THE INSTITUTE OF CHARTERED ACCOUNTANTS OF...

EIRC 1st November 2017 1

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EIRC NEWSLETTERVOL 43 ISSUE : 9 1st NOVEMBER 2017 ` 10/-

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

2 EIRC 1st November 2017


has been refurnished and more updates are lined up soon. These would be a step solution to all member queries in the future. In this light, we are happy to introduce a new number 90519-30000 for sharing information and important updates about EIRC & ICAI. I urge upon the members to kindly store this number on their mobile so as to enable us connect with you at ease.

Networking and connecting with fellow members in very crucial in this era and the biggest opportunity for the same is just around the corner. The annual biggest event of the region, the 42nd Regional Conference, scheduled on 22nd & 23rd December 2017 is expected to have a plethora of intellectual minds to come together and share their wisdom and experiences. The preparations of the same are at its brim. The theme for the Conference is ‘Transcending Transformation’. The Theme is about gearing up oneself to face the upcoming challenges, in spite of all odds, move forward, prove your mettle and thereby adapting to deal with a new situation. We urge upon the members to block their diaries for this mega event and join hands to make it a grand success.

My column would not be complete without a single advise and suggestion for my dear students i.e., you all must develop one important ingredient in your life whether personal or professional. The final examinations are approaching. Your hard work and dedication will surely reap the success of your earnest efforts. May I state that we develop our character through experiences of trial. It is through our experiences, we gain. Wish you all the best for your Examinations. Our vision gets cleared, ambition inspired and we achieve success. Hard work, perseverance and struggle prepare us to welcome success. Remember, the finest steel comes out of the hottest furnace. A winner is not one who never fails, but one who never quits.

To reiterate and also for myself, we have to understand that “Excellence” is something, which is necessary in today’s world, more than Perfection. “Perfection” makes you reach even the goal which otherwise would never have been reachable. Excellence is a journey which always takes you onward and onward and I personally believe that, excellence in every sphere in what one should always attempt to achieve.

With Warm Regards

CA Manish GoyalChairman, EIRC of ICAI

Dear professional colleagues,

This October we had a chance to celebrate and wish many of our friends and well-wishers Happy Festivities. Statutory obligations in the form of Tax Audit have though taken a toll on many of our professionals, however opinions differ, but the underlining statement is that we have lived up to the challenges

of change and would continue to do so inspite of all the pressure and deadlines.

I am sure that you would have celebrated Diwali in the true spirit of the festival. Diwali is referred to as the “Festival of Lights” where the lights or lamps signify victory of good over the evils within every human being. This has a great significance for all human beings and more so for the members of our esteemed profession. We professionals face the delicate dilemma of meeting the current needs of business entities and yet adhering to established ethical values. The duet is the same compared to facing these challenges with short-term objectives while giving due regards to ethical values and the spirit of law. As Chartered Accountants we have always followed the path of Justice and it is imperative that in these days of troubled times we stick to our traditional path with renewed commitment. With this positive outlook of the future, we also counsel our clients and business leaders in these tough times. In this scenario if there is a profession, which can lead the World, it is our profession. As members of ICAI, it should be possible for us to advise business leaders and ensure that the flag of our beloved Institute keeps flying aloft.

We at the Regional Council and also at Institute are all aware that under what immense stress and pressure, our professionals must be busy with their assignments for the Tax Audit Returns in this new GST regime and even with the due extension of date, it has become near to impossible to complete the tasks even after burning the midnight oil. Taking cognizance of the same EIRC has given its representation to the Central Council to take up case appropriately, however full relief though not granted, we have received some breather and hope we can complete our tasks by due date. At the same time let us always remember that “God helps those who help themselves” To recall our plight, may we quote the famous saying :-

“Life is not easy for any of us. But what of that? We must have perseverance and above all confidence in ourselves. We must believe that we are gifted for something, and that this thing, at whatever cost, must be attained.” — Marie Curie

There have been quite a few upgradations as far as technology is concerned. The EIRC Mobile App is coming up with new updates on a regular basis. The EIRC website


Forthcoming Programme

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

EIRC

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

IMPORTANT DATES

Friday, 22nd & Saturday, 42nd Regional Conference 2017 (12CPE) Science City Auditorium, Kolkata 10.00am to 5.30pm (both days)23rd December, 2017 Details in pg. 5 Member - Rs.1700/- + GST (Till 15th Nov. 2017) Member - Rs.2000/- + GST (From 16th Nov. 2017) Member ( Mobile App) : Rs. 2000/- (Incl. of GST) From 16th Nov. 2017 Spot-Members/Non-Members - Rs.2600/- (Incl. of GST)

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

DTPA Chartered Accountants Saturday, Strike off of Companies CA Manoj Banthia CA Niraj Harodia Rotary Sadan, Kolkata 3.00 pm to 3Study Circle 11th November 2017 6.00 pmDTPA Chartered Accountants Friday, Advisory opportunity for young professional CA Sumit Binani, CA Niraj Harodia DTPA Hall, Kolkata 3.00 pm to 3Study Circle 17th November 2017 under Insolvency & Bankruptcy Code (IBC), CA Subodh Kumar Agrawal 6.00 pm Critical aspects of current case laws related Insolvency & Bankruptcy Code (IBC)DTPA Chartered Accountants Friday, Accounting aspects under GST CA Saurav Khaitan CA Niraj Harodia DTPA Hall, Kolkata 3.00 pm to 3Study Circle 24th November 2017 6.00 pm DTPA Chartered Accountants Wednesday, Recent landmark Direct Tax decisions and shell ADV Subhash Agarwal, CA Niraj Harodia DTPA Hall, Kolkata 3.00 pm to 3Study Circle 29th November 2017 companies practical and legal issues, ADV Paras Coachar 6.00 pm Important issues under Income Tax Act (Practical Approach and Legal issues)Views Exchange Chartered Saturday, GST-Critical issues, Real Estate, Job work, CA Jatin Christopher, CA Jayesh CA Kushal Bhuwania Park Hotel, Kolkata 10:45 am to 6Accountants Study Circle 11th November 2017 Profession-Evaluation & Evolution, Gogri, CA Ranjeet Kumar 9339779771 5:30 pm Data & Forensic Audit Agarwal, CA Vinay Kr. SainiViews Exchange Chartered Sunday, Reopening of cases, Benami Transaction & CA Kapil Goel, CA Pradeep Kapasi, CA Kushal Bhuwania Park Hotel, Kolkata 10:30 am to 6Accountants Study Circle 12th November 2017 GAAR, Direct Tax, Capital Market CA Dinesh Kanabar, CA S P Tulsian 9339779771 5:15 pm Vitta Salahkar Chartered Saturday, GST Income Tax NCLT Professional CA Ashok Batra, Dr. Girish Ahuja CA Satyanarayan Agarwal Hotel Lalit Great Eastern, 9.30 am to 6Accountants Study Circle 4th November 2017 Opportunities & Networking CS Vinod Kothari, 9831047334 Kolkata 5.00 pm CA Ranjeet Kr. Agarwal CA Dilip Kr. Permanandka 9830091611Vitta Salahkar Chartered Saturday, GST Eminent Speaker CA Satyanarayan Agarwal Burra Bazar Library, 5.00 pm to 3Accountants Study Circle 11th November 2017 9831047334 Kolkata 8.00 pmVitta Salahkar Chartered Saturday, GST Eminent Speaker CA Satyanarayan Agarwal Burra Bazar Library, 5.00 pm to 3Accountants Study Circle 18th November 2017 9831047334 Kolkata 8.00 pmVIP Road Chartered Sunday, Practical Workshop on Living Renowned Heart Specialist CA Rajesh Singhania VIPCA Library, 10 .00 am to –Accountants Study Circle 5th November 2017 Well With Healthy Seminar Dr Rohid (Dr Bimal Chajjar) 220 Bangur Avenue 1.00 pmCentral Kolkata Chartered Friday, Opportunity Under IBC And Benami Law CA Sumit Binani, CA K. L. Agrawal Emami Conference Hall 4.30 PM to 4Accountants Study Circle-EIRC 10th November ,2017 CA S.S.Gupta 9331032856 6, Lyons Range, Kolkata 8.30 PM Central Kolkata Chartered Saturday, Recent Changes In GST Act Eminent Speaker CA K.L.Agrawal Emami Conference Hall 3.00 PM to 4Accountants Study Circle-EIRC 25th November, 2017 9331032856 6, Lyons Range, Kolkata 7.00 PM

Note: 1. Please note Online registration closes 1 days before the day of the Seminar. 2. Spot Registration will be taken subject to availability of seats at the venue. 3. Spot Fees is inclusive of GST.

Friday Lecture Meeting on Companies Ms. Pammy Jaiswal, CA Sonu Jain EIRC Premises, 5.30 pm to 3 100 + GST3rd November 2017 Amendment Act, 2017 Ms. Munmi Phukan Russell Street 8.30 pm Spot 150Friday Impact of GST on Charitable Trusts & NPOs CA Pulak Saha CA Sanjib Sanghi EIRC Premises, 5.30 pm to 3 100 + GST10th November 2017 Russell Street 8.30 pm Spot 150Monday Interactive Session on CA Jinesh Vanzara & CA Sumit Binani EIRC Premises, 5.30 pm to 3 100 + GST13th November 2017 Search & Seizure under Income Tax Dept. Officials Russell Street 8.30 pm Spot 150Friday RERA - Opportunities for Professionals CA Nidhi Rungta, Mumbai CA Nitesh More EIRC Premises, 5.30 pm to 3 100 + GST17th November 2017 Russell Street 8.30 pm Spot 150Tuesday GST- Practical Issues Eminent Speakers CA Anirban Datta EIRC Premises, 5.30 pm to 3 100 + GST21st November 2017 Russell Street 8.30 pm Spot 150Thursday Assessment Procedures in Income Tax Eminent Speakers CA Sonu Jain EIRC Premises, 5.30 pm to 3 100 + GST23rd November 2017 Russell Street 8.30 pm Spot 150Saturday Awareness on Standrards on Auditing Eminent Speakers CA Sanjib Sanghi EIRC Premises, 3.00 pm to 4 200 + GST25th November 2017 Russell Street 7.00 pm Spot 250Wednesday Insurance Audit & Opportunities in Eminent Speakers CA Sumit Binani EIRC Premises, 5.30 pm to 3 100 + GST6th December 2017 Insurance Sector Russell Street 8.30 pm Spot 150


Announcements

42ND REGIONAL CONFERENCE OF EIRCTheme: Transcending Transformation

Day & Dates: 22nd & 23rd (Friday & Saturday) December 2017Venue: Science City Auditorium, Kolkata

CPE Hrs. : 12 (TWELVE) Organised by: EIRC, The Institute of Chartered Accountants of India

ADVERTISEMENT & SPONSORSHIP DETAILS

A. Advertisement in Souvenir Full Page Colour (Back) Rs.75,000/- Full Page Colour (Inside Back) Rs.50,000/- Full Page Colour (Inside Front) Rs.55,000/- Full Page (Colour) Rs.35,000/- Half Page (Colour) Rs.25,000/-

B. Banner (Size 6’x3’) Rs.30,000/-C. Conference Kit, Pad & Pen (2500 Nos) Rs.3,00,000/-D. Insertions in Kit Rs.30,000/-E. Exhibition Stall (1 Day) Rs.40,000/-F. Exhibition Stall (2 Days) Rs.60,000/-

Day 1 : Friday, 22nd December 2017

Inaugural Session (10.00 AM to 10.45 AM)

Chief Guest Shri Suresh Prabhakar Prabhu, Hon’ble Union Minister of Commerce & Industry, Govt. of IndiaGuest of Honour Dr. Amit Mitra*, Hon’ble Finance Minister, Govt. of WBPresidential Address CA Nilesh S Vikamsey, President, ICAISpecial Address by CA Naveen ND Gupta, Vice President, ICAI

First Knowledge Session (10.45 AM to 12.00 Noon) Direct Taxes - Eradicating Black Economy Key note Address & Eminent DignitarySession ChairmanCritical Issues - Income Tax CA Adv. Firoze B. Andhyarujina, Mumbai

Second Knowledge Session (12.00 Noon to 2.00 PM)IND AS Compliances in Transitional EconomiesKey note Address & CA Subodh Kumar Agrawal, Past President, ICAISession Chairman Ind AS Implementation Issues CA Dolphy D’Souza, Mumbai& Opportunities Lunch (2.00 PM to 3.00 PM)Third Knowledge Session (3.00 PM to 5.30 PM)Panel Discussion on Insolvency & Bankruptcy Topic : Insolvency & Bankruptcy - Endless Hope PanelistsShri Bhupender Yadav, Hon’ble MP, Chairman, Jt. Parliamentary Committee : Insolvency & Bankruptcy Code, New DelhiShri Pallav Mohapatra, Dy, MD (SAM), State Bank of India, MumbaiShri Nilang T. Desai, Partner, AZB & Partners, Mumbai & Other Eminent Panelists

Fourth Knowledge Session (10:00 AM to 12:30 PM)Keynote Address & Dr. Asim Dasgupta,

Session Chairman Former Finance Minister, Govt. of WB

Important Issues in GST CA S. Venkataramani,

Bengaluru

Fifth Knowledge Session ( 12.30 PM to 1.30 PM)

Topic : Reform, Perform & Transform : The Mantra to resurgent economies

Key Note Speaker Shri Shankar Sharma, Vice Chairman

& Joint MD, First Global, Mumbai

Lunch : 1.30 PM TO 2.15 PM

Sixth Knowledge Session (2.15 PM TO 4.00 PM)

Beyond the Cloud : The future of AuditingSpecial Address by Eminent Dignitary

Data Analytics & Forensic Audit Mr. Sachin Dedhia, Mumbai

Cyber Crime Investigator & Cert.

Ethical Hacker, USA

Seventh Knowledge Session (4.00 PM TO 5.30 PM)

Panel Discussion on GST Topic : 180 Days of GST Implementation in India Eminent Panelists

Valedictory Session (5.30 PM TO 6.30 PM)

Day 2 : Saturday, 23rd December 2017

1. Platinum Sponsor – Rs. 11,00,000/-

2. Diamond Sponsor – Rs. 8,00,000/-

3. Gold Sponsor – Rs. 6,00,000/-

For details please contact: CA Vikash Mawandia, Sr. Executive Officer, EIRC l Ph : 30211136 l Email : [email protected]

Mr. Amit Paul, Assistant Secretary, EIRC l Ph : 30211133 l Email : [email protected] l Website : www.eirc-icai.org

* Confirmation Awaited

CPE : 12 Hrs.

Fees :

Online Registration from www.eirc-icai.org

Offline Registration by Cash/Cheque or Draft in favour of

“EIRC- Regional Conference”

Member - Rs.2000/- + GST (From 16th Nov. 2017)Member (Mobile App) : Rs. 2000/- (Incl. of GST) From 16th Nov. 2017

Spot-Members/Non-Members - Rs.2600/- (Incl. of GST)

Member - Rs.1700/- + GST (Till 15th Nov. 2017)

4. Silver Sponsor – Rs. 4,00,000/-

5. Bronze Sponsor – Rs. 2,00,000/-

6. Associate Sponsor – Rs.1,00,000/-


Announcements


EICASA

Dear Students,Every sun gifts a fresh new morning. Every time I Write to you, I find myself filled with delight !

Traditionally, festive season is over. Memories of rejoicing still reverberate amongst us. Tireless working for half-yearly account closure is over. preparation and revision for examination is over. Main Examination is almost just a while away, it seems. I wish everybody all the luck. One thing to remember that no true attempt

goes awry. No non-initiative comes into effect.

Integrity and unity of new TEAM EICASA , I must say , is worth proudly mentioning. I have been observing how energetically and sincerely they are getting themselves involved into every initiative being conceived and implemented.

In the month of October we have organised a total 24 nos. of activities. This includes social activities like Share-n-Care, Cloth Distribution to the needy lot of our society, Amendment Class and Revision Class for the students who will be writing November 2017 Examination, Mock Test and doubt clearing session for the Mock Test Examinees. Though a number of students participated in this session, a great attempt taken by the HO-BOS, but I would have been happier if a considerable lot would have been

participated. I advise not to let any single opportunity being created for the welfare of the students escape your route.

November would also be a month of replete with events with special emphasis area being for CPT Students since they would be smelling the season of Examination from this month. We have kept Revision Classes for CPT students. Both Offline and online registration are open for it. Being a part of holistic grooming of our students, we are organising a seminar on Communicative English in November itself. Apart from, Educational Tour to Calcutta High Court and CAB and an Industrial Visit would also be organised.

We only aspire that on your way to becoming a successful Chartered Accountant, you get everything useful from our students’ association which works almost round the clock for you. They have but one single aim to get you successful, to see you successful.

Wish begets wish. I wish that the wish of EICASA go successful. They may tread the untrodden path towards getting you successful, which would, in the long run, make our country a proud and corruption free nation.

Best wishes,

CA Sonu JainChairperson EICASA and Vice Chairperson EIRC of ICAI

EICASADAY AND DATE KNOWLEDGE SESSION RESOURCE PERSON VENUE DURATION DELEGATE FEES `20.11.2017, Monday Seminar on Communicative English Mr. Chandan Ghosh Chowdhury EIRC Russell Street Auditorium 7.30 AM to 9.30 AM Rs.100/-22.11.2017, Wednesday Seminar on “How to File GST Returns” CA Gagan Kedia EIRC Russell Street Auditorium 7.30 AM to 9.30 AM Rs.100/- For IPCC & Final Students” 26.11.2017, Sunday Revision Class on Mercantile Law CA Aditya Daima EIRC Russell Street Auditorium 7.30 AM to 9.30 AM Rs.100/-26.11.2017, Sunday CPT Mock Test (Paper I) - EIRC Russell Street Premises 10.00 AM to 12.00 PM Rs.100/-26.11.2017, Sunday CPT Mock Test (Paper II) - EIRC Russell Street Premises 2.00 PM to 4.00 PM Rs.100/-27.11.2017, Monday Revision Class on Economics CA Ayush Kumar Sharma EIRC Russell Street Premises 7.30 AM to 9.30 AM Rs.100/-28.11.2017, Tuesday Revision Class on Quantitative Aptitude CA Navneet Mundhra EIRC Russell Street Auditorium 7.30 AM to 9.30 AM Rs.100/-

EICASA Programme

2nd October 2017 Tree Plantation 15th October 2017 IPCC Audit Amendment Class by Sudeepa Sen

2nd Social Work by EICASA 5th October 2017 IPCC Audit Revision Class by CA Sudeepa Sen


Announcements


Notifications & CircularsIncome Taxes

CIRCULARS & NOTIFICATION (INCOME TAX)

Compiled by : CA Raj Singhania

Email : [email protected].

[Notification No. 85/2017/F. No. 200/24/2017-ITA-I]

In exercise of the powers conferred by clause (39) of the section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as the international sporting event, persons and specified income for the purpose of the said clause namely:—

(a) Fédération internationale de Football Association under-17 Football World Cup as the international sporting event;

(b) the Fédération internationale de Football Association, as the person;

(c) the following income as specified income arising to Fédération internationale de Football Association, from organising the Fédération internationale de Football Association under-17 Football World Cup, 2017, India:–

(i) income arising from the receipt from National supporters namely Hero Motocorp Ltd., Bank of Baroda and Coal India Ltd. – rupees twenty-nine crore eighty-nine lakhs fifty-two thousand and two hundred and fifty-two (Rs. 29,89,52,250) only; and

(ii) income arising from the receipt of ticket sales –rupees six crore eighty-one lakhs fifteen thousand one hundred and forty-eight (Rs. 6,81,15,148) only.

[Notification No. 86/2017/F. No. 370142/29/2017-TPL]

In exercise of powers conferred by section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (23rd Amendment) Rules, 2017.

(2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, in rule 11N, in sub-rule (2), in clause (i), for the words, letters and figures “3000”, the words, letters and figures “Sitting fee of Rs. 6000” shall be substituted.

CIRCULAR No. F. No. 370142/25/2017-TPL

Subject : 0Framing of rules in respect of Country-by-Country reporting and furnishing of master file – comments and suggestions-reg.

In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, providing for furnishing of a Country-by-Country report in respect of an international group by its constituent or parent entity.

Section 92D of the Act was also amended vide Finance Act, 2016 to provide for keeping and maintaining of Master File by every constituent entity of an international group, which was to be furnished as per rules prescribed in this regard.

Circular No 25 of 2017: F No 142/11/2015-TPL (Part-I)

Subject: Clarification related to guidelines for establishing ‘Piace of Effective Management’ (PoEM) in India-reg.

The concept of ‘Place of Effective Management’ (PoEM) for deciding residency status of a company. other than an Indian company. was introduced in the Incometax Act. 1961 (the Act) which has become effective from 1, April 2017, i.e .• Assessment Year 2017-18 onwards.

CIRCULAR No. 26/2017 : F. No. 370142/25/2017-TPL

Order under section 119 of the Income-tax Act, 1961 (‘the Act’)

In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, providing for furnishing of a Country-by-Country report (CbCR) in respect of an international group by its constituent or parent entity. Under sub-section (2) of section 286 of the Act, the ‘due date’ for furnishing the Country-by-Country Report is the date specified under section 139(1) for furnishing the return of income for the relevant accounting year. FY 2016-17 will be the first reporting year for furnishing of CbCR. The rules for furnishing of CbCR are also still under consideration. On consideration of the matter, the Central Board of Direct Taxes, in exercise of its powers conferred under section 119 of the Act, in respect of all assessees covered under subsection (2) of section 286 of the Act, hereby extends the ‘due date’ prescribed therein for furnishing of report in respect of international group for reporting accounting year 2016-17 to 31st March, 2018.

CIT vs. Madhur Housing And Development Co (Supreme Court)

S. 2(22)(e): Any payment by a closely-held company by way of advance or loan to a concern in which a substantial shareholder is a member holding a substantial interest is deemed to be “dividend” on the presumption that the loans or advances would ultimately be made available to the shareholders of the company giving the loan or advance. However, the legal fiction in s. 2(22)(e) does not extend to, or broaden the concept of, a “shareholder”

Bimal Kishore Paliwal vs. CWT (Supreme Court)

Entire law on the valuation of immovable properties under the ‘rent capitalisation’ method versus the ‘land and building’ method explained


Notifications & CircularsIncome Taxes/GST

RECENT JUDICIAL PRONOUNCEMENTS ON GST

1. Kerala High Court - M/S Ascics Trading Company vs The Assistant State Tax Officer on 25 September, 2017 - WP(C).No. 31328 of 2017 (M)

HELD: To a pointed query as to the power of the State Government to detain goods for alleged noncompliance with the requirement of carrying the prescribed documents under the IGST Act, which isthe basis for the detention in Ext. P5 notice impugned in the writ petition, the learned Government Pleader would take me through the provisions of the IGST Act, CGST Act and SGST Act and inparticular, the provisions of Section 4 and Section 20 of the IGST Act and Section 6 of the CGST Actread with Rule 138 of the CGST Rules as amended by notification No.27/2017 - Central Tax for thepurposes of pointing out that, although the power to W.P.(C). No. 31328 of 2017 prescribe thedocuments that are to accompany the transportation of goods in the course of interstate trade isconferred on the Central Government, the Central Government has, till date, not notified thedocuments that have to be carried by a transporter of the goods in the course of interstatemovement. Under the said circumstances, and finding that neither the State Legislature nor theState Government would have the power to make laws/rules to govern interstate movements of goods in the

course of trade, and for the purposes of levy of tax, I am of the view that detention in Ext. P5, for the sole reason that the transportation was not accompanied by the prescribeddocuments under the IGST Act/CGST Act/CGST Rules, cannot be legally sustained.

I therefore, allow the writ petition by making the interim order absolute.2. MADRAS HIGH COURT- 2017 (10) TMI 783 – GST – Coimbatore

Corporation Contractors Welfare Association Versus State of Tamil Nadu, The Commissioner of Municipal Administration, The Commissioner, Coimbatore Corporation, The Chief Accounts Officer, Coimbatore Corporation, The Chief Engineer, Coimbatore Corporation, The Commissioner, GST Policy Section, The Commissioner of Commercial Taxes.

Held that: - Works contract - levy of VAT or GST - case of petitioner is that the contract works for which the agreements were executed prior to 01.07.2017, GST cannot be imposed and 2% VAT alone is applicable. There will be a direction to the Commissioner of Commercial Taxes to consider the representation given by the petitioner/ association and pass orders on merits and in accordance with law, within a period of four weeks from the date of receipt of a copy of this order.

Petition allowed by way of remand.

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

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA Asim Kumar DasMembership no. 061704

Passed away on 3rd February 2017

CA Avinash Chandra GaneriwalMembership No. 006519

Passed away on 26th May 2017

CA Pradosh Kumar SenMembership No. 009188

Passed away on 9th August 2017

CA Manas Kumar MukhopadhayaMembership No. 006037

Passed away on 28th August 2017

CA Firm based at Kolkata urgently needs CAs with DISA or IFRS certification for its Kolkata Office. Deserving candidates may be considered for partnership. Send CV mentioning expected remuneration to [email protected]

Require Chartered Accountants for part time work or Partner in CA firm of Kolkata.

Contact : 033 2560 2237/9433994806

CLASSIFIED CLASSIFIED

in the context of s. 7(2) of the Wealth-tax Act, 1957. Also, law on taking the view in favour of the assessee if two reasonable constructions of a statute are possible explained

Plastiblends India Limited vs. ACIT (Supreme Court)

S. 80-IA contains substantive and procedural provisions for computation of special deduction. Any device adopted to reduce or inflate the profits of eligible business has to be rejected. The claim for 100% deduction, without taking into consideration depreciation, is anathema to the scheme u/s 80-IA of the Act which is linked to profits.

If the contention of the assessees is accepted, it would allow them to inflate the profits linked incentives provided u/s 80-IA of the Act which cannot be permitted

District Central Co-op. Bank Ltd vs. UOI (Madhya Pradesh High Court)

S. 254(2) Limitation period: The amendment to s. 254(2) w.e.f. 01.06.2016 to curtail the period available to file rectification applications from four years to six months cannot apply to appellate orders passed prior to that date because that would take away a vested right

Compiled By: CA Raginee GoyalEmail: [email protected]


EIRC Events

Technology Summit on 14th October 2017

Seminar on International Taxation on

6th October 2017

Seminar on Customs, Central Excise & Service Tax Settlement Commission on 7th October 2017

Seminar on Strike Off of Companies & its Restoration

on 10th October 2017

Shri Debashis Sen, IAS – Addl. Chief Secretary, Ministry of Information Technology & Electronics, Govt. of WB

Bijoya Diwali Milan on 22nd October 2017

CA Abdul Rafeq CA Babu Jayendran CA Sachin Kumar BP

Panel Discussion L – R: CA Sanjib Sanghi, Treasurer, CA Pulak Saha, CA G Venugopal, CA Arun Agarwal, CA Jayesh Gogri

CA Amit Poddar L – R: Mr. Piyusha Kumar Patnaik, Mr. Prashant Kumar, CA Manish Goyal, Chairman, EIRC, CA Sushil Kumar Goyal, Council Member, ICAI, Mr. Sudhangshu Sekhar Lenka

CA Vinod Kothari

Workshop on GST from 11th to 13th October 2017 Government Accounting – Opportunities & Challenges on 24th October 2017

GST Procedures – Issues & Solutions on 25th

October 2017

CA Aditya Dhanuka CA Pramod Dayal Rungta, Past Chairman, EIRC

CA Jayesh Gogri CA Sumitabha Ray CA Partha Ray CA Ankit Kanodia

L – R: CA Sanjib Sanghi, Treasurer, EIRC, CA Sushil Kr. Goyal, Council Member, ICAI, CA Ranjeet Kr. Agarwal, Council Member, ICAI, CA (Dr.) Debashis Mitra, Council Member, ICAI, Shri Debashis Sen, IAS – Addl. Chief Secretary, Ministry of Information Technology & Electronics, Govt. of WB, CA Manish Goyal, Chairman, EIRC, CA Abdul Rafeq, CA Sonu Jain, Vice Chairperson, EIRC.

If undelivered please return to : Eastern India Regional Council, The Institute of Chartered Accountants of India, 7, Anandilal Poddar Sarani (Russell Street), Kolkata - 700 071 12

Registered RN 27144/75 Registration No. KOL RMS / 227 / 2016-18

BOOK POSTCA Manish Goyal, EditorCA Sonu Jain, Jt. EditorCA Sumit Binani, Member

CA Sanjib Sanghi, MemberCA Debashis Mitra, MemberCA Sushil Kr. Goyal, Member

Owner: The Institute of Chartered Accountants of India, Eastern India Regional Council Printer: Shri Alok Ray, Joint Secretary, The Institute of Chartered Accountants of India, Publisher: Shri Alok Ray, Joint Secretary, The Institute of Chartered Accountants of India Published from : The Institute of Chartered Accountants of India, Eastern India Regional Council, 7, Anandilal Poddar Sarani, P.S.: Shakespeare Sarani, Kolkata - 700 071 Printed from: CDC Printers Pvt. Ltd., Tangra Industrial Estate - II, (Bengal Pottery), 45, Radhanath Chowdhury Road, P.S. :Tangra Kolkata - 700 015 Editor: CA Manish Goyal, Chairman, Eastern India Regional Council, The Institute of Chartered Accountants of India.

The Institute does not accept any responsibility for the view expressed in the contributions of advertisements published in the newsletter. Phone: 91-33-30211140/41, Fax: 033-22272317, Website: www.eirc-icai.org, Email : [email protected]

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