Indirect
Tax Laws Study Circle
Study Circle
Meeting on “Goods and Services Tax – Composite Supply, Mixed Supply, Works
Contract and Valuation” held on 21st December, 2017 at BCAS
Conference Hall
Indirect Tax
Laws Study Circle convened a meeting on 21st December, 2017 at BCAS
Conference Hall which was addressed by Group Leader CA. Bijal Doshi. The
Speaker discussed various issues post GST roll out such as Composite Supply,
Mixed Supply, Works Contract and Valuation etc. with relevant case
studies. Participants also shared their practical experience in dealing with
the above issues. The meeting was quite interactive and participants benefitted
a lot from the meeting.
Non
Residential Study Course on Ind AS held on 21st & 22nd
December 2017.
Accounting
& Auditing Committee organised a 2 days’ Non-Residential Study Course
(NRSC) on Ind AS on 21st and 22nd December, 2017 at Hotel
Novotel, Juhu. The NRSC was structured into 2 Case studies, 3 Presentation
papers and a Panel Discussion which dealt with important aspects of Financial
Instruments Standards (Ind AS 32, 107 and 109) perspective for Banks, NBFCs and Other Financial Institutions.
CA. Narayan
Pasari, President, BCAS in his inaugural speech, gave a glimpse of the
activities being carried out by BCAS and its contribution to the CA Profession
and also invited the non-member participants to become members of BCAS.
CA. Himanshu
Kishnadwala, Chairman of Accounting and Auditing Committee outlined the theme
of the 2 day NRSC, which focused on Ind
AS related to financial instruments including classification, measurement,
impairment, disclosures and first time adoption issues.
The 1st
group discussion was held on the paper of CA. Rukshad Daruvala on Financial
Instruments-Classification (Business Model) and Measurement. CA. Rukshad
Daruvala while addressing the participants gave replies to all the queries
raised at the group discussion. It was followed by CA. K. G. Pasupathi’s paper
on Derivatives and Hedge accounting. Thereafter, CA. Ajith Vishwanathan
presented his paper on Ind AS 101 on First Time adoption issues for financial
instruments.
CA. Rukshad N.
Daruvala
On the 2nd
day, group discussion was held on the paper of CA. Charanjit Attra carrying
case studies on Financial Instruments on Impairment and the ECL Model. CA.
Charanjit Attra then addressed the participants on his paper and answered the
questions raised by them. After this, CA. Manan Lakhani presented his paper on
Disclosure requirement-Instrument and other related disclosures and explained
the same in detail.
CA. K.G. Pasupathi
CA. Ajith Vishwanathan
The last
session included the Panel discussion with CA. Pinky Mehta, CFO of Aditya Birla
Capital Ltd. and Mr. Gobind Jain, EVP of Kotak Bank, as the panellists for
discussion on Implementation Issues of IndAS for Financial Institutions, Banks
and NBFCs. The discussion was moderated by CA. Drushti Desai and the Chairman
of the Committee CA. Himanshu Kishnadwala, and various issues raised by the
moderators and participants were debated and replied by the panellists.
CA. Charanjit Attra
CA. Manan Lakhani
Panel Discussion: L to R – CA. Gobind Jain, CA. Himanshu Kishnadwala, CA. Pinky
Mehta, and CA. Drushti Desai
The program
was attended by 66 participants including many from Banks and NBFCs. It
was indeed an enriching experience for the participants and they benefitted a
lot from the deliberations at the NRSC.
“Data
Analytics for Audit and Business Decision Making-Hands on Training Work-shop”
held on 22nd December, 2017 at BCAS Conference Hall
CA. Nikunj S. Shah
CA. Saran Kumar
HDTI Committee
organised a meeting on “Data Analytics for Audit and Business Decision
Making-Hands on Training Workshop” on 22nd December, 2017 at BCAS
Conference Hall, to discuss the advance techniques of data analytics for Audit
and Business decision making.
The faculties,
CA. Nikunj Shah from Mumbai and CA. Saran Kumar from Hyderabad took on the
interactive and knowledge sessions where participants received hands-on
training on real life data from business and audit world. While CA. Nikunj Shah
focussed on how analytics can be used for business decision making, CA. Saran
Kumar shared his experience of implementing analytics in audit scenarios. The
focus of both the sessions included reading and interpreting results of
analytics followed by brain storming on how these interpretations can be used
in the decision making process.
The
participants found the sessions very enriching and benefitted a lot.
Direct
Tax Laws Study Circle
Meeting on
“Important Income Tax Rulings of 2017” held on 4th January 2018 at
BCAS Conference Hall
Direct Tax
Laws Study Circle of the Taxation Committee conducted a meeting on ‘Important
Income Tax Rulings of 2017’ at BCAS Conference Hall. The Chairman of the
session CA. Saroj Maniar gave the opening remarks and referred to the
importance of judicial precedents. The group leader CA. Priyanka Jain briefly
gave an overview of a
few important rulings and discussed the following decisions at length:
– CIT
vs. M/s. Spice Enfotainment Ltd.: Civil Appeal No. 285 of 2014 – Assessment
framed on a non-existent amalgamating company is void ab initio.
– Godrej
& Boyce Manufacturing Company Ltd. vs. DCIT [2017] 394 ITR 449 (SC) –
Applicability of section 14A to dividend income which is subject to DDT.
– Siemens
Public Communication Network (P.) Ltd. vs. CIT : [2017] 390 ITR 1 (SC) –
Subvention received by a loss making subsidiary from its parent company
– CIT
vs. Madhur Housing and Development Company Civil Appeal No. 3961 of 2013
(SC) – Deemed dividend income u/s. 2(22)(e).
– CIT
vs. M/s. Vodafone Mobile Services Ltd. –
I.T.A. Nos. 331 of 2017 (AP&TS HC) – Automatic stay vacation in view
of third proviso to section 254(2A) of the Act.
– Claris
Life Sciences Ltd. v. DCIT [2017] 59 ITR(T) 450 (Ahmedabad – Trib.) (SB) –
Penal liability under section 221(1) in case of non payment of advance tax at
time of filing original return.
– ACIT
vs. Vireet Investments [2017] 58 ITR(T) 313 Del- Trib (SB) – Non-
applicability of methodology of computing disallowance under Rule 8D to MAT.
– B.
A. Mohota Textiles Traders Pvt. Ltd. vs. DCIT : ITA No. 73 OF 2002 (Bom HC)
– Non-lifting of corporate veil in case of family settlement involving a
corporate entity.
– Palam Gas Service vs. CIT [2017] 394 ITR
300 – Disallowance u/s. 40(a)(ia) would get triggered on non-deduction of
TDS not only on amount which is payable as on the last day of the year, but
also on amount already paid during the year.
– ACIT
vs. Shri Dilip Ranjrekar ITA No.858/Bang/2016 (Bangalore ITAT) – EPF
interest exemption only upto retirement date – subsequent interest till
withdrawal is taxable
– Late
Shantidevi Bimalchand Jain vs. PCIT : ITA No. 18/2017 (Bombay) – Bogus Long
Term Capital Gains from Penny Stocks.
– DCIT
vs. M/s Narayani Ispat Pvt. Ltd. : ITA No.2127/Kol/2014 –
Interest paid on delayed payment of TDS is allowable as deduction.
The meeting
was very interactive and participants benefitted a lot from the session.
HRD
Study Circle
Human
Development Study Circle Meeting on “Live Stress Free” held on 9th January,
2018 at BCAS Conference Hall.
HRD Study
Circle of Human Development and Technology Initiatives Committee convened a
meeting on ‘Live Stress Free’ at BCAS Conference Hall which was addressed by
Ms. Zenobia Khodaiji who deliberated on the various Aspects of Living Stress
Free Life. She explained the mantra of stress free mind to lead a happy,
peaceful and successful life i.e. how to overcome stress by confidence,
self-esteem, focussed and proactive approach etc. to accomplish the
desired outcomes and objectives. She also deliberated on many other ways of
destressing e.g. talking, exercising, breathing, meditation etc. to gain
much peace and energy for a satisfying and fulfilling life.
The
participants appreciated the insights given by the Speaker and benefitted a lot
from the meeting.
Student
Study Circle
Meeting on
“Computation of ALP and issues in TP Scrutiny” held on 12th January
2018 at BCAS Conference Hall.
Students Forum
under the auspices of HDTI Committee of the Society organised a Students’ Study
Circle on ‘Computation of ALP and issues in TP Scrutiny’ on 12th January,
2018 at BCAS Conference Hall which was led by student speaker Mr. Vismay Tolia
under the chairmanship CA. Janvi Vakil. The objective of the study circle was
to provide a blend of conceptual clarity on Arm’s Length Price and practical
intricacies and issues in computation of the same.
Mr. Vismay
Tolia covered the topic on Arm’s Length Price using comparables with examples
in a lucid manner and also practically demonstrated the methodology applied in
arriving at the price.
The Study
Circle meeting proved to be a great value additive experience for students
especially for those who were not aware of the practicalities of Transfer
Pricing. It also proved to be a wonderful experience for the student members
and a platform to resolve their various doubts regarding Transfer Pricing.
The convenors
of the Students Study Circle Mr. Parth Patani & Mr. Prathamesh Mhatre urged
the students to stay connected with Students Forum through social media and
send their feedback and suggestions about the study circle, whilst encouraging
them to be a part of the Student Forum.
The meeting
was quite interactive and the participants benefitted a lot from the meeting.
Lecture
Meeting on “Future of Oil & Gas Industry” held on 19th
January, 2018 at BCAS Conference Hall.
The captioned
lecture meeting, organised at BCAS Conference Hall, was addressed by Padma Shri
Dr. Rabi Bastia, a renowned persona in the Hydrocarbon Industry who put India
into international Oil & Gas map in a short span of time. The meeting
commenced with the opening remarks by CA. Narayan Pasari, President, BCAS who
briefly touched upon the subject, followed by introduction of the Guest Speaker
by CA. Rashmin Sanghvi. The meeting was also live streamed for the participants
who could not attend the lecture in person.
Padma Shri
Dr. Rabi Bastia
The Speaker
explained about the unprecedented volatility observed in oil prices in recent
times from a high of $145/b in June, 2008 to a low of $27/b in Jan, 2016 mainly
due to Global unrest, OPEC production controls & Forex Volatility in
Dollar. He also brought out evolution of Electric Car & “transportation as
a service (TaaS)” business model and mentioned that there would be generation
of newer employment opportunities. The shift to clean energy could also bring
Environmental, health and social benefits and there could be barriers to
electric vehicles in terms of time line and storage issues besides grid related
issues.
Dr. Bastia
also talked about India’s long-term solar potential which could be unparalleled
in the world since it has the ideal combination of both high solar insolation
and a big potential consumer base density. When solar & wind energy is
unavailable, alternatives will be needed to provide more power to the grid. As
a result, there is no unique solution, no either/or to our energy demands.
According to him, the ultimate solution is a balanced mix of Oil, EVs
and Renewables.
Finally, the
Speaker brought out the theme “Man has evolved… so has Technology” by
highlighting changes brought in by Cell Phone Revolution, Uber`s Model and if
the same can be replicated in energy & transportation, we would have some
respite from Global Warming. The Speaker ended his talk with a theme “Man
has overpowered crises in the past; The
future will be no different.”
At the end,
the floor was opened for Q&A session wherein the Speaker addressed all the
queries of the audience to their utmost satisfaction.
The meeting
was very interactive and the participants benefitted a lot from the insights
given by the
learned Speaker. _
