GAPs in GAAP – Accounting of Treasury Shares

Gaps in GAAP – Multiple Element Contract

GAPs in GAAP – Accounting for joint ventures Proportionate consolidation v. equity method

GAPs in GAAP — IFRS Convergence Roadmap

Finding the Sweet Spot

Gaps in GAAP – Reverse acquisitions

GAPs in GAAP – Accounting for SMEs

GAPs in GAAP – Accounting for amalgamation

Gaps in GAAP – Guidance Note on Accounting for Employee Share-based Payments

GAPs in GAAP – Accounting for carbon credits

GAPS in GAAP – Amalgamation after the Balance Sheet Date

GAPs in GAAP – AS-7 – Percentage of completion accounting based on an output measure

Gaps in GAAP – Compensated absences (such as annual leave) – Whether long-term or short-term under IAS 19s?

Gaps in GAAP – Accounting for MAT Credit

GAPs in GAAP – Accounting for rate-regulated entities

GAPs in GAAP — Revenue — Gross vs. Net of Taxes

GapS in GAAP — Accounting for Jointly Controlled Entities that have Minority Interest

Accounting for MAT

DEEMED COST EXEMPTION ON FIXED ASSETS AND INTANGIBLES

Clarifications on Security Deposits And Key Management Personnel

Impact on Mat from First Time Adoption (FTA) Of Ind As

Deferred Tax under Ind AS On Exchange Differences Capitalised

What Will Constitute A Service Concession Arrangement?

Accounting For Loss of Control in Subsidiary

Impact of Ind AS on Demerger Transactions

Goodwill In Common Control Transactions Under Ind AS ­ Whether Capital Reserve Can Be Negative?

Business Combinations of Entities under Common Control

Questions on GST

IND AS ROAD MAP – CORPORATE vs. NBFC

Adjustment of Debenture Premium against Securities Premium in Ind AS

Integrated Reporting

Financial Statement Disclo sures — How Much is Too Much

Foreign judgment — Decision on merits would be conclusive — Hence enforceable in India — CPC, section 13(b).

Inherent powers of Court — Every procedure is permissible for a Court for doing justice unless express prohibited — CPC section 151.

Doctrine of merger — Precedent — Maintainability of review petition before High Court — When SLP dismissed by Apex Court against the main judgment of High Court — Constitution of India, Article 136.

Powers of Attorney — Right of audience before Court — Power of Attorney Act, 1882, section 2.

Scheme of Amalgamation — Sanction of Court — Companies Act, section 391(2), 394.

Adoption — Validity — Will proved by examination of attesting witness and scribe of Will — Hindu Adoption and Maintenance Act, section 6 and section 16, Succession Act section 63.

Evidence — Tape-recorded conversation — Admissible in evidence.

Legal representative — Not legally wedded wife — Right to apply for compensation — Civil Procedure Code, section 2(11).

Muslim Law — Properties purchased by female exclusively belongs to her and can be divided only between her children — No concept of jointness of nucleus.

Registration — Family settlement — Document reciting past events need not be registered — Registration Act, section 17(1) (b), 49.

Notification of the Companies (Indian Accounting Standards) Rules, 2015 and applicability of Indian Accounting Standards (IND AS)

IFRS : The ‘Balance Sheet Approach’ to Deferred Tax

REVISED REPORTING REQUIREMENTS FOR AUDIT OF FINANCIAL STATEMENTS

Reality Check in Implementing the Revised Schedule VI

FINDING FRAUDS IN FINANCIAL STATEMENTS — 10 COMANDMENTS FOR AUDITORS

Revised Schedule VI — An Analysis

IMPACT OF LAWS AND REGULATIONS DURING AN AUDIT OF FINANCIAL STATEMENTS

Understanding the business before understanding the audit

Convergence to Ind AS 16 – Property, Plant & Equipment

Ind AS: Functional Currency and Consequential Impact on Deferred Tax

Avoiding Common Errors in XBRL Financial Statements

AUDITOR’S DILEMMAS!

Hedge Accounting for Foreign Currency Firm Commitments under Indian GAAP

The Concept of Propriety’— Dynamics & Challenges for Auditors

XBRL Assurance

XBRL — FUTURE FINANCIAL LANGUAGE

Substantive Analytical Procedures: Relevance and Efficacy in an Audit

SA 330 – The Auditor’s Responses to Assessed Risks

GAP in GAAP Accounting for Warranty Obligations

External Confirmations – Proving Existence with External Evidence?

SA 560 (Revised) – Subsequent Events – Hindsight Better Than Foresight?

Auditing Opening Balances – How Far Should an Auditor Go?

SA 540 Accounting Estimates

Related Party Transactions – A Potential for Abuse?

Is an auditor expected to be omniscient?

Auditing outsourced services – Auditors’ predicament

An auditor’s expert – a mere specialist or a Man Friday?

Audit materiality – a precision cast in stone or a subjective variable measure….continued

Audit Documentation – a relevant defense or mere record keeping

Is internal audit function relevant in a financial statement audit?

SA 250: Consideration of Laws and Regulations in an Audit of Financial Statements

AUDITORS’ REPORT – BCAJ SURVEY OF AUDITORS, USERS AND PREPARERS

Acounting of Foreign Currency Fluctuations

Financial Reporting Dossier

FINANCIAL REPORTING DOSSIER

FINANCIAL REPORTING DOSSIER

FINANCIAL REPORTING DOSSIER

Financial Reporting Dossier

Financial Reporting Dossier

FINANCIAL REPORTING DOSSIER

FINANCIAL REPORTING DOSSIER

FINANCIAL REPORTING DOSSIER

FINANCIAL REPORTING DOSSIER

FINANCIAL REPORTING DOSSIER

FINANCIAL REPORTING DOSSIER

Financial Reporting Dossier

Financial Reporting Dossier

Financial Reporting Dossier

Section A : Treatment of Foreign Exchange Fluctuations as per AS-11 — ‘The Effects of Changes in Foreign Exchange Rates’ issued under the Companies Acounting Standards) Rules, 2006

Revision of Financial Statements

Format and disclosures for financial statements prepared using IFRS

Section A : Disclosures in Unaudited Quarterly Results regarding treatment of foreign exchange fluctuations for the period/quarter ended 31-12-2008

Abbott India Ltd. — (30-11-2007)

S & S Power Switchgear Ltd.

MRF LTD. — (30-9-2007)

HINDUSTAN UNILEVER LTD.

Honeywell Automation India Ltd. — (31-12-2007)

FULFORD (INDIA) LTD. — (31-12-2007)

ACC LTD. — (31-12-2007)

Exploration, Development & Production Costs

Accounting for Oil and Gas Activity

Oil and gas assets

Oil and gas exploration and development costs

Consolidation – redefining control and reflecting true net worth Part-2

Practical Insights into Accounting for change in Ownership Interest in a Subsidiary under IND AS

IFRS — Closer to economic substance of the transaction

IFRS reconstructs the accounting for Public Private Partnerships (‘PPP’)

IFRS 9: Financial Instruments: The new “Avatar”

IFRS – Is it a smooth drive for auto companies?

IFRS 8 : Operating Segments

Impact of IFRS on the telecom sector : Dialling a new reporting framework

IFRS impact on fixed assets — More than just a change in name

IFRS and Indirect Taxes : Need for Dual Reporting !

Business Combinations (IFRS 3) — Accounting to reflect the economic substance

Taxing times — IFRS and Taxation

Revenue recognition principles under IFRS for Real Estate Industry

The Countdown to Ind-AS — careful evaluation of policy choices

Financial Instruments — Indian corporates need to gear up for significant changes in the accounting landscape

Ind AS 115 – Revenue From Contracts With Customers

Impact of Ind AS 115 on Real Estate Companies

ICDS – Post Delhi High Court Decision

Voluntary Revision Of The Financial Statements

Accounting For Uncertainty Over Income Tax Treatments

Ind AS 115 – Revenue From Contracts With Customers

CONSOLIDATION OF CSR TRUSTS UNDER Ind AS

USEFUL LIFE UNDER IND AS 16 PROPERTY, PLANT AND EQUIPMENT AND LEASE TERM UNDER IND AS 116 LEASES

Percentage Of Completion Method (POCM) Illustration For Real Estate Companies Under Ind AS 115 & Comparison With Guidance Note (GN)

DIFFERENCES BETWEEN IFRS & Ind AS

KEY DIFFERENCES BETWEEN IND AS 116 AND CURRENT IND AS

WHAT’S IN A NAME? PREFERENCE SHARE VS. FCCB

Ind AS vs. ICDS Differences

ACCOUNTING OF FINANCIAL GUARANTEES

ACCOUNTING OF DIVIDEND DISTRIBUTION TAX

Computer-Assisted Audit Tools (CAATs) — Use of CAATs for Ope rational Rev iew of Plant Maintenance

Valuation — Market Approach

Tax Due Diligence — Indirect Taxes

Purchase Price Allocation (PPA)

Net Assets Method of Valuation

Discounted Cash Flow

LEGAL DUE DILIGENCE IN M&A TRANSACTION

Financial and Accounting Due Diligence — Some Aspects

Valuation of intangible assets

Tax Due Diligence — Direct Taxation

NFRA Digest

NFRA DIGEST

NFRA Digest

CHANGING RISK LANDSCAPE FOR AUDIT PROFESSION, WITH SPECIAL EMPHASIS ON NFRA AND OTHER RECENT DEVELOPMENTS

Comments on Exposure Draft – Guidance Note on Accounting for Service Concession Arrangements by Concessionaires

Statutory Audit – BCAJ Survey on Perspectives on NFRA Consultation Paper

PANEL DISCUSSION ON UTILITY OF FINANCIAL STATEMENTS AND RELEVANCE OF AUDIT AT THE 10TH Ind AS RSC

Artificial Intelligence (AI) and the Future of Chartered Accountancy

India Knows Where To Go, And Takes Everyone Along

BCAS — VOLUNTEERING — MAKING A DIFFERENCE

Past Editors’ Musings BCAS — Volunteering — Making a Difference

BCAS – Volunteering – Making a Difference

BCAS – Volunteering – Making a Difference

R७IMA५INE – 75TH YEAR CELEBRATION

Succession Issues In Family-Run Companies — How to Deal With Them

Core Investment Companies: A Tight Leash ?

Companies Act, 2013 – Accounts and Audit Provisions

Audit & Auditors under the Companies Bill, 2012

E-filing of tax returns goes to the next level

NEW BANKING LICENSES-THE WAY FORWARD

Chartered Accountants can practice in LLP Format

Greedonomics

Provisions For Management, Administration and Dividend Declaration Under the Companies Act, 2013.

Shareholders’ Agreements

The Conundrum of Control in Corporate Law

Beneficial Owner–The debate continues

Be accountable to your motherland !

Poitu Varein, Khuda Hafiz, Alvida, Aavjo, Adios, Mr. Auditor – An Auditor’s Anguish

Understanding LBT

Corruption — The scourge of India

Global Indian CAs

Leading citizens speak up on graft, lack of governance

SC judge puts ex-CJI in dock over Raja Ex-CM Vilasrao shielded MLA’s money lender family : SCWhistleblower cop had no posting for eight months

Tackling Corruption Through Corruption Audits

News report

I Hope the Tea is Hot

Vikram Aur Vetal

Vikram Aur Vetal

Vikram Aur Vetal

Practical aspects of acceptance of deposits by Private Companies and Non-Eligible Companies

Practical aspects of acceptance of deposits by Private Companies and Non-Eligible Companies1 – Part-II

Buy Back of Shares by Private and Public unlisted Companies under the Companies Act, 2013

CORPORATE LAW CORNER

CORPORATE LAW CORNER PART B : INSOLVENCY AND BANKRUPTCY LAW

CORPORATE LAW CORNER PART A : COMPANY LAW

CORPORATE LAW CORNER PART B : INSOLVENCY AND BANKRUPTCY LAW

Corporate Law Corner Part B: Insolvency and Bankruptcy Law

Corporate Law Corner Part A : Company Law

Corporate Law Corner : Part A | Company Law

Corporate Law Corner – Part A | Company Law

Corporate Law Corner : Part A | Company Law

Corporate Law Corner : Part A | Company Law

Corporate Law Corner Part A : Company Law

Corporate Law Corner Part A : Company Law

Submission of Annual Financial Statements and Annual Return by Private Limited Companies under the Companies Act 2013

Attest function where the member is personally interested (Clause 4 of Part I of the Second Schedule).

Moneys of client to be kept in a separate bank account (Clause 10 of Part I of Second Schedule)

Bringing disrepute to the profession (Clause 1 & 2 of Part IV of the First Schedule and Part III of Second Schedule)

Gross negligence – Clause 7 of Part I of Second Schedule (contd.)

Communication with previous auditor

(Auditor’s appointment under Company Law)

Procedure of Enquiry (Continued) – Part III Shrikrishna

Attitude – Professional Skepticism

(Advisory practice and Code of Ethics)

Professional scepticism – continued

General Principles

(Ethical dilemma)

Knowledge Updation

(Gearing up!)

(Balanced behaviour)

OVERHAUL OF REGULATIONS GOVERNING FOREIGN DIRECT INVESTMENT IN INDIA

FDI IN E-COMMERCE

REVIEW OF FOREIGN DIRECT INVESTMENT POLICY DUE TO COVID-19 PANDEMIC

ANALYSIS OF RECENT COMPOUNDING ORDERS

AMENDMENT IN FOREIGN DIRECT INVESTMENT RULES

FEMA FOCUS

FEMA FOCUS

FEMA FOCUS

FEMA FOCUS

FEMA FOCUS

FEMA FOCUS

FEMA FOCUS

FEMA FOCUS

Copyright – The Need for Registration?

Copyright Law — The test of originality

Infringement vs. Passing – off

Trade mark Law: ‘Parody’

Trade mark Licensing — Quality Control

JURISDICTION IN MATTERS RELATING TO VIOLATIONS OF INTELLECTUAL PROPERTY RIGHTS INCLUDING IN CYBERSPACE

Domain Names

Confidential Information

Is It Fair to Compel an Auditor of a Co-operative Society to File an FIR?

IS IT FAIR TO INVOKE PROSECUTION PROCEEDINGS SO RAMPANTLY?

IS IT FAIR TO LEVY MAT

Is It Fair to Levy stt on Traders?

IS IT FAIR TO ISSUE CERTIFICATES U/S. 197 WITH UNNECESSARY CONDITIONS?

Is It Fair to Prohibit the Law Students from Pursuing any Other Studies?

Is it fair to Initiate Recovery Proceedings When Tax is Already Deducted?

Is it fair to apply section 314 of the Companies Act, 1956 to private limited companies?

IS IT FAIR TO EXTEND PRESUMPTIVE TAXATION TO ALL BUSINESSES ?

IS IT FAIR FOR THE BUREAUCRATS TO INDULGE IN WASTEFUL FORMALITIES?

Is it fair?

Is It Fair Not To Exclude Personal Payments By Individuals/Hindu Undivided Families (for Any of Its Members) from TDS?

Is It Fair to ignore prepaid taxes for penalty u/s. 271(1)(c) on escaped income?

IS IT FAIR TO CHARGE LATE FEES U/S. 234 E FOR DELAY IN FILING RETURN FOR TDS U/S. 194 IA?

[Sections 43CA, 50C and 56 of Income Tax Act, 1961 (“the Act”)] – need for some amendments

Limited Liability Partnerships Part-III

Transmission Formalities (Part II)

Land Acquisition Rehabilitation and Resettlement Bill, 2011

Heritage TDR

Maharashtra Housing (Regulation and Development) Act, 2012

Maharashtra Apartment Ownership Act

Succession Documents

Guarantor’s Liability

Transmission Formalities (Part I)

Real Estate Act

Legal compliance — Directors’ responsibility

Corporatisation of Firms

Penalties and prosecution under the Companies Act – Part 2

Partnership Firm — Stamp Duty Issues

Agricultural land laws : btala, 1948

Business Valuations – An Important Part of M&A

VALUATION OF CUSTOMER-RELATED INTANGIBLE ASSETS

Overseas Direct Investments – Write-Off of Investment

Exports – Write-Off, Netting off Etc

Liberalised Remittance Scheme

PART A: High Court Decisions

PART A: Decisions of the Supreme Court

PART A: CIC Decision

PART A: order of high court

PART C: Information & Around

PART A: Decision of the High Court

PART C: Informati on on & Around

PART A : ORDERS of CIC & the Supreme Court

PART A: Decisions of CIC

PART A: Judgment of H.C. of Bombay

PART B: RTI Act, 2005 – The Use of Right to Information Laws in India:

Part D : Good Governance

Part A : CIC’s decisions, Part B : The RTI Act, Part C : Other News

Securities Laws : A Tale of Two Amendments — Recent controversial amendments by SEBI

ORDERS OF CIC/SICs

Rewriting and Revising Securities Laws – Highlights of some recent amendments

Relief for Shareholders Agreements – SEBI Notifies Long-overdue Relaxations

US Decision Giving Relief to Satyam Directors – Implications for Independent Directors in India

Shareholder Agreements — Bombay High Court Decides

When Can an Open Offer be Avoided? – Supreme Court Decides

Minority Shareholder Squeezeout – Multiple, Conflicting, Loosely Drafted Provisions

Ordinance Empowers SEBI Even More – and Brings Some Ambiguities

Front Running by Non-intermediaries not a Crime – SAT

Anxious Days for NBFCs – Some Policy Reversals, Some Amendments

Mandatory Imprisonment under Companies Bill 2012

Zenith Infotech – A Mini-Satyam? — Disturbing Findings and an Unprecedented SEBI Order

WOULD BUYBACK RESULT IN AN OPEN OFER? — SAT says no and changes existing interpretation

SEBI Investment Advisers Regulations — Formal Birth of a New Profession

Rights Issue by Unlisted Company can Become a Public Issue – Kerala High Court

SAT speaks — a few recent and interesting decisions of SAT

Mandatory e-returns for employers registered under Profession Tax Act, 1975 —Trade Circular 1T of 2011 under Profession Tax, dated 14-1-2011.

Amendment to Central Sales Tax Act, 1956 —Trade Circular 2T of 2011, dated 17-1-2011.

Hire charges on installation of electricity meter in consumer’s premises exempted — Notification No. 131/13/2010-ST, dated 7-12-2010.

Notifications Nos. 02/2010-ST and 17/2010-ST, both dated 27-2-2010 rescinded — Notification No. 51/2010-ST and 52/2010-ST, both dated 21-12-2010.

Taxable service of packaged or canned software exempted — Notification No. 53/2010-ST, dated 21-12-2010.

Further amendments to Notification No. 24/2009-ST, dated 27-7-2009 — Notification No. 54/2010-ST, dated 21-12-2010.

Transport services provided by Government Railways exempted — Notifications Nos. 55/2010-ST, 56/2010-ST & 57/2010-ST, all dated 21-12-2010.

Certain general insurance business services exempted — Notification No. 58/2010-ST, dated 21-12-2010.

Point of Taxation (Amendment) Rules, 2011 and other amendments – Notification Nos. 22 / 2011 to 27/2011 – Service Tax all dated 31st March, 2011

Grant of Refunds against Bank Guarantee — Trade Circular 5T of 2011, dated 11-4-2011.

Adjustment of Refund of F.Y 2010-11 to F.Y 2011-12 up to Rs.1 lakh — Trade Circular 6T of 2011, dated 15-4-2011.

Erection, Commissioning & Construction Works Contract — CENVAT credit restricted to 40% when tax paid on the full value — Notification No. 01/2011, dated 1-3-2011.

Service tax Valuation Rules amended — Notification 02/2011, dated 1-3-2011.

Service tax rules amended — Notification No. 03/2011, dated 1-3-2011.

Air travel service tax enhanced for domestic and international passengers — Notification No. 04/2011, dated 1-3-2011.

RBI/FEMA

Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendmen

Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendme

Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by resident Indians while on a visit outside India

Asian Clearing Union (ACU) Mechanism — Payments for import of oil or gas

Asian Clearing Union (ACU) Mechanism — Indo-Iran Trade

Comprehensive Guidelines on Over-the-Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks

A.P. (DIR Series) Circular No. 47, dated 31-2-2011 — Export of goods and software — Realisation and repatriation of export proceeds — Liberalisation.

Government of India, Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) — F. No. 5(1)/2011-FC, dated 31-3-2011 — Circular 1 of 2011 — Consolidated FDI Policy.

A.P. (DIR Series) Circular No. 48, dated 5-4-2011 — Acquisition of credit/debit card transactions in India by overseas banks — payment for airline tickets.

A.P. (DIR Series) Circular No. 49, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 11 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Money-changing activities.

A.P. (DIR Series) Circular No. 50, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 12 — Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT)/Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 — Cross-Border Inward Remittance under Money Transfer Service Scheme.

A.P. (DIR Series) Circular No. 51, dated 6-4-2011 — A.P. (FL/RL Series) Circular No. 13 — Anti-Money Laundering (AML) standards/ Combating the Financing of Terrorism (CFT) Standards — Money-changing activities.

A.P. (DIR Series) Circular No. 53, dated 7-4-2011 — Overseas forex trading through electronic/internet trading portals.

FCRA Act 2010 comes into force

United Stock Exchange of India notified as a recognised stock exchange.

Changes in conditions to be fulfilled by a recognised Stock Exchange — Incometax (First Amendment) Rules, 2011 dated 4-3-2011.

Scrutiny norms for small taxpayers and senior citizens — Press Release dated 14-3-2011.

Direct Taxes

Notified rate of interest on Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds.

Rate of interest on Senior Citizens Savings Scheme 2004 increased.

A. P. (DIR Series) Circular No. 116 dated 1st April, 2014

A.P. (DIR Series) Circular No. 68, dated 17-1-2012 —Risk Management and Inter-Bank Dealings — Commodity hedging.

A. P. (DIR Series) Circular No. 103 dated 13th May, 2013

A. P. (DIR Series) Circular No. 104 dated 17th May, 2013

A.P. (DIR Series) Circular No. 52, dated 23-11-2011 — External Commercial Borrowings (ECB) Policy — Parking of ECB proceeds.

A.P. (DIR Series) Circular No. 98, dated 30-3- 2012 — Discontinuation of supplying printed GR forms by Reserve Bank.

A.P. (DIR Series) Circular No. 99, dated 30-3-2012 — External Commercial Borrowings (ECB) Policy — Review of all-in-cost ceiling.

A.P. (DIR Series) Circular No. 100, dated 30-3-2012 — Trade credits for imports into India — Review of all-in-cost ceiling.

A.P. (DIR Series) Circular No. 101, dated 2-4-2012 — Overseas Direct Investments — Liberalisation/Rationalisation.

A.P. (DIR Series) Circular No. 104, dated 4-4- 2012 — Authorised Dealer Category-II — Permission for additional activity and opening of Nostro account.

A. P. (DIR Series) Circular No. 115 dated June 25, 2013

A. P. (DIR Series) Circular No. 116 dated June 25, 2013

A. P. (DIR Series) Circular No. 117 dated June 25, 2013

A. P. (DIR Series) Circular No. 118 dated June 26, 2013

A.P. (DIR Series) Circular No. 55, dated 9-12-2011 — Foreign Direct Investment (FDI) in India — Issue of equity shares under the FDI scheme allowed under the Government route.

Establishment of Offices of the Registrar of Companies-cum-Official Liquidator.

Relaxation of Additional Fees for some forms till 31-03-2013

Cost Accounting Records and Cost Audit Record Rules — Clarifications about coverage of certain sectors thereunder.

Cost Accounting Records and Cost Audit Record Rules — Clarifications regarding applicability and compliance requirements.

Extension of date for submission of PAN details In DIN-4.

Company Law Settlement Scheme (CLSS 2011) extended to 15th January 2012.

Allocations of regions under the Regional Director.

Unlisted Public Companies (Preferential Allotment) Amendment Rules, 2011.

Cost Accounting Records Rules prescribed for various products in supersession of the earlier Rules.

Companies Bill.

Withdrawal of draft Dematerialisation of Certificate Rules.

Amendments to the Equity Listing Agreement — Change in format for interim disclosure of results.

Timeline for submission of annual audited financial results for financial year 2011-12.

Alteration to Schedule XIV of Companies Act — Inclusion of intangible assets created under certain circumstances.

CAS-14 — Cost Accounting Standard on pollution control cost.

Whether interest u/s.234A can be levied in case of delayed Return of Income even if self-assessment tax is paid before the due date ?

Whether Concealment Penalty can be levied in case of reduction in loss ?

Whether free/subsidised transport facility is liable to Fringe Benefit Tax — S. 115WB(3)

Concealment Penalty — Whether mens rea is essential ?

Payment to Non-Resident in Respect of Income Not Chargable to Tax — Obligation of TDS u/s.195

Whether Reassement u/s.147 is Permissible on a Mere ‘Change of Opinion’

Whether disputed Enhanced Compensation is taxable in the year of receipt – section 45(5)

In case of expatriate, seconded to Indian Company, liability of TDS on ‘Home Salary’ paid by the Foreign Company outside India — Sec. 192

Concealment Penalty — Whether Disallowed Claim For Expenditure Amounts to “Furnishing Inaccurate ‘Particulars’ ”

Whether Rectification Order can be passed beyond the time limit of four years ?

Withdrawal from Revaluation Reserve— Effect on ‘book profit’U/s.115jb

Whether accrued interest will be nullified by subsequent modification in terms ?

Whether amendment relating to payment of P.F., etc. by ‘due date’ of furnishing return is retrospective ? — S. 43B

Status of ‘Not Ordinarily Resident’ — S. 6(6)

Cryptic order of the AO dropping penalty proceedings Revision u/s.263

Ownership of a Part of the House and Exemption u/s. 54F

Deductibility of ‘set-on’ amount under Payment of Bonus Act

Allowability of Broken Period Interest

Slump sale and S. 50B

‘Urban Land’ Under Wealth Tax Act

Monetary limit for filing of appeal by Income-tax Department

TDS on Discount on Airline Tickets

Taxability of interest on disputed compensation

Deductibility of expenditure on stamp duty and registration charges

Exemption for Educational Institution

Waiver of interest

Interest income and mutuality

Sum Payable — s. 43B

Sale of scrap — Whether income derived from industrial undertaking ?

Reopening of a block assessment

Foreign Exchange Regulation Act— Contravention of provisions of Act — Adjudication proceedings and criminal prosecution can be launched simultaneously — If the exoneration in the adjudication proceedings is on merits criminal prosecution on same set of facts cannot be allowed.

Writ petition — Dispute between Government Undertaking and Union of India could be ordinarily proceeded with only after receipt of permission of COD — As the matter was covered by decision of Supreme Court, as an exception, High Court was directed to deci

Question of Law — Investment allowance — Whether allowable in one year or in several years is a question of law — Decision of Madras High Court not applicable.

Settlement of cases — Settlement Commission — S. 234B applies to the proceedings of the Settlement Commission — The terminal point for levy of such interest is the date of the order u/s.245D(1) — The Settlement Commission cannot reopen its concluded proce

Assessment — Reference to Departmental Valuer

Reassessment — Opinion of DVO alone cannot be the basis for reopening the assessment.

Companies — Special provisions — Minimum Alternate Tax — In determining the book profit of a private limited company whether depreciation should be allowed as per Income-tax Rules or as per the Companies Act — Matter referred to Larger Bench.

Industrial undertaking — Deduction u/s.80-IB — DEPB/Duty drawback benefits flow from the schemes framed by the Central Government or from S. 75 of the Customs Act or from S. 37 of the Central Excise Act, hence incentives profits are not profits derived fr

Interest-tax — Interest on bonds and debentures bought by a non-banking financial company as and by way of investment would not be liable to interest-tax.

Search and seizure — Block assessment — If the assessment is to be completed u/s.143(3) r.w. S. 158BC, notice u/s.143(2) should be issued within prescribed time.

Appeal — Order set aside to the High Court as the relevant decision was not considered.

Interest — Tax — Interest as Government securities not chargeable to Interest Tax

Capital gains — Gains/loss arising on renunciation of right to subscribe is a short-term gain — Deduction u/s.48(2) is to be applied to the long-term capital gains before set-off of short-term loss, if any.

Manufacture or production of article or thing — Activity of extraction of marble blocks, cutting into slabs, polishing and conversion into polished slabs and tiles would amount to ‘manufacture’ or ‘production’ for the purpose of claiming deduction u/s.80-

Manufacture — Duplication from the master media of the application software commercially to sub-licence a copy of such application software constitutes manufacturing of goods in terms of S. 80-IA.

Turnover and value of stock adopted by Sales Tax Authorities is binding on Income-tax Authorities: Addition merely on basis of statement of third parties is not proper:

Educational Institution: Exemption u/s. 10(23C)(iiiad): A. Ys. 2000-01 to 2005-06: The assessee society running 25 educational institutions claimed exemption u/s. 10(23C)(iiiad) in respect of institutions satisfying the conditions: Denial of exemption on the ground that the aggregate receipts of all institutions exceeded limit of Rs. 1 crore: Denial of exemption not proper: Assessee entitled to exemption:

Transfer pricing: A. Y. 2006-07: The Assessing officer cannot substitute the method of ‘cost plus mark up’ with the method of ‘cost plus mark up on FOB’ value of exports without establishing that assessee bear significant risks or AEs would enjoy geographical benefits

Refund : Interest u/s.244A of Income-tax Act, 1961 : A.Y. 2001-02 : TDS certificates submitted during assessment proceedings : Delay on refund not attributable to assessee : S. 244A(2) not attracted : Assessee entitled to interest u/s.244A.

Penalty : S. 271B r/w. ss. 44AB and 80P of I. T. Act, 1961 : Failure to get accounts audited within prescribed time : No tax payable by assessee society in view of s. 80P : Penalty u/s. 271B not to be imposed

Scientific Research and Development Expenditure : S. 35 : Whether machine being used for R&D purpose or for manufacturing, AO not authority to decide but prescribed authority u/s.35(3)

Appeal to Tribunal : Powers of Single member : S. 255(3) : Income computed by AO less than Rs.5 lakhs : CIT(A) enhanced it to more than Rs.5 lakhs : Single member can decide appeal.

Appellate : Powers in matters remitted by High Court restricted to directions by High Court.

Travel business : Expenditure on development of website is revenue expenditure allowable u/s.37(1).

S. 54B : Exemption from capital gains tax cannot be denied where land was purchased in the joint name of the son

S. 80-IA : Twisting and texturising of Partially Oriented Yarn (POY) amounts to manufacturing or production

S. 80-IB : Conversion of polymer granules into specialised polymer alloys in powder form amounts to manufacture

S. 41(1) : Amount in question continued to be shown as liability in balance sheet. S. 41(1) not applicable

S. 69D : Where documents represented bilateral transaction and were not on hundi paper, the provisions not applicable

S. 263 : After certificate having been issued under KVSS, Commissioner not justified in exercising his revisionary power.

Export profit: Deduction u/s.80HHC of Income-tax Act: A.Ys. 1995-96, 1997-98, 1998-99 and 2000-01: Exclusion of mineral oil: Calcined petroleum coke derived from crude petroleum is not mineral oil: Assessee is entitled to deduction.

Section 48 – Capital gain – Full value of consideration – computation of capital gain only refers to full value of consideration received – no occasion to substitute the same :

Section 14A – Shares held as stock in trade – Disallowance cannot be made :

Exemptions – On sale of Agricultural land – Sections 54 B & 54 F:

The Commissioner of Income-Tax-3 vs. M/s. Parrys (Eastern) Pvt Ltd [Income Tax Appeal No. 2220 OF 2013; dt 18/2/2016 (Bombay High court )]

Director of Income Tax(IT)-I vs. M/s Credit Lyonnais [Income Tax Appeal No.2120 of 2013 dt 22/2/2016; Bombay High Court.]

The Commissioner of Income Tax I, Pune vs. Gera Developments Private Limited, Pune. [INCOME TAX APPEAL NO. 2171 OF 2013 dt 29/2/2016 Bombay High court.]

16. Business set up – when the business is established and is ready to commence the business – there may be an interval between the setting up of the business and the commencement – Section 3 of the Act

17. TDS – The liability to deduct tax at source arose – when the amount payable stood credited in the books of Assessee – Even in respect of services received earlier : There can be no estoppel against the statute

18. Transfer Pricing – Once comparable companies have been found functionally non comparable – then the same should be excluded – the same cannot be include merely on the basis of assessee’s inclusion in the transfer pricing study report – There cannot be estoppel against correct procedure of law and principles solely on account of acquiescence or mistake of the assessee

1.Reopening of assessment – No tangible material before the AO for assuming the jurisdiction u/s. 147- Reopening notice was bad in law: Section 148

2. Sale of shares – capital gain vs Business Income- consistency – own funds – considering the volume and frequency of purchase / sale of shares – held not a trader: Section 45

3. Book profit – Accounts prepared and certified in accordance with the provisions of the Companies Act – has to be accepted – cannot be altered – Section 115JB Explanation .

13. Rectification – Retrospective Amendment u/s. 115JB – Rectification made by the A.O on the issue in the order passed u/s. 143(3) r.w.s. 254 of the Act- Such mistake, if any, was in the order originally passed by the A.O. u/s. 143(3) of the Act – Not permissible: u/s. 154 of the Act

14. Reopening of assessment – No reason to believe that the income chargeable to tax has escaped assessment – reopening notice was bad in law. Section 148

Is it fair to insist on e-compliance without adequate machinery

Is it fair to make amendments that may cause unintended hardship (Sub-clauses (e) and (f) of Section 80IB vis-à-vis sub-clause (c)

IS IT FAIR TO EXPECT AN INDIVIDUAL TO DO TDS (EVEN WITH PRESENT EXEMPTIONS)?

Is It Fair To Ignore Prior Agreement For section 50C of Income-tax Act, 1961? [vis-a-vis section 43CA and section 56(2)(vii)(b)]

COPY OF MINUTES OF INTERACTIVE SESSION WITH THE OFFICIALS AS A PART OF VIGILANCE AWARENESS WEEK

Contact details of Income Tax Ombudsman, at different Centres

Redressal of grievances

Order under Clause 12 of the Income Tax Ombudsman Guidelines, 2006

Reply of BCAS Letter

Post Budget Memorandum 2016

Representation regarding removal of difficulties in ITR-6 faced by Foreign Companies

Section 69 – Treating the long-term capital gain disclosed on the sale of shares as non genuine, bogus and sham transaction – Off market transaction not unlawful

Section 2(47) r.w.s. 48 – Redemption of preference shares amounts to transfer within meaning of section 2(47) – Held Yes – Assessee would be entitled to benefit of indexation

Section 68 – Share Application Money & Unsecured loan from family members of directors – Unexplained cash credits

Section 80IB Deduction – 100% export oriented undertaking – Duty drawback receipt, duty drawback receipt not derived from industrial undertaking –

Section 271(1)(c) – Where assessee’s claim for deduction under section 80-IB was rejected for not satisfying conditions u/s. 80-IB(7A), penalty u/s. 271(1)(c) was not leviable

Special Leave Petitions – An Update

Interpolation of seized material – There are no other materials – Notings recorded on the seized material found with the searched person other than the assessee- SLP Dismissed-

Trust – forfeiture of exemption for breach of section 13(1)(d) – proviso to section 164(2) – levy of maximum marginal rate of tax only to that part of the income which has forfeited exemption – It does not refer to the entire income being subjected to maximum marginal rate of tax – SLP Dismissed

Additional Evidence – Sub-rule (3) of Rule 46AOpportunity of hearing should be provided, to the Assessing Officer to examine the additional documents – SLP Dismissed

Techinical services – transmission of electricity – Without any human intervention – No TDS u/s 194J – SLP Dismissed

Infrastructure Facility – Deduction u/s 80-IA(4) whether admissible to inland container depots and inland freight stations – SLP Granted-

87. CBDT issues instructions for relaxing the time frame prescribed u/s. proviso to s/s. 2 of Section 143(1) relating to the date of processing refunds. This would be applicable in cases where the return of income has been filed within the time frame prescribed. Refund is due to the assessee but due to technical reasons not attributable to the assessee, the return has not been processed – Instruction no 18/2013 dated 17th December 2013 (F.No. 225/196/2013-ITA -II) -copy available on www. bcasonline.org

88. CBDT has issued a letter to all the Chief Commissioners of income- tax clarifying certain issues and laying down important directives for smooth implementation of Safe Harbour Rules which were earlier prescribed – Letter dated 20-12-2013 F.No. 500/139/2012/FTD-1 copy available on www.bcasonline.org

1. Agreement for Avoidance of double taxation and Prevention of fiscal evasion with respect to taxes on income between Government of the Re-public of India and the Government of Republic of Fiji enters into force on 12th August 2014 – Notification No. 35/2014/F.No.503/11/2005/-FTD-11 dated 12th August, 2014

2. Extension of due date of filing of the return of income – Order F. No. 225-268-2014-ITA.II dated 16th September, 2014

3. Agreement for Avoidance of double taxation and Prevention of fiscal evasion with respect to taxes on income between Government of the Republic of India and the Royal Government of Bhutan enters into force on 17th July, 2014 – Notification No. 42 dated 5th September, 2014

4. CBDT notifies norms for procedure and criteria for compulsory manual selection of cases for scrutiny during Financial Year 2014-2015 – Instruction No. 6 dated 2nd September, 2014

The CBDT has made the following amendments vide the Income-tax (Eighth Amendment) Rules, 2011 with effect from 1st November 2011

Notification No. 15/2012 [F.No. 149/21/2010- S.O. (TPL)]/S.O. 694 (E), dated March 30, 2012 — Income-tax (fourth amendment) Rules, 2012 — Amendment in the New Appendix I.

Instructions regarding e-payment of ITAT fees: Office order [F. No. 19-AD(ATD)/2012 dated 13-12-2012 (Reproduced)

Assessment of preceding years in search cases during election period – Circular No. 10/2012 dated 31-12-2012

No deduction of TDS u/s. 197A in certain specified cases –Notification no. 56/2012 DATED 31-12-2012

Extension of time limit for filing ITR V – Notification no. 1/2013 under the CPR Scheme 2011 dated 7-1-1203

Protocol amending the DTAA between India and Netherlands notified with effect from 2nd November 2012 signed – Notification no. 2/2013 dated 14-1-2013

Notification No. 14/2012 (F.No. 142/31/2011- TPL)/S.O. 626 (E), dated March 28, 2012 — Income-tax (third amendment) Rules, 2012 — Amendment in Rule 12 and substitution of Forms ITR 1, ITR 2, ITR 3 ITR 4S, ITR 4 and ITR V.

Circular on issuance of TDS Certificates in Form No. 16A downloaded from TIN Website.

Tribunal News: PART B

Section 246A, Rule 45(2) – Once the appeal filed by the assessee if found to be legally invalid and dismissed as such, the assessee can file another appeal which has to be considered along with condonation application, and if admitted has to be decided on merit.

S. 250(6) — An order passed by CIT(A) without mentioning point of determination as also without giving any reason for decision while dismissing the appeal is violative of S. 250(6).

Section 50C does not apply to transfer of immovable property held through company.

S. 2(24) — Income — Whether the receipts of non-occupancy charges, transfer fees and voluntary contribution from its members by the cooperative housing society is taxable — Held, No.

Section 32, Appendix to Income-tax Rules – UPS being energy saving device is entitled for higher depreciation @ 80%.

ACIT vs. Goodwill Theatres Pvt. Ltd. ITAT Mumbai `G’ Bench Before R. K. Gupta (JM) and N. K. Bllaya (AM) ITA No. 8185/Mum/2011 A.Y.: 2008-09. Decided on: 19th June, 2013. Counsel for revenue / assessee: D. K. Sinha / Vijay Mehta

Karwat Steel Traders vs. ITO Income tax Appellate Tribunal Mumbai Bench “A”, Mumbai Before B. Ramakotaiah (A. M.) and Vivek Varma (J. M.) ITA No. 6822 / Mum / 2011 A Y 2008-09. Decided on 10.07.2013 Counsel for Assessee / Revenue: K. S. Choksi / Manoj Kumar

Nirupama K. Shah v. ITO ITAT ‘B’ Bench, Mumbai Before D. Manmohan (VP) and Rajendra Singh (AM) ITA No. 348/Mum./2010 A.Y.: 2006-07. Decided on: 18-11-2011 Counsel for assessee/revenue: Dr. K. Shivaram/O. A. Mao

Section 271(1)(c) – No penalty can be imposed if Assessing Officer has not pointed out any specific fact not disclosed by the assessee or any wrong particulars furnished by the assessee. Based on the primary facts disclosed by the assessee inference drawn by the AO could have been drawn.

S. 23 (1)(a) — Municipal ratable value determining factor — Rent received more — Actual rent to be annual value — Notional interest on interest-free security deposit/rent received in advance not to be added.

Wealth-tax Act, 1957, S. 2(ea)(i)(5) — Where the assessee owns a warehouse which is let out on rental basis and used by the tenant for its business, the warehouse is to be excluded as an asset.

S. 14A — Assessee maintaining separate books of account for the purpose of business and the investments, from which the exempt income was earned — Held no disallowance.S. 36(2) — Bad debts in the business of vyaj badla — Held, allowable.

Section 40(a)(ia) — Per majority — Section 40(a)(ia) can apply only to expenditure which is outstanding as on 31st March and does not apply to expenditure which is paid during the previous year.

Section 54EC — The limit of Rs.50 lakh referred to in the proviso to section 54EC is with reference to a financial year — If subscription for eligible investment was not available to the assessee during the period of six months, then investment made beyond a period of six months qualifies for deduction u/s.54EC.

Section 32(1) — Depreciation is allowable on pre-operative expenses which are revenue in nature, allocated to fixed assets since the expenses were incurred on setting up fixed assets and in pre-operative period the assessee was only engaged in putting up fixed assets on rented land.

Tribunal News: PART A

Subscription fees for database access which contains repository of information otherwise available in public domain is not royalty within the means of S. 9(1)(vi) or Article 12 of India-USA DTAA.

(2013) 88 DTR 288 (Ahd) Harshadbhai Dahyalal Vaidhya (HUF) vs. ITO A.Y.: 2005-06 Dated: 26.04.2013

Salary income of an expatriate who partly rendered services in India and partly outside India not chargeable to tax in India in respect of proportionate period for which services performed outside India

[2012] 137 ITD 318 (Chennai) Shri Rengalatchumi Education Trust vs. ITO (OSD) Exemptions A.Y. 2004-05 to 2007-08 Dated 25th March, 2011

(2012) 150 TTJ 265 (Ahd.)(TM) ITO vs. Sardar Vallabhbhai Education Society ITA No.2984 (Ahd.) of 2008 A.Y.2000-01 Dated 18-09-2012

The total amount of adjustment, along with the arm’s length price already reported by an assessee, cannot exceed the total amount of revenues earned by the assessee and its associated enterprises from third party customers.

S. 275 read with S. 271B — Bar of limitation for imposition of penalty also applies to penalty imposed u/s.271B

S. 28 — Contractual payment made by the assessee firm to its retiring partners, in terms of the partnership deed, is not includible in the total income of the assessee since to that extent income has never reached the hands of the assessee.

S. 45 and S. 48 — Amount received by the society from the builder for permitting him to construct additional floors on existing building of the society by utilising TDR FSI belonging to him is not chargeable to tax since there is no cost of acquisition.

S. 43(6)(c) — When an asset is sold, the block of assets stands reduced only by moneys payable on account of sale of the asset and not by the fair market value of the asset sold.

S. 50C — Substitution of sales consideration on transfer of land and building with the value adopted by the stamp valuation authority — Assessee objecting to the substitution of sales price — AO has no discretion and should refer the matter to Valuation O

Explanation to S. 73 — Speculation business — Assessee company earning income from the sale of shares — AO holding that income earned was from speculation — On the facts held that income earned was in the nature of capital gains.

S. 37(1) — Capital or revenue expenditure — Cost of tools and dies — Allowed as expenditure on its issue for production.

Article 5 of India-Singapore DTAA; Section 9(1) of the IT Act – (i) Since the Indian parent company of Singapore subsidiary (Sing Sub) carried on all material activities, and since the Singapore subsidiary was merely shipping goods to Indian customers, fixed place PE of Sing Sub was constituted as what is relevant to be seen is the scope of activities carried out; (ii) on facts, dependent agent PE was constituted; (iii) the AO was directed to compute profit and attribute the same to PE as per directions given and various decisions on the issue.

Article 12 of India-USA DTAA — Payment received by Amazon for cloud services provided by it is not royalty or fees for included services in terms of Article 12 of DTAA.

Article 13(4) of India-Mauritius DTAA (prior to its amendment) — Capital gain arising on sale of shares of Indian company is not taxable in India.

Article 5 of India-Switzerland DTAA – Liaison Office (LO) does not constitute PE as long as it is adhering to the approval conditions imposed by RBI

Article 4 of India – Singapore tax treaty – Tie Breaker in case of individual breaks in favor of Singapore since the assessee stayed in a rental house with his family in Singapore. The Indian house was rented and the assessee paid tax on Singapore income.

Article 13 of India – UK DTAA – Where payment for use of the software is not taxable, services intricately and inextricably associated with use of software are also not taxable.

Article 12 of India – Singapore tax treaty – Uplinking and Playout Services are not royalty or FTS

Article 13(4A) of India – Singapore tax treaty – Tax authorities cannot go behind TRC issued by Singapore tax authorities. Gain on sale of shares acquired prior to 1st April, 2017 is not taxable in India.

Article 28 of India-Malaysia DTAA – Article 28 cannot be invoked if the company is having substance in the form of employees, revenue and is set up for valid business reasons; Article 12 of India-Malaysia DTAA – Sub-licensing payment to a Malaysian company for: (a) Logo Rights; (b) Advertising Privileges; (c) Promotion Activities Rights; and (d) Rights to Complimentary Tickets, in respect of the cricket matches outside India, is not in nature of royalty under Article 12 of India-Malaysia DTAA.

Section 115-O read with Dividend Article of DTAA – Dividend Distribution Tax (DDT) rate prescribed under section 115-O cannot be reduced to rate mentioned in Dividend Article of DTAA rate applicable to a non-resident shareholder.

Section 9 r.w. Article 13 of India-Mauritius DTAA – Where Mauritius company had acquired CCPS prior to 1.4.2017 but they were converted into equity shares after said date, without there being any substantial change in rights of the assessee, LTCG derived from the sale of such equity shares were within the ambit of Article 13(4) of India-Mauritius DTAA, and hence, was exempt from tax in India.

Article 12(5) of India-Finland DTAA — Services are performed at the place where service is used and not where services are rendered — In absence of make available clause in India-Finland DTAA, consideration is chargeable to tax in India; Article 21 of India-Finland DTAA — Since providing corporate guarantee was not business activity but shareholder obligation, corporate guarantee fee was Other Income covered under Article 21 of India-Finland DTAA.

Article 13(4) of old India-Mauritius DTAA – Having failed to establish that assessee is a conduit, basis TRC issued by tax authorities, the assessee is a tax resident of Mauritius and is entitled to DTAA benefits

Section 9, read with sections 195 and 201, of the Act — Payments made for Live Rights are not payments for copyright as broadcasting Live events does not amount to a work in which copyright subsists — hence, they cannot be charged to tax as royalty under section 9(1)(vi) of the Act

Sections 9(1)(vii)(b), 195, and 40(a)(i) of the Act — Payments made to foreign service providers for testing, implementation, tutoring and demonstrating services to offshore clients in respect of software developed by the taxpayer is merely a support service and not in the nature of FTS. Even if it is considered to be FTS, still, payment is within the source rule carve out u/s 9(1)(vii)(b) of the Act since: (a) payments were made to foreign service provider who was a non-resident; (b) it had not rendered the services in India; (c) it did not have any permanent establishment in India; and (d) the services were utilised by the taxpayer in business carried on outside India, or for the purpose of making or earning income from a source outside India

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