FORTHCOMING EVENTS. Date Committee Programme Description Venue Pg. No.

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1 RNI No. MAHENG/2015/67505 Postal Reg. No. MCS/210/ Vol. V Issue 8 February 2018 Total Pages - 12 Price ` 2/- Sr. No. Date Committee Programme Description Venue Pg. No Direct Taxes Public Meeting on BUDGET (Jointly with Matunga CPE Study Circle of WIRC and FFE) Matunga Gymkhana, Lakhamsi Napoo Road, Opp. Podar College, Matunga, Mumbai Delhi Chapter Budget Talk 2018 Aiwan-E-Ghalib Auditorium, Mata Sundari Lane, New Delhi Direct Taxes Public Union Budget Meeting 2018 (Jointly with Ghatkopar CPE Study Circle of WIRC, FFE and 14 other organisations) to Indirect Taxes Workshop on GST Law (Jointly with AIFTP (WZ), BCAS, GSTPAM, MCTC & WIRC of ICAI) Corporate Connect Lecture Meeting Impact Analysis of Budget 2018 on Capital Markets Membership & Public Relations Self Awareness Series (Only for SAS Members) Direct Taxes Half Day Workshop on Direct Tax Provisions of Financial Bill, 2018 (Jointly with WIRC of ICAI) Indirect Taxes Half Day Workshop on Indirect Tax Provisions of Finance Bill, 2018 (Jointly with WIRC of ICAI) Study Circle & Study Group SC on Direct Tax Provisions of Finance Bill, 2018 (For SC Members Only) Allied Laws ALC-Study Circle Meeting (For Allied Laws SC Memebrs Only) IT Connect Half Day Seminar on Bitcoin/Crypto-Currencies : Investment, Legal and Tax Issues Membership & Public Relations Direct Taxes Committee to to International Taxation International Taxation FORTHCOMING EVENTS Indoor Box Cricket Tournament (Jointly with GSTPAM and MCTC) Half Day Seminar on Charitable Trusts KJ Somaiya Inst. of Mgt Studies, Vidyanagar, Vidyavihar (E), Mumbai GSTPAM, Mazgaon Library, 1st Floor, 104, Vikrikar Bhavan, Mazgaon, Mumbai Walchand Hirachand Hall, IMC, Churchgate, Mumbai CTC Conference Room, New Marine Lines, Mumbai Walchand Hirachand Hall, 4th Floor, IMC, Churchgate Walchand Hirachand Hall, 4th Floor, IMC, Churchgate SNDT Committee Room, SNDT College, Churchgate CTC Conference Room, New Marine Lines, Mumbai Jai Hind College, A. V. Room, Churchgate, Mumbai The Turf Club, Thakur VIllage, Kandivali (E), Mumbai Babubhai Chinoy Committee Room, IMC, Churchgate 4th International Study Tour Hotel Le Meridien, Mauritius 5 12th Residential Conference on International Taxation, 2018 President: Ajay R. Singh (Tel.: ) Vice President: Hinesh R. Doshi (Tel.: ) Hon. Jt. Secretaries: Ketan L. Vajani (Tel.: ) Nishtha M. Pandya (Tel.: ) Treasurer: Parag S. Ved (Tel.: ) The Grand Bhagwati, Indore Student The Dastur Essay Competition Renewal Notice Unreported Decisions (Direct Taxes) Unreported Decisions (Service Tax) CTC Publications 12 Interested members may enrol from the Chamber s website : to make the payment online. Outstation members are requested to make the payment online or send DD/at par Cheque in favour of The Chamber of Tax Consultants. Debit & Credit Cards are accepted

2 Day & Date : Saturday, 10 th February, 2018 Time : 9.30 a.m. to 1.30 p.m. DIRECT TAXES COMMITTEE Chairman: Ashok Mehta Vice-Chairman: Abhitan Mehta Convenors: Dinesh Poddar, Neelam Jadhav, Dharan Gandhi Advisor: K. Gopal HALF DAY WORKSHOP ON DIRECT TAX PROVISIONS OF FINANCE BILL, 2018 Fees : ` 800/- + ` 144/- (GST) = ` 944/- (Including Course Material, Refreshments and Tea/Coffee) Speakers : CA Yogesh Thar and CA Gautam Nayak (JOINTLY WITH WIRC OF ICAI) The Finance Bill, 2018 will be tabled in the Parliament on 1 st February, This year, there are many expectations from the Budget on account of demonetisation, and on account of various other measures taken against curbing future generation of Black money. At the same time, it has also been speculated that the Government would try and give benefits to the middle class who has been bearing the brunt of increased price and GST. It is apprehended that there will be many amendments in the area of Direct Taxes. The amendments proposed by the Finance Bill are likely to have far reaching impact and it is a must for any tax professional to study the amendments and its impact in a thorough manner. The amendments pose newer challenges for a tax professional to learn, unlearn and relearn the provisions of the Income Tax Act in a detailed manner. With a view to have threadbare analysis of the Direct Tax provisions of the Finance Bill 2018, the Direct Tax Committee has organised a Half-day Workshop on the subject. The relevant details for the seminar are as under: Venue : Walchand Hirachand Hall, 4 th Floor, IMC, Churchgate, Mumbai INDIRECT TAXES COMMITTEE Chairman: Naresh Sheth Vice-Chairman: Atul Mehta Convenors: Bharat Oza, Hemang Shah, Sumit Jhunjhunwala Advisor: A. R. Krishnan HALF DAY WORKSHOP ON INDIRECT TAX PROVISIONS OF FINANCE BILL, 2018 Day & Date : Saturday, 10 th February, 2018 Time : 2.30 p.m. to 6.00 p.m. (JOINTLY WITH WIRC OF ICAI) The Finance Bill will be presented by Finance Minister in Parliament on Thursday, 1 st February, 2018 and which might have far reaching impact on Business & Trade. With a view to have a threadbare analysis of the Indirect Tax Proposal of Finance Bill, 2018, the Indirect Taxes Committee of The Chamber of Tax Consultants has organised a Half-day Workshop on Finance Bill, 2018 jointly with WIRC of ICAI. The details are as under: Speaker : CA A. R. Krishnan & Mr. Vipin Jain, Advocate Fees : ` 800/- + ` 144/- (GST) = ` 944/- (Including Course Material, Refreshments and Tea / Coffee) Venue : Walchand Hirachand Hall, 4 th Floor, IMC, Churchgate, Mumbai Day & Date : Friday, 16 th February, 2018 Subject : Wills and Succession (Will Cover) Will- Meaning, Intestacy - Meaning, Council- Meaning, Persons Competent to make a will, Essential Characteristics, Construction of Will and Essential Clauses in Will, Execution and attestation of Will, Preservation of Will, Revocation of Will, Alternation of Will, Registration and stamping of Will, Types of Will, Applicability of Succession of Act to Will, Types of Succession- Testamentary and Inheritance, Debts and Liabilities of the estate of the testator, Succession Laws and Obtaining Grants to Wills - BY probate, Administration and succession Certificate Speaker : Ms. Loshika Bulchandani, Advocate Time : 5.30 p.m. to 6.00 p.m. (Snacks) 6.00 p.m. to 8.00 p.m. (Discussion) ALLIED LAWS COMMITTEE Chairman: Rahul Hakani Co-Chairman: Paras S. Savla Convenors: Nihar Mankad, Ranit Basu, Keerthiga Sharma Advisor : Pravin Veera ALLIED LAWS STUDY CIRCLE MEETING (FOR ALLIED LAWS SC MEMBERS ONLY) Venue : CTC Conference Room, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai

3 .. _ Estd.1926 THE CHAMBER OF TAX CONSULTANTS 3, Rewa Chambers, Ground Floor, 31 New Marine Lines, Mumbai Tel.: / / ctcessay@gmail.com Visit us at: lnnovate Excel&Lead THEDASTUR ESSAY COMPETITION 2018 I I. For Students of Law & Accountancy 1 prize t 10,000/- Oki\ prize t 7,500/- ', L '!1prize t 5,000/- About The Dastur Essay Competition This year is the 91 st year of Chamber and it takes immense pleasure in inviting applications for its Seventh Essay Competition. The Chamber has been organizing The Dastur Essay Competition since 2012 for Law Students and Article Trainees pursuing CA, CS and ICWACourse. We, at The Chamber believe that young students are the future leaders of our nation. They have the strength to bring ideas to life. Writing is an important tool for bringing ideas from mind to action & also painting inner voice. "We write to create ourselves". Hence, we request you to take this excellent opportunity to get your creative ideas flowing and allow the writer within you to shine. Objectives The objective of the Competition is to cultivate good reading and writing communication skills coupled with encouraging "creativity", a quality which every human being possesses, possibly hidden and may be unknown to the individual himself. By engaging students in an essay writing contest, we seek to raise their inquisitiveness, enhance their research skills and fuel their creativity, to build these requisite qualities in future professionals. Since, creativity is a sine qua non for professionals. This competition will encourage students to express their views / opinions in a creative manner. Topics The topics for The Dastur Essay Competition, 2018 are: ( 1 ) GST - Boon or Bane (2) What Swachh Bharat Signifies For Me And Way Forward I 1 (3) Is Intolerance Growing Nationally & Internationally L A certificate of appreciation will be awarded to all the participants. The top 3 essays will be published along with a photograph of the participant in The Chamber's Journal and top 10 essays will be uploaded on the website of Chamber. Chairman Mr. Sanjeev Lalan Vice Chairperson Convenors Advisor Ms. Niyati Mankad Mr. Ryan Fernandes Mr. Sachin Maher Mr. Parimal Parikh * For Rules & Regulations please visit our website 3

4 INTERNATIONAL TAXATION COMMITTEE Chairman: Rajesh P. Shah Co-Chairman: Rajesh L. Shah Vice-Chairman : Kartik Badiani Convenors : Rakesh Upadhyay, Shreyas Shah, Isha Sekhri, Harshal Bhuta Co-ordinators : Bhaumik Goda, Kartik Mehta 12TH RESIDENTIAL CONFERENCE ON INTERNATIONAL TAXATION, 2018 THURSDAY, 21 ST JUNE, 2018 TO SUNDAY, 24 TH JUNE, 2018 THE GRAND BHAGWATI, INDORE The International Taxation Committee is pleased to announce its 12 th Annual Residential Conference on International Taxation from 21 st June 2018 to 24 th June 2018 at The Grand Bhagwati (TGB), Indore. The focus is on international taxation and other practical issues related thereto. The Conference The field of International Taxation has witnessed rapid developments globally in recent past. With various BEPS action plans being implemented by several countries, recently released final guidelines for determining POEM, indirect transfers, secondary adjustments, thin capitalisation, transfer pricing etc., there will be lot to discuss on cross-border taxation issues in the months to come. Coupled with global and domestic development in international taxation are the frequent changes made by the regulator i.e., the Reserve Bank of India (RBI) in the regulatory law; FEMA Given the changes and its far reaching impact on the day-to-day practice, need for learning through intensive study and analysis has become a continuous process. The Venue Indore is a city in west-central India. It is known for the 7-Storey Rajwada Palace and the Lal Baug Palace, which date back to Indore s 19th-century Holkar dynasty. The Holkar rulers are honoured by a cluster of tombs and cenotaphs at Chhatri Baag. The night market Sarafa Bazar sells street food. East is the Indo-Gothic Gandhi Hall and clock tower. The Jain temple Kanch Mandir has a mirrored mosaic interior. The Grand Bhagwati Palace is Indore s finest Five Star state-of-the-art technology hotel, which serves only vegetarian food, operated and managed to the highest standards set by TGB in Catering all over India & abroad. The hotel is located on 8.62 acres, with its beautiful gardens & Banquet halls, its exquisite architecture and splendorous décor. Kindly block your diaries - Complete details including topics and faculty is given below. Airlines have slashed prices for flights to Indore. So, book early and save more!! Sr. No. Topic Speaker A. Group Discussion Papers 1. Recent Developments in International Taxation CA Padamchand Khincha & Mr. K. K. Chaitanya, Advocate 2. Case Studies on MLI & BEPS CA Geeta Jani* 3. Foreign Trusts Tax and Regulatory Implications for resident Indians CA Anup P. Shah B. Presentation Papers 1. Tax & Regulatory aspects of Panama/ Paradise/HSBC leaks Chairman: CA Dilip J. Thakkar Speaker: Mr. Amit Desai, Advocate* 2. US Tax Reforms India Impact Chairman: CA Rashmin Sanghvi Speaker: CA Hariharan Gangadharan 3. GST Impact on Cross-Border Transactions Mr. K. Vaitheeswaran, Advocate C. Panel Discussion Case Studies on International Taxation and Transfer Pricing *Subject to confirmation Chairman Eminent Faculty Panellists Eminent Faculty Eminent Faculty 4

5 Conference Fees Up to 28 th February, 2018 (*Free Overnight Bag to early bird delegates) After 28 th February, 2018 ` 16,500/- + ` 2,970/- (18% GST) = ` 19,470 /- for member ` 18,000/- + ` 3,240/- (18% GST) = ` 21,240/- for non-member ` 18,000/- + ` 3,240/- (18% GST) = ` 21,240/- for member ` 19,500/- + ` 3,510/- (18% GST) = ` 23,010/- for non-member Notes: 1. Conference will start at 2.30 p.m. on 21 st June preceded by lunch from p.m. onwards. It will end on 24 th June by 2.00 p.m. followed by lunch. Participants are advisded to book tickets accordingly. 2. Indore Airport and Indore Railway station are about 25 mins. from the Hotel. Delegates have to make their own travel arrangements from / to Airport / Railway Station to Hotel. Prepaid Taxis are available. 3. Conference fee is inclusive of 3 Nights / 4 Days accommodation on double-occupancy basis, including meals for all 4 days, course material, and use of certain hotel facilities on complementary basis. 4. If the participant has identified his room partner, request you to communicate the choice of the room partner while filling up the form. 5. In case of cancellation, no refund request shall be entertained, except under genuine unavoidable circumstances and subject to the discretion and approval of the International Tax Committee. Interested Members may enroll from The Chamber s website to make online payment. Members can also download the Form from The Chamber s website or may collect it from The Chamber s office and send it along with the Cheque/DD/Pay Order in favour of The Chamber of Tax Consultants. Outstation members are requested to make the payment by at par Cheque / Demand Draft only. Debit / Credit Card accepted. Co-ordinator : Mr. Hitesh Shah Manager, CTC. Mobile : TH INTERNATIONAL STUDY TOUR AT HOTEL LE MERIDIEN, MAURITIUS We are pleased to inform you that the International Taxation Committee of the Chamber of Tax Consultants is set to hold 4th International Study Tour at Le Meridien, Mauritius on 28th April, 2018 to 2nd May, The Tour Details is as under: HIGHLIGHT: Visit to Finance Ministry of Mauritius Presentation on various tax treaties of Mauritius with specific reference to India Taxation of Mauritius Company ENROLLMENT CLOSED IT CONNECT COMMITTEE Chairman: Dinesh Tejwani Vice-Chairperson : Maitri Savla Convenors: Alok Jajodia, Uday Shah Advisor: Hitesh R. Shah BITCOIN/CRYPTO-CURRENCIES : INVESTMENT, LEGAL AND TAX ISSUES Day & Date Friday, 16 th February, 2018 Timing 5.30 p.m. to 8.30 p.m. Topics Speakers Session : 1 Mr. Ajeet Khurana Angel Investor Former CEO :SINE IIT Bombay Bitcoin and Other Crypto-currencies Bitcoin and other crypto-currencies Legal status in India and other countries Bitcoin Exchanges in India Session : 2 Mr. Nishchal Joshipura, Partner, Nishith Desai & Associates Crypto-currencies : Direct Tax and GST Issues Direct Tax Issues GST Issues Who should attend? All members of CTC and non members from tax community must attend this event to understand this complex evolving phenomena of crypto currencies. The Objective: Objective of this seminar is more detailed understanding of working of crypto currencies and its emerging challenges to direct tax and GST. Venue: Jai Hind College, A. V. Room, 4th Floor, Churchgate, Mumbai Fees : Members: ` 300/- + ` 54/- (18% GST) = ` 354/- Non-Members: ` 500/- + ` 75/- (18% GST) = ` 575/- Student : ` 100/- + ` 18/- (18% GST) = ` 118/- 5

6 MEMBERSHIP & PUBLIC RELATIONS COMMITTEE Chairman: Paresh Shah Co-Chairman: Sachin Gandhi Vice-Chairman: Lalitchandra Panchal Convenors: Mahesh Madkholkar, Keshaba Palo Advisor: Yatin Desai INDOOR BOX CRICKET TOURNAMENT Jointly with GSTPAM and MCTC Second Indoor Box Cricket Tournament (with Tennis Ball) is organised by The Chamber of Tax Consultants jointly with The Goods & Services Tax Practitioners Association of Maharashtra and The Malad Chamber of Tax Consultants to enjoy and rejuvenate mind and body for better health for the members. This would provide an opportunity to enhance skills like sportsman spirit, team building, communication and build strong inter personal relationship and social bonding amongst members, which in turn shall lead to Professional Excellence. The brief details of the Tournament are as under: Day & Date : Saturday, 10 th March, 2018 Time : 3.30 p.m. to 9.30 p.m. Venue : The Turf Club, Thakur Village, Kandivali (East), Mumbai Charges : For Players: ` 750/-(Including GST) per person For Guests: ` 250/- (Including GST) per person towards Tea/Dinner The enrolment is restricted to 35 Players per Association on first cum first served basis. Interested members may enroll as a player with the enrollment fees on or before 20th February, 2018 in the following format: General Information Name Mobile No. ID Age Membership No. Bowler/Batsman/Both Let s make the event memorable!!! We don t stop playing since we grow old but we grow old since we stop playing!!! For Details Please Contact Chamber s Office on / SELF AWARENESS SERIES MEETING The next Meeting of Self Awareness Series for F.Y will be held as under: Day & Date : Friday, 9 th February, 2018 Time : 5.45 p.m. to 6.00 p.m. (Fellowship & Snacks) 6.00 p.m. to 8.00 p.m. (Lecture followed by questions & answers) Subject : Stress Management Speaker : Dr. Jankhana Hakani Venue : CTC Conference Room, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai Day & Date : Thursday, 15 th February, 2018 Subject : Direct Tax Provisions of Finance Bill, 2018 Group Leader : CA Praful Poladia Time : 5.45 p.m. to 6.15 p.m. (Snacks) 6.15 p.m. to 8.00 p.m. (Discussion) STUDY CIRCLE & STUDY GROUP COMMITTEE Chairman: Ashok Sharma Vice-Chairman: Dilip Sanghvi Convenors: Dinesh Shah, Jitendra Singh, Bhavin K. Shah Advisor : Vipul Joshi STUDY CIRCLE MEETING (FOR SC MEMBERS ONLY) Venue : SNDT Committee Room, SNDT College, New Marine Lines, Churchgate, Mumbai

7 INDIRECT TAXES COMMITTEE Chairman: Naresh Sheth Vice-Chairman: Atul Mehta Convenors: Bharat Oza, Hemang Shah, Sumit Jhunjhunwala Advisor: A. R. Krishnan WORKSHOP ON GST LAW ORGANISED JOINTLY WITH AIFTP (WZ), BCAS, GSTPAM, MCTC & WIRC OF ICAI FOR THE YEAR Day & Date Wednesday, 7 th February, 2018 to Wednesday, 14 th March, 2018 Time SESSION: 2.00 p.m. to 5.30 p.m. Venue GSTPAM, Mazgaon Library, 1 st Floor, 104, Vikrikar Bhavan, Mazgaon, Mumbai Program Schedule Date Topics Speakers 7/2/2018 Export of goods & services, supplies to SEZ, refunds CA Jinit Shah Provisions relating to e-way bills, anti-profiteering CA Jayesh Gogri 14/2/2018 Issues in works contract transactions related to movable & immovable property CA S.S.Gupta 21/2/2018 Issues related to job work & e-commerce transactions CA Mandar Telang Late fees, interest & penal provisions CA Sujata Rangekar 28/2/2018 Issues in valuation of goods & services CA Manish Gadia Issues in time & place of supply of goods CA Rajat Talati 7/3/2018 Issues in time & place of supply of services CA Naresh Sheth Provisions related to inspection, search, seizure and summons Mr. C. B. Thakar, Advocate 14/3/2018 Mega Brains Trust session CA A. R. Krishnan, CA Sunil Gabhawala Ms. Nikita Badheka, Advocate & CA Parind Mehta DELHI CHAPTER Chairman: Suhit Aggarwal Vice-Chairman: Vijay Gupta Advisor: V. P. Verma, C. S. Mathur Immediate Past Chairman: R. P. Garg Hon. Jt. Secretaries: Harish Kumar, Deepender Kumar Agarwal Hon. Treasurer: Prakash Sinha BUDGET TALK 2018 Finance Bill 2018 will be tabled in Parliament on 1 st February It is a must for any tax professional to study the amendments as announced in the Finance Bill in a thorough manner. With a view to have threadbare analysis of proposals of the Finance Bill 2018, a Budget Talk on Finance Bill Direct Tax & Indirect Taxes is being organised on Friday, 2nd February 2018 wherein noted Senior Tax Experts will discuss the proposals of Finance Bill 2018 to provide a detailed understanding and their consequential impact. This year s Finance Bill is likely to bring many path breaking amendments considering the thrust of the Government on eradication of black money from the economy. Keeping in mind the several amendments this budget may contain, a public meeting on Budget 2018 has been organised to learn and unlearn finer aspects of budget. It will be one of the first budget talks/discussions and amongst the best budget analysis in Delhi/ NCR. Day & Date : Friday, 2 February, 2018 Time : a.m. to 1.30 p.m. Venue : Aiwan-E-Ghalib Auditorium, Mata Sundari Lane, Near Bal Bhawan, New Delhi Seats : Limited Seats. Entry on First come First Served basis subject to availability of seats in Hall. Speakers : Budget Analysis by: Dr. Girish Ahuja All are cordially invited. Keynote Address: Dr. Ravi Gupta Other Prominent Speakers: CA Amarjit Chopra, Former President, ICAI CA Ashok Batra CA Atul Gupta, Central Council Member, ICAI Adv. Ajay R. Singh, President, CTC CA. Sanjeev Singhal 7

8 DIRECT TAXES COMMITTEE Chairman: Ashok Mehta Vice-Chairman: Abhitan Mehta Convenors: Dinesh Poddar, Neelam Jadhav, Dharan Gandhi Advisor: K. Gopal HALF DAY SEMINAR ON CHARITABLE TRUSTS Charitable Trusts derive income from various sources like rent income, income from trading in goods etc. There is a lot of controversy on applicability of GST to charitable trusts. The speakers would cover the main topic of applicability of GST to charitable trusts and precautions to be taken by such trusts. The learned faculty will take up various legal aspects under Maharashtra Public Trusts Act 1950 and issues while drafting deed. From income tax point of view, the learned faculty will take up issues in registration and also approval under the Income-tax Act, apart from taxation of charitable trusts. The seminar would be beneficial to NGO, trustees, Accountants of trusts, lawyers, students and tax professionals at large. The Relevant details of the workshop are as under: Day & Date : Friday, 23 rd March, 2018 Speakers Time : 2.30 p.m. to 8.00 p.m. Venue : Babubhai Chinai Committee Room, 2nd Floor, IMC, Mumbai Topics 1. Issues in GST (Applicability, Credit, Classification, Procedural, etc.) Mr. Rajiv Luthia 2. Drafting of Trust Deed, Issues in Registration of Trust under various statutes and post CA Paras Savla registration compliance under various statutes. 3. Live Issues under income tax in relation to Taxation of Charitable Trusts CA Gautam Nayak Fees : Members: ` 650/- + ` 117/- (18% GST) = ` 767/- Non-Members: ` 1,050/- + ` 189/- (18% GST) = ` 1,239/- PUBLIC MEETING ON BUDGET Jointly with Investors Grievances Forum, Matunga Gymkhana, Welingkar Institute of Management, Matunga CPE Study Circle of WIRC ICAI and Forum of Free Enterprise The Chamber of Tax Consultants jointly with Investors Grievances Forum, Matunga Gymkhana, Welingkar Institute of Management, Matunga CPE Study Circle of WIRC - ICAI and Forum of Free Enterprise is organising Public Meeting on Budget. The relevant details for the meeting are as under: Day & Date : Friday, 2 nd February, 2018 Time : 5.30 p.m. to 6.00 p.m. Fellowship over Tea 6.00 p.m. to 8.00 p.m. Budget Meeting Venue : Matunga Gymkhana, Lakhamsi Napoo Road, Opp. Podar College, Matunga East (CR), Mumbai, Maharashtra Speakers : CA Kanu Doshi Shri Mehraboon Irani, Equity Analyst Dr. Kirit Somaiya, MP, President IGF All members are cordially invited to attend the meeting. PUBLIC UNION BUDGET MEETING 2018 The CTC has planned a public meeting on Union Budget on Direct Tax and Indirect Taxes jointly with Ghatkopar CPE Study Circle of WIRC, Forum of Free Enterprises and 14 other Organizations. Day & Date : Sunday, 4 th February, 2018 Time : 9.30 a.m. to 1.00 p.m. Venue : K. J. Somaiya Institute of Management Studies And Research, Vidyanagar, Vidyavihar (E), Mumbai Sr. No. Topics Speakers 1. Direct Tax CA Mehul Shah 2. Indirect Tax CA Rajiv Luthia 3. Economic Affairs Ms. Sarika Rachuri All members are cordially invited to attend the meeting. 8

9 RENEWAL NOTICE Dear Members, SUB: PAYMENT OF ANNUAL MEMBERSHIP FEES FOR st February, 2018 It s our privilege to have been of service to you over the years. We truly appreciate and value your association. It s time to renew annual membership and subscription of The Chamber s Journal, Study Group and Study Circle Meetings and other subscription of The Chamber of Tax Consultants ( The Chamber ). The renewal fees for Annual Membership, Study Group and Study Circle and other Subscription for the financial year falls due for payment on 1 st April, We thank you for your subscription. Your involvement is important and very much appreciated. We hope you will always continue to support the Chamber in its activities and growth as done in the past. Thanking You, For the Chamber of Tax Consultants CA Parag S. Ved Hon. Treasurer Sr. No. Particulars Fees Total 1 Ordinary Membership Fees Associate Membership Fees Student Membership Fees Subscription for The Chamber s Journal - Monthly (Life) Subscription for The Chamber s Journal - Monthly (Non) Subscription for The Chamber s Journal - Monthly (Student) Subscription for The International Tax Journal - Quarterly Study Group ( Direct Taxes ) Study Circle (Direct Taxes ) Study Circle (International Taxation) Study Circle (Indirect Taxes ) Study Circle (Allied Laws ) Self Awareness Series Intensive Study Group On Direct Tax FEMA Study Circle Intensive Study Group On Ind-AS IT Connect Study Circle Capital Market Study Circle Pune Study Group (Note: 10% Discount applicable for the registration of 3 or more Study Circles from Sr. No. 8 to 19) Notes: 1. Payments should be made by Account Payee Cheque/Demand Draft in favour of THE CHAMBER OF TAX CONSULTANTS. Outstation members are requested to send payments only by Demand Draft or At Par Cheque. 2. A consolidated Cheque/Draft may be sent for all payments. 3. Please also update your Mobile number & address to ensure receipt of regular updates on activities of the Chamber. 4. Please write your full name on the reverse of Cheque/DD. 5. Kindly pay your membership fees by 30th April, 2018 for uninterrupted service of the Chamber s Journal. 6. Subscribers opting to make payment through NEFT, are requested to the acknowledged copy of payment made together with their name, mobile numbers to the Chamber s office, so as to give correct credit to subscribers account. 7. Members are requested to download the Renewal Form from Chamber s website. 8. Renewal Notices are also sent separately and members are requested to fill up the same and send it to the Chamber s office along with the cheque. 9. Renewal Notice contains entire information of Members as per CTC database. In case of any change in information of Member as shown in form, kindly provide updated information along with the form. The details of NEFT payment are as under: In Favour of : The Chamber of Tax Consultants In Favour of : The Chamber of Tax Consultants Name of the Bank : Axis Bank, New Marine Lines Branch, Mumbai Name of the Bank : IDBI Bank, Nana Chowk Branch, Mumbai A/c No. : A/c No. : IFSC Code : UTIB IFSC Code : IBKL Account Type : Saving Account Account Type : Saving Account Members are requested to visit the website for online payment. 9

10 1. Registration u/s. 12AA UNREPORTED DECISIONS (Direct Taxes) By Prakash Kumar Sinha, Chartered Accountant On rejection of the assessee application u/s. 12AA on the grounds that the assessee didn t submitted the books of account, vouchers in respect of the expenses claimed by the assessee, CIT(E) held that assessee trust is not carrying on any charitable activities and thus genuineness of the trust cannot be verified. Further the DR relied on case of Blue Star Ltd. as 217 ITR 514 in his contention. The ITAT held that at the 12AA stage the CIT(E) has to satisfy on the object of the trust and genuineness of the activities of the trust. He is not required to examine either the books of account, source of income or the application of income at this stage, as these can be verified by AO at the assessment stage. The ITAT relied on Shavak Sikha Samiti as reported in 104 TTJ 127 and held that education per se is charitable activity. The tribunal relying on Bhartiya Kishan Sangh as reported in 59 ITR(T) 228 and Fifth Generation Education society 185 ITR 634 set aside the CIT(E) order and allowed the assessee s appeal. (Vidyadayani Shiksha Samiti vs. CIT(E) ITA No. 309/Del/2016 dated 14/12/2017) 2. Bona fide omission in the return No penalty u/s. 271(1)(C) On notice being issued u/s. 148 and coming to know that certain capital gains was not covered in its income due to unawareness of the law by the assessee and himself attended the assessment proceedings and entire tax on the date of assessment even without contesting. The ITAT held that the spirit of section 271(1)(C) is the concealment of income or furnishing of inaccurate particulars of Income and as per various judicial pronouncement it is clear that if in the return of income certain mistakes are there which is bone fide and there is no loss to the revenue, it cannot be concluded that the assessee deliberately concealed the income or furnished the inaccurate particulars of Income and therefore allowed the assessee appeal. (Pankaj Kumar Gupta vs. ITO Ward -2, Bareilly, ITA No -486/LKW/2016, AY ) 3. Satisfaction under penalty provision (Section 271(1)(C)) On being raised the issue of incorrect assumption of jurisdiction by the AO in the penalty proceedings on the ground that AO didn t mention under which limb of the penalty proceedings was initiated the ITAT held that in the given facts no proper charge was levied by the AO either at the assessment order or penalty Notice or penalty order. The ITAT following the Supreme Court ruling in the case of Emerald Meadow wherein the SC affirmed the HC view and was also applied in Manjunatha Cotton as reported in 359 ITR 565 that notice issued u/s. 274 by AO with reference to 271(1)(C) was bad in law as its didn t specify which limb of section 271(1)(C) the penalty proceedings was initiated. The ITAT also distinguished the ruling of the Mehraj Garage of Bombay HC (Nagpur Bench) on which the revenue had highly relied stating that the relevant question didn t come to court for consideration and hence couldn t apply. The ITAT allowed the appeal of assessee. (Aditya Chemicals vs. ITO Delhi ITA No-5006/DEL/2013, AY ) 4. Explanation-7 of section 271(1)(C) In Good Faith and Due Diligence Invocation of Penalty under Explanation 7 of Section 271(1)(C) needs to base on certain important ingredients, first being the price charged or paid in respect of international transaction has not been computed in accordance with the provision of Section 92C and in the manner prescribed in the section and the second the absence of good faith and due diligence by the assessee. Every adjustment under the TP cannot ipso facto trigger the explanation 7 if the assessee is able to demonstrate that the international transaction was computed as per section 92C and it was done in good faith and with due care. The ITAT discussing the term in good faith which was defined under clause 3(22) of the General Clause Act which states that a thing shall be deemed to be done in good faith where it is in fact done honestly, and term due diligence meaning due care, held that where assessee followed 92C for ALP determination, mere adjustments in the ALP by the AO adopting some other method, does not lead to a situation that the assessee has not acted in good faith and with due care. The ITAT relied on Reliance Petro products, RBS equities India limited, Mitsui Prime Advance Corporation, Verizon India in order to arrive a conclusion of setting aside the penalty imposed, therefore allowed the appeal of the assessee. (Halcrow Consulting India Private Limited vs. DCIT circle -1(1) ITA No 2647/DEL/2016 AY ) 5. Penalty without Specific charge U/s. 271(1)(C) The assessee raising the issue of Jurisdictional defect by way of incorrect satisfaction submitted that where the AO has not recorded any satisfaction whether the assessee has concealed the income or furnished inaccurate particulars of income and issued a notice in a standard printed format without specific charge. The SCN issued even didn t contain any specific charge. The ITAT held that on the given fact, the penalty proceedings were initiated without recording any satisfaction and the notice was issued without any specific allegation. Further not striking off the inappropriate word in the SCN issued u/s. 274 and not mentioning specific charge, the assessee was deprived of a fair and reasonable opportunity to rebut and effectively deal with the issue. The ITAT relying on the Dilip N. Shroff case as reported in 291 ITR 519 (SC) and distinguishing the case of Maharaj Garage on which the revenue relied heavily, allowed the appeal of the assessee and therefore deleted the penalty. (Indrani Sunil Pillai vs. ACIT, Mumbai ITA No. 1339/MUM/2016 AY ) Note : THE WHOLE DECISION CAN BE DOWNLOADED FROM THE WEBSITE UNDER KNOWLEDGE CENTRE 10

11 UNREPORTED DECISIONS (Service Tax) By Vinay Jain, Chartered Accountant, & Sachin Mishra, Advocate 1. Whether service tax can be demanded on the amount received by the Appellant for the act of managing and conducting a course on behalf of another party, if service tax liability on the gross consideration has already been discharged by the other party? Facts & Pleadings: M/s. Samadhan Systems (P) Ltd. (hereinafter referred to as the Appellants ) are engaged in providing computer education in animation and cinematics. The Appellants have made an arrangement with Maya Academy of Advanced Cinematics (hereinafter referred to as MAAC ) for providing computer education to various participants. As per the said arrangement, MAAC shall provide all the course materials and suitable training to the personnel whereas the Appellants shall provide all the infrastructure, coaching staff etc. and undertake such coaching to the participants. The receipt of consideration for such coaching was issued in the name of MAAC and deposited to the account of MAAC. On such full consideration, service tax liability under Commercial Training or Coaching Service has been paid by MAAC. The Appellants receive back the 80% of the said gross consideration. According to the department, the Appellant s arrangement with MAAC to receive consideration for the said service cannot take away the service tax liability. The Appellants are conducting courses in their premises using their own resources and the same is clearly covered under head Commercial Coaching and Training Service under Finance Act, The Appellants have argued that there is no service provider and service recipient relationship between the Appellant and the students as the gross consideration paid by the students were remitted to MAAC. The Appellant is not liable to pay service tax as the full amount was subjected to service tax for the very same service at the hands of MAAC. The Appellants have alternatively submitted that the Appellants are exempted as vocational training institute from the ambit of Commercial Coaching and Training Service under Finance Act, 1994, as the courses are specific and professional in nature directly resulting in employment in the specialized skills imparted by the Appellant Judgment: The Hon ble CESTAT agreeing with the contentions of the Appellants has held that the Appellant does not receive any amount from the service recipient as a consideration. As per the said arrangement, the gross amount paid by the students is credited to MAAC on which service tax has already been discharged. The Hon ble CESTAT has further held that the Appellant acts as an instrument in carrying out the training programme which is designed and managed by the MAAC. The Hon ble CESTAT has stated that MAAC is overall managing the said activity and have discharged service tax liability on the whole consideration under the head Commercial Coaching and Training Service. Thus, no service tax liability will arise on the Appellants being a business partner of MAAC under Commercial Coaching and Training Service under Finance Act, Samadhan Systems (P) Ltd. vs. CCE, Jaipur, CESTAT, New Delhi decided on in the Final Order No / Whether a consideration received in view of an operating lease is liable to be taxed under Banking and Other Financial Services? Facts & Pleadings: M/s. Lease Plan India Limited (hereinafter referred to as the assessee ) is engaged in business of financial as well as operating lease of vehicles. The assessee has procured orders from their clients and has entered into a lease agreement with them. According to the department, the terms and conditions governing both types of leases, namely financial lease and operating lease are similar and as such the consideration received in such business transaction is liable to be taxed under Banking and Other Financial Services. The assessee submitted that transaction of the assessee amounts to operating lease and thus is not leviable to service tax under the category of Banking and Other Financial Services. According to the assessee, there exists a difference between financial lease and operating lease. On one hand, in operating lease after expiry of the lease period, the assets are sold through bidding process whereas in a financial lease, assets and their ownership is identified to the lessee who alone depreciates the said assets. Since, in the present case, the assets are owned by the assessee and these are handed over to the lessee for a temporary period for their use, the transaction of the assessee amounts to operating lease and is leviable to VAT. Hence, the assessee is not liable to pay service tax under Banking and Other Financial Services. Judgment: The Hon ble CESTAT while rejecting the claims of the Revenue has held that the whole dispute is with reference to categorising the lease arrangement either as Financial lease or Operating lease. On perusal of profit and loss accounts of the assessee for the relevant period, the Hon ble CESTAT noted that the income for operating lease were shown as lease rental and the assets were depreciated in the lessor s account. The Hon ble CESTAT further held that the lease arrangements on which the assessee has discharged VAT are operating leases and thus, are not liable to service tax. CCE&ST, New Delhi Vs M/s. Lease Plan India Limited, CESTAT, Delhi decided on in Final Order Nos /2018. Note : THE WHOLE DECISION CAN BE DOWNLOADED FROM THE WEBSITE UNDER KNOWLEDGE CENTRE 11

12 Registered with Registrar of Newspaper for India under R. NO. MAHENG/2015/67505 Posted at Mumbai Patrika Channel Sorting Office, Mumbai Date of Posting : 1st and 2nd of every month CORPORATE CONNECT COMMITTEE Chairman: Anish Thacker Vice-Chairman: Apurva Shah Convenors: Vitang Shah, Premal Gandhi, Advisor: Sujal Shah Postal Registration No. MCS/210/ Date of Publishing : 1st of Every Month LECTURE MEETING IMPACT ANALYSIS OF BUDGET 2018 ON CAPITAL MARKETS The nation eagerly awaits the presentation of the final full budget of the present Government pre the 2019 elections, on 1st February, In order to analyse the impact of the Budget 2018 proposals on our vibrant and reactive Capital Markets, the Corporate Connect initiative of the Chamber of Tax Consultants has organized a Lecture Meeting on this subject which would be of interest to Corporates, Investors, Chartered Accountants, Advocates, Company Secretaries and other Investment Advisory Professionals. Details of the meeting are as under: Day & Date : Thursday, 8 th February, 2018 Time : 5.45 p.m. to 6.15 p.m. (Fellowship over Tea) 6.15 p.m. to 8.00 p.m. (Discussion) Faculties Mr. Vikram Kotak, Managing Partner, Crest Capital & Investment, Ex-Chief Investment Officer-Birla Sun Life Investment. *Mr. Mehraboon Irani, Equity Analyst Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai *Subject to confirmation. All are cordially invited to take benefit of this unique lecture meeting. Non-receipt of the CTC News must be notified within one month from the date of publication, which is 1st of Every Month. Printed by Shri Kishor Dwarkadas Vanjara and published by him on behalf of The Chamber of Tax Consultants (owners), 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai and Printed at The Great Art Printers, 25, S. A. Brelvi Road, Unique House Opp, Apurva Restaurant, Next to Poddar Chambers, Ground Floor, Fort, Mumbai and published at The Chamber of Tax Consultants (owners), 3, Rewa Chambers, 31, New Marine Lines, Mumbai Editor : Shri Kishor Dwarkadas Vanjara Posted at Mumbai Patrika Channel Sorting Office-Mumbai To Date of Publishing 1st of Every Month Date of Posting : 1st & 2nd February, 2018 If undelivered, please return to : THE CHAMBER OF TAX CONSULTANTS 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai Tel.: / / office@ctconline.org Website: Follow us on: 12