48TH RESIDENTIAL REFRESHER COURSE (RRC ) OF BOMBAY CHARTERED ACCOUN TANTS SOCIETY (BCAS)

Venue: Hotel Ananta Spa and Resort, Udaipur Dates: 8th January, 2015 to 11th January, 2015

The Residential Refresher Course is one of the flagship events of the BCAS. This year, the 48th RRC was held at Udaipur aptly called the city of lakes. More than 200 delegates from all over India converted Hotel Ananta for 4 days into a knowledge club. The Resort, nestled between the majestic Aravalli Mountains, dotted with flowering trees visited by birds of bright hues, crisp cool weather and mouth-watering cuisine, was a perfect backdrop for learning and networking.

DAY 1

Group Discussion of Mr. Sunil B. Gabhawalla’s paper titled “Issues in CENVAT Credit and Reverse Charge Mechanism under Service Tax”. The group leaders were Mr. Ganesh Prabhu Balkrishnan, Ms. Manju L. Navandar, Mr. Saurabh P. Shah, Mr. Rajesh R. Shah and Mr. Manmohan Sharma. Case Studies in Directors remuneration, Reimbursement of expenses to consultants, Sponsorships and Live Telecasts, Housekeeping services, Security services and the like, were heatedly discussed and consensus was sought to be reached for the answers in the groups.

This was followed by the Inauguration of the RRC by lighting of the lamp at the hands of chief guest, Dr. Adish C. Aggarwala. He also gave the key note address. Dr. Adish C. Aggarwala is also a Government Counsel in the Supreme Court and Delhi High Court. He was joined on the dais by the Chairman of the Seminar Committee Mr. Rajesh S. Shah, President Mr. Nitin P. Shingala, Vice President Mr. Raman H. Jokhakar along with the two Convenors, Mr. Bharat K. Oza and Mr. Salil B. Lodha.

The first technical session was by Mr. Khusroo Panthaky. He made a brilliant presentation on the topic “Companies Act, 2013- Provisions related to Accounts, Audit & Auditors – Issues and Implementation Challenges”. His presentation was peppered with humour and factual cases. He expressed concern of falling standards of audit and justified the statutory limit of signing 20 audits per signatory, which he advised must be adhered to not only in letter but also in spirit. This session was chaired by Mr. Nitin Shingala, President of the Society

DAY 2

Group Discussion of Mr. Pradip Kapasi’s paper on “Taxation of Some Entity Related Issues (Private Trust, HUF, AOP, Firm, Succession, Company). The group leaders had a tough time touching on all the issues in the paper and moreover, as often the group was divided on their opinions. The group leaders were Mr. Chintan J. Shah, Ms. Meghna Sarang, Mr. Pankaj Agarwal, Mr. Phalgune K. Enukondla, Mr. Sidhartha B.Karani and Mr. Vinod Kumar Jain.

Mr. Sunil Gabhawalla, in the second technical session, gave answers to the posers in his paper on reverse charge mechanism and cenvat credit. He replied to all the queries put to him by the group leaders who had compiled them after the group discussions. This session was chaired by Mr. Udaya V. Satahye, Past President of the Society

Mr. Pradip Kapasi in the third technical session, replied to the queries raised from the group discussion of his paper. In his inimitable style, he expained the complex provisions of Trusts, HUF, AOP, BOI, Business Trusts etc. This session was chaired by Mr. Ameet Patel, Past President of the Society.

The participants visited Nathdwara for Shreenathji Darshan that evening. The excellent arrangements made by BCAS for special Darshan gladdened the hearts of all those who felt they would always remember this 48th RRC for this wonderful experience.

DAY 3

Group Discussion of Mr. Milin Mehta’s paper on “Concept of deemed income and deemed gains -u/s. 56(2) (vii), (viia) and (viib), s. 69, s. 43CA & s. 50C”. The topic was very relevant and generated vibrant discussions in the groups. The Group Leaders were Mr. Bhavin R. Shah, Mr. Bipin K. Karani, Mr. Chetan Dhabalia, Mr. Neelesh Vithalani and Mr. Nimesh K. Chotani.

During the fourth Technical Session, Mr. Bhagirat Merchant presented his paper on ‘Strategic intent on Mergers and Acquisitions’. Being a Past President of the Bombay Stock Exchange, the highlight of his presentation was the

candid analysis of the recent M & A activities. His depth of hands-on knowledge and long standing experience with the Indian capital market made the presentation very interesting and thought provoking. His view that to ensure success in M & A activity, one has to look beyond accounting, legal and financial issues and consider corporate culture was an eye opener to all the participants. This session was chaired by Mr. K. C. Narang, Past President of the Society.

Thereafter, in the fifth technical session, Mr. Milin Mehta replied to all the queries raised by the participants during the group discussions. The paper writer’s exposure and his in-depth analysis made his talk very useful and interesting to the participants. He referred to various court decisions and explained the grey areas to the satisfaction of all. This session was chaired by Mr. Anil J. Sathe, Past President of the Society.

Later, the participants went for a city tour of Udaipur, visiting several places of interest of this heritage city.

In the evening, an entertainment program was organised for the participants. Rajasthani folk artists charmed all the delegates with their great music and breathtaking performances and the delegates were treated to a mouth watering traditional Rajasthani cuisine for dinner.

DAY 4

The final day had the Brain Trust Meeting with two stalwarts, Senior Advocate Mr. Saurabh Soparkar and Mr. Rajan Vora on Critical Income Tax issues including of Domestic and International Taxation. Mr. Ashok K. Dhere, Past President of the Society, chaired this technical session. Both the trustees very ably dealt with all the questions raised. They started by explaining the case study, questions arising, probable answers and court cases that could be relied upon.

They also explained controversies surrounding some issues, conflicting judgments and giving their interpretation of the same. Trustees gave a holistic view of various provisions and willingly shared their knowledge and expertise with the participants.

In the concluding session, the Chairman of the Seminar Committee Mr. Rajesh S. Shah thanked the delegates for their co-operation and active participation. He thanked the paper writers, brain trustees and BCAS staff. He specially thanked the President for his wholehearted support. He also thanked all the Group Leaders whose efforts were one of the key drivers for success of the conference. The Chairman thanked all the agencies especially the Resort management and the staff, for their help and support for the success of this RRC. A few first time participants and out-station participants expressed their thoughts, experience and suggestions about RRC. The President of the Society, Mr. Nitin Shingala thanked everybody for making this RRC memorable. He also thanked Chairman of the Seminar Committee Mr. Rajesh S. Shah and his team for carrying out this herculean task successfully.

Participants departed after lunch to their respective destinations by cherishing the memories of the 48th RRC and with a promise to meet again next year at the 49th RRC.

For more photoghraphs of the 48th RRC, Udaipur, please visit bcasglobal facebook page.