Vol. I No. 10 | Total Pages - 16 A Monthly Newsletter of ... · PDF fileSecretaries Mr. Ajay...

1March 2016 • THE CTC NEWSwww.ctconline.org

Helpdesk : (1) Events: Mr. Anand / Ms. S. Aarti • E-mail : [email protected] (2) Accounts & Membership : Ms. Manisha / Ms. Yogita E-mail : [email protected] (3) Administration : Mr. Hitesh Shah • E-mail : [email protected]

Cheque payments for all events are accepted at CTC JT Bandra Library at C-11, Bandra Kurla Complex, IT Office, Ground Floor, Bandra (E), Mumbai – 400 051

3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai–400 020 Tel.: 2200 1787 / 2209 0423 • Fax: 2200 2455 E-mail: [email protected] • Website: www.ctconline.org

Sr. No.

Date Committee Nature of Programme Programmes Description Venue Pg. No.

1. 9-3-2016 Corporate Members Panel Discussion “On Impact of Budget Proposal on Capital Markets and Industry”

Walchand Hirachand Hall, IMC 2

2. 10-3-2016 International Taxation ISG - INT Taxation Meeting On Finance Bill, 2016 Amendment Impacting Cross Border Transaction and Non-residents

CTC Conference Room 12

3. 12-3-2016 Direct Taxes Half Day Workshop (Jointly) On Direct Tax Provisions of Finance Bill-2016 M. C. Ghia Hall, Fort 64. 12-3-2016 Indirect Taxes Half Day Workshop (Jointly) On Indirect Tax Provisions of Finance Bill-2016 M. C. Ghia Hall, Fort 65. 14-3-2016 Study Circle & Study Group Study Circle Meeting On Finance Bill, 2016-Direct Tax Provisions Babubhai Chinai Committee Room IMC. 126. 15-3-2016 Allied Laws Study Circle Meeting On Consumer Protection under the Competition Law CTC Conference Room 127. 16-3-2016 International Taxation FEMA Study Circle Meeting on Recent FEMA Update Kilachand Hall, IMC 128. 17-3-2016 Student & IT Connect Lecture Meeting On Protect Yourself from Cyber Frauds Walchand Hirachand Hall, IMC 29. 18-3-2016 Membership & Public

RelationsLecture Meeting On The Challenge of Change A.V.Centre Hall, Jaihind College 11

10. 18-3-2016 International Taxation Full Day Conference (Jointly) On Advanced FEMA Walchand Hirachand Hall, IMC 311. 21-3-2016 Student & IT Connect Lecture Meeting “On Statutory Audit of Bank Branches and

Practical Issues”Maheshwari Bhavan, Chira Bazar 3

12. 25-3-2016 Study Circle & Study Group Study Group Meeting On Recent Judgments under Direct Taxes Kilachand Hall, IMC 1113. 28-3-2016 International Taxation TP Study Circle Meeting On Indian Transfer Pricing Litigation Experience Kilachand Hall, IMC 1214. 1-4-2016 Study Circle & Study Group Study Circle Meeting On Understanding the concept of POEM Kilachand Hall, IMC 1115. 2-4-2016 Allied Laws Half Day Seminar (Jointly) On Labour Laws BCAS, Jolly Bhavan, New Marine Lines 1016. 9-4-2016 Allied Laws Study Circle Meeting On Drafting of Documents Relating to Family

Agreement & PartitionCTC Conference Room 10

17. 9-4-2016 Student & IT Connect Practical Workshop On Effective Email Management CTC Conference Room 1318. 16-4-2016 Direct Taxes Full Day Seminar On Appellate Proceedings,DRP and AAR West End Hotel, Mumbai 719. 17-19-4-2016 Student & IT Connect RRC (Jointly) Youth Residential Refresher Course Dew Drops Boutique, Igatpuri 1320. 21-4-2016 Student and IT Connect Lecture Meeting On Procedural Aspects of TDS/TCS Maheshwari Bhavan, Chira Bazar 321. 22,23 & 29,

30-4-2016International Taxation Full Day Workshop (4 Days) Advanced Workshop on Principles of Transfer Pricing West End Hotel, Mumbai 9

22. 29-30-4-2016 Allied Laws Education Course On Capital Market West End Hotel, Mumbai, & Conference Room, Consultair Investment Pvt. Ltd.

8

23. 23-26-6-2016 International Taxation 10th Residential Refresher Conference

On International Taxation Rhythm Resort, Lonavala 4

24. 19-3-2016, 2,16,30-4-2016

7-5-2016

Indirect Taxes Workshop On MVAT Act, Service Tax and Allied Laws STPAM Library, Mazgaon —

25. — — — Renewal Notice 2016-17 — 1426. — — — Unreported Decisions (Direct Taxes & Indirect Taxes) — 1527. — — — Quotations — 7

March 2016

LECTURE MEETINGSThursday, 17th March, 2016

5.30 pm to 8.30 pm Protect yourself from Cyber Frauds

Dr. Anupam Saraf, Former IT advisor to Chief Minister of Goa,

former CIO of Pune City 4th Floor, Walchand Hirachand Hall, IMC,

Churchgate, Mumbai-400 020

Friday, 18th March, 2016 5.45 pm to 6.00 pm; 6.00 pm to 8.00 pm

“The Challenge of Change” Pujya Adarshjeevan Swami–BAPS

Swaminarayan Mandir, Dadar A.V Center Hall, 4th Floor, Jai Hind College, Churchgate, Mumbai – 400 020.

Monday, 21st March, 2016 5.30 pm to 8.00 pm

Overview of Bank Branch Audit including LFAR and IRAC Norms

CA Vipul Choksi Maheshwari Bhavan, 1st Floor, Marine Lines, Mumbai-400 002

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TITLE CODE :- MAHENG13836

Vol. I No. 10 | Total Pages - 16 A Monthly Newsletter of The Chamber of Tax Consultants

President : Mr. Avinash Lalwani (Tel.: 23865363) | Vice President : Mr. Hitesh R. Shah (Tel.: 22001436)Hon Jt. Secretaries Mr. Ajay Singh (Tel.: 22013242) Mr. Ashok Manghnani (Tel.: 26774463) | Hon. Treasurer Mr. Hinesh Doshi (Tel.: 24132475)


CORPORATE MEMBERS COMMITTEEChairman : Paras Savla Vice Chairman : Hasmukh Dedhia Convenors : Neha Gada, Vitang Shah Advisor : Sujal Shah

PANEL DISCUSSION ON ‘IMPACT OF BUDGET PROPOSALS ON INDIAN ECONOMY AND CAPITAL MARKETS IN CURRENT GLOBAL SCENARIO’

The Hon’ble Finance Minister Shri Arun Jaitley has presented third Budget of NDA Government. The Finance Minister, has indicated a fiscal deficit target of 3.5% of GDP for the year 2016-17. Finance Minister has announced various policy measures in the areas of agriculture and pharmaceutical welfare, the rural economy and job creation, skill development, health, education, etc. The question may arise whether the budget focuses on social sector and inclusive growth, which in turn would provide impetus to growth? In order to understand the impact of the Budget Proposals as laid down by the Finance Minister to energise the Capital Markets, the Corpo-rate Members Committee of the Chambers of Tax Consultants has organised a Panel Discussion on ‘Impact of Budget Proposals on Indian Economy and Capital Markets in current Global Scenario’ for the benefit of Members including Corporate Members, Chartered Accountants, Advocates and Company Secretaries, Corporate Executives and other Professionals.Details of the meeting are as under:Day & Date : Wednesday, 9th March, 2016.Time : 6.15 pm to 8.00 pm (Fellowship over tea : 5.45 pm to 6.15 pm)Venue : Walchand Hirachand Hall, IMC Building, IMC Marg, Churchgate, MumbaiPanel Members and Moderator : Panel Members: Shri. Sailesh Raj Bhan – Deputy CIO, Reliance Mutual Fund. Shri. Amandeep Chopra - Head – Fixed Income, UTI Asset Management Co. Panel Moderator: Shri. Raghvendra Nath - Managing Director, Ladderup Wealth ManagementAbout PanellistShri. Sailesh Raj Bhan – Deputy CIO, Reliance Mutual FundMr. Sailesh Raj Bhan has about 19 years experience in equity research and fund management, with over 10 years at Reliance Capital Asset Management Ltd. He manages diversified equity schemes like Reliance Equity Opportunities Fund (the largest Flexicap Scheme in India with assets of USD 800 million) since its inception in 2005 and Reliance Top200 Fund (a large cap diversified equity fund) since its incep-tion in 2007. In addition, for over 9 years, he has been managing two specialized sector funds – Reliance Pharma Sector Fund (the largest pharma sector fund in India) and Reliance Media and Entertainment Fund.Shri. Amandeep Chopra - Head – Fixed Income, UTIMr. Amandeep Singh Chopra is a graduate from St. Stephens College, Delhi and an MBA from FMS, Delhi. Prior to joining UTI he has worked with Aaina Exports Ltd. as a production co-ordinator and at Stenay Ltd. as a Quality Control Inspector. He has been with UTI AMC since 1994 and has been responsible for increasing the asset value in some of the select funds. He has achieved CPR1 and CPR2 ranking for several funds as a Fund Manager. Three of his funds namely UTI Liquid Cash Plan, UTI liquid Cash Plan-Institutional and UTI Bond Fund has been awarded CNBC TV-18 Crisil Mutual Award. Presently, he is functioning as the Head of Fixed Income.Shri. Raghvendra Nath - Managing Director, Ladderup Wealth ManagementMr Raghvendra Nath has 21 years of experience in the capital markets and mutual fund industry. Prior to setting up Ladderup Wealth, he spent 15 years in various key management roles in the Aditya Birla Group. He was the Head of Strategy and Marketing at Birla Sun Life AMC Ltd. He was credited with launching many investment categories “First Time” in the country like the Dividend Yield Fund, Asset Allocation fund, Bond index fund etc. He is a CFA charter holder from the CFA institute of U.S. He also holds a Bachelor of Engineering (B.E.) degree and a Masters in Business Administration (MBA).

All members are cordially invited to attend the Panel Discussion

Chairman : Parimal Parikh Vice Chairmen : Aalok Mehta, Dinesh Tejwani Convenors : Ashok Mehta, Bhavik Shah, Maitri Savla, Mitesh Katira Advisors : A. S. Merchant, Ninad Karpe

STUDENT AND IT CONNECT COMMITTEE

What it will coverCyber space and risks associated with it for everyone. How to derisk oneself in digital transactions? How not to be become victim of cyber frauds?Who should attend?Members, Students and Non-membersWhy this SeminarEvery day, the newspaper is full of people losing money in debit card/ credit card frauds and identity thefts. There is no escape from financial transactions in this digital age. Dr. Saraf will be giving us practical tips and ideas to derisk ourselves in such transactions.Programme detailsDay, Date & Time : Thursday, 17th March, 2016 | 5.30 p.m. to 8.30 p.m.Venue : 4th Floor, Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai-400 020

Sr. No. Sessions / Topic Speaker1 A future designer recognised as a global expert on complex systems. Dr. Anupam Saraf, Former IT Advisor to

Chief Minister of Goa, former CIO of Pune City

LECTURE MEETING ON “PROTECT YOURSELF FROM CYBER FRAUDS”


INTERNATIONAL TAXATION COMMITTEEChairman : Naresh Ajwani Vice Chairman : Ramesh Iyer

Convenors : Ganesh Rajgopalan, Varsha Galvankar, Kartik Badiani

LECTURE MEETING ON STATUTORY AUDIT OF BANK BRANCHES AND PRACTICAL ISSUESThe Student and IT Connect has organised a Lecture Meeting with a view to update the Students, Articled Clerks, Audit Staff and Members on the above subject. The Primary focus of the meeting will be on the important aspects of Statutory Bank Branch Audit planning, documentation, verification of advances & Prudential Norms, LFAR, Audit through Core Banking Solution with practical issues followed by Questions & Answers. All are cordially invited to attend the meeting.

Day, Date & Time : Monday, 21st March, 2016; 5.30 p.m. to 8.00 p.m.Venue : 1st Floor, Maheshwari Bhawan, 603, Jagannath Shankar Sheth Raod, Princess Street, Chirabazar, Mumbai – 400 002.

Sr. No.

Subject Speaker

1 Overview of Bank Branch Audit including LFAR and IRAC Norms CA Vipul Choksi

LECTURE MEETING ON PROCEDURAL ASPECTS OF TDS/TCSThe Student and IT Connect has organised a Lecture Meeting with a view to update the Students, Articled Clerks, Audit Staff and Members on the above subject. All are cordially invited to attend the meeting.Day, Date & Time : Thursday, 21st April, 2016; 5.30 p.m. to 8.00 p.m.Venue : 1st Floor, Maheshwari Bhawan, 603, Jagannath Shankar Sheth Raod, Princess Street, Chirabazar, Mumbai – 400 002.

Sr. No.

Subject Speaker

1 Procedures related to TDS/TCS u/s. IT Act 1961 (Legal, Procedural, Tips for filing of TDS return) CA Mahendra Sanghvi



ADVANCED FEMA CONFERENCEInternational Taxation Committee of The Chamber of Tax Consultants is pleased to announce “Advanced FEMA Conference” jointly organised with the Bombay Chartered Accountants’ Society. Objective of the ConferenceIn the recent past, several amendments have taken place in FEMA regulations. The power to make regulations for various Capital Account Transactions has been transferred from RBI to Central Government. RBI has also issued Master Directions for various transactions and withdrawn Master Circulars.The Conference is planned to offer insights into advanced level issues on cross-border transactions and to discuss intricacies on the above subject. To understand the Regulators’ perspective on these developments, there will be speakers from RBI and DIPP, and an interactive session with officials. The details of the Conference are as under:

Topic Name of the Faculty A. Regulatory sessionKeynote address Mr. B. P. Kanungo, Executive Director, RBIFEMA issues from RBI perspective Mr. Shekhar Phatnagar, Chief General Manager-in-charge*

Mr. A. K. Pandey, Chief General Manager, Foreign Exchange Department

FEMA Issues – DIPP Perspective Mr. Atul Chaturvedi, Joint Secretary, Department of Industrial Policy and Promotion

Question & Answer Session with RBI officials Moderator – CA Dilip J. Thakkar and Officials from RegulatorB. Session by Professional speakersTrade Transactions CA Shabbir MotorwalaECBs, Loan from non-residents Mr. Kumar Saurabh Singh, Advocate

Date and Date : Friday 18th March, 2016 Timing : 9.15 a.m. to 5.30 p.m.Venue : Walchand Hirachand Hall, 4th Floor, Indian Merchants’ Chamber, Churchgate, Mumbai

FeesFor Members ` 1,717/- (` 1,500/- + service tax ` 217/-)For Non-members ` 2,061/- (` 1,800/- + service tax ` 261/-)

Course Fees include cost of technical materials, breakfast, lunch and refreshments. Restricted to 125 participants only * Subject to confirmation



Convenors : Ganesh Rajgopalan, Varsha Galvankar, Kartik Badiani Co-ordinators : Jimit Devani, Kartik Badiani

10TH RESIDENTIAL REFRESHER CONFERENCE ON INTERNATIONAL TAXATION, 2016Day & Date : 23rd June, 2016 to 26th June, 2016

Venue : Rhythm Resorts, Lonavala

Its monsoon, It’s Lonavala, it’s an all-suite resort and it’ll be packed with India’s International Tax Experts – do you need anything else!!!

The International Taxation Committee is pleased to announce its 10th Annual Residential Refresher Conference on International Taxation to focus on practical and upcoming issues from 23rd June to 26th June, 2016 at the beautiful monsoon destination - Lonavala. The Conference will be held at RHYTHM RESORT, LONAVALA.

The Conference

We have seen many developments in the field of International Taxation globally during last one year. With OECD’s BEPS initiative and recently released draft POEM guidelines, the practice of International Taxation is undergoing qualitative change. There are many issues on cross-border taxation which one will have to abreast of.

The Venue

RHYTHM, LONAVALA is an unique all-suite resort. The property nestles between unabashed indulgence and a sense of oneness with nature amidst the imposing Sahyadri mountains. Designed in traditional low rise Asian-Colonial style, the resort is an epitome of elegance and comfort paired with tranquillity. The property has been built around a family of trees that are over 70 years old.

The technical content of the Conference is as under:

Group Discussion Papers Faculty

Permanent Establishment (Issues in the context of BEPS measures and recent judicial pronouncements) Eminent Professional

Structuring of Outbound Investments (including aspects on POEM, FEMA) CA Vishal Gada

Exit Strategies for a Foreign Investor – Tax and Regulatory Implications CA Anup Shah

Papers for Presentation Faculty

Future of Direct Tax Law – Revenue Perspective Mr. Sanjeev Sharma*, Commissioner of Income Tax – APA 2 and Mr. Rahul Navin*, CIT (TP)-(1)

Transfer Pricing – BEPS Initiative and Recent Developments CA Ajit Kumar Jain

Equalization Levy CA Rashmin Sanghvi

Panel Discussion Faculty

Case studies on International Taxation Chairman: CA Pinakin Desai

Panellists: Mr. Sunil Moti Lala, Advocate & CA Vishal J. Shah

*subject to confirmation

For Cypress Suites (Studio Suites) (subject to availability)

Date For Members of CTC For Non-Members of CTC

On or before 30th April, 2016 ` 15,500 + ` 2,248 (S. Tax) = ` 17,748/- ` 17,000 + ` 2,465 (S. Tax) = ` 19,465/-

After 30th April, 2016 ` 17,500 + ` 2,538 (S. Tax) = ` 20,038/- ` 19,000 + ` 2,755 (S. Tax) = ` 21,755/-

For Banyan Suites (subject to availability)

Date For Members of CTC For Non-Members of CTC

On or before 30th April, 2016 ` 16,750 + ` 2,429 (S. Tax) = ` 19,179/- ` 18,250 + ` 2,646 (S. Tax) = ` 20,896/-

After 30th April, 2016 ` 18,750 + ` 2,719 (S. Tax) = ` 21,469/- ` 20,250 + ` 2,936 (S. Tax) = ` 23,186/-


Notes:

1. Conference will start at 2.30 pm on 23th June preceded by lunch from 12.30 pm onwards. It will end on 26th June by 2.00 pm followed by lunch. Pune Airport is about 2 hours from the Hotel. Mumbai Airport is about 2 hours 30 mins from the Hotel. There is no availability of Pickup & Drop facility from/to Airport/Railway station. Participants are requested to plan their travel accordingly. The hotel can arrange for pick up at additional cost.

2. Conference fee is inclusive of 3 Nights–4 Days accommodation on double-occupancy basis in Cypress / Banyan Suites, including meals for all 4 days, course material, and use of certain hotel facilities on complimentary basis.

3. If the participant has identified their room partner, request you to co-ordinate with your room-partner and fill up the form on the same day (else it will be difficult for us to guarantee you the same suite)

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

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

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

FORMAT OF ENROLMENT FORM10TH RESIDENTIAL REFRESHER CONFERENCE ON INTERNATIONAL TAXATION, 2016

At Rhythm Resort, Lonavala 23rd JUNE, 2016 TO 26th JUNE, 2016

(Please use BLOCK letters, preferably typewritten and fill complete details)

Name*:........................................................................................................... Age*: .....................................

Company/Firm Name: ..................................................................... Designation: .............................................

Mailing address*: ............................................................................................................................................

City*: ............................................... State*: .................................... Pincode*: .............................................

CTC Membership No.: ................................... Tel: (O) .................................. (R) ..............................................

Fax ..................................... Mobile*................................. E-mail ID* .............................................................

(Major communication will be by e-mail and SMS. Kindly fill in mobile No. & E-mail address carefully and in legible writing to enable us to send messages and forward soft copy of the Conference material.)

Choice of Room Partner 1) .......................................................................................................................... or(We will try our best to accommodate your request)

Choice of Food*: Veg./Jain/Non-Veg.

(*Marked fields are mandatory.)

I would like to lead the group discussion for the paper on:

Sr. No.

Topic (Please tick √)

1. Permanent Establishment (Issues in the context of BEPS measures and recent judicial pronouncements)2. Structuring of Outbound Investments (including aspects on POEM, FEMA)3. Exit Strategies for a Foreign Investor – Tax and Regulatory Implications

Details of Payment:

Draft/Cheque No. ............................. dated…………… drawn on ……….………………………............………bank for ` ……….....……..

[…………………………………………......................................……………………………..] (in words)

Signature................................


INDIRECT TAXES COMMITTEEChairman : Rajiv Luthia Vice Chairman : Vikram Mehta

Advisor : A. R. Krishnan Convenors : Akhil Kedia, Narendra Soni, Atul Mehta

HALF DAY WORKSHOP ON INDIRECT TAX PROVISIONS OF FINANCE BILL–2016(Jointly with WIRC of ICAI)

The Finance Bill has been presented by Finance Minister in the Parliament on Monday, 29th February, 2016. The Finance Minister has proposed several changes in Indirect Taxes having great impact on business, industry and profession. With a view to have a threadbare analysis of the Indirect Tax provisions of Finance Bill, 2016, the Indirect Tax Committee of the Chamber of Consultants has organised a half day “Workshop on Finance Bill, 2016 (Indirect Tax Provisions)” Jointly with WIRC of ICAI

Day & Date : Saturday, 12th March, 2016

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

Venue : M. C. Ghia Hall, K. Dubhash Marg, Fort, Mumbai-400 001

Fees : ` 800/- (inclusive of Service Tax)

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

Members are requested to enroll at the earliest so as to avoid disappointment

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

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

DIRECT TAXES COMMITTEEChairman : Ketan Vajani Vice Chairman : Mandar Vaidya

Convenors : Dinesh Poddar, Rahul Sarda Advisor : K. Gopal

HALF DAY WORKSHOP ON DIRECT TAX PROVISIONS OF FINANCE BILL–2016(Jointly with WIRC of ICAI)

The Finance Bill, 2016 has been tabled in the Parliament on 29th February, 2016. This year’s Finance Bill has proposed large number of amendments in the Income-tax Act. There are 112 clauses in the Finance Bill proposing substantial amendments in the Direct Taxes. Some of the amendments, for example, levy of penalty, have changed the entire scheme of the Act and the entire subject will have to be relearned by the professionals from scratch. There are new schemes announced for declaration of income and also for settlement of disputes. Presumptive Taxation is made available to professionals and the scope of presumptive taxation for business is proposed to be enlarged. Several issues are already being raised by the tax professionals in respect of various amendments.

With a view to understand all the major changes in the Income-tax Act, the Direct Tax Committee of the Chamber of Tax Consultants has organised a Half day Workshop jointly with WIRC of ICAI. The major areas that will be covered in the workshop are as under :

• Levy of Penalties for underreporting and misreporting of incomes • Equalisation Levy

• The Income Declaration Scheme, 2016 • TCS on sale of Vehicles, Goods and Services

• The Direct Tax Dispute Resolution Scheme, 2016 • Phasing out of Deductions and Exemptions

• Non-compete Fees received by Professionals • BEPS – Action Plan

• Taxation Incentives for Start-ups • Tax Treatment on Charitable Institutions

• Rationalisation of TDS provisions • Tax Treatment of Provident Funds, Pension Funds and NPS

• Taxes on Dividend

Other relevant details for the workshop are as under :

Day & Date : Saturday, 12th March, 2016

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

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

Chairman : CA Kishor Karia

Speakers : CA Chetan Karia & CA Gautam Nayak

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

Enrolments are restricted due to the capacity of the venue. Members are requested to enroll at the earliest so as to avoid disappointment.


Chairman : Ketan Vajani Vice Chairman : Mandar Vaidya Convenors : Dinesh Poddar, Rahul Sarda Advisor : K. Gopal

DIRECT TAX COMMITTEE

Right of Appeal is a very valuable right under any statute, specially, under taxation statutes. This right enables citizens to redress their grievances against the revenue authorities. Various appellate authorities are listed in the Income-tax Act and the assessees can approach higher authorities in case he is aggrieved. Over the period of years, a new institution in the form of Dispute Resolution Panel has also been formed for deciding the matters arising out of Transfer Pricing Disputes. The scope of Authority for Advance Ruling has also been enlarged over the years. The right of appeal is a valuable statutory right but at the same time it is not an inherent right. The right has to be exercised as provided in Law. Accordingly, it is very much necessary for a tax professional to understand various legal and procedural issues that arise in the appellate proceedings. With a view to cater to the need of the professionals in this area, the Direct Tax Committee of the Chamber of Tax Consultants has organised a Full Day Seminar on Appellate Proceedings, DRP and AAR. The Seminar has been designed in a manner so as to cover the entire gamut of the subject and cover all the litigation forums including CIT(A), ITAT, DRP and AAR. The discussion at the Seminar will be in-depth and is aimed at better equipping a tax professional in this area of tax practice. Eminent tax professionals having years of experience will address the Seminar.

The Session-wise details of the Seminar are as under :Day & Date : Saturday, 16th April, 2016Time : 9.30 a.m. to 5.30 p.m. Topics & Speakers

Topics Speakers

Keynote Address ITAT Member / Senior Revenue Authorities (to be confirmed)

Appeal Proceedings before CIT(A) including Drafting of Grounds of Appeal and Statement of Facts, Limitation Rules, Filing of of CIT(A) etc.

Shri Ajay Singh, Advocate

Appeal Proceedings before ITAT including Appealable and Non-appealable orders, Grounds before ITAT, Limitation Rules, Cross Appeals and Cross Objections, Relevant ITAT Rules dealing with various procedures, Art of Pleading, Powers of ITAT, Stay Petitions and Miscellaneous Petitions, Circumstances leading to constitution of Special Bench and Third Member Bench etc.

Shri B. V. Jhaveri, Advocate

Proceedings before Dispute Resolution Panel including provisions of Section 144C, Procedures to be followed, Income-tax (Dispute Resolution Panel) Rules, 2009 and various issues faced in DRP proceedings etc.

CA Karishma Phatarphekar

Proceedings before Authority for Advance Ruling including who can be an applicant, Application before AAR, Rulings of AAR and effect thereof, Real-life Issues faced before AAR etc.

Eminent Faculty

Fees : Members Up to 31-3-2016 : ` 1,500/- + ` 218/- Service Tax = ` 1,718/

After 31-3-2016 : ` 1,650/- + ` 239/- Service Tax = ` 1,889/-

For Non-Members ` 1,800/- + ` 261/- Service Tax = ` 2,061/-

Venue : Hotel West End, Near Bombay Hospital, New Marine Lines, Mumbai – 400 020.

Enrolments restricted to First 80 participants. Members are requested to enroll at the earliest so as to avoid disappointment.

FULL DAY SEMINAR ON APPELLATE PROCEEDINGS, DRP AND AAR

The below quotes are contributed by an avid reader and trainer who has been associated with Embassy Books for many years and writes under the pen name of “Chaitanya”.

QUOTES FROM “KEYS” BY SANTOSH JOSHI Published by Embassy Books

“To be successful and find our true self, we have to get rid of limiting beliefs, and accept a new and empowering belief - “The future does not equal the past.”“It doesn’t matter if people accept us or not. It is more important that we accept ourselves unconditionally.” “Look for opportunities where you can be of some help to people around you. It boosts your morale and self-esteem.” “Always be generous in appreciating yourself, so that you don’t feel the need to be appreciated by others.”“If we choose to excel we come out of the fray or rat-race, and free ourselves from the bondage of competition.”“Positive affirmations are like having an energy drink. It will fill you with instant energy.”


Chairman : Kamal Dhanuka Vice Chairperson : Priti SavlaConvenors : Anil Sharma, Manish Dedhia Advisor : Pravin Veera

ALLIED LAWS COMMITTEE

Allied Laws Committee of the Chamber of Tax Consultants is pleased to announce Two Days Education Course on “Capital Market”.

The Objective of the Course Regulatory Compliances with respect to capital market is increasing day-by-day not only by SEBI but also by Revenue Department. This has cast additional burden on the entities related to Share Market as well as on professionals who are actually complying for them. The Education Course is proposed to give insight to the related person about various Regulatory Compliances sought by the Government and Regulators.

Who Should Attend? The Education Course is beneficial to all other professionals and persons, students, articled clerks and upcoming professionals related to share market or doing share business, their employees and professionals complying for such persons.

The relevant details of the workshop are as under:

Days & Dates : Friday & Saturday, 29th & 30th April, 2016

Time : 9.30 am to 5.30 pm, 9.15 am to 10.00 am (Registration & Snacks)Venue : 29th April, 2016 - West End Hotel, Near Bombay Hospital, New Marine Lines, Mumbai – 400 020 30th April, 2016 - Conference Room, Consultair Investments Pvt. Ltd., 20 Down Town, Cambata

Bldg., 2nd Floor, S/W Wing, Eros Theatre Building, 42, M. Karve Road, Churchgate, Mumbai – 400 020.Fees : Up to 31st March - Members - ` 2,750/- + ` 399/- Service tax = ` 3,149/-

Non-Members – ` 3,500/- + ` 508/- Service Tax = ` 4,008/- After 31st March - Members ` 3,250/- + ` 471/- Service tax = ` 3,721/- Non-Members ` 4,000/- + ` 580/- Service tax = ` 4,580/-. (Includes Breakfast, Lunch, Tea/Coffee and Course Material)

Topics & Speakers

Topics Speakers

Friday, 29th April, 2016

1) Overview of Capital Market – (Knowledge, Concept, Growth, Strategy) CA S. P. Tulsian

2) Fundamental Analysis Mr. Nipun Mehta

3) Auditors – Role, Responsibility and Reporting – in relation to – Tax, Statutory, SEBI, Exchange – in Relation Share Broker and persons doing share business

CA Sandeep Maheshwari

4) Compliances Applicable to Stock Brokers, Commodity Brokers and Depository Participants CA Kinjal Shah

5) Technical Analysis of Stock Trends – an Overview (Basic Principles, Philosophy and Techniques of reading chart like patterns, momentum indicators and Japanese candlestick)

CA Manish Chokshi

Saturday, 30th April, 2016

6) Understanding of Derivatives – (Future, Option, Call, Put) Shri Sidharth Bhamre

7) Regulators Compliance (Insider Trading, FII, Portfolio investment, Takeover) Shri S. D. Israni, Advocate

8) Direct tax vis-a-vis Capital Market – (Capital gain vs. Business Income, Tax treatment of derivatives transactions, 14A, Other Source)

CA Gautam Nayak

9) Professional Opportunities in Capital Market CA Bhavesh Vora

10) Issues on taxation of capital gains and other incomes earned by non-residents CA Rutvik Sanghvi

11) Service tax – Issues and Compliance for Capital Market CA Manish Gadia

Certification of Participation will given to delegatesAll members are requested to enrol for this course at the earliest so as to avoid disappointment


EDUCATION COURSE ON CAPITAL MARKET




ADVANCED WORKSHOP ON PRINCIPLES OF TRANSFER PRICING (4 DAYS)International Taxation Committee is pleased to announce the Advanced Workshop on Principles of Transfer Pricing for the benefit of practitioners and professionals in industry. With the growing importance of Transfer Pricing – both International and Domestic – and increasing litigation, the course will provide 4 days of advanced training on topics which can be useful for understanding the practical issues that arise in carrying out transfer pricing analysis and during assessments. The course is designed for professionals, who aspire to practice in this area and also for those who will be faced with this law in their career.The sessions have been designed to have interaction with the learned Speakers having wide experience in Transfer Pricing and to bring out the nuances of the subject by way of live case studies. The proposed dates of the workshop are –Days & Dates : 22nd and 23rd April, 2016 (Friday & Saturday) 29th and 30th April, 2016 (Friday & Saturday)Time : 10.00 a.m. to 5.00 p.m. (Opening day starts at 9.45 a.m. Last day closes at 5.30 p.m.) Venue : Hotel West End, New Marine Lines, Opp. Bombay Hospital, Mumbai.

Fees Up to 31st March, 2016 After 31st March, 2016

For Members ` 7,000/- + Ser. Tax ` 1,015/- = ` 8,015/- ` 8,000/- + Ser. Tax ` 1,160/- = ` 9,160/-

For Non-Members ` 8,000/- + Ser. Tax ` 1,160/- = ` 9,160/- ` 9000/- + Ser. Tax ` 1,305/- = ` 10,305/-

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

Topics & Speakers

Topics SpeakersA Introductory SessionB Fundamental Principles of Transfer Pricing• Introduction, Fundamental concepts and interpretation of basic Mr. Vispi T. Patel principles of Transfer Pricing Regulations, covering the nuances with regards to application of TP, associated enterprises, international transaction, reference made to TPO (i.e. basic legal framework) with case studies on debatable issues.C Practical aspects of documentation, benchmarking and transfer pricing analysis • Information Technology/Information Technology Enabled Services, Engineering, Mr. Sanjay Kapadia KPO services, etc. • Manufacturing Eminent Faculty• Royalty agreements, intra-group/management services, intangibles etc. o Legal Issues Mr. Freddy Daruwala, Advocate o Benchmarking and Documentation Issues Eminent Faculty• Financial Transactions comprising interest-free loans, trade credit facility, Mr. Rohan Phatarphekar guarantees, etc. D Practice Areas• Case studies on Domestic Transfer Pricing Mr. Nihar Jambusaria (including basic legal framework and nuances thereof) & Mr. Yogesh Thar• Exceptional Issues in Transfer Pricing, like those surrounding Mr. Ajit Kumar Jain re-characterisation of transactions into an international transaction on the perspective of it being a deemed service to AE, etc., incurrence of Advertising and Marketing Expenses. Other critical issues like Valuation, Issue of shares, Locational Savings etc. based on jurisprudence and practical experiences• How to prepare for TP Litigation [viz., Transfer Pricing Ms. Karishma Phatarphekar Assessments, Dispute Resolution Panel, Commissioner of Income-tax (Appeals) and Income-tax Appellate Tribunal], including standard defence strategies, penalties, etc.• Developments and experience in APAs in India Ms. Alpana Saxena• International developments, BEPS Report of OECD, Mr. T. P. Ostwal* GAAR and their inter-play with transfer pricing.E Closing Session *Subject to confirmation

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




We are pleased to announce that Allied Laws Committee of Chamber jointly with Bombay Chartered Accountants Society is organising half day Seminar on “Labour Laws”.

The Seminar Objective In view of numerous amendments and disputes and litigations at various fora, the knowledge of labour laws is of paramount importance. The learned speakers will apprise the participants about the recent amendments and controversy in the labour laws.

Who Should Attend The seminar would be beneficial to the entire professionals in practice or in industries.

The relevant details of the workshop are as under:

Day & Date : Saturday, 2nd April, 2016

Time : 3.00 p.m. to 7.00 p.m.

Topics & Speakers

Topics Speakers

1) ESI, Bonus and Gratuity Act, Shops and Establishments Act Shri Ramesh Soni

2) PF Act, Maternity Benefit Act, Sexual Harassment Act Shri Talakshi R. Dharod

Fees : For Members – ` 800/- + ` 116/- Service tax 14.5% = ` 916/- For Non-Members ` 1,000/- + ` 145/- Service Tax 14.5% = ` 1,145/- (includes Snacks, Tea/Coffee and Course Material)

Venue : BCAS, 7, Jolly Bhawan 2, New Marine Lines, Mumbai-400 020

All members are requested to enrol for this seminar at the earliest so as to avoid disappointment

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

HALF DAY SEMINAR ON LABOUR LAWS (JOINTLY WITH BCAS)



Day & Date : Saturday, 9th April, 2016

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

Topic & Speaker:

Topic Speaker

Drafting of Documents Relating to Family Arrangement & Partition Mr. Pravin N. Veera, Solicitor Venue : CTC Conference Hall, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020

ALLIED LAWS STUDY CIRCLE MEETING (ONLY FOR ALC SC MEMBERS)

Hearty CongratulationsHearty Congratulations to the newly elected office bearers of Western India Regional Council of The Institute of Chartered Accountants of India for the period 2016-17.

We wish them all the success.

CA Shruti Shah, Mumbai : Chairperson CA Hardik Shah, Surat : Vice-ChairmanCA Kamlesh Saboo, Thane : Secretary CA Shilpa Shinagare, Mumbai : Treasurer

CA Pradeep K. Agrawal, Baroda : Chairman of WICASA


MEMBERSHIP & PUBLIC RELATIONS COMMITTEEChairman : Hemant Parab Vice Chairman : Abhay Arolkar

Convenors : Natwar Trivedi, Lalit Panchal Advisor : Parimal Parikh

LECTURE MEETING The Membership & Public Relations Committee is pleased to announce the Lecture Meeting for all Members, Staff & their family members on Spirituality

“Fast changing Global environment and change in Technologies are likely to create stress, depression and anxiety. Changes are inevitable and also desirable for progress, prosperity and peace. But it has its own set of problems and limitations. Is there a method or technique to deal change effectively ? Can we train the mind ? Spirituality and mind training could be answer. For transformation and understanding situation and converting handicaps to happiness, we have organized a lecture meeting for Members, staff, family and friends.”

Day & Date : Friday, 18th March, 2016

Time : 5.45 p.m. to 6.00 p.m. (Tea & Coffee); 6.00 p.m. to 8.00 p.m.

Subject : “THE CHALLENGE OF CHANGE”

Speaker : Pujya Adarshjeevan Swami–BAPS Swaminarayan Mandir, Dadar (Lecture in Hindi )

(PhD on Pramukh Swami Maharaj an Ideal Management Guru & PhD on Sc, B.E. Meriptures of Swaminarayan Sampraday, M.A. in Sanskrit & Gujarati, B.E. Mechanical , Initiated in the year 1992 as a Sadhu)

Venue : A.V Centre Hall, 4th Floor, Jai Hind College, Churchgate, Mumbai -400 020.

All are cordially invited to attend the meeting.

Day & Date : Friday, 1st April, 2016

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

Subject : Understanding the concept of POEM

Speakers : CA Kartik Badiani, CA Shreyas Shah

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

STUDY CIRCLE & STUDY GROUP COMMITTEEChairman : Ashok Sharma Vice Chairman : Dilip Sanghvi

Convenors : Dinesh R. Shah, Shreyas N. Shah, Sanjay Chokshi Advisor : Mahendra B. Sanghvi

STUDY CIRCLE ON INTERNATIONAL TAXATION (ONLY FOR SC INT TAX MEMBERS)

STUDY GROUP MEETING (ONLY FOR SG MEMBERS)

Day & Date : Friday, 25th March, 2016

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

Subject : Recent Judgments under Direct Taxes

Speaker : Mr. Ajay Singh, Advocate

Venue : Babubhai Chinai Hall, 2nd Floor, IMC, Churchgate, Mumbai – 400 020

Sr. No.

Subject Authors Publishers Edition

1. Yearly Tax Digest & Referencer – Vol. – 1 & 2 Taxmann Taxmann 2016 2. E-Budget (Soft Copy Eminent Professionals The CTC 2016

Additions to J. R. Shah Library, Room No. 462, Aayakar Bhawan, Mumbai-400 020 Tel: 022-2200 1215/16 (Ext.: 2462)

Library Timing : Monday to Friday : 10.00 a.m. to 6.00 p.m. Librarian : Mr. Rajan Gadshi (Mobile: 7045078260)


STUDY CIRCLE MEETING (ONLY FOR SC MEMBERS)Day & Date : Monday, 14th March, 2016

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

Subject : Finance Bill, 2016 – Direct Tax Provisions

Group Leader : CA Praful Poladia

Venue : Babubhai Chinai Committee Room, 2nd Floor, IMC, Churchgate, Mumbai-400 020

STUDY CIRCLE & STUDY GROUP COMMITTEEChairman : Ashok Sharma Vice Chairman : Dilip Sanghvi

Convenors : Dinesh R. Shah, Shreyas N. Shah, Sanjay Chokshi Advisor : Mahendra B. Sanghvi


ALLIED LAWS STUDY CIRCLE MEETING (ONLY FOR ALC SC MEMBERS)


Globally World Consumer Rights Day is celebrated on 15th March. The Allied Laws Committee is commemorating this occasion by organising a Study Circle Meeting on 15th March, 2016.

Day & Date : Tuesday, 15th March, 2016

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

Subject : Consumer Protection under the Competition Law

Speaker : CS Surendra U. Kanstiya, Former Chairman, Consumer Guidance Society of India.

Venue : CTC Conference Hall, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020



FEMA STUDY CIRCLE (Only for FEMA SC Members)

Day & Date : Wednesday, 16th March, 2016Time : 6.15 p.m. to 8.00 p.m.Subject : Recent FEMA UpdateGroup Leader : Mr. D. T. Khilnani, Advocate Venue : Kilachand Hall, 2nd Floor, IMC, Churchgate, Mumbai – 400 020

TRANSFER PRICING STUDY CIRCLE (Only for TP SC Members)

Day & Date : Monday, 28th March, 2016Time : 6.15 p.m. to 8.00 p.m.Subject : Indian Transfer Pricing Litigation ExperienceGroup Leader : CA Mehul K. Shah Venue : Kilachand Hall, 2nd Floor, IMC, Churchgate, Mumbai – 400 020

INTENSIVE STUDY GROUP ON INTERNATIONAL TAXATION MEETING

Day & Date : Thursday, 10th March, 2016Subject : Finance Bill, 2016 – Amendments Impacting Cross-Border Transactions and Non-residentsTime : 6.15 p.m. to 8.00 p.m.

Venue : CTC Conference Room, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020.




YOUTH RRC (JOINTLY WITH BCAS)


The ObjectiveObjective of workshop is to understand and effectively manage emails in an organisation. After this workshop, one will be able to under-stand e-mails from management, security, regulatory and legal perspectives.Session 1 : Email Management : Fundamentals, Tips and TechniquesSession 2 : Practical Hands on Demo on important tools & techniques and Mini Session 3: Overview of Perspective on E-mails from Security, Regulatory and Legal Perspective

Who should attend?Tax professionals, CA, CS, Office Managers who want to manage E-mail effectively

Programme DetailsDay, Date & Time : Saturday, 9th April, 2016; 10 a.m. to 2 p.m.Venue : CTC Conference Room, 3 Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai – 400 020.

Sr. No.

Sessions / Topic Speakers Chairperson/Chairman

1. Email Management : Fundamentals, Tips and Techniques CA Uday Shah CA Maitri Savla2. Practical Hands on Demo CA Maitri Savla CA Uday Shah3. Overview of Perspective on Emails from Security, Regulatory and Legal Perspective CA Maitri Savla (15 mins)

Fees : Members Non-Members` 400/- + 14.5% ST ` 58/- = ` 458/- ` 600/- + 14.5 ST ` 87/- = ` 687/-

PRACTICAL WORKSHOP ON EFFECTIVE E-MAIL MANAGEMENT

We are pleased to announce that Student & IT Connect Committee of Chamber jointly with Bombay Chartered Accountants Society is organising YOUTH RRC.Who should attend?Chartered Accountants and Tax Professionals under 40 years of age.Days, Date & Time : Sunday, Monday, Tuesday, 17th to 19th April, 2016 Venue : Dew Drops Boutique Retreat, Plot No. 105, Old Agra Road, Titoli Village, Igatpuri, Nashik – 422 403

Sr. No. Topics Speakers1 Start up India - Beginners

Guide for setting up, Funding, working with start up & CA Entrepreneurship

1. CA Nitin Shingala2. Eminent Faculty

2 E- Commerce Modules, Direct & Indirect Tax Issues 1. Sunil Gabhawalla2. To be announced

3 Studies on International Tax w.r.t. Startups Funding and Transactions CA T. P. Ostwal

4 Conducting and Audit in todays scenario CA Himanshu Kishnadwala

5 Forensic Audit CA Chetan Dalal

6 Personality Enhancement Mr. Jagdish Shenoy

7 Practice vs Industry vs Entrepreneurship Moderator CA Bhavna Doshi

Fees : Members : Up to 25-3-2016 – ` 7,000/- + ` 1,015/- (14.5% S.Tax) = ` 8,015/-

After 25-3-2016 – ` 8,000/- + ` 1,160/- (14.5% S.Tax) = ` 9,160/-

Non-Members : Up to 25-3-2016 – ` 8,000/- + ` 1,160/- (14.5% S.Tax) = ` 9,160/-

After 25-3-2016 – ` 8,500/- + ` 1,232/- (14.5% S.Tax) = ` 9,732/-

For Further details Kindly contact: Mr. Parimal Parikh-Chairman-9820053206 Mr. Hitesh Shah – CTC Office- 9821889249


RENEWAL NOTICE – 2016-171st March, 2016

Dear Members, SUB: PAYMENT OF ANNUAL MEMBERSHIP FEES FOR 2016-17

It’s our privilege to have been of service to you over the years. We truly appreciate and value your association. It’s time to renew annual membership and subscription of The Chamber’s Journal, Study Group and Study Circle Meetings and other subscription of The Chamber of Tax Consultants (“The Chamber”). The renewal fees for Annual Membership, Study Group and Study Circle and other Subscription for the financial year 2016-17 falls due for payment on 1st April, 2016. We thank you for your subscription. Your involvement is important and very much appreciated. We hope you will always continue to support the Chamber in its activities and growth as done in the past.

Thanking You, For the Chamber of Tax Consultants

CA Hinesh R. Doshi Hon. Treasurer

Sr. No.

Particulars Fees `

Service Tax 14%

S.B.C. 0.50%

Total `

1 Ordinary Membership Fees (Applicable to Ordinary Members only) 1,900 266 10 2,176

2 The Chamber’s Journal Subscription (Applicable to Life Members only) 900 0 0 900

3 The Chamber’s Journal Subscription (Applicable to Non Members only) 1,800 0 0 1,800

4 Associates Membership (Applicable to Associate Members only) 5,000 700 25 5,725

5 Student Membership (Applicable to Student Members only) 250 35 1 286

6 The Chamber’s Journal Subscription (Applicable to Student Members only) 700 0 0 700

7 Study Group (Direct Taxes) 2,200 308 11 2,519

8 Study Circle (Direct Taxes) 1,750 245 9 2,004

9 Study Circle (Indirect Taxes ) 1,500 210 8 1,718

10 Study Circle (International Taxation) 1,500 210 8 1,718

11 Study Circle (Allied Laws) 1,500 210 8 1,718

12 Self Awareness Series 600 84 3 687

13 Intensive Study Group On Direct Tax 1,500 210 8 1,718

14 Intensive Study Group On International Taxation 1,500 210 8 1,718

15 Fema Study Circle 1,500 210 8 1,718

16 Transfer Pricing Study Circle 1,500 210 8 1,718

Note: Members enrolling for Study Circle & Study Groups (Sr. No. 7 to 16 only) for 3 and above are entitled for 10% discount on gross fees.

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

members are requested to send payments only by “Demand Draft or At Par Cheque”. 2. A consolidated Cheque/Draft may be sent for all payments. 3. Please also update your Mobile number & E-mail Address to ensure receipt of regular updates on activities of the Chamber. 4. Please send the below perforated portion duly filled with latest details along with payment. 5. Please write your full name on the reverse of Cheque/DD. 6. Kindly pay your membership fees by 30th April, 2015 for uninterrupted service of the Chamber’s Journal. 7. Subscribers opting to make payment through NEFT, are requested to e-mail the acknowledge copy of payment made together with

their name, mobile numbers to the Chamber’s office, so as to give correct credit to subscribers account. 8. Members are requested to download the Renewal Form from Chamber’s website www.ctconline.org. 9. Renewal Notices are also sent separately and members are requested to fill up the same and send it to the Chamber’s

office along with the cheque.10. Renewal Notice contains entire information of members as per CTC Data Base. In case of any change in information of

Member as shown in form, kindly provide updated information along with the form.The details of NEFT payment are as under:

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

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

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


UNREPORTED DECISIONS (Direct Taxes)By Ajay R. Singh & Rahul R. Sarda, Advocates

1. Section 263 rws 14A – Detailed inquiry conducted in assessment proceedings – Substitution of opinion - Not permissible During the year, the assessee earned exempt share profit from partnership firm amounting to ` 17,55,814/- and dividend income of

` 23,661/- on shares. During original assessment proceedings, assessee explained why no disallowance u/s. 14A should be made. After considering the submissions, the AO made a disallowance of ` 1,93,820/- u/s. 14A after considering details and contentions raised by the assessee. Subsequently, the AO raised the same issue in rectification proceedings u/s. 154 but after considering the submissions of the assessee, dropped the same.

Thereafter, the CIT raised the issue regarding inadequacy of disallowance u/s. 14A under proceedings u/s. 263. Held, by the Tribunal that since the enquiry was specifically held with reference to section 14A disallowance in original assessment proceedings, therefore invoking revisionary jurisdiction u/s. 263 was not justified. Moreover since all details had been filed by the assessee before the AO and AO had applied his mind on all the aspects before passing the original assessment. Therefore, the order of the AO could not be treated as prejudicial to the interest of the revenue or erroneous and that revisionary jurisdiction could not be allowed to be exercised by the CIT for substituting his own opinion for that of the AO.

Jigar P. Vora vs. Pr. CIT, ITA No. 3196/Mum/2015 dated 3-2-2016, AY 2010-11 (ITAT, Mumbai)2. Section 80-IB(10) – Housing projects – Commencement of project – Erstwhile approval issued in name of different builder

– New approval in name of assessee obtained subsequently The assessee-firm was engaged in the business of building and construction. The assessment was reopened on the ground that deduction

u/s. 80-IB(10) was wrongly claimed inasmuch as the project got approved 13-11-1996 i.e. prior to 1-10-1998. Held, allowing the claim of the assessee on merits, it was held that on 13-11-1996, the project was approved in the name of another

builder. However, the said approval expired on 12-11-1997 after that builder failed to do the development work. Thereafter, the assessee applied for commencement certificate of the residential project on 13-5-1999 and the commencement certificate was issued in the name of the Assessee only on 5-8-1999. Therefore, the project could be said to have commenced on or after 1-10-1998 and the assessee was entitled to deduction.

ITO vs. Sagar Shopping, ITA No. 5286/M/2011 dated 29-1-2016, AY 2003-04 (ITAT-Mumbai)3. Section 14A – Disallowance cannot exceed exempt income – Only exempt income-yielding investments to be considered

for computing disallowance u/r. 8D The AO disallowed ` 39,63,654/- as expenditure attributable for earning exempt dividend income of ` 21,57,188/- by invoking the

provisions of section 14A. Held, by the Tribunal that only those investments which would yield exempt income should be considered for computing disallowance

u/s. 14A r.w. Rule 8D(2)(iii) and that disallowance u/s. 14A could not exceed the dividend income earned by the assessee. Sylvex Cable Co. Pvt. Ltd. vs. DCIT, ITA No. 8581/M/2011 dated 24-2-2016, AY 2008-09 (ITAT-Mumbai)4. Section 80-IA – Wind mill project – Initial assessment year – Notional brought forward of losses earlier actually set off for

computing deduction The assessee, operating a wind mill, claimed deduction of ` 1,11,14,473/-, being 100% of profit derived from wind mill u/s. 80-IA(4)

(iv)(a). The AO noted that though the project was started in AY 2006-07, the assessee had claimed deduction u/s. 80-IA(4)(iv)(a) for the first time in AY 2009-10 and the year under consideration was the second year of such claim of deduction u/s. 80-IA(4)(iv)(a) of the Act. The AO observed that as per the provision of section 80-IA(5), while quantifying the amount of deduction under sec. 80-IA, it has to be presumed that the eligible business is the only source of income and hence the losses incurred in earlier year has to be first set off with the profits of eligible business and balance profit, if any is only eligible for deduction under sec. 80-IA. He also further observed that since the assessee had incurred huge losses in earlier year, if the same are set-off from the income of the wind mill of this year, deduction under section 80-IA would not be available.

Held by the Tribunal, losses and depreciation of the years earlier to the initial assessment year which have already been absorbed against profits of other businesses cannot be notionally brought forward and set off against the profits of the eligible business for computing the deduction u/s. 80-IA. Therefore, the assessee was held entitled to deduction.

DCIT vs. Jayant Agro Organics Ltd., ITA No. 5056/M/2014 dated 24-2-2016, AY 2010-11 (ITAT, Mumbai)

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

UNREPORTED DECISIONS ON SERVICE TAX

By CA. Vinay Jain

1. Business Auxiliary Services – Whether brokers fall under the definition of commission agents?

The appellant is a finance broker and has empanelled a number of financiers. On being approached by borrowers, the appellants make available the details of offerings of these brokers. After the potential borrower and potential financier settled the terms of the loan, the appellant issues a memo of interest which contains an amount of commission/brokerage to be paid to the appellant. Demand under the category of “Business Auxiliary Service” has been confirmed against the appellant for the period 2005-06 to 2009-10.

The adjudicating authority concluded that the appellants were agents rendering services covered by Section 65(19)(vii) of the Finance Act, 1994 and referred to Circular no. 87/05/2006-ST to opine the same.

The appellant placed reliance on the Delhi Tribunal’s decision in Interocean Shipping Co. 2013 (30) STR 244 (Tri-Delhi) to contend that brokers are not agents acting on behalf of either party. The Revenue argued that the activity of the appellant furthers the business of the financier as an accessory to the negotiations and placed reliance upon the decision of CCE v Sanfin 2009 (19) STT 107 (CESTAT).


The Tribunal held that the appellant’s activities could not fall under section 65(19)(vii) as there is no contract with the appellants nor any responsibility upon them in the event of default. Further, the Tribunal rejected the adjudicating authority’s reliance on the aforementioned circular and held that even if the appellant’s activities benefit the empanelled financiers the appellant does not receive consideration from them, which is a requirement under the definition of “commission agent”. The Tribunal has also held that the appellants receive the consideration from the borrower, who does not have a product or service to place in the market. Thus, the consideration is not connected with the sale of a product or service belonging to the person who makes over the consideration.

Fulchand Tikamchand v. CCE Nagpur, decision of 15-2-2016 in Appeal No. ST/541/11-Mum

2. Whether a composite contract can be vivisected so as to impose service tax on service portion prior to 2007?

The appellants undertook construction of power lines for the Maharashtra State Electricity Transmission Company Ltd. (MSETCL) under contract entered into 08.05.2006. The project was a turnkey project in accordance with a composite contract. The appellants discharged service tax on the project however MSETCL refused to reimburse the same as the contract, being a composite contract, is beyond the scope of service tax.

The appellants filed refund claims which were rejected on the ground that the appellants had provided services classifiable under “erection, installation and commissioning service”.

The appellants argued that the composite contract could not be vivisected into labour and supply parts on the basis of invoices issued. They further argued that the project was a turnkey project and not susceptible to segregation.

The Tribunal relied upon the decision of CCE, Vadodara v. Larsen & Toubro 2006 (4) STR 63 (T) and concluded that the terms of the contract were indivisible, thus, ruling in favour of the appellants.

Richardson & Cruddas (1972) Ltd. v. CCE, Nagpur, decision of 2-2-2016 in Appeal No. ST/187/09-Mum

3. Foreign located Commission Agents – Can CENVAT credit be availed in view of Notification 18/2009-ST?

The appellant is engaged in the manufacture of nickel catalyst and other catalyst and are selling their products to customers located outside India. The appellant appoints commission agents located in foreign territory under a written agreement to promote the sale of product and procure orders for the appellant. Accordingly, the appellant is paying service tax on reverse charge and availing CENVAT credit of service tax paid on input services.

The department raised an objection to the availment of credit on the ground that the services of commission agents became exempt vide Notification No. 18/2009-ST dated 7-7-2009 and therefore sought to recover wrongly availed CENVAT credit.

The appellant argued that by the aforementioned notification, the exporter could either claim exemption by way of refund or avail CENVAT credit, there being no bar in the notification. Further, the appellants manufactured the goods after the order was received from such commission agents.

The Tribunal held that the services of the foreign commission agents would constitute input services and CENVAT credit was rightly availed. The Tribunal agreed with the appellant’s arguments that Notification 18/2009-ST provided an option to the exporter to claim refund or avail credit.

Monarch Catalyst Pvt. Ltd. v CCE, Thane-I, decision of 5-1-2016, in Appeal No. E/86768/13-Mum

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

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