EIRC 1st May 2017 1

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EIRC NEWSLETTERVOL 43 ISSUE : 3 1st MAY 2017 ` 10/-

EASTERN INDIA REGIONAL COUNCIL

(Set up by an Act of Parliament)

2 EIRC 1st May 2017

EIRC 1st May 2017 3

Dear Esteemed Colleagues,

“God grant me the serenity to accept, the things that I cannot change.

The courage to change the things that I can, and the wisdom to know the difference”

With this prayer, let me walk into my work station, amidst greetings of the cheerful and energetic council members and staff. We are in the initial period of scorching summer. Climate change is essential and a universal

truth. This perennial change of season leads nature to present its best. Likewise, in our profession we have a perpetually changing work environment. There can be no denying that we are based in a profession that is continually finding new and better ways to service the interest of society. For our professionals to maintain this vital ability of being conversant with the latest developments and to be able to serve the interest of the society, we require tremendous honing of the skill sets and development of new skill sets to unfold further avenues of growth. There would be more opportunities and fresh challenges. As partners in nation building, we can ensure to take our profession to the next zenith.

In the words of John F. Kennedy “The goal of education is the advancement of knowledge and the dissemination of truth”. The Institute thus stands aloft in imparting the constant and continuous professional education to its members. The importance of education is evident by the greater heights of glory and recognition that we achieve in life. Let us continue our quest for knowledge . To sum up on education, I quote in the words of Sydney J. Harris “The whole purpose of education is to turn mirrors into windows”. Let us all be part of ushering in a new era of professional attainment of excellence, let us elevate our profession and the ICAI to greater prominence of glory. In this context, I would also like to call upon our members to take keen interest in learning the various aspects of the GST law which is now knocking our doors. The members then in turn need to be mentors to the society and service their social responsibilities of being educated. The society is expecting a lot from the fraternity. We need to propagate the knowledge and do a lot of hand holding exercise. Let us all stand together and join hands with the Government in smooth implementation of the law. Let us tender our keen involvement in this transition process. I would sincerely request my members to urge various trade bodies to organise GST Awareness Events and to play a role of resource person and involve in deliberating at such events. It would be great if they could associate ICAI as knowledge partner and give due coverage of the same. The members can send the news of such events with photographs to EIRC at eircchairman@icai.in.

Regional Conference

EIRC takes pleasure in announcing its 42nd Regional Conference at Science City, Kolkata. I take privilege in extending my personal invitation to participate and make this event a grand and fruitful one and hence request all to block dates 22nd & 23rd of December 2017 in your busy diary for the same. The complete details would be shared at EIRC Website and through other communication channels. Also you may take note of various upcoming CPE programmes given in this Newsletter and register for it as per your convenience. All Regions conference titled “Sangam-the Confluence of Knowledge” is scheduled to be held at Darjeeling and I heartily invite members to attend the same.

Allow me to take you to the world of those few amongst us or the family of our professional brethren who left this world or those who are lesser fortunate. They crave for our attention, financially and morally. The CA Benevolent Fund helps them; but without our support can the needful be done? It is time that we contribute towards this fund. It is my desire that the entire membership of the Eastern region becomes a member of this fund and contributes regularly to the cause of our professional brothers and sisters. It gives utmost satisfaction when a member or their family who had applied for financial assistance calls me and thank for being assisted by ICAI. Let us all contribute as it is said Charity begins at home. I have observed that many of our members are trustees of various charitable and social organisations and contribute towards social cause. I would urge all our members to at least start with a membership contribution of Rs.2500/- only and be member of the CA Benevolent Fund.

Before I sign off, I must say that the key to the success of EIRC has been the belief in ourselves. Every member of the Eastern Region has chipped in with his contribution towards the great cause of achieving excellence in whatever we do. I urge upon everyone to come forward and join hands and take proactive steps to soar still higher.

We adore our Profession!

We salute our Institute!

We respect our Council!

We are proud to be a “Chartered Accountant”

With warm greetings,

CA Manish Goyal

Chairman, EIRC of ICAI

Day & Date Course Name Registration Details Course Fees ` CPE

24th June to 15th July 2017 (Only Staurday & Sunday)

Forensic Accounting & Fraud Detection http://pqc.icai.org/course/fafd-cc-2

ContactCA Amit Gupta, Secretary, CIT, ICAI

Tel - 0120 3045961amitgupta@icai.in

20000 20

Saturday, 8th July 2017 onwards (20 Days)

Certificate Course on Wealth Management and Financial Planning

http://220.227.161.86/35877ccbcaf25359-wmfp-rform.pdf

ContactDr.Sambit Kumar Mishra, Secretary, CCBCAS, ICAI

Tel -0120-3045994sambit.mishra@icai.in

12,000 for Members born after

1.1.1987

15,000 for Other Members

30

Saturday, 6th May onwards (12 Days)

Certificate Course on International Financial Reporting Standards

http://ccm.icai.org/?progid=1391

ContactCA Geetanshu Bansal, Secretary, INDAS, ICAI

Tel - 0120-3045928ifrs@icai.in

24,000 for Members born after

1.1.198730,000 for Other

Members

30

Commencement of Various Certificate Courses at Kolkata

4 EIRC 1st May 2017

Forthcoming Programme

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

EIRC

Thursday,4th Workshop on GST Eminent Speakers EIRC EIRC Premises, 5.30pm to 10 600May 2017 Russell Street 8.30pm 250 per dayFriday, 5th May 2017 3.00pm to Saturday, 6th 7.00pmMay 2017 Only Saturday)Tuesday, Demystifying LLP Conversion Eminent Speakers CA Nitesh More EIRC Premises, 5.30pm to 3 1009th May 2017 Russell Street 8.30pm Spot 130Wednesday, Seminar on Benami Transaction Ms. Nivedita Prasad, DCIT, Kolkata CA Anirban Datta EIRC Premises 5.30pm to 3 10010th May 2017 CA K K Chapparia Russell Street 8.30pm Spot 130Friday, Breakfast Meeting on GST for Members in Eminent Speakers CA Sonu Jain EIRC Premises 8.00am to 2 10012th May 2017 Industry and Women Members Russell Street 10.00amSaturday, Insolvency and Bankruptcy Law Summit Details inside in page 7 EIRC The Park Hotel, 9.30am to 6 120013th May 2017 Kolkata 5.30pm Spot 1500 Monday, 1st time Adoption of Ind As CA Vivek Agarwal CA Sumit Binani EIRC Premises, 5.30pm to 3 10015th May 2017 Russell Street 8.30pm Spot 130Friday, Investor Awareness Programme Mr. Sanjeev Zarbade, Mumbai CA Sanjib Sanghi EIRC Premises 6.00pm to 2 Free 19th May 2017 “Lets Talk Market” Russell Street 8.00pm Saturday, GST Conclave – II Details inside in Page 7 EIRC National Library, 9.30am to 6 70020th May 2017 Kolkata 5.30pm Spot & Non-Members 1000Friday, Role of Auditors of NBFC`s CA Mohit Bhuteria CA Nitesh More EIRC Premises, 4.30pm to 3 10026th May 2017 and expectation of Regulators Eminent Speakers from RBI Russell Street 7.30pm Spot 130Saturday, Seminar on Direct Taxes Eminent Speakers EIRC Park Hotel, Kolkata 9.30am to 6 1200 27th May 2017 5.30pm Spot 1500Friday, 6 Days Workshop on GST Eminent Speakers EIRC EIRC Premises, 5.30pm to 18 10002nd June 2017 Russell Street 8.30pm 250 per dayMonday 5th June toFriday, 9th June, 2017 Saturday, Seminar on “Use of Data Analytic Tools, Details inside in Page 7 EIRC Hotel Lalit Great 9.30am to 6 Members -3rd June, 2017 Big Data Analytics and Artificial Intelligence Eastern, Kolkata 5.30pm Rs 2500. in Assurance Services by CAs” Non Members - Rs 3000Saturday, Workshop on Ind AS Eminent Speakers EIRC The Hotel Park, 9.30am to 6 120010th June 2017 Kolkata 5.30pm Spot 1500 Monday, Seminar on Standards on Auditing - Eminent Speakers CA Anirban Datta EIRC Premises, 5.30pm to 3 10012th June 2017 SA 700,705,706 Russell Street 8.30pm Spot 130Friday, Expectation of Regulators from Eminent Speakers & Regulators CA Sonu Jain EIRC Premises, 5.30pm to 3 10016th June 2017 Forensic Auditors Russell Street 8.30pm Spot 130Saturday, GST Conclave – III Eminent Speakers EIRC **EZCC, Salt Lake 2.00pm to 6 700 17th June 2017 Kolkata 8.00pm Spot & ** Proposed Non Member 1000Monday, Seminar on NRI Taxation Eminent Speakers CA Sumit Binani EIRC Premises, 5.30pm to 3 10019th June 2017 Russell Street 8.30pm Spot 130Wedsnesday, Workshop on Internal Financial Control Eminent Speakers CA Sanjib Sanghi EIRC Premises, 5.30pm to 3 10021st June 2017 Reporting Russell Street 8.30pm Spot 130Friday, 23th Implications of GST Rules Eminent Speakers CA Nitesh More EIRC Premises, 5.30pm to 3 100June 2017 on Trade & Industry Russell Street 8.30pm Spot 130

Day anD Date Programme Details Venue Duration

imPortant Dates

Saturday, 24th June to Monday, RESIDENTIAL – Joint All Region Conference Cresent Resort, Darjeeling Details inside in Page 826th June, 2017 (3 Days & 2 nights)

Friday, 22nd & Saturday, 23rd 42nd Regional Conference 2017 (12CPE) Science City Auditorium, Kolkata 10.00am to 5.00pmDecember 2017

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. Out of the Registration Fees collected for each programme Rs .10 per person would be contributed to Chartered Accountant Benevolent Fund.

EIRC 1st May 2017 5

Study Circle

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

ACAE Chartered Friday, 5th May 3 Day Workshop on GST Eminent Speakers CA Pramod Kr. Mundra ACAE, Emami 4.00pm to 9Accountants’ Study Saturday, 6th May 9831276443 Conference, Hall, 7.00pmCircle-EIRC Friday, 12th May info@acaekolkata.org 6, Lyons Range, 3rd fl. (2.00pm to 2017 pkmundra@gmail.com Unit-2, Kolkata-1 5.00pm on 6th May

Central Kolkata Saturday, GST Conclave CA Sushil Kumar Goyal, CA J P Bagree VidyaMandir Hall, 2.00 pm to 6Chartered Accountants’ 6th May 2017 Council Member,ICAI 9830082308 1, Moira Street, 8.00 pmStudy Circle-EIRC CA Rakesh Garg, Delhi jpbagree@gmail.com Kolkata - 700 017 CA Jatin Harjai, Jaipur CA Pulak Saha, Kolkata

Central Kolkata Saturday, GST Provisions Analysis – 1 Eminent Speakers CA Hari Ram Agarwal 6, Lyons Range, 3.00pm to 3Chartered Accountants’ 13th May 2017 9830630386 3rd Floor, Unit-2, 6.00pmStudy Circle-EIRC gk.sons@hotmail.com Emami Conference Hall, ACAE office, Kolkata-700 001

Central Kolkata Saturday, GST Provisions Analysis – 2 Eminent Speakers CA K L Agarwal 6, Lyons Range, 3.00pm to 3Chartered Accountants’ 20th May 2017 9331032856 3rd Floor, Unit-2, 6.00pmStudy Circle-EIRC kla1964@rediffmail.com Emami Conference Hall, ACAE office, Kolkata-700 001

Central Kolkata Saturday, Annual Conference cum Seminar Eminent Speakers CA B L Rathi The Lalit Great Eastern 10.00am 6Chartered Accountants’ 8th July 2017 9831030153 1,2,3 Old Court House to 5.00pmStudy Circle-EIRC blrathi@rediffmail.com Street, Dalhousie Square Kolkata- 700001

VITTA Salahkar Saturday, GST- A Road Map CA Vikash Dhanania CA Ajay Gupta Barabazar Library, 4.00pm to 3Chartered Accountants’ 6th May 2017 9674749832 10/1/1 Syed Salley Lane, 7.00pmStudy Circle-EIRC Kolkata-700073

VITTA Salahkar Friday, GST-Weekend Day -1 CA Abhishek Tibrewal CA Rikky Agarwalla Barabazar Library, 5.00pm to 3Chartered Accountants’ 12th May 2017 9433463475 10/1/1 Syed Salley Lane, 8.00pmStudy Circle-EIRC Kolkata-700073

VITTA Salahkar Saturday, GST-Weekend Day -2 CA Rohit Surana CA Navin Sureka Barabazar Library, 4.00pm to 3Chartered Accountants’ 13th May 2017 9903250389 10/1/1 Syed Salley Lane, 7.00pmStudy Circle-EIRC Kolkata-700073

VITTA Salahkar Sunday, GST-Weekend Day -3 CA Vivek Jalan CA Govind Prakash Agarwal Barabazar Library, 10.00am to 3Chartered Accountants’ 14th May 2017 9831064437 10/1/1 Syed Salley Lane, 1.00pmStudy Circle-EIRC Kolkata-700073

BRANCH DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

BRANCH

Bhubaneswar Branch Saturday, 5th & All India Conference Eminent Speakers CA Rashmi Ranjan Mishra *Hotel May Fair 10.00am to 12 Sunday, 6th Aug, 2017 9438008999 Bhubaneswar Convention, 5.00pm * Proposed Dibrugarh Branch Saturday 10 Days Certificate Courses Eminent Speakers Dibrugarh Branch - 9.30am to 30 6th May, 2017 on GST 5.30pmGuwahati Branch Sunday, Workshop on Capacity Building Eminent Speaker CA Kamal Mour Jorhat – 6 14th May 2017 Measure for Practioners (Topic GST amd ICDS) Guwahati Branch Monday, Seminar on GST and ICDS Eminent Speakers CA Kamal Mour Nagaon – 3 15th May 2017 Siliguri Branch Saturday,13th, Certificate Course on Eminent Speakers CA Pijush Berlia ICAI BHAWAN, 10.00am to 30 20th, 27th & Concurrent Audit 9611676644 Teenbatti More 5.00pm Sunday, 14th, 21st, CA Yogesh Kr. Agarwal Siliguri 28th May 2017 9832065518 siliguri@icai.org

Tinsukia Branch Tuesday, Sub - Regional Conference “Honing CA (Dr.). Debasish Mitra, CA Shashi Bhushan Goel Branch Premises, 2.00pm to 6 9th May, 2017 your Professional Armaments*” Council Members, ICAI Shyam Bhawan, 8.30pm CA (Dr.) Griish Ahuja Manav Kalyan Namghar Road, Tinsukia (Assam) *The programme is subject to approval from the CPE Committee of ICAI

6 EIRC 1st May 2017

EICASA

EICASADAY AND DATE KNOWLEDGE SESSION RESOURCE PERSON VENUE DURATION DELEGATE FEES `

Monday, 22nd May 2017 Seminar on Filling of TDS Return CA Ghanshyam Kalani EIRC Premises, Russell Street 10.00am to 1.00pm 100

Wednesday, 24th May 2017 Branch Level Elocution & Quiz – EIRC Premises, Russell Street 10.00am to 5.30pm Free Contest (National Talent Hunt)

Monday, 29th May 2017 International Study Tour – Thailand & Pataya 4 Nights 5 Days 26000

Thursday, 13th & Friday, National Convention of CA Students at EIRC & EICASA Kalamandir, Kolkata 10.00am to 5.00pm 50014th July, 2017 Kolkata

My Dear Student Friends,Time flies. It is really so. It seems that I closed my eyelids and on opening it is three months erased ! Let me quote Robert Browning; how rightly and with what simplicity he expressed this universal feeling – “petty done, vast undone.” During these three months I have tried harder than the hardest towards introducing newer and novel approaches into the entire functioning of EICASA which in the long run would effectively add to the well

being of the larger lot of CA pursuants. But time is running fast and I have come to realize the fact that movement is a steady and continuous process. You have to be strong and strict towards your vision to reach your mission.

The month of April has always been a month of breath-taking as well as challenging month for our professionals. The magic of this profession lies in the fact that pursuants of this profession also get the opportunity to taste and share this challenge, for being in article-ship. They do shoulder responsibility entrusted to them by their employer. They disperse in various corners of the country with the purpose of auditing, work and get hands-on experience and exposure to the profession. This way they get both the opportunity of learning and slowly getting into the profession , understanding at the same time the magnanimity of our profession. I am sure that the irksome month would definitely ensure your involvement with the profession.

Our Institute is such an organization which always seeks for betterment. It keeps pace with the flow of time and consequent upon it moulds and modifies itself. This can be proven by reflecting upon the making of its website. Day by day, ICAI is developing its website extending its ambit and providing various opportunities for students enabling them to getting almost everything for study simply screen-touching. Let me remind them also that use technology for your study keeping

yourselves away from different allurements of it. I am confident that you do have the guts to focus on your solitary goal of reaching the zenith.

From May, we are entering into the month of study-festival, for it is the month of Examination – a month full of fearful happiness and excitement. I wish all the examinees heartiest wishes in advance and pray for their success.

Let me take this opportunity to announce that this time in May and for the first time ever in the history of EICASA, we are all set to go for a study tour to Bangkok and Pataya.

Preparation of National Convention has also been enthusiastically started by EICASA. We are expecting a great pull of almost 1600 participants in this congregation. It will be held at Kalamandir on 13th & 14th July 2017. You are advised not to let go this opportunity from away from your way. It will be a programme full of congregation of innovations. Please get yourselves registered or else you would be repenting upon not doing. We are also organizing Branch Level Elocution & Quiz Contest at EIRC Auditorium, Russell Street on 24.05.2017, notification of which has already been hoisted in the EIRC Website and printed elsewhere in this issue. Please register yourselves for participation. It costs no price and a priceless experience.

Miles to go before I leave and your cooperation, suggestions, proposals and exuberance is craved for. Mind is always full of ideas and minds of the youth are spilling over with concepts and perceptions. Let’s get them their own proper place. Come to EICASA. Discover and reserve your place. Do something innovative. Let’s get together for the sunniest purpose of taking part in re-building our parents’ land.

Leaving with the craving to reach to you just after a short break of one month.

CA Sonu JainChairperson EICASA and Vice Chairperson EIRC of ICAI

Last Minute Revision Class on IPCC Audit & Assurance by CA Sudeepa Sen held on 12th April 2017 Lecture Meeting on Mercantile Law for CPT by CA Aditya Daima held on 17th April 2017

Passing CA Exam : A combination of correct presentation with adequate knowledge for IPCC & Final Students by CA Avinash Sacheti held on 8th April 2017

Seminar on Communicative English by Mr Chandan Ghosh Chowdhury held on 20th April 2017

EIRC 1st May 2017 7

Announcement

CLASSIFIEDNANDY HALDER & GANGULI, is a Kolkata based CA Firm with a branch in Delhi established in 1973 presently having 8 partners (3 DISA) and 8 FCA.

The Firm is a category – I PSU Bank Central/Branch Auditor, CAG empanelled (with PSU Audit) and various other private and government assignments is looking for DISA/CISA qualified partners immediately.

Contact Phone : (033) 2230-0008, 2210-5018 l Mob : 9433331681,

9831203590Email : nandyhalderganguli1973@gmail.com

INSOLVENCY AND BANKRUPTCY LAW SUMMIT GST Conclave - II

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

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA Gautam RoychowdhuryMembership No. 050873

Passed away on 5th October 2016

CA Sailendra Nath MukhopadhyayMembership No. 002909

Passed away on 26th November 2016

CA Narayan Krishna Roy ChowdhuryMembership No. 009640

Passed away on 3rd January 2017

CPE : 6 Hrs. CPE : 6 Hrs.

Organized by

Committee on Corporate Laws and Corporate Governance Committee, ICAI

Hosted by

Eastern India Regional Council of the ICAI

The Institute of Chartered Accountants of India

Theme : Is it Now time for Big Reforms

Day & Date : Saturday,13th May 2017

Time : 9.30am to 5.30pm

Venue : Hotel The Park, Kolkata

Inaugural Session

Chief Guest – Adv. Nalin Kohli, Eminent Supreme Court Lawyer

Technical Session-1

Insolvency and Bankruptcy Code and related CA Vinod KothariTaxation Aspects

Technical Session-II

Implications of Amendments in Schedule –III CA (Dr.) Debashis Mitra,Of Companies Act 2013 Council Member, ICAI

Panel Discussion on Insolvency and Branckruptcy Code

• Shri Vijai Pratap Singh, Hon`ble Judicial Member, NCLT, Kolkata

• Mr Sanjeev Pandey, DGM, Insolvency & Bankruptcy Board of India, New Delhi

• CA Subodh Kumar Agrawal, Past President, ICAI, Kolkata

• CA Arun Kumar Jagatramka, CMD, Gujarat NRE Coke Ltd, Kolkata

• Mr A N Dhar, General Manager, SBI, Kolkata

• CA Ashish Chhawcharia, Kolkata

Moderator – CA Sumit Binani, Secretary, EIRC

Organized by Eastern India Regional Council of the ICAI

The Institute of Chartered Accountants of IndiaDay & Date : Saturday,20th May 2017

Time : 9.30am to 5.30pm

Venue : National Library, Kolkata

Topics Speakers

Transition provisions and purpose of transition with specific reference

to:

• Migrationandimplicationsofavoidanceofmigration

• Balanceofcreditinlastreturns

• Embeddedcreditsinfirstreturns CA Puneet Agarwal, Delhi

Deemed sales under VAT law and its transformation in GST with

specific focus on the following areas repeated for each of the 6 forms

of deemed sales:

• Continuationofpreviousconcept

• Completechangeinpreviousconcept CA Arun Agarwal, Kolkata

GST Inter / Intra State Supply alongwith Input Tax Credit

CA Jayesh Gupta, Bengaluru

Fees : Member `2500Non Member ` 3000

CPE : 6 Hrs.

Fees : ` 700Spot/ Non Member ` 1000

Fees : ` 1200 Spot/ Non Member ` 1500

Seminar on Use of Data Analytic Tools, Big Data Analytics and Artificial

Intelligence in Assurance Services by CAs

Organized by

Committee on Information Technology, ICAI

Hosted by

Eastern India Regional Council of the ICAI The Institute of Chartered Accountants of India

Day & Date : Saturday, 3rd June, 2017

Time : 9.30 am to 5.30 pm

Venue : Hotel Lalit Great Eastern, Kolkata

Session I Benford’s Law • ConceptofBenford’sLaw • BenefitintermsofSavingTime,increaseefficiencylevel Case Study

Session II Use of Advance Excel • Varioustechniquestoincreaseefficiencylevel&quality • UseofExcelinERP/SAPEnvironment of Assurance Services

Session III Artificial Intelligence & Big Data Analytics • Concept • HowtointroduceAI&BDAinAssuranceServices

Eminent Speaker

8 EIRC 1st May 2017

Announcements

RESIDENTIAL –ALL REGION JOINT CONFERENCEOrganised by - Eastern, Western, Southern, Central & Northern India Regional Councils of

The Institute of Chartered Accountants of India

Title of the Conference Date Place CPE Residential – All Region Joint Conference Saturday 24thJune to Monday 26th June, 2017

(3D/2N)Darjeeling 12 Hrs

Topics Date & Time SpeakerGST : An adventurous Journey in waiting Saturday, 24th June 5.30pm to 8.30pm CA Dharmendra SrivastavaUnveiling the Finance Act 2017 Sunday, 25th June 10.00am to 1.00pm Dr. Girish AhujaPreparation of Financial Statements as per IND AS Sunday, 25th June 5.00pm to 8.00pm CA Chinnaswamy GanesanProfession with responsibilities, challenges and opportunities Monday, 26th June 10.00am to 1.00pm CA Uttam Prakash Agarwal, Past President, ICAINearest Railway Station: New Jalpaiguri(NJP) Ex Kolkata

Departure by Train (AC-3 Tier) from Sealdah to New Jalpaiguri on Friday, 23rd June 2017 (9 pm)Return by Train (AC-3 Tier) and arrival Kolkata on Tuesday, 27th June 2017 (Early morning)

Nearest Airport : Bagdogra ( IXB)Siliguri is 4 kms from NJP and 10 kms from Bagdogra.

Ex Kolkata Delegate Fees Ex Siliguri Delegate Fees

Members Rs.15,000 Members Rs.12,000

Spouse (Non Member) Rs.14,000 Spouse (Non Member) Rs.11,000

Non Members Rs.16,000 Non Members Rs.14,000

Children upto 8 Years Rs.8,000 Children upto 8 Years Rs.6,000

Registration on first cum first served basis and closes on 25th May 2017. Once registered no refund on cancellation.Cheque to be drawn in favour of ‘ICAI-EIRC’

Registration & Further Details:For Kolkata- Mr. Amit Paul, 9674073910 (033) 30211133, eirc@icai.in

For Siliguri – Secretary, Siliguri Branch of EIRC 98320-65518, siliguri@icai.org

EIRC 1st May 2017 9

Judicial Pronouncements &

A. DIRCECT TAXESCompiled by CA RAJ SINGHANIA

Email : rajsinghania_ca@yahoo.co.in1. CIT vs. Equinox Solution Pvt. Ltd (Supreme Court)S. 45/ 50(2): If an undertaking is sold as a running business with all assets and liabilities for a slump price, no part of the consideration can be attributed to depreciable assets and assessed as a short-term capital gain u/s 50(2). If the undertaking is held for more than three years, it constitutes a “long-term capital asset” and the gains are assessable as a long-term capital gain The assessee claimed that as it had sold their entire running business in one go with its assets and liabilities at a slump price, the provisions of Section 50 (2) of the Act could not be applied to such sale. It was claimed that it was not a case of sale of any individual or one block asset which may attract the provisions of Section 50 (2) of the Act. It was also claimed that that since the undertaking itself is a capital asset owned by the assessee nearly for six years and being in the nature of long term capital asset and the same having been sold in one go as a running concerned, it cannot be termed a “short terms capital gain” so as to attract the provisions of Section 50 (2) of the Act as was held by the Assessing Officer. This plea was upheld by the e CIT (Appeals), Tribunal and the High Court. On appeal by the department to the Supreme Court HELD dismissing the appeal:(i) In our considered opinion, the case of the respondent (assessee) does not fall within the four corners of Section 50 (2) of the Act. Section 50 (2) applies to a case where any block of assets are transferred by the assessee but where the entire running business with assets and liabilities is sold by the assessee in one go, such sale, in our view, cannot be considered as “short-term capital assets”. In other words, the provisions of Section 50 (2) of the Act would apply to a case where the assessee transfers one or more block of assets, which he was using in running of his business. Such is not the case here because in this case, the assessee sold the entire business as a running concern.(ii) As rightly noticed by the CIT (appeal) that the entire running business with all assets and liabilities having been sold in one go by the respondent-assessee, it was a slump sale of a “long-term capital asset”. It was, therefore, required to be taxed accordingly.(iii) Our view finds support with the law laid down by this Court in Commissioner of Income Tax, Gujarat vs. Artex Manufacturing Co. [1997(6) SCC 437 CIT].(iv) In Premier Automobiles Ltd. vs. Income Tax Officer & Anr., 264 ITR 193 (Bombay) also, the Division Bench of the Bombay High Court examined this question in detail on somewhat similar facts and has taken the same view. The Learned Judge S.H Kapadia – (as His Lordship then was as Judge of the Bombay High Court and later became CJI) speaking for the Bench aptly explained the legal position to which we concur as it correctly summarized the legal position applicable to such facts.(v) Learned Counsel for the appellant (Revenue) was not able to cite any decision taking a contrary view nor was he able to point out any error in the decisions cited at the Bar by the assessee’s counsel referred supra.2. CIT vs. Annamalaiar Mills (Supreme Court)Capital gains: An amount received from a wholly-owned subsidiary in consideration of transfer of shares of the WOS to a group of shareholders is not taxable as capital gains. The Department cannot subject a transaction under the Gift-tax Act and also levy tax under the Income-tax Act.(i) M/s Annamalaiar Mills (P) Ltd., respondent herein is a holding company of M/s Annamalaiar Textiles (P) Ltd. Hundred per cent shares of M/s Annamalaiar Textiles (P) Ltd. were held by the respondent company. In the respondent company, there were two groups of shareholders; the majority shareholder called Group A was having 61.26 per cent shares whereas the minority shareholders called Group B were holding 38.74 per cent shares.(ii) An agreement was entered into between the two groups on 24.06.1985 by which Group A came to hold all the shares in the holding company i.e. the respondent herein and Group B was given 100 per cent shares in the subsidiary company i.e. M/s Annamalaiar Textiles (P) Ltd. However, M/s Annamalaiar Textiles (P) Ltd also paid a sum of Rs.42.45 2 lakhs to the respondent company .(iii) Proceedings under the Gift Tax Act were initiated in respect of payment of Rs.42.45 lakhs received by the respondent company. However, we are not concerned with the question of levy of gift tax under the present proceedings.(iv) The assessing officer treated the amount of Rs.42.45 lakhs paid by the M/s Annamalaiar Textiles (P) Ltd. to the respondent company as capital gain on the footing that since both the companies are now 100 per cent owned by Group A or Group B, as the case may be, payment of Rs.42.45 lakhs was to off set valuation of the shares of M/s Annamalaiar Textiles (P) Ltd.(v) The Assessing Officer opined that the respondent herein-assessee was liable to pay tax for capital gains which was upheld in the appeal before the Commissioner of Income Tax

RECENT JUDICIAL PRONOUNCEMENT - DIRECT TAXES (Appeals). However, the Income Tax Appellate Tribunal, Madras, in appeal preferred by the respondent herein accepted the pleas put forth by the respondent herein, set aside the assessment and restored the matter to the Income Tax Officer so that the assessee may approach the Central Board of Direct Taxes. The Income Tax Officer was further directed to finalise the assessment in accordance with the directions that may be given by the Central Board of Direct Taxes.(vi) The matter was taken up before the High Court of Madras and the order of the Tribunal was upheld by the Madras High Court.(vii) The sole question which arises for our consideration is as to whether the sum of Rs.42.45 lakhs paid by M/s Annamalaiar Textiles (P) Ltd. to the respondent company is liable to any capital gains or not.(viii) It is not in dispute that M/s Annamalaiar Textiles (P) Ltd. did not pay any amount to the shareholders who ultimately got the shares transferred in their names. The respondent was holding 100 per cent shares of M/s Annamalaiar Textiles (P) Ltd., before it was transferred to Group B. No payment was made to the shareholders belonging to Group B and, therefore, the question of there being any capital gains at the hands of the respondent herein does not arise.(ix) Needless to mention that the transaction of payment of Rs.42.45 lakhs had been subjected under the Gift Tax Act and the Department cannot claim both under the Gift Tax Act and also levy tax under the Income Tax Act.

Important Notifications - Direct Taxes

G.S.R. 318(E).—In exercise of the powers conferred by sub-section (3) of section 115BBF, read with 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 (5th Amendment) Rules, 2017. (2) They shall come into force on the1st day of April, 2017.

2. In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), after rule 5F, the following rule shall be inserted, namely:-

“5G. Option form for taxation of income from patent under section 115BBF.-

(1) For the purposes of exercising the option for taxation of income by way of royalty in respect of a patent developed and registered in India, by an eligible assesse undersection 115BBF, the eligible assessee shall furnish Form No. 3CFA duly verified in the manner indicated therein, and the same shall be furnished by the eligible assessee in the following manner, namely:-

(i) electronically under digital signature; or

(ii) electronically through electronic verification code.

[Notification No. 25 /2017/F. No. 370142/1/2017‐TPL]

G.S.R. 325(E). — In exercise of the powers conferred by clause (c) of sub-section (2) of section 80JJAA read with 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 ( 6th Amendment), Rules, 2017. (2) They shall come into force from the 1st day of April,2017.2. In the Income-tax Rules, 1962 (hereafter referred to as the Principal rules), for the existing rule 19AB, the following rule shall be substituted, namely:-“19AB. Form of report for claiming deduction under section 80JJAA. Report of an accountant which is required to be furnished by the assessee along with the return of income under clause (c) of sub-section (2) of section 80JJAA shall be in Form No. 10DA.”

[Notification No. 26/2017 /F. No. 370142/3/2017-TPL]

G.S.R. 331(E).—In exercise of the powers conferred by section 139A and section 285BA, read with 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 (Seventh Amendment) Rules, 2017. (2) It shall be deemed to have come into force from the 1st March, 2017.2. In the Income-tax Rules, 1962, in rule 114B, in the fourth proviso, for the figures, letters and words“28th day of February”, the figures, letters and words “30th day of June” shall be substituted.

[Notification No. 27/2017/F. No. 370142/32/2017-TPL]

10 EIRC 1st May 2017

EIRC EventsNotifications & CircularsIndirect Taxes

A. CENTRAL EXCISECompiled and Edited By CA. Raginee Goyal

Email: raginee@gmail.com

1. Central Excise (Advance Rulings) Amendment, Rules 2017 (Notification No. 08/2017-Central Excise NT Dated 31-03-2017)

2. Central Excise (Settlement of Cases) Amendment Rules, 2017 (Notification No. 09/2017-Central Excise NT Dated 12-04-2017)

3. Seeks to amend CENVAT credit Rules, 2004 to allow the importer of the goods to take Cenvat credit on basis of the challan of payment of service tax by the said importer on the services provided by a foreign shipping line to a foreign charterer w.r.t. goods destined for India.(Notification No. 10/2017-Central Excise NT Dated 13-04-2017)

B. SERVICE TAX

1. Service Tax (Advance Rulings) Amendment, Rules 2017 (Notification No. 12/2017-Service Tax Dated 31-03-2017)

2. Service Tax (Settlement of Cases) Amendment Rules, 2017 (Notification No. 13/2017-Service Tax Dated 12-04-2017)

3. Seeks to amend Point of Taxation Rules, 2011 with effect from 22nd January, 2017 so as to provide the point of taxation of services provided by a foreign shipping line to foreign charterer w.r.t. goods destined for India as the date of bill of lading of goods in the vessel at the port of export. (Notification No. 14/2017-Service Tax Dated 13-04-2017)

4. Seeks to amend notification No. 30/2012-ST dated 20.06.2012 so as to specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of such goods by a vessel from a place outside India up to the customs station of clearance in India. (Notification No. 15/2017-Service Tax Dated 13-04-2017)

5. Seeks to amend Service Tax Rules, 1994 so as to,(i) Specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of such goods by a vessel from a place outside India up to the customs station of clearance in India. (ii) Provide an alternate mechanism for calculating and paying service tax, Swachh Bharat Cess and Krishikalyan Cess. (Notification No. 16/2017-Service Tax Dated 13-04-2017)

6. Issues related to levy of service tax on the services provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India to the customs station in India (Circular No.206/4/2017-STF.No.354/42/2016-TRU-dated 13-04-2017)

INDIRECT TAX

Compiled and Edited By: CA. Raginee GoyalEmail: raginee@gmail.com

1. 2014 (309) E.L.T. 411 (All.) - CONTINENTAL CEMENT COMPANY Versus UNION OF INDIA :

Held that: Unless there is clinching evidence of the nature of purchase of raw materials, use of electricity, sale of final products, clandestine removals, the mode and flow back of funds, demands cannot be confirmed solely on the basis of presumptions and assumptions. Clandestine removal is a serious charge against the manufacturer, which is required to be discharged by the Revenue by production of sufficient and tangible evidence. When there is no extra consumption of electricity, purchase of raw materials and transportation payment, then manufacturing of extra goods is not possible. No purchase of raw material outside the books have been proved.

2. 2015 (323) E.L.T. 106 (Del.) - COMMISSIONER OF C. EX., DELHI Versus BIHARIJI MANUFACTURING CO. PVT. LTD.:

Demand - Clandestine removal of goods - Evidence - Tribunal, on appreciation of facts held that Revenue has failed to adduce any positive/tangible evidence of clandestine removal and that demand of duty is based on assumptions and presumptions - Demand, confiscation, penalty accordingly set aside - Findings of Tribunal being pure findings of fact, no question of law is involved - No ground for interference by High Court - Section 11A of Central Excise Act, 1944. Tribunal has noted that a finding of clandestine removal can only be returned based on positive evidence produced by the Revenue.

Held that: A finding of clandestine removal cannot be returned on the basis of mere presumptions and suppositions. The Tribunal concluded that there is nothing on record to show that the goods were actually cleared as no statement of any such customer has been brought on record. There is no question of any duty being demanded from them and that the goods seized from their premises were also not liable for confiscation.

3. 2012 (275) E.L.T. 470 - (Tri. - Mumbai)COMMR. OF CENTRAL EXCISE, NASHIK Versus GANESH AGRO STEEL INDUSTRIES:

There is no statement of transporter/transporters either, barring in case of the Vehicle No. MH-04-AL-4044. Even if there was slight variation in the vehicle numbers nothing prevented department to cause investigation in those cases and record the statement of the owners of the vehicle. The broker on whose statement the whole offence case is built no action whatsoever is proposed or taken against him, nor he has been made party in the show-cause notice.

Held that: It is correct that clandestine activity at best can be established only by circumstantial evidence and it will be humanly impossible to establish every link in the chain of clandestine activity without any break. However, statement of the broker who himself not made party in SCN, not a corroborative evidence - Though clandestine activity at best established by circumstantial evidence, the case cannot be based on assumption and presumption and surmises or conjunctures.

RECENT JUDICIAL PRONOUNCEMENT - INDIRECT TAXESNOTIFICATIONS & CIRCULAR ON CENTRAL EXCISE & SERVICE TAX

EIRC 1st May 2017 11

EIRC Events

Seminar on TDS on 7th April, 2017 Awareness Programme on Customs, Central Excise & Service Tax Settlement Commission on 13th April, 2017

GST Conclave I on 22nd April, 2017 Workshop on ICDS from 17th to 19th April, 2017

Cracking the Limited Insolvency Examination from 24th to 26th April, 2017

Seminar on Finance Act 2017 on 10th April, 2017

CA Sunil Surana CA Jayesh Gupta

CA Sushil Kumar Goyal, VIce Chairman, IDTC, ICAI

CA V Raghuraman

CA Suresh Kejriwal

CA Mohit Bhuteria

CA Priyanka Choraria

CA K N Jain, Past Chairman, EIRC CA Sumit Binani, Secretary, EIRC

CA Ghanshyam Kalani Shri Prashant Kumar, Vice Chairman, Settlement Commission

Shri Khalid Aizaz Anwar, Sr. Jt. Commissioner, Commercial Taxes

CA Manoj Fogla

L - R CA Sushil Kr. Goyal, CCM, ICAI, CA Manish Goyal, Chairman, EIRC, CA V Raghuraman, CA Rankeet Kr Agarwal, CCM, ICAI

CA P R Kothari

CA Vivek Newatia

CA S S Gupta

CA Bimal Jain

Seminar on Taxation of Trust and NPO on 28th April 2017

CA Sushil Kr. Goyal, CCM, ICAI, CA Manu Agarwal, CCM, ICAI, CA Naveen ND Gupta, Vice President, ICAI, CA (Dr.) Debashis Mitra,CCM,ICAI, CA Ranjeet Kumar Agarwal,CCM,ICAI

Visit of CA Naveen ND Gupta, Hon`ble Vice President, ICAI

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

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

BOOK POST

12

All Region Chairmen Meet with the President and Vice President of ICAI on 12th April 2017 at ICAI Head Office - New Delhi

Brahmapur Branch – Seminar on Bank Audit & Budget

Bhubaneswar Branch – Workshop on Understanding of GST Framework & Implementation

Guwahati Branch – Seminar on Direct Taxes

Workshop on Cash Transaction on 10th April, 2017 in Association with Siliguri Merchant Association

Tinsukia Branch – Seminar on Changes effective from 1st day of April, 2017 in the Income Tax Act, 1961,w.r.t. Cash Transactions

(L - R) Mr. V Sagar, Secretary, ICAI, CA Rakesh Makkar, Chairman, NIRC, CA Cotha S. Srinivas, Chairman, SIRC, CA Nilesh S Vikamsey, President, ICAI, CA Naveen N D Gupta, Vice President, ICAI, CA Vishnu Agarwal, Chairman, WIRC, CA Manish Goyal, Chairman, EIRC, CA Deep Kumar Misra, Chairman, CIRC

L-R : CA Saroj Ranjan Maharana, Secretary, Brahmapur Branch, CA Ranjeet Kumar Agarwal, Council Member, ICAI, CA Amara Kanta Padhy, Chairman, Brahmapur Branch, CA S S Gupta

L to R: Shri Santosh Kumar Sahoo, CEO & Managing Partner, Computer LAB, CA. Rashmi Ranjan Mishra, Chairman, Bhubaneswar Branch of EIRC of ICAI, Chief Guest : Shri Susanta Kumar Panda, IRS, Chief Commissioner, Service Tax, West Bengal, Guest of Honour : Sri Ananda Satapathy, OFS, Additional Commissioner, Commercial Tax, Odisha, Speaker : CA Tejas Desai, and CA Sugyan Kumar Sahoo, Secretary, Bhubaneswar Branch of EIRC of ICAI.

Seen are: CA Shashi Bhushan Goel. Member, Tinsukia and CA Pawan Kumar Agarwal, Tinsukia and Other Members

L-R : CA Kamal Mour, CPE Committee Chairman, CA MahabirAgarwala, Chairman, CA G. Sekar, Council Member,ICAI cum Speaker, CA Nirmal Kumar Kotecha, Session Chairman, CA (Dr.) Debashis Mitra, Council Member, ICAI cum Speaker, CA Dhiraj Kumar Jain, Secretary, Guwahati Branch

(R-L) : CA Pawan Lahoti-Vice Chairman-Siliguri Branch, CA Sanjay Das-Chairman-Siliguri Branch, CA Gopal Choudhury –Speaker.

CA 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 : eirc@icai.in