44th RRC of BCAS was held at Matheran during 22nd to 25th January 2011 at Hotel Usha Askots and Hotel Byke.
Participants reached Matheran by lunch time on 22nd January 2011, after having fun of travelling through mountains upto Dasturi and then walking through enjoyable & cool forest. Some of them took narrow-gauge train to reach Matheran avoiding the walk.
DAY 1: INAUGURAL SESSION
Mr. Mayur Nayak President of the Society welcomed the members. He explained the need to think in different way in the present situation and for that purpose chartered accountants need to know importance of Group Leading and Group Discussion. He mentioned how this is helpful in career path. For the benefit of the outstation members attending the RRC, he narrated Society’s activities which are conducted through out the year.
Mr. Uday Sathaye Chairman of the Seminar Committee in his opening remarks, highlighted other activities of the Seminar Committee which are gaining popularity and success like study tours in the form of interactive meetings with Industry in various parts of the Country. He mentioned about the subjects chosen for the RRC and thanked all the Paper Writers for giving justice to the subjects. He reitirated the need of having many Group Leaders and not only listeners.
RRC was inaugurated by Mr. K. C. Narang, Past President of the Society, by lighting of the traditional lamp. He expressed his views in regard to various issues which have arisen on account of the current trend of giving importance to material aspects of life. He felt that even though change is an accepted part of life, departure from certain age old principles is unnecessary. In his opinion, while one should welcome good things from the Western part of the world, one should not follow them blindly without considering the Indian Ethos.
In the inaugural session Mr. Mukund Chitale, Past President of ICAI was felicitated for his appointment as the Chairman of National Advisory Committee on Accounting Standards (NACAS). It is indeed a great acheivement and honour.
Mr. Pradip Thanawala Vice President of the Society proposed Vote of Thanks.After the inaugural session
Mr. Sourabh Soparkar, advocate in his presentation covered various issues relating to
Mergers, Demergers and Acquisitions. His clinical analysis on the controversies in relation to business restructuring was unique. He also dealt with some aspects of individual taxation with respect to agricultural land. His presentation was very well received by the participants.
This session was chaired by Mr. Kishor Karia, Past President of the Society.
The day ended with tasty dinner.
Day : 2
After the breakfast, participants discussed the paper written by Mr. K.C. Devdas, chartered accountant on Recent Judgments in Direct Taxes. The Group Discussion was followed by a presentation paper.
Mr. Mukund Chitale Past President of ICAI presented his views on Opportunities and Concerns in Bank Audit. He explained about the wide range of opportunities available to the Chartered Accountants in the Banking Industry. He pointed out that the regulators, the stake holders and general public expect level of comfort and for that purpose they look at audit reports. He explained how risk factors should be considered while carrying out various assignments. His command over the subject and presentation skills made the session very lively.This session was chaired by
Mr. Uday Sathaye, Past President of the Society.
Thereafter the Mr. K. C. Devdas, chartered accountant analyzed the implications and rationale of various Tribunal, High Court, and Supreme Court Judgments. He explained that every decision of the judgment forum is with respect to a set of facts and it is important for readers to appreciate these facts before using the judgment for any purpose. He also felt that retrospective amendments, to unsettle the settled position of law, should be avoided as it causes hardship to innocent tax payers.
This session was chaired by Mr. Anil Sathe, Past President of the Society.
In the evening participants enjoyed an entertainment program before the dinner.
Day 3:
After the breakfast, some of the participants discussed the paper written by Mr. Sunil Gabhawalla, chartered accountant on Case Studies in Service Tax and others discussed paper written by chartered accountant Mrs. Geeta Jani ,on Case Studies in International Taxation. For the first time two papers were discussed simultaneously considering the era of specialisation and requirement of focused study. After the Group Discussion, both the Paper Writers dealt with their respective subjects simultaneously at different locations.
Mrs. Geeta Jani dealt with various cases on International Taxation which are of relevance to participants in their day to day practice. She also dwelt upon the possible scenario, once the Direct Taxes Code became a law. She also discussed possible impact of Controlled Finance Corporations (CFC) Regulations, a concept which is new India.
This session was chaired by Mr. Rajesh Kothari, Past President of the Society.
Mr. Sunil Gabhawala dealt with Case Studies in Service Tax making his presentation very interesting and satisfied the participants by resolving issues raised during the Group Discussion. Service Tax today is gaining importance with more services being added to the Service Tax net. Issues raised by him are of significance to all. His depth of knowledge in Service Tax and masterly analysis was indeed a treat for the participants.This session was chaired by
Mr. Govind Goyal, Past President of the Society.
Thereafter Mr. Khurshed Pastakia, chartered accountant presented paper on IFRS – Recent Developments. He informed the participants about the impact of IFRS on
Indian Economy. He was of the view that though there would be a number of issues in implementation of certain standards, given the fact that India is committed for convergence of IFRS, these should be overcome by continuous dialogue between the Industry, the Profession and the Regulators.
This session was chaired by Mr. Ashok Dhere, Past President of the Society.
In the evening an unique and innovative programme — RRC Nostalgia was held for the first time in the history of RRC. In this program views of three Past Presidents of the Society, were presented namely Mr. Pradyumnabhai Shah, Mr. Hemendra Shah and Mr. C. C. Dalal, as recorded through video. They had attended the First RRC of the Society at Matheran. Other Past Presidents present at the 44th RRC also presented their views and shared some memories of RRCs in the past. Almost all Past Presidents were of
the opinion that Group Discussion with active participation by all participants is the foundation of RRC. This is the Motto of RRC right from the beginning which should not be forgotten in the current times of presentation of papers on screen. This message is very important for the mutual benefit of all professionals irrespective of their age. Few participants from the audience added glory to the programme by sharing their thoughts.
This programme was ably anchored by Mr. Ameet Patel, Past President of the Society.
The day ended with Gala Dinner and Musical Evening.
Day 4:
After the breakfast the participants discussed the paper written by Mr. Pradip Kapasi, chartered accountant on Capital Gains – Some Current Issues. The Group Discussion was followed by his presentation on the subject. He dealt with some burning issues affecting the general tax paying assesses. He analysed in great detail vigours of section 50C of the Income-tax Act. He explained various precautions that are necessary to be taken to mitigate the problems caused by the deeming fictions contained in section 45 (2), 45 (3) and 45 (4). His command over the topic and flawless analysis resulted in participants giving him a very patient hearing.
This session was chaired by Mr. Pradeep Shah, Past President of the Society.
In concluding session Mr. Uday Sathaye, Chairman Seminar Committee took an overview of the RRC and recognised the contribution made by everybody in general and Mr. Nayan Parikh, Past President of the Society in particular for his innovative idea of design of Paper Book which was appreciated by all the participants. Mr. Mayur Nayak, President of the Society thanked everybody for making the RRC memorable in the history of Society. Participants departed after lunch to their respective destinations with a commitment to meet again next year at 45th RRC.
