortenor greater than one year, if cancelled with one AD Category I bank can berebooked with another AD Category I bank, subject to specified conditions.

On a review, it has been decided to extend the above flexibility in regard torollover of contracts by switching AD Category banks on the maturity date ofthe contract, to all hedge transactions undertaken by residents.

Non Resident Deposits (NRD) - Comprehensive Single Return


Presently, Banks maintaining NRD Accounts are required to submitt the dataon NRDs in soft copy in the form of Stat 5 and Stat 8 Returns in Microsoft Excelformat, both through email and a hard copy to the Department of Statisticsand Information Management (DSIM), Central Office, Bandra-Kurla Complex,RBI.

RBI has decided that as the above system of reporting of Stat 5 and Stat 8returns in soft copy has stabilized, the banks dealing in foreign exchange[excluding Regional Rural Banks (RRBs) and Co-Operative banks] can stopsending hard copies to DSIM, Central Office. Henceforth the soft copies as perthe prescribed format should only be sent to DSIM, Central Office, RBI. Co-operative Banks and RRBs may, however, continue submission of both hardand soft copies of Stat 5 and Stat 8 Returns, to the Regional Offices of theForeign Exchange Department, RBI.

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DIRECT TAX(Contributed by CA. Paras K. Savla,

CA. Deepak Tikekar)

The compliance with Section 2(19AA) of the Act, 1961, is relevant only for thepurposes for determining whether the Scheme is tax neutral or not. TheScheme of Demerger must necessarily comply with Section 2(19AA) which ismeant for availing tax concession cannot be read as a mandatoryrequirement for all schemes of amalgamation/arrangement/de-mergerunder Sections 391/392/394 of the Companies Act, 1956.The Court also heldthat it cannot rewrite the scheme approved in the meeting called underSection 391(2) of the Act, 1956; but, it can only make such modification as itmay consider necessary for proper working of the compromise orarrangement. Indo Rama Textile Ltd., In re [2012]23 taxmann.com 390(Delhi)

Section 2(14)(m)(b) of the Act covers the situation where the subject land isnot only located within the distance of 8 kms from the local limits, which iscovered by Clause (a) to section 2(14)(iii) of the Act, but also requires thefulfilment of the condition that the Central Government has issued anotification under this Clause for the purpose of including the area up to 8kms, from the municipal limits, to render the land as a“Capital Asset. Hence itwas held even such land is located within 8 kms limits of Municipal Council inthe absence of any notification issued under Clause (b) to section 2(14)(iii) ofthe Act, it cannot be looked in as a capital asset within the meaning ofSection 2(14)(iii)(b) of the Act. CIT v. Madhukumar N. (HUF) [2012] 23taxmann.com 341 (Karnataka)

Difference between the market prices and ESOP option exercise priceexpensed in books as per the SEBI guidelines is allowed as deduction u/s37(1). CIT v. PVPVentures Ltd. [2012]23 taxmann.com 286 (Madras)

Expenditure on studies of an employee, cannot be disallowed merelybecause such person is an son of an ex-Director of the Company. CIT v.Naidunia News and Network Ltd. [2012] 23 taxmann.com 422 (MadhyaPradesh)

On facts it was observed that the activities of hiring out the car and thecomputer and in earning commission by procuring business for others weredictated by business and commercial considerations and it would thereforebe a reasonable inference to hold that these activities wore the badges oftrade. Hence it was held that the rental income, hire charges from car andcomputer and the commission income all represent the profits and gains ofbusiness carried on by the assessee though taxed under other heads ofincome and accordingly it was held that the brought forward business losscan be set off against these items of income. Lavish Apartment (P.) Ltd. v. ACIT[2012] 23 taxmann.com414 (Delhi)

In view of the specific provision - S.139A of the Act, S.206AA of the Act ismade inapplicable to the persons and read down from the Statute, for whoseincome is less than the taxable limit. It was further directed that the bankingand financial institutions shall not invariably insist upon PAN from suchsmall investors and from persons who intend to open an account in the bankor financial institution. Smt. A. Kowsalya Bai v UOI [2012] 22 taxmann.com157 (Karnataka)

Scheme of amalgamation provided to merge the five Transferor Companieswith the Transferee Company, and to enable the Promoter thereof to holdshares directly in the Transferee Company rather than indirectly. It was heldthat such Scheme is not a tax avoidance device. AVM Capital Services (P.) Ltd.,In re [2012] 23 taxmann.com 222 (Bom)

US Tax Court evaluated eleven factors to determine the proper taxcharacterization of the advance. Eleven factors were (1) type of certificatethe parties use to evidence the advance, (2) repayment of advance by fixedmaturity date, (3) the source of payments on the advance, (4) the right toenforce payment of principal and interest, (5) the person making an advanceincreases his or her management rights, (6) the person making the advancehas equal or inferior rights to those of a regular corporate creditor, (7) theparties intended the advance to be debt or equity, (8) debt or equityconcerns the sufficiency of the purported debtor’s capitalization, (9)whether the advance was made by a sole shareholder, (10) involves the

Supreme Court / High Court [S. 2(19AA) Demerger]

S. 2(14) Agricultural land

S. 37(1) ESOP

S. 37(1) Education Expenditure on son of ex-director

S. 72(1) Set off of brought forward business loss

S. 206AA – Requirement of PAN from persons having income belowtaxable limit

Scheme of merger is not tax avoidance device

Advance by parent company akin to debt or equity

source of interest payments, (11) the purported debtor could have obtainedcomparable financing. NA General Partnership & Subsidiaries, IberdrolaRenewables Holdings, Inc. & Subsidiaries v. Commissioner of InternalRevenue [2012] 22 taxmann.com 245 (UNITED STATESTAX COURT)

The direction given by the BIFR while approving the scheme ofreconstruction / rehabilitation is binding on the Assessing Officer. The SickIndustrial Companies (Special Provisions) Act 1985 has got overriding effecton any other provisions of any other Act except the provisions of FERA 1973and Urban Land (Ceiling Act & Regulation) Act 1976. Therefore, thedirections of the BIFR have to be honoured and failure of such directions willbring legal disharmony. Kirloskar Oil Engines Ltd v DCIT TS-493-ITAT-2012(Pune)

AS-9 has prescribed that the recognition of Revenue requires that Revenue ismeasurable and that at the time of rendering of service it would not beunreasonable to expect ultimate collection. Where the ability to assess theultimate collection with reasonable certainty is lacking, then Revenuerecognition is to be postponed to the extent of uncertainty involved. Theassessee being a contractor as also a developer, the Revenue can berecognized in terms of AS-9. ACIT v. National Builders [2012] 22taxmann.com 55 (Ahmedabad -Trib.)

Assessee Trust receiving capitation fees, applied the entire amount for thepurposes of carrying on its educational activities, such receipts cannot betreated as income in the hands of the assessee. ACIT v. Padanilam WelfareTrustTS-490-ITAT-2012 (Chennai)

The firm is somewhat translucent vehicle under the IT Act. This requires acombined reading of the provisions contained in sections 2(23) and 2(31) ofthe Act. Obviously, a firm cannot be equated with a limited company, whichhas been granted a separate and distinct legal persona under theCompanies Act and which has been recognized under the Income Tax Act assuch. Since share of profit is exempt in the hands of the Partner, S.14A isattracted. Further since depreciation is not expenditure, it cannot bedisallowed u/s14A. - Shri Vishnu Anant Mahajan v. ACIT TS-396-ITAT-2012(Ahd) (SB)

The assessee company vide special resolution passed at the extraordinarygeneral meeting held on 31.3.2006 had allotted equity shares to itsemployees as sweat equity. It was held that expenditure booked in respect ofthe value of shares allotted to the employees under the sweat equity schemeis not an contingent expenditure and is allowed as deduction during AY2006-07 ACIT v. Spray Engineering Devices Ltd. [2012]23 taxmann.com 267(Chandigarh -Trib.)

The exchanged old flat with new flat to be constructed by the builderunder development agreement which amounts to transfer under section2(47) of the Act and the acquisition of a new flat under a developmentagreement in exchange of the old flat amounts to construction of new flat.Assesse is entitled for exemption u/s 54 on exchange of flats and cashcompensation invested into specified bonds is entitled for deduction u/s54EC. Veena Gope Shroff v. ITO TS-479-ITAT-2012(Mum)

Once the conditions as prescribed under section 54 EC are complied with,than the deduction cannot be denied on the ground that the assessee hasalso availed the exemption under section 54F against the part of thecapital gain. ACIT v. Deepak S. Bheda [2012] 23 taxmann.com 159 (Mumbai- Trib.)

If the amounts received on transfer of assets of the undertaking in an urbanarea are utilized for acquisition of assets for the purpose of its business,would be eligible for exemption under section 54G as there is norequirement that the land and building should be used for the purpose ofthe business of industrial undertaking. DCIT v Enpro Finance Ltd TS-451-ITAT-2012 (Mum)

ITAT

BIFR Directions – Approving reconstruction Scheme

S.5 Applicability of AS 9 to developer

S. 11 – Capitation Fees

S.14A – Applicability on share of profit from firm

S.37(1) Sweat Equity

S.54 – Exchange of flats on redevelopment

S.54EC Deduction claimed on single capital gains under differentsections

S.54G Gains on transfer of capital assets of an Urban IndustrialUndertaking

S. 56 Distribution of assets to beneficiary upon dissolution of Private

21

RECENTJUDGEMENTS


Trust

S.194-I Applicability on reimburse of rent

271(1)(c) – Concealment Penalty

Unregistered will in absence of any contrary evidence cannot beignored

Principles of Natural Justice

Dynamic India Fund I (2012-TII-30-ARA-INTL) AAR No 1016 of 2010Dated: July 18, 2012

Facts:

The assessee – beneficiary receiving amount on dissolution of privatetrust, cannot be termed to be an amount received by the beneficiaries“without consideration”. Ashok C. Pratap v ACIT [2012]23 taxmann.com347 (Mumbai - Trib.)

The actual payments towards rent made by the lessee (holding company) tothe lessor after deducting tax.The holding company has also not debited thewhole of rent to its books of account and recouped part of the rent from thesubsidiary company. It was held that there is no lessor and lesseerelationship between the holding company and assessee; and accordinglyheld that the provisions of section 194-I are not attracted. ACIT v. ResultServices (P.) Ltd. [2012]23 taxmann.com 93 (Delhi -Trib.)

Assessee claimed deduction relying on the of professional advice. It wasobserved while providing professional rendered without consideringcurrent applicable law. Third Member held that professional advice lackscreditability and just because the assessee’s claim is supported by aprofessional advice, this fact per se cannot absolve the assessee frompenalty under section 271(1)(c). Darwabshaw B Cursetjee Sons Ltd v. ITO TS-40-ITAT-2012 (Kol)(TM)

When the direct evidence is available the issue cannot be decided onassumption without contradicting the statements on record. In this case theWill is in writing and duly attested by two witnesses, no adverse inferencecan be drawn in case same is not registered. Rama Yadav v. ACIT [2012] 22taxmann.com 144 (Delhi -Trib.)

Reasonable opportunity does not merely mean an opportunity being given.The opportunity has to be reasonable. There should be adequate notice. Thenotice must be of sufficient length to enable the defence or the case to beprepared. Not only should a person know the case which is made against himbut he must also know what evidence has been considered for drawing apresumption affecting him and he must be given a fair and reasonableopportunity to rebut the presumption. Furnishing specific and intelligiblereasons for the proposed action is the concomitant of the concept ofreasonable opportunity. It is necessary because the person could make aneffective representation only with reference to reasons set out. Such reasonscannot be vague and too general in nature.There must be specific and basedon material facts. Omission to comply with the requirement of audi alterampartem, as a general rule, vitiates a decision. When there is violation ofnatural justice no resultant or independent prejudice need be shown as thedenial of natural justice is in itself a prejudice. Rule of law and not the rule ofdiscretion is the basic feature of Constitution of India.

Duty to act fairly is a part of the fair procedure envisaged under articles 14and 21 of the Constitution. Guarantee of article 14 is violated if fair hearing isnot given. Every act of the public authority or those under public obligationmust be informed by reason and guided by public interest. Fair hearing is a postulate of decision-making. Fair hearing means that not only the affectedshould know the case which is made against him, but he must also knowwhat evidence has been considered for drawing a presumption affectinghim and is given a fair and real opportunity to rebut the presumption. Suchopportunity should be real and not ritualistic, effective and not illusory, andmust be followed by fair consideration of the explanation offered and thematerials available, culminating in an order which discloses reasonssufficient to show that the mind of the authority has been applied relevantlyand rationally and without reliance on facts not furnished to the affectedparty. A failure of natural justice at the initial stage cannot be cured bysufficiency of natural justice at the appellate stage. Jai Karan Sharma v. DCIT[2012] 23 taxmann.com 300 (Delhi -Trib.)

INTERNATIONAL TAXATION(Contributed by CA. Hinesh Doshi,

CA. Vishal Gada, CA. Dolly Waghela)

Dynamic India Fund I (DIF-I), a company incorporated in Mauritius is a 100percent subsidiary of Dynamic India Fund II (DIF-II), another company basedin Mauritius. According to the applicant, the applicant company was set upto invest in growing sectors in India. The funds required for investments inIndia are pooled from various individual and institutional investors fromdifferent parts of the world by DIF-II and invested as capital into DIF-I, theapplicant.The said funds are invested in India by the applicant.

The applicant has a Tax Residency Certificate from Mauritius valid upto 14-7-2011. Its validity has since been extended till 14.7.2012. It is registered as aForeign Venture Capital Investor. It has obtained on 17-9-2004, a licensefrom the Securities Exchange Board of India (SEBI). It does not have apermanent establishment in India.

The applicant has made investments in India in units and shares of Indiancompanies. The shares have been held with the intention of generating longterm capital appreciation. The expenditure is shown as investments in thebooks of accounts. The shares were acquired in the years 2007 and 2008. Theapplicant proposes to sell the shares of some of the companies generatingcapital gains.

Whether capital gain arising to the DIF-I from the sale of the shares held in anIndian company is taxable in India?

The AAR held that the assets proposed to be transferred come underparagraph 4 of Article 13 of the tax treaty between India and Mauritius. Theapplicant being a tax resident of Mauritius in the light of the tax residencycertificate produced by it and relying on the decision in Union of India vs.Azadi Bachao Andolan, it is held that the gain that may arise to the applicantis not chargeable to tax in India.

The AAR held that Since chapter X-A (Applicability of GAAR) introduced intothe Act by the Finance Act 2012 is to come into force only on 1.4.2013, section90 (2A) of the Act (GAAR provisions to override the beneficial provisions oftax treaty) and section 90(4) of the Act (treaty benefit allowable only if theassessee obtains Tax Residency Certificate in prescribed format) has norelevance at this stage. The AAR further observed that as and when suchprovisions come into force, it will be open to the revenue to consider thoseaspects; notwithstanding this ruling.

The capital gains from the proposed sale of shares is not chargeable to tax inIndia in view of paragraph 4 of Article 13 of the India-Mauritius tax treaty andthat the buyer of the shares has no obligation to withhold taxes undersection 195 of the Income-tax Act.

The taxpayer had made payments to a Mauritius company for a marketsurvey conducted by them for preparation of project report withoutwithholding of tax under the Act. The AO held that the taxpayer was obligedto withhold tax under Section 195 of the Act on such payments since thesepayments are FTS which falls under the Explanation 2 to Section 9(1)(vii) ofthe Act.

Relying on the decision of Supreme Court in the case of TransmissionCorporation of AP Ltd. the AO held that the taxpayer had violated Section195 of the Act and therefore, he made a disallowance under Section 40(a)(i)of the Act.

Whether the payment made was liable to withholding tax in India?

The Tribunal observed that there was no dispute that money paid to a non-resident by the taxpayer was for a market survey, qualitative consumermeasurement, retail store site information and compiling data foridentifying opportunities for consumer electronics in the overseas market.Such a ‘market survey’ definitely involved exercise of technical knowledgeand skill by the persons doing the survey.

The Tribunal held that the work done by the Mauritius Company for thetaxpayer was a technical service, therefore, the amount paid to them was tobe treated as Therefore, by virtue of Explanation 2 to Section 9(1)(vii) of theAct, the type of service received by the taxpayer from a foreign company wasFTS.Therefore, the AO was justified in taking this view.

The assessee argued that the payments made were business income underthe India – Mauritius tax treaty and were not liable to tax in India in theabsence of a PE of the non-resident in India.The assessee further argued thatthe tax treaty between India and Mauritius did not provide for taxing anyfees paid for technical services (i.e. does not have an article on Fees forTechnical Services) and therefore, fee for technical services could only beconsidered as business income in the hands of the recipient and hence

Issue:

Held:

DCIT v.TVS Electronics Ltd (ITA No. 811/Mds/2010) –Taxsutra.com

Facts:

Issues:

Held:

222

RECENTJUDGEMENTS


Contractual burden of service tax – reverse charge

Cum-tax benefit

Cargo Handling agency services

Clearing and forwarding agents

Limitation

Niranjan Lal Agarwal v. CCE (2012) 26 STR 457 (Tri-Del.).

Appeal

Cenvat credit of service tax paid on royalty

The contract between the service provider and the recipient mentioned theservice provider shall bear all taxes and duties in respect of the servicesprovided by him. Under the law, the service recipient was liable to payservice tax under the reverse charge. The service recipient deducted the taxso paid from the service provider’s bills. On appeal by the service providerobjecting to the deduction, the Supreme Court observed:

(i) the service tax requiring the service recipient to pay the tax as anassessee is only relevant between the service recipient and taxauthorities and not relevant to determine the rights and liabilitiescontractually agreed between the service provider and servicerecipient.

(ii) under the contract, the service recipient cannot be faulted fordeducting the service tax from the service provider’s bill since it was hisliability to bear the tax.

Rashtriya Ispat Nigam Ltd. CE v. Dewan Chand Ram Saran (2012) 26 STR 289(S.C.)

Where the service provider had not been able to realize service taxseparately from person receiving services, the Tribunal held that the valuerealized should be considered as cum-tax value [Niranjan Lal Agarwal v. CCE(2012) 26 STR 457 (Tri-Del.)].

Where the appellant was engaged in loading of coal into railway wagonsusing pay loaders and where they were compensated based on the quantityof coal loaded by them into the wagons, the Tribunal, on facts, held thatappellant would be liable for service tax under the category of cargohandling agency services. Further, the Tribunal also observed that since thecoal was loaded into railway wagons for transport the same would beconsidered as‘cargo’[Niranjan Lal Agarwal v. CCE (2012) 26 STR 457 (Tri-Del.)].

Activities like facilitating clearances of export/ import cargo, freightbooking of ocean going vessels, shifting empty containers from containeryard to CFS, facilitating freight required for agro product, employinglabourers for stuffing of cargo in containers, co-ordinating with shippinglines and Custom House Agent, would not fall within the ambit of clearingand forwarding agent services [Gudwin Logistics v. CCE (2012) 26 STR 443 (Tri. –Ahmd.)].

Where the appellant had not paid tax due to prevalence of confusion duringthe relevant point of time, the Tribunal held that there was no suppressionwith intent to evade payment of tax. Accordingly the extended period oflimitation was not invocable

Mode of service of order

Under s.37C(1)(a) of the Central Excise Act, 1944 it is obligatory on the part ofrevenue to serve any order/summons /notices on the assessee either

(i) by tendering a copy of decision; or

(ii) by sending it through registered post with acknowledgement due.

Thus where the department had sent the order passed by CCE (A) throughspeed post, the High Court held that there had been no valid service of orderon the assessee.[Amidev AgroCare Pvt. Ltd v. Union of India, 2012(26) STR299 (Bom)]

Questions, such as whether the activities of appellants came within acategory of particular service, arising out of the order passed by the Tribunalare in the nature of dispute regarding classification, the appeal for which liesbefore the Supreme Court and not High Court.[CST v. John Flower (I) Ltd,(2012) 26 STR 301 (Kar)]

Where an appeal against the orders of Tribunal involving questions relatingto levy of duty of excise or value of goods for the purpose of assessment liesbefore the Supreme Court under Section 35L of the Central Excise Act, 1944,appeal in respect of validity of penalty would also lie before the SupremeCourt and not before the High Court [CCE v. T. D. Power Systems Pvt. Ltd.(2012) 26 STR 481 (Kar.)].

Provision of technical know-how by foreign collaborator is an‘input service’since the required quality of final product could not have been

23

RECENTJUDGEMENTS


taxable only in Mauritius.

The Tribunal held that when technical services are not covered under the taxtreaty, whether fees received for such services could be considered asbusiness income in the hands of recipient has not been analysed by any ofthe lower authorities. The Tribunal observed that admittedly, the tax treatydid not provide for taxing any fees paid for technical services. Only for areason that tax treaty is silent on a particular type of income, it could not besaid that such income will automatically become business income of therecipient

The Tribunal further held that when the tax treaty is silent on a particulararticle, the provisions of the Act have to be considered and applied and thisaspect has not been dealt with by the lower authorities.Therefore, the ordersof lower authorities on payments made for market survey were set aside andremitted back to the AO for consideration afresh in accordance with law.

Promoter Co. held a company ULL indirectly through 5 companies. Therewere two ways for promoter Co. to convert indirect holding in ULL into directholding:

Acquire shares of ULL from the 5 companies –This would entail capital gainstax on transfer of shares to the 5 companies.

Merge the 5 companies. into ULL and get ULL shares in exchange forshareholdings in the 5 companies.The shares held by 5 companies in ULL getcancelled in the merger with consequent reduction of capital of ULL. Thisroute involves no capital gains tax in view of section 47 (vii) of the Act.

The promoter preferred the second route and the merger was objected to asa device to avoid capital gains tax that would have arisen to the 5 companieshad the first route been preferred.

Whether preferring the tax-exempt and legally recognized route results intotax avoidance?

The High Court held that the objection that the scheme was a tax avoidancedevice and ought not to be approved deserves to be rejected as the object ofthe scheme was to avoid any tax. Even today the shares areowned/controlled by the same promoter albeit through transferor-companies.

The High Court observed that under the scheme, only difference is that thePromoter-Co will now hold these shares in the transferee co directly. There isnothing illegal or unlawful or dubious or colourful in the Scheme and thesame is a perfectly legitimate scheme and permissible by law.

The High Court noted that in Azadi Bachao Andolan, the Supreme Court hadconsidered McDowell’s case. The Supreme Court had held that“the decisionin McDowell’s case cannot be read as laying down that every attempt at taxplanning is illegitimate, or that every transaction or arrangement which isperfectly permissible under the law, but has the effect of reducing the taxburden of the assessee must be looked upon with disfavour.” The SupremeCourt had also held that the extreme view taken by Justice Chinappa Reddyin McDowell was not endorsed by the majority in that case, and theprinciples laid down in the case of Duke of Westminster were still ‘alive andkicking.’ The High Court further referred to the Supreme Court ruling inVodafone International Holdings [TS-23-SC-2012], wherein it was held thatthere was no conflict between the decisions of Azadi and McDowell, and thatit could not be said that all tax planning was illegal / illegitimate /impermissible.

SERVICE TAX(Contributed by CA. A. R. Krishnan,

CA. Girish Raman)

For a service to be liable for service tax existence of two distinct parties’ viz.the service provider and service recipient is required. In absence of the same,it cannot be said that there has been any provision of service by one toanother. Thus where the revenue had sought to demand service tax from themember’s club in respect of the mandap keeper’s service provided by theclub to its members the High Court held that the same would not be liable forservice tax based on the doctrine of mutuality. The High Court inter aliarelied on the judgment of Supreme in Joint Commercial Tax Officer v. TheYoung Men’s Indian Association 1970 (1) SCC 462 where the Supreme Courtin the context of Madras General Sales Tax Act, 1959 held that inspite ofspecific inclusion of the club in the definition of dealer and the term “sale”being defined to include any transfer of property by club to its members, inabsence of two there cannot be transaction of transfer of property [RanchiClub Limited v. CCE (2012) 26 STR 401 (Jhar.)].

AVM Capital Services (P.) Ltd. In re [2012] 23 taxmann.com 222 (Bombay)

Facts:

Issue:

Held:

Principle of mutuality

manufactured without the technical know-how. Further, the credit can betaken on the basis of TR-6 challan which evidenced the payment of servicetax by the service recipient (prior to 15.6.2005) even thoughTR-6 challan wasnot a prescribed document under Rule 9 of the Cenvat Credit Rules since thesubstantial benefit of cenvat credit cannot be denied on the basis ofprocedures which cannot be implemented [CCE v. Sonasomic LemforderComponents (2012) 26 STR 338 (Tri- Del)].

Cenvat Credit of Service Tax paid on repair and maintenance services usedfor air-conditioning plant situated in the office space of the factory isadmissible since –

(i) the definition of input service specifically includes the services used inrelation to setting up, modernization, renovation or repairs of afactory or premises of provider of output service or office relating tosuch factory or premises; and

(ii) the same has to be treated as activities having nexus with themanufacturing business of the appellant.

[Bry Asia Pvt Ltd v. CCE (2012) 26 STR 333(Tri-Del)]

Where the appellants had taken the credit of duty paid on capital goods inthe month of November, 2005 when in fact the capital goods were receivedin the factory on 22-12-2005 the Tribunal held that the credit was notdeniable since the appellants were entitled to take credit after 22-12-2005[Hot Sport Colour Lab v. CCE (2012) 26 STR 336 (Tri-Del)]

Group Mediclaim Policy and Group Insurance Health policy taken for theemployees being in relation to business activities, credit of service tax paidon the premiums for the said policy is admissible. [CCE & ST, v. Micro Labs Ltd.(2012) 26 STR 383 (Kar.)]

(i) Cenvat credit of duty paid on HR plate / coil, jointing sheet & M. S. Studand welding electrodes used for maintenance and repair of plant andmachinery is admissible.

(ii) Cenvat Credit of service tax paid on Rent-a-cab services used forprocurement of inputs is admissible.

(iii) Cenvat Credit of service tax paid on maintenance/repair of companyowned vehicles being activity related to business is admissible.

(iv) Cenvat Credit of service tax paid on mobile phone services used by thecompany officials for company work is admissible.

Cenvat Credit

[J.K.SugarLtdv.CCE(2012)26STR391(Tri-Del)]

Where the bills of entry contained the name of the importer (head office) butthe goods were received at the factory unit, the Tribunal held that credit onsaid bills of entry was admissible. Further credit cannot be denied on thegrounds that the assessee had failed to take credit immediately on thereceipt of inputs. [SGS India Pvt. Ltd. v. CCE (2012) 26 STR 395 (Tri-Mumbai)]

The assessees factory in New Delhi had cleared goods to its sister unit atBangalore without payment of duty since it believed that the said goodswere not liable for excise duty. However, at the instance of the department, itdeposited the said amount of which its unit at Bangalore had taken credit.The revenue denied Cenvat credit to the Bangalore unit on the grounds thatthe duty was not paid at the time of clearance of goods. On appeal the HighCourt held that though the duty was not deposited by the assessee inaccordance with the rules but once the same has been deposited itsBangalore unit is entitled to take credit and utilize the same. [CCE vs.Himalaya Drug Co. Ltd. (2012) 26 STR 386 (Kar.)]

Where the units of the assessee company had availed credit on the basis ofinvoices raised in the name of head office the Tribunal held that the creditwould be admissible if the services were received by the said units [CCE vs.ChamundiTextile (Silk Mills) Ltd. (2012) 26 STR 498 (Tri-Bang)].

Cenvat credit cannot be claimed on the basis of photocopies of thedocuments and documents which did not indicate assessee as the recipientof service [CCE vs. Chamundi Textile (Silk Mills) Ltd. (2012) 26 STR 498 (Tri-Bang)].

Cenvat credit of service tax paid on courier services and insurance premiumon vehicles being activities related to business is admissible [CCE v.Topworth Steels Pvt Ltd (2012) 26 STR 420 (Tri. – Del.) relying on MilliporeIndia Ltd. vs. CCE (2009) 13 STR 616 (Tri-Bang.)]

Where the appellant had paid service tax on goods transport agencyservices by making a debit in Cenvat Credit account and had availed credit ofthe same for discharging duty liability on goods manufactured by them theTribunal held that the same was permissible since –

(i) u/r 9(1) of the Cenvat Credit Rules, 2004, credit can be taken on the basisof documents evidencing payment of service tax; and

(ii) A debit entry made in the Cenvat credit account on the basis of a lorryreceipt is a proof of payment of service tax.

(iii) The lorry receipt shows all details viz., name of the consignor &consignee, serial no. etc.

[CCE v. Rajasthan Spinning &Weaving Mills (2012) 26 STR 466 (Tri. – Bang.)].

Refund of credit of tax paid on input services used for exports under rule 5 ofCenvat Credit Rules, 2004 is not deniable on the ground that the creditpertained to a month in which there was no exports [CCE vs. ChamundiTextiles (Silk Mills) Ltd. (2012) 26 STR 498 (Tri-Bang)].

224

RECENTJUDGEMENTS


Chartered Accountants Acts & Regulations

Accounting and Auditing

Income Tax and Wealth Tax

Indirect Taxes

Company Law

Other Laws

Chartered Accountants Acts & Regulatitiiionsnnssssooononnsnss

Accounting and Auditing

Income Tax and TT WealthWW TaxTT

Indirect TaxesTT

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The Ninth edition of WIRC Reference Manual covers an wide range of subjects includingChartered Accountants Acts & Regulations, Accounting and Auditing, Income Tax andWealth Tax, Indirect Taxes, Company Law, Other Law and additional informationdeemed important.

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Speakers at the Regional Banking Summit held on 21st July, 2012

Panel Speakers

CA. ShaileshHaribhakti

CA. Mitil Chokshi Shri P. N.Satheeskumar

CA. Praveen Trivedi Dr. K. C.Chakrabarty

CA. Nilesh Shah

CA. D. Sarkar

CA. HimanshuVasa

CA. Jatin Lodaya

CA. Bharat Thakkar

Shri Binoj Vasu

CA. Hardik Dhruv

Interactive meeting with Shri Mohan Mithbaokar, Deputy Mayor, Mumbai.Others: Seating: L to R: CA. Durgesh Kabra, Chairman,WIRC, CA. Anil Bhandari, Secretary, WIRC. Standing: L to R: From ICAI–CA. Amita Bapat, EO, Shri G. A. Sequria, EO, Shri Wagle, Shri Koshy John,Deputy Secretary, Shri H.M. Jorapur, Deputy Secretary.

CA. Neel Majithia, RCM,

Shri J. B. Bhoria Shri MadanSabnavis

CA. Manoj Vijai Shri Jaideep Iyer

First Intensive Study Course on Service Tax held on 23rd, 25th & 27th July, 2012

Other Speakers

CA. Mangesh Kinare,RCM, CA. Naresh Sheth,Faculty, CA. DurgeshKabra, Chairman, WIRC,CA. Shardul Shah, RCM,CA.Vinay Mulye

CA. PratikSinghi

CA. AdityaParkar

CA. AnupShah

Shri MahavirLunawat

CA. Lalit Dangi

National Workshop on Investment Banking held on 20th & 21st July, 2012

CA. Rajesh Vig Faculty, Ms. Aparna Thyagarajan,Faculty, Shri Niteen Tulpule, Faculty, CA.Rajkumar Adukia, Chairman, CMII-ICAI, CA.Advait Majmudar, Faculty, CA. Durgesh Kabra,Chairman, WIRC, CA. Mangesh Kinare, RCM, CA.A n a n d B a t h i y a , Fa c u l t y, S h r i N a v r o zMahudawala, Faculty, CA. Hardik Chokshi.

CA. B.Madhuprasad

CA. A. R. Krishnan CA. SunilGabhawalla

Employees of ICAI organised Shree Satyanarayan Mahapooja at ICAIBhawan held on 24th July, 2012.

IMAGES


Intensive Study Course on Income Tax held on 2nd July to 14th July, 2012

Other SpeakersCA. KamalDhanuka,CA. SanjeevMaheshwari, CCM,CA. HarishMotiwalla, Faculty,CA. Manish Dedhia

CA. Nina Kapasi CA. Sitaram Parikh CA. SanjayBansal

CA. NareshAjwani

CA Bhupendra Shah CA. Anup Shah CA. Jatin Kanabar CA. Anil Sathe

CA. Vimal Punmiya CA. Haridas Bhatt CA. ReepalTralshawala

IMAGES

Lecture Meeting on Revised Schedule VI held on 4th July, 2012

Seminar on Service Tax held on 6th & 7th July, 2012

Lecture Meeting on Cyber Crime held on 19th July, 2012

CA. Shardul Shah, RCM, CA. Durgesh Kabra, Chairman, WIRC, CA. KhushrooPanthaky, Faculty, CA. Sushrut Chitale

Shri Bharat Desai, CA. Shardul Shah, RCM, Adv. Sagar Rahurkar, Faculty, ShriNinad Navghare

CA.Viral Chheda, CA. Mangesh Kinare, RCM, CA. Bharat Shemlani, Faculty,CA. Ratan Moondra

Seminar on Mutual Funds – Internal, Concurrent audit & NAV Certification held on 21st July, 2012

Other Speakers

CA. Mahesh Madkholkar, CA. Anil Bhandari, Secretary, WIRC, CA. VijaiMantri, Faculty, CA. Durgesh Kabra, Chairman,WIRC, CA.Y. R. Desai

Other Speakers

CA. S. S. Gupta CA. RajivLuthia

CA. GirishRaman

CA. ManishGadia

CA. NareshSheth

Shri SahilMalik

Shri AshokSuvarna

CA. VishalShah

CA. VirajLondhe

CA. HasmukhDedhia

Seminar on Private Equity held on 7th July, 2012

Other Speakers

CA. AnilTalreja

CA. PranayBhatia

Ms AnjuliSivaramakrishnan

Ms. Sangeeta Modi

CA. CarltonPereira

Shri Shrinath S. Shri NirmeshPrakash

Shri VivekJoshi

CA. PinkeshBillmoria

Shri AkhilAwasthi

CA. Tanuj Agarwal, Shri G. V. Ravishankar, Faculty, CA. Sunil Patodia, RCM,CA. Shailendra Jindal, Faculty, CA. Vishnu Agarwal, RCM, CA. PraveenShenoy


IMAGES

Two Day Workshop on Enabling Service Tax Practice held on 20th & 21st July, 2012

Direct Tax Refresher Course held on 7th July, 2012

Direct Tax Refresher Course held on 14th July, 2012

Other Speakers

CA. GirishRaman

CA. SunilGabhawalla

CA. Ashit Shah CA. Manish Gadia

CA. Manoj Dak, CA. Dhiraj Khandelwal, RCM, CA. Rajiv Luthia, Faculty, CA.Vishnu Agarwal, RCM, CA. Pawan Gupta

CA. Ashok Jain, RCM, CA. N. C. Hegde, RCM, CA. Pradip Kapasi, Faculty, CA.Shardul Shah, RCM

CA. Shriniwas Joshi, Imm. Past Chairman, WIRC, Adv. Hiro Rai, Faculty, CA.Neel Majithia, RCM

CA. Dilip Apte, RCM, CA. Atul Suraiya, Faculty, CA. Shardul Shah, RCM

CA. Shriniwas Joshi, Imm. Past Chairman, WIRC, CA. Jayant Gokhale, CCM,CA. Kishor Karia, Faculty, CA. Pinakin Desai, Faculty

Seminar on Merger & Acquisitions held on 7th & 14th July, 2012

Other Speakers

CA. SagarGokani

Shri Souvik Ganguly

CA. Hemal Mehta

CA. AnilTalreja

Adv. AnandDesai

CA. SumirVerma

CA. SaumilShah

Ms. Asawari Salvi

Shri RadhaKrishna

Shri VarunGupta

CA. Shardul Shah, RCM, CA. Mayur Desai, Faculty, CA. Alok Saraf, Faculty, CA.Neel Majithia, RCM

Seminar on Risk Management - Is it Necessary? held on 28th July, 2012

Other Speakers

Shri BenjaminFrank

CA. GuntupalliBharan

CA. JagdeepSinghCA. Shardul Shah, RCM, CA. Mangesh Kinare, RCM, Shri Arnab Chakravarti,

Faculty, CA. Amit Dedhia27


To

Branches : Ahmedabad • Ahmednagar • Akola • Amravati • Anand • Aurangabad• Baroda • Bharuch • Bhavnagar • Gandhidham • Goa •Jalgaon • Jamnagar• Kolhapur • Latur • Nagpur • Nashik • Navi Mumbai • Pimpri Chinchwad • Pune • Rajkot • Sangli • Solapur • Surat • Thane • Vasai • Vapi

Address : ICAI Bhawan, 27, Cuffe Parade, P.B. No. 6081, Colaba, Mumbai 400 005. WIRC Website : http://www.wirc–icai.org ICAI Website : http://www.icai.org• Phone : 39893989 • Fax : 39802954/39802953 E-Mail : WIRC : [email protected] •• Mumbai : [email protected] • New Delhi : [email protected]

Printed and published by Shri M.A. Razak on behalf of Western India Regional Council of TheInstitute of Chartered Accountants of India and printed at Finesse Graphics & Prints (Pvt) Ltd.,309, Parvati Industrial Estate, Sunmill Compound, Lower Parel, Mumbai – 400 013. andpublished at Western India Regional Council of the Institute of Chartered Accountants of India,ICAI Bhawan, 27, Cuffe Parade, Colaba, Mumbai - 400 005.Editor: CA. Durgesh KabraThe views and opinions expressed or implied in Western Indian Chartered AccountantNewsletter are those of the authors or contribution and do not necessarily reflect those ofWIRC. Unsolicited articles and transparencies are sent in at the owner's risk and the publisheraccepts no liability for loss or damage. Material in this publication may not be reproduced,whether in part or in whole, without the consent of WIRC.DISCLAIMER: The WIRC is not in any way responsible for the result of any action taken on thebasis of the advertisement published in the Newsletter. The members, however, may bear inmind the provision of the Code of Ethics while responding to the advertisements.

Associate Membership Fees Rs. 600 and Fellow Membership Fees Rs. 1800 (including subscription to WICA Newsletter)Price Rs. 15 per copy

Date of Posting : 11th & 12th August, 2012Date of Publishing 12th of Each Month

Regn. No. MH/MR/South-52/2012-14RNI No.: 22878/1975


Regional Banking Summit held on 21st July, 2012

Release of WIRC Directory2012 held on 24th July,2012. L to R: CA. NeelMajithia, RCM, Shri MohanM i t h b a o k a r , D e p u t yM a y o r, M u m b a i , C A .Durgesh Kabra, Chairman,WIRC, CA. Anil Bhandari,Secretary,WIRC, ShriWagle

CA. Sunil Patodia, RCM, CA. Dhiraj Khandelwal, RCM, CA. Ashok Jain, RCM, CA. Durgesh Kabra, Chairman,WIRC, CA. Bhavna Doshi, CCM, CA. Anil Bhandari,Secretary,WIRC, ShriViney Kumar, ED, IDBI Bank, Chief Guest, CA. Dilip Apte, RCM, CA.Vishnu Agarwal, RCM

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

If undelivered, please return to:ICAI Bhawan, 27, Cuffe Parade, P.B. No. 6081, Colaba, Mumbai 400 005

15/- The Institute of AUGUST 2012 Chartered Accountants of ... · K1: K2: K3: K4: Session Chairman...

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Transcript of 15/- The Institute of AUGUST 2012 Chartered Accountants of ... · K1: K2: K3: K4: Session Chairman...