AHMEDABAD ICAI NEWS LETTER MONTH OF DECEMBER-2018

The Institute of Chartered Accountants of India

(Set up by an Act of Parliament)

AHMEDABAD BRANCH OF WIRC OF ICAI

Listen to your Chairman Message
Heart
Dear Members,
OFFICE BEARERS
The month of November brought with it the joys of Diwali
CHAIRMAN Festival. The most important festival of the country was
CA. Nirav Choksi celebrated with same fervor with which it is celebrated
98254 91291 every year.
VICE CHAIRMAN
CA. Ganesh Nadar Members of the branch were involved in various GST
99744 77447 related programs organized by our team. There were
SECRETARY constant interactive and educational sessions on GST
CA. Fenil Shah audit. This area of practice will open up a new leaf in the
89050 30507 chapter of Practicing Chartered Accountants. I would
TREASURER term it as the biggest opportunity coming our way at the most opportune time. There has
CA. Bishan Shah been a serious downfall in compliance based practice and this new avenue will give the
98250 23573 required impetus to all.

MEMBERS The biggest event of our term came on 23rd November. The event on GST Audit & Annual
CA. Harit Dhariwal Returns (Gyan Sangam) was attended by more than 1800 Chartered Accountants. As it
CA. Rajiv Ravani turns out for every GST event, we ran out of registration space for members. Therefore
for the first time in the history of Ahmedabad Branch, we ran the same event at a different
EX. OFFICIO MEMBERS venue on the same day with same speakers and different participants. The morning event
CA. Dhinal Shah, CCM wasattended by more than 1100 participants and the evening event was attended by more
98250 29950 than 700 participants. The faculties CA Keshav Maloo, CA Bimal Jain and CA Gaurav
CA. Priyam R. Shah Gupta enlightened the members with their knowledge on the subject.
Vice-Chairman, WIRC of ICAI
98240 96112 Continuing with our tradition to have meaningful and interactive education sessions, we
also held small sized GST Audit & Annual Return sessions with star GST faculties of
MEMBERS Ahmedabad. The event was also attended to its capacity and well appreciated by all the
members. Two other interesting programs which were held in the month were an
CA. Sandesh Mundra interactive session on Peer to Peer Lending Business for all the members and a seminar
CA. Shaleen Patni on improvement of soft skills of women Chartered Accountants of Ahmedabad.
CA. Aneri Sheth
CA. Darshit Khetani The CA Students had a well planned and executed Residential Refreshers Course at Goa.
CA. Hashmat Aswani The students interacted among themselves. It was a rare occasion which the students got
CA. Hemlata Dewnani and they made the most of it.
CA. Krunal Gandhi
CA. Mohit Tibrewal Regards
CA. Neelo Porwal
CA. Nimesh Bhavsar Thanking You.
CA. Nimesh Hariya
CA. Rohit Maloo CA. Nirav R Choksi
CA. Rushabh Shah Chairman
CA. Sonu Dhing
CA. Zalak Jintanwala

iWnhast’side Editorial 2 GST Case Law Updates 5 FEMA Updates 8 Motivational Story 7
Income Tax Updates 3 International Taxation 7 Lets Excel in Excel 9
Accounting, Auditing & 4 Photo Gallery 11
Company Law Updates

AHMEDABAD BRANCH OF WIRC OF ICAI

Eat Healthy Stay Healthy

Editorial

Dear Members,
After receiving a wonderful response to the December edition of our Newsletter, it gives
me immense pleasure to share the January edition. Wishing all the members a very happy
new year.
Apart from Uttarayan, the festival of kites, we will also be celebrating Republic Day on 26th
January, the day on which the Constitution, as drafted and approved by the Constituent
Assembly of India, was mandated to take effect thereby declaring India a Republic in 1950. On this occasion let us
resolve to always follow the path laid down by our great freedom fightersreminiscing the words of our First President
Dr. Rajendra Prasad who in his speech on 26th January, 1950 said “It is up to us to preserve and protect the
Independence that we have won and to make it really bear fruit for the man in the street. Let us launch this new
enterprise of running our Independent Republic with confidence, with truth and non-violence and above all, with
heart within and God above”.
I would like to take this opportunity to sincerely thank all the contributors for sending the updates and sparing their
precious time for the cause of the profession. In order to make the newsletter more resourceful, we need your
support by way of contribution of updates, useful suggestions, etc. I would request you to send your contributions on
the topics of Direct Taxes, GST, Corporate Law, Information technology, FEMA, Indian & World economy and other
interesting topics. Kindly email your contributions, achievements etc. on [email protected]. The editorial team
will publish the best contribution at its own discretion. I extend my sincere gratitude to the Editorial team for their
hard workto publish this newsletter in time.

Happy Reading!
CA. Harit Dhariwal
Chairman, Newsletter Committee

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Vol. No. 5 | Issue No. 10 | December 2018

Fulfill Your Dreams

Income Tax Updates regulatory authority or agency regarding tax-
evasion by an assesse, it has been decided by the
(Contributed by CA. Mohit Tibrewal) Board that issues arising from such information
can also be examined during the course of conduct
1. Notification No. A-12023(1)/15/2016-Admin.- of assessment proceedings in such 'Limited
Scrutiny' cases with prior administrative approval
III(LA) dated 02.11.2018 of the concerned Pr. CIT/CIT.

In exercise of the powers conferred by Sub-Section h ttp :/ / i ta to n li n e. o r g/ in f o / c bdt -di re c t iv e - re g-
3 of Section 252 of the Income Tax Act, 1961 (43 of scope-of-enquiry-in-limited-scrutiny-cases-
1961), the Central Government is pleased to selected-under-cass/
appoint Mr. Justice Pradipkumar Premshankar
Bhatt, Former Judge, High Court of Gujarat, as 3. CBDT Directive Regarding Early Completion of
President, Income Tax Appellate Tribunal, with
effect from the forenoon of 24th October, 2018 and Pending Time Barring Scrutiny Assessments
till he attains the age of 65 years, i.e. 5th
September, 2021, or until further orders, dated 29.11.2018 - D.O. F.No. 225/ 410/ 2018/
whichever is earlier.
ITA.11.
https://www.incometaxindia.gov.in/communicatio
ns/notification/notification_a12023_2018.pdf Shri Aditya Vikram, Member of the CBDT, has
issued a directive dated 29th November 2018 to the
2. CBDT Directive Regarding Scope of Enquiry in Pr CIT stating that a large number of time barring
scrutiny assessments are pending for completion.
Limited Scrutiny Cases Selected Under CASS The pendency is as much as 85% in some regions.
dated 28.11.2018 - F. No. 225/402/2018/ITA.II Clear-cut instructions have been issued to
emphasize timely review of pendency by all
The CBDT has issued a directive dated 28th of supervisory officers and strict enforcement of
November, 2018 in which it has explained the directions to Assessing Officers for early
scope of enquiry in Limited Scrutiny cases selected completion of time-barring scrutiny cases would
under CASS cycles 2017 and 2018 in the context of avoid last minute rush and anxiety.
information provided by any law-enforcement/
intelligence/ regulatory authority or agency. http://itatonline.org/info/cbdt-directive-reg-early-
completion-of-pending-time-barring-scrutiny-
In order to enable proper enquiry/investigation in assessments/
pending 'Limited Scrutiny' cases which were
selected through CASS cycles of 2017 and 2018,
where credible material or information has been/is
provided by any law-enforcement/ intelligence/

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AHMEDABAD BRANCH OF WIRC OF ICAI

Travel Like Birds

Accounting, Auditing & Company Law Updates

(Contributed by CA. Naresh Patel)

1. Implementation Guide on Resignation/ - Framework Governing Internal Audits

Withdrawal from an Engagement to Perform - Basic Principles of Internal Audit

Audit of Financial Statements - Standard on Internal Audit (SIA) 210, Managing
the Internal Audit Function
In 2018, there have been a number of mid-term
resignations by auditors particularly auditors of - Standard on Internal Audit (SIA) 220, Conducting
listed companies. In the light of matter being a Overall Internal Audit Planning
concern, the Auditing and Assurance Standards
Board (AASB) of the ICAI has issued - Standard on Internal Audit (SIA) 310, Planning
Implementation Guide on Resignation/Withdrawal the Internal Audit Assignment
from an Engagement to Perform Audit of Financial
Statements. The implementation guide contains - Standard on Internal Audit (SIA) 320, Internal
guidance on various aspects of auditors' Audit Evidence
resignation like circumstances leading to
withdrawal/resignation, procedure to be followed - Standard on Internal Audit (SIA) 330, Internal
by auditors in case of resignation, auditor's Audit Documentation
responsibilities and professional obligations to be
complied with by auditors. The Preface to the Framework and Standards on
Internal Audit are applicable for all internal audits
https://resource.cdn.icai.org/52929aasbicai- beginning on or after a date to be notified by the
igr.pdf Council of the Institute.

2. Implementation Guide to Standard on Auditing In case of SIAs issued by the ICAI for which a
Guidance Note is already in existence, the
(SA) 230, Audit Documentation(Revised 2018) Guidance Note will stand withdrawn from the date
on which the Standard comes into effect.
The AASB of the ICAI has issued Implementation
Guide to Standard on Auditing (SA) 230, Audit https://www.icai.org/new_post.html?post_id=597
Documentation (Revised 2018). The
implementation guide explains the requirements 3. Withdrawal of the Implementation Guide on
of the standard in a question and answer format. It Auditor's Report under Rule 11(d) of Companies
also contains checklists of documentation (Audit and Auditors) Amendment Rules, 2017
requirements. and Amendment to Schedule III to Companies
Act, 2013
https://resource.cdn.icai.org/52985aasb42474.p
df Earlier the MCA required companies to make
disclosure in their financial statements as to
The Internal Audit Standard Board of the ICAI has, holding as well as dealing in specified bank notes
with other pronouncements, issued five Standards (SBNs) during 8 November 2016 to 30 December
on Internal Audit (SIAs). The SIAs are a set of 2016, through Companies (Audit and Auditors)
minimum requirements that apply to all members Amendment Rules, 2017 and Amendment to
of the ICAI while performing internal audit of any Schedule III to the Companies Act, 2013. In April
entity or body corporate. The following internal 2017, Auditing and Assurance Standard Board
audit related pronouncements have been issued: (AASB) issued Implementation Guide on Auditor's
Report under Rule 11(d) of Companies (Audit and
- Preface to the Framework and Standards on Auditors) Amendment Rules, 2017 and Amendment
Internal Audit to Schedule III to Companies Act, 2013 to provide

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Be Passionate and work on it Vol. No. 5 | Issue No. 10 | December 2018

guidance to the members on the matter. 4. The Companies (Cost Records and Audit)
Amendment Rules, 2018
In September 2018, the Corporate Laws and
Corporate Governance Committee stated that On 3 December 2018, the MCA has notified the
disclosure requirement are specific events and Companies (Cost Records and Audit) Amendment
applicable only for financial year 2016-2017 only Rules, 2018. Among other matters, key
and required disclosure are not applicable for the amendments include insertion in sub-rule 6 that
financial year 2017-2018 and subsequent years. As companies, which have got an extension of time for
a result AASB decided to withdraw the aforesaid holding annual general meeting under Section
Implementation Guide. Accordingly 96(1) of the Companies Act, 2013, may file form
Implementation Guide is withdrawn with effect CRA-4 within resultant extended period of filing
from the date of hosting of this Announcement on financial statements under Section 137 of the
the ICAI's website, i.e, 23 November 2018. Companies Act, 2013. This amendment will come
into force of their application in the official gazette.
https://resource.cdn.icai.org/52778aasb42307.pd
f http://www.mca.gov.in/Ministry/pdf/CompaniesA
mendmentRulesCostAndAudit_03122018.pdf

GST Case Law Updates 4. Whether Delivery challan made in case of job work
or branch transfers and return ITC-04 filed for job
(Contributed by CA. Monish S. Shah) work. Also check goods sent for job work returned
within specified time and proper procedure
Some Important Notes on Audit followed for Job work transfers. Check whether
any Deemed Sale u/s143 applies?
I am hereby stating some important points to be kept in
mind while finalizing GSTR 9C Report. However this is 5. Check all supply invoices and also profit and loss
not a full exhaustive list. However this are some account to find any supply for which invoice not
important points as per our knowledge issued, which might include sale of capital goods.
Also check whether proper HSN SAC and related
1. To check whether assessee migrated from old tax rates used invoices are issued by assessee.
indirect tax regime or new taxpayer under GST. Also confirm from vouching of tax invoices that
Also Check place of business and additional places place of supply is correct so that correct GST is
registered under GST. Also check nature of collected considering intra or interstate supply.
business assesse engaged in & Type of Assessee
whether trader /manufacturer or supplier of 6. If there is change in tax rate please verify as to
services. whether its matching with Time of Supply
Provisions
2. Check whether Tax Invoice or Bill of supply is
issued as per GST law? Whether Tax Invoice for 7. Check purchase and expenses related invoices and
supply of services is issued within 30 days from their matching with GSTR 2 A and proper
date of supply of service? Also check Receipt reconciliation of the same made by assessee in
vouchers and refund vouchers issued for advance case of mismatch. If any mismatch as to excess in
& in case of reverse charge whether payment 2A or books try to get confirmation from the
voucher and self-invoice generated. Also check Supplier and match accounts. Also check whether
Whether Credit note/Debit Note is issued before the payment for such inward supply within 180days
30th September of the Subsequent Financial Year?

3. Check whether GSTR 1 Details of tax invoices &
other documents matches with books of account &
in accordance with that shown in GSTR 1.

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AHMEDABAD BRANCH OF WIRC OF ICAI

from the date of Invoice. Open up and live it fully - Life

8. Check list of items on which input tax not available 15. Whether the Zero-rated supply is with or without
as per law i.e items covered under section 17(5) of payment of taxes? Also check applicable refunds
CGST Act. And confirm the same with books claimed as per law. LUT filed in case of without tax
whether any input tax claimed by assessee on such supply.
items.. ITC reversed or not taken on motor cars,
items of personal consumption ,food and 16. Check whether books of accounts and Stock
beverages, outdoor catering, beauty treatment, records are maintained as specified in section 35
health services, cosmetic and plastic surgery , r/w Rules 56, 57 and 58 of the GST Law?
gifts, And travel benefits extended to employees on
vacation such as leave or home travel concession, 17. Check bifurcation of input tax availed for goods and
membership of a club, health and fitness centre; services separately. And against capital goods
rent-a-cab, life insurance and health insurance, separately.
inputs use of which results into formation of an
immovable property construction and works 18. Check whether GST paid on all advances received
contact or against nil rated or exempt outward against supply of services and in case of goods upto
supplies etc. A person cannot take ITC with respect 15.11.2017. And 13.10.2017 in case of assessee have
to goods lost, stolen, destroyed or written off. In turnover below 1.50Crores.
addition, ITC with respect of goods given as gifts or
free samplesare also not allowed 19. Check Proper set off of CGST SGST and IGST as per
law and monthly reconciliation of the same with
9. Check whether the common credits are reversed Electronic Cash, Credit and Liability Ledgers on
which are against exempt and taxable outward GSTN Portal
supplies. Also confirm Whether Transitional Credit
is availed as per the provisions of the law? 20. Is 100% credit taken on all capital goods purchased
from Jul 1, 17?
10. Whether the tax invoice or debit notes on which
input tax credit is claimed contains the mandatory 21. Also note that registered person cannot take ITC in
detailsand all other particulars as prescribed? respect of any invoice or debit note for supply of
goods or services after the due date for furnishing
11. Check Annual Return GSTR 9 with summary of 3B the return i.e 20 October for the month of
and GSTR 1 Returns. Also check whether the September following the end of financial year to
amendments details are filed correctly in the which such invoice/invoice relating to debit note
Returns? pertains or furnishing of the relevant annual
return, whichever is earlier.
12. Check TRAN 1 form and its proper treatment as per
books of accounts. 22. To check whether Drawback on full rate claimed
and CGST both taken upto 30th September against
13. Check whether any interest and late fee for returns New Stocks after 30th June. If yes, notify the same.
are applicable and whether they deposited by
assessee. 23. To verify the Annual turnover of all the GSTN in
case of Multi GSTN and that the same is matching
14. Check whether reverse charge tax is paid under with the Audited Financial Statements
9(4) of the CGST Act 2017 up to 12th October 2017 &
Other RCM under 9(3) duly paid on freight legal 24. If you are the one certifying the Audit Report as well
expensive etc. during whole year. In Company as GSTR -9C the liability cast is of greater impact
especially whether RCM is paid on Commission, kindly take proper care with regards to it.
Sitting Fees etc. Also check whether Ocean Freight
in case of Import hasbeen disposed of properly 25. Before commencing Audit Kindly take the
Appointment Letter as to the GST Auditor.

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Vol. No. 5 | Issue No. 10 | December 2018

Never Stop Yourself accordance with a computation mechanism
provided in section 10A, suo motu TP adjustment
International Taxation made by assessee was liable to be allowed under
section 10A
(Contributed by CA. Mohit Balani)
3. Fresenius Kabi India (P.) Ltd. Vs ACIT [2018]
JUDICIAL PRONOUNCEMENTS 100 taxmann.com 134 (Pune - Trib.)

1. G e ms t o n e G l a s s (P . ) L td . v . De p ut y - Foreign exchange gain/loss arising out of revenue
Commissioner of Income tax, Circle-3(1)(1), transactions is required to be considered as an
Ahmedabad - [2018] 100 taxmann.com 5 item of operating revenue/cost, both for assessee
(Ahmedabad - Trib.) as well as comparables.

- No addition of notional interest for delay in - Where assessee imported finished goods from its
realisation of debts from AE could be made when Associated Enterprises (AEs) and resold same to
international transaction of exports of goods had non-AEs without any value addition, RPM was most
been benchmarked on TNMM basis and same was appropriate method in respect of distribution
duly accepted by TPO activities undertaken by assesse.

2. DCIT Vs. G S Engineering & Construction India DTAA
(P) Ltd, [2018] 100 taxmann.com 66 (Delhi -
Trib.) India Hong Kong DTAA entered into force on
30thNovember, 2018. As per clause (3) of Article 29 of
- Where assessee had made voluntary TP the DTAA, the same shall be applicable from Financial
adjustment qua its international transaction for Year beginning from 1st April, 2019.
providing engineering design servicesto its AE, and
it had excluded same from export turnover in

Motivational Story and I will unselfishly share this gift with others. I will
use this gift to enhance the lives of others.
(Contributed by CA. Neelo Porwal)
5. Beginning today I will take life one day at a time, one
Thought on New Year - New Beginnings step at a time. Discouragement will not be allowed to
taint my positive self-image, my desire to succeed or
1. Beginning today I will no longer worry about my capacity to love.
yesterday. It is in the past and the past will never
change. Only I can change by choosing to do so. 6. Beginning today I will open my mind and my heart. I
will welcome new experiences. I will meet new
2. Beginning today I will no longer worry about people. I will not expect perfection from myself nor
tomorrow. Tomorrow will always be there, waiting anyone else: perfection does not exist in an imperfect
for me to make the most of it. But I cannot make the world. But I will applaud the attempt to overcome
most of tomorrow without first making the most of human foibles.
today.
7. Beginning today I will learn something new; I will try
3. Beginning today I will look in the mirror and I will see something different; I will savor all the various
a person worthy of my respect and admiration. This flavors life has to offer. I will change what I can and
capable person looking back at me is someone I the rest I will let go. I will strive to become the best
enjoy spending time with and someone I would like to me I can possibly be.
get to know better.

4. Beginning today I will cherish each moment of my
life. I value this gift bestowed upon me in this world

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AHMEDABAD BRANCH OF WIRC OF ICAI

FEMA Updates Light the lamp in yourself
and Glow like sun
(Contributed by CA. Saumya Sheth)

External Commercial Borrowing (ECB) – Liberalisation

Reserve Bank of India (RBI) has liberalized few aspects of policy related to hedging requirement

and minimum average maturity period for External Commercial Borrowings (ECB) in
infrastructure sector with effect from 06 November 20181 and 26November 20182. Comparison

between new ECB policy and revised ECB policy is as under:

Particulars Old ECB Policy Revised ECB Policy Applicable
from

Hedging Mandatory hedging of Now, the mandatory hedge 26
Requirements
for ECBs raised 100% of ECB coverage has been reduced from November
under Track I
exposure was 100% to 70% for ECBs raised 2018

required under Track I of the ECB

framework by eligible borrowers.

Further, ECBs raised prior to this
amendment will also be required to
roll over the hedge only to the
extent of 70% of outstanding ECB
exposure

ECBs by Entities Minimum average Minimum average maturity now 6 November
in the maturity period was 5 revised to 3 year. 2018
infrastructure years
space

Hedging Exemption from Average maturity period has been 6 November

Requirements mandatory hedging of reduced to 5 years for the 2018

for Entities in ECBswith average exemption from mandatory

Infrastructure maturity of more than hedging. Hence, ECBs with

Space 10 years minimum average maturity period

of 3 to 5 years in the infrastructure

space will have to meet 100%

mandatory hedging requirement.

Further, ECBs raised by above
referred eligible borrowers prior to
this amendment shall not be
required to mandatorily roll over
their hedges

1https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11408&fn=5&Mode=0
2https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11418&fn=5&Mode=0

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Vol. No. 5 | Issue No. 10 | December 2018

Your Bigest Enemy is only you

Lets Excel in Excel

(Contributed by CA. Hemlata Dewnani)

In the previous months Article we learn about Data validation settings for allowability and Now we will learn how we
can give users Two messages that is Input message and error alert. Lets Study both in detail

1) INPUT MESSAGE
An input message will be displayed if the cell is selected. It is just the information to the user what should be
enteredin the cell
For eg I) In the cell where mobile number is to be mentioned message is Mobile number is of 10 Digits only
ii) It is used in Date of Birth, Deductions, interest and many places in the ITR forms just to give
Information to the users
It is helpful and simply Guide the users what is expected in that cell. So user will try to feed in that way only i.e it
gives the information and direction to the users.

How to use it

Data > Data validation > Data validation > Inputmessage > Type the Title and Input message > ok
After that whenever that particular cell will be selected by any user. An input message will appear which is saved
over there.

2) Error Alert
In this whenever user enters any wrong value. It shows the error alert and there are three types of Error Alert
such as i) Stop ii) Warning iii) Information. Suppose in the cell where mobile number is to be entered ,the user
doesn’t enter 10 Digits mobile number than what we want this feature to do .Lets study in detail

How to use it
Select the cell in which error alert is required

Data > Data validation > Data validation > Error Alert > Style >
i) Stop: This is the default Style . Prevents that is stop the user from entering any invalid data. Now if we
enter any wrong Data in the field than a message screen appears which shows following options as screen 1
If the Retry button is clicked, the invalid entry is highlighted, and can be over typed. 
If the Cancel button is clicked, the invalid entry is deleted, and the cell's original content is restored.
The user cannot leave the invalid entry in the cell. It Stops to enter any wrong value

09

AHMEDABAD BRANCH OF WIRC OF ICAI Reach your Goals

ii) Warning: Discourages the entry of invalid data but it allows the user to override the data validation settings
and allow the user to enter invalid data also.

If the Yes button is clicked, the invalid entry is accepted, and the next cell is selected. 
If the No button is clicked, the invalid entry is highlighted, and can be overtyped.

If the Cancel button is clicked, the invalid entry is deleted, and the cell's original content is restored.

The user can choose to leave the invalid entry in the cell. 

iii) Information: Announces the entry of invalid data. It is Just the information to the user about invalidity
If the OK button isclicked, the invalid entry is accepted, and the next cell is selected. 
If the Cancel button is clicked, the invalid entry is deleted, and the cell's original content is restored.
The user can choose to leave the invalid entry in the cell. It is open to user to decide it.

In all three alerts we can set custom message also which will be visible,if any invalid data is entered in the cell .
So just use this feature and set,inform,Allow,stop,warn as per the need

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Stay Happy Vol. No. 5 | Issue No. 10 | December 2018

Seminar on GST on 02.11.2018 Seminar on GST Audit & Annual Return on 03.11.2018

Lecture Meeting on Prof. Oppo. Est. Bus. in USA, Leading to Seminar on Forensic Accounting & Fraud Detection on 24.11.2018
Business Immigration & EB-5 Investor VISA on 20.11.2018

Diwali Get-to-gether on 24.11.2018

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AHMEDABAD BRANCH OF WIRC OF ICAI

Dream big it and reach it

Lecture Meeting on GST Annual Return & Audit on 26, 27 & 29.11.2018

Lecture Meeting on Financial Empowerment through Seminar on Listen, Speak and Learn - Maintaining
Peer to Peer (P2P) lending on 30.11.2018 Excellence under Stress on 30.11.2018

GST Gyan Sangam on 23.11.2018

DISCLAIMER: The Ahmedabad branch of WIRC of ICAI is not in any way responsible for the result of any action taken on thebasis of the advertisement published
in the Newsletter. Themembers, however, may bear in mind theprovision of theCodeof Ethics while responding to theadvertisements.

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