November Journal Final

Ujjain by taking goods together with E-Way GST and VAT - Judgements and Updates
Bill Nos. 681216854838, 681216855819,
631216832772 etc. and had returned on are transported i n contraventi on of the
12,09,2020 by loading thegoodsfrom Ujjain. provisionsof theAct or theRulesmadethere
At that time, thetax bill dated 09.09.2020 was under. The Hon. Court specifically inquired
producedwhenthevehiclewasintercepted. On with thelearnedAssistant Government Pleader
asking as regards second round for the said as to whether any provision of theAct or the
goods, it wasstated that on 08.09.2020 , they Rules could be said have been contravened
had loaded vegetables, which goods were with regard to thetransaction in question. The
unloaded by them At Ahmedabad. And the learnedAssistant Government Pleader, withhis
purchaser hasgiven statement ontheletter pad usual fairnesspointed out that when thegoods
that they have ordered the goods of the bill werein transit and detained, it cannot besaid
dated 08.09.2020 at present, which is caught that there was any contraventi on of the
by you. It hasbeen stated that they haveearlier provisions of theAct or the Rules. However,
not taken goodson thesaid bill. On checking according tothelearnedAssistant Government
thesaid vehicle, it hasgoneat theToll Tax on Pleader theauthoritieshavegravesuspicionthat
09.09.2020 and again on 12.09.2020, it has the driver of the vehicle might have entered
arrived from MadhyaPradesh and evidencein Ahmedabadon thesameE-way bill and might
that regard areproduced and submissionsare have succeeded i n getting out thereafter
made by the purchaser trader and as the pan without payment of any tax. Thus, thecaseof
masal a bei ng sensi ti ve commodi ty, the the learned Assistant Government Pleader is
submission of thetrader isnot accepted. And one of evasion of tax for some transaction
second roundiscounted. Thus, inthesaid case, which isunknown.
asthetrader hasgenerated E-way bill but has
transported thegoodstwiceon thevery same The show cause notice under Section 130 of
bill, proceeding isinitiated under Section 130 theAct cannot beissued on ameresuspicion.
of theGujarat Goodsand ServicesTax Act and Therehasto besomeprimafaciematerial on
the Rul es. thebasisof which theauthority may arriveat
thesatisfaction that thegoodsareliableto be
Held: confiscated under Section 130 of theAct.

We are of the view that the ground on which In such circumstances referred to above, the
theauthority proposesto confiscatethegoods Hon. Court isleft with no other option but to
and thevehicleisnot tenablein law. Theshow quash and set aside the notice in Form GST
causenoticeappearsto havebeen issued on an MOV-10 dated 15th September, 2020. It is
assumption that thedriver of thevehiclemight hereby ordered to bequashed. TheHon. Court
haveindulged in the past in contravention of clarifiesthat if thereisany other inquiry to be
theprovisions of theAct and theRules made madeasregardsany other transaction, it isopen
thereunder. It appearsthe entirebasisfor the for theauthority to initiateand carry out such
issue of the show cause notice is conjectures inquiry. With theabove, this writ application
and surmises. standsallowed.

The goods and the vehicle can be detained hhh
under Section129of theAct only if suchgoods

Ahmedabad Chartered Accountants Journal November, 2021 409

Corporate CA. Naveen M andovar a
Law Update [email protected]

M CA Updates: 3. Extension of last dateof filing of Cost Audit
Report totheBoar d of Directorsunder Rule
1. Relaxationsin payingadditional feesin case 6(5) of the Companies (Cost Recor ds and
of delay in of filing For m 8 (the Statement Audit) Rules, 2014:
Account and Solvency) by L imited Liability
Par tner shipsup to 30th December, 2021: In view of the disruption caused by COVID-
19 pandemic theMCA hasdecided to extend
TheMCA hasextended thetimelinefor filing the last date of filing of Cost Audit Report to
the Statement of Account and Sol vency theBoard of Directorsunder Rule6(5) of the
without paying additional fees by LLPs on Companies (Cost Records and Audit) Rules,
account of challengesfaced by theLLPsdue 2014 till “30th November, 2021”.
to COVID-19 pandemic and allowed the
LLPsto fileForm 8 (theStatement of Account [Gener al Ci r cul ar No. 18 /2021 dated
and Solvency) for the Financial Year 2020- 29.10.2021]
2021 without paying additional feesup to 30th
December, 2021. 4. Disqualification of DINS:

[Gener al Ci r cul ar No. 16 /2021 dated TheMinistry of CorporateAffairs(MCA) had
26.10.2021] flagged the DINs of Directors found to be
disqualified under sub-section 2(a) of section
2. Relaxation on levy of additional feesin filing 164 of the Compani es Act, 2013, w.e.f.
of e-for ms AOC-4, AOC-4 (CFS), AOC-4, November 01, 2016, for aperiod of fiveyears.
AOC-4 XBRL AOC-4 Non-XBRL and Such DINs are eligible to be de-flagged on
M GT-7/M GT-7A for the financi al year expiry of theperiodof disqualificationandsuch
ended on 31.03.2021 under theCompanies process is in the process of verification. The
Act, 2013: MCA shall take the necessary action in this
regard shortly.
TheMCA hasdecided that no additional fees
shall belevied up to 31.12.2021 for thefiling (Public Noticedated 10.11.2021)
of e-forms AOC-4, AOC-4 (CFS), AOC-
4XBRL, AOC-4 Non XBRL and MGT-7/ SEBI Updates:
MGT-7A in respect of thefinancial year ended
on 31.03.2021. During the said period, only 1. Revi sed For mats f or f i l i ng Fi nanci al
normal fees shall be payable for the filing of inf or mati on:
theaforementioned e-forms.
The SEBI has prescribed therevised formats
[Gener al Ci r cul ar No. 17 /2021 dated forreportingof financial informationandlimited
29.10.2021] review report for entities that have listed
nonconvertiblesecuritiesto disclosefinancial

410 Ahmedabad Chartered Accountants Journal November, 2021

resultson aquarterly basis, including assets& Cor por ate L aw Update
liabilitiesand cash flows.
Form-A or e-mai l the same to SEBI, as
TheSEBI hasalsoprovidedthat incaseof non- provided in Circular No. CIR/OIAE/1/2014
submission/ delayed submission of financial dated December 18, 2014.
results within the timelines prescribed under
regulation 52 of the Listing Regulations, the For details, pleaserefer:
listed entity shall disclosedetailed reasonsfor
such non-submi ssi on/ delay to the stock https://www.sebi .gov.i n/l egal /ci rcul ars/
exchangeswithin oneworking day of thedue oct2021/streaml i ni ng-of -i ssuance-of -
dateof submission of thefinancial results. scoresauthentication_53291.html

For details, pleaserefer: [Circular No.: SEBI /HO/OIAE/I GRD/CIR/
P/2021/642 dated 14.10.2021]
https://www.sebi .gov.i n/l egal /ci rcul ars/
oct2021/revised-formats-for-filing-financial- 3. Transmission of Securitiestojoint Holder(s):
i nf ormati onf or-i ssuers-of -non-converti bl e-
securities_53136.html TheMCA hasobservedthat in somecasesthat
due to counterclaim/ dispute from the legal
[Cir cular No.: SEBI /HO/DDHS/CI R/2021/ representative of one of the deceased holder,
0000000637 dated 05.10.2021] the Registrars to an Issue & Share Transfer
Agents(RTAs) havenot effected transmission
2. St r eaml i ni ng i ssuance of SCORES to thesurviving joint holder(s).
Authentication for companiesintending to
list their securitieson SEBI recognized stock In this regard, RTAs are advised to comply
exchanges: with the norms pertaining to transmission of
securities to joint holders(s) as provided in
TheSEBI hasintroducedanonlinemechanism clause 23 of Table F in schedule 1 read with
for obtaining SCORES (SEBI Complaints section 56(2) & 56(4)(c) of theCompaniesAct
RedressSystem) credentialsfor all companies 2013 and transmit securities in favour of
intending to list their securities on SEBI survivingJoint holder(s), intheevent of demise
recognised stock exchanges. Theonlineform of one or more joint holder(s), provided that
can be accessed on the SCORES website there is nothing contrary to the same in the
www.scores.gov.in.Thishasbeen doneaspart Articleof Association of thecompany.
of SEBI’sgreen initiativeandtostreamlinethe
redressal of i nvestor gri evances agai nst For details, pleaserefer:
compani es before l i sti ng. SCORES i s a
platform designed to helpinvestorslodgetheir https://www.sebi .gov.i n/l egal /ci rcul ars/
complaintspertaining to thesecuritiesmarket oct2021/transmi ssi on-of -securi ti es-to-j oi nt-
onlinewith SEBI against listed companiesand holder-s- _53313.html
SEBI-registered i ntermedi aries.
[ Ci r cul ar No.: SEBI /H O/M I RSD/
In view of this circular, Companies are no M I RSD_RTAM B/P/CI R/2021/644 dated
longer required to submit physical copy of 18.10.2021]

hhh

Ahmedabad Chartered Accountants Journal November, 2021 411

GujRERA Corner

Tr ansfer of Real EstateProj ect to a thir d par ty CA. M anan Doshi
under RERA [email protected]

Financial constraint hasalwaysbeenamajor hurdle in the name of its associated entities or
for small and mid-sizedevelopers. Theanswer to related enterprises, shall beconsidered as
thishurdlehasto bein form of collaborating with oneallotteeonly.
large establish developers or taking an exit from
the real estate project. Therefore it is utmost (2) On the transfer or assi gnment bei ng
important to know the statutory provisions w.r.t permitted by theallotteesand theAuthority
such transfer of rightsand liabilitiesin areal estate under sub-secti on (1), the i ntending
project.Section 15 of TheReal Estate(Regulation promoter shal l be requi red to
& Development)Act, 2016statesobligationsto be independentlycomplywith all thepending
met for by thepromoter on transfer of areal estate obligationsunder theprovisionsof thisAct
project to athird party. Let usgo through thebare or the rul es and regul ati ons made
act first. thereunder, andthependingobligationsas
per theagreement for saleentered into by
15. (1) “Thepromoter shall not transfer or assign theerstwhilepromoter with theallottees:
hismajority rights and liabilities inrespect
of a real estate project to a third party Provided that any transfer or assignment
without obtaining prior written consent permitted under provisionsof thissection
from two-third allottees, except the shall not result in extension of timeto the
promoter, and without the prior written intending promoter to complete the real
approval of the Authority: estateproject and heshall berequired to
comply with all thependingobligationsof
Provided that such transfer or assignment the erstwhile promoter, and in case of
shall not affect theallotment or saleof the default, such intending promoter shall be
apartments, plotsor buildingsasthecase liable to the consequences of breach or
may be, in thereal estateproject madeby delay, as the case may be, as provided
theerstwhilepromoter. under thisAct or therulesand regulations
madethereunder”
Explanation.— For thepurposeof thissub-
section, the allottee, irrespective of the Thefirst and foremost requirement of section 15 is
number of apartmentsor plots, asthecase that thepromoter shall not transfer hismajority rights
may be, booked by him or booked in the and liabilitiesto athird party without:
nameof hisfamily, or in thecaseof other
personssuch ascompaniesor firmsor any a. Obtaining prior written consent from 2/3rd
association of individuals, by whatever allotees
namecalled, bookedinitsnameor booked
b. Prior written approval of theauthority

Theexplanation to thesub section 1 to section 15
providesavery important clarification w.r.t more

412 Ahmedabad Chartered Accountants Journal November, 2021

thanoneapartment bookedby anallottee,hisfamily, Guj RERA Cor ner
firm, company or association of individualsshall promoter detailssegment availablein thepromoters
beconsidered asoneallotteeonly for thepurpose log-in on GujRERA Portal for effecting necessary
of this section. There may arise a question as to changesin thedatabaseof theregisteredproject for
whocanbeincludedinfamily. Dictionary meaning publicinformation.Any conversionof thepromoter
of “family”means“Agroupof oneor moreparents entity under any statute, for exampleconversion of
and their children living together as a unit.” partnershi p fi rm i n to LLP/Pri vate Li mi ted
Therefore,afamily may includeaindividual,spouse company or conversionof unlistedcompany toLLP
and children (minor or otherwise) etc shall be required to be reported to Gujarat
RERA.
Once the project is transferred to a third party/ Further thecircular speaksabout theprocedureof
intending promoter, it will behisresponsibility to transfer of project in 2 stageswhich isdepicted in
i ndependentl y compl y with all the pendi ng following chart:
obligationsunder theprovisionsof theAct/rulesand Stage1:
regulations made thereunder as well as pending
obligations as per the agreement for sale entered Stage2:
into by the erstwhile promoters. Transfer of real
estateproject to intending promoter shall not mean It is to be noted that amalgamation, merger and
that theintending promoter shall get an extension demerger of the companies implementedunder
of timefor thesaid project. Theintending promoter Ordersof NCLT/M CA/Hi gh Court or Other
shal l be responsi bl e and be l i abl e to the Statutory Authori ties or Tri bunal s affecti ng
consequences of any breach made under theAct, theproject regi stered under RERA, shal l be
rulesand regulations. regarded astransfer initiated by thePromoterand
the Promoter shall have to follow the procedure
The Gujarat RERA hasissued circular 23 stating prescribed herein aboveforobtaining theapproval
procedurefor transferring or assigning promoters of the al l ottee(s) and pri or approval of the
rightsandliabilitiestoathirdparty. Thefirst part of Authority.
thecircular talksabout asituation wherein thereis
a change in promoter entity status/management
changes. Guj aratRERA, as part of Proj ect
Regi strati on process, requi res promoter
details(KYC). KYCdetailsof Individuals, Partners,
Directors and other Managementofficials of
promoter entity are necessary to be provided for
project registration.Any change in this reported
information, within promoter entity, isrequired to
besubmitted to GujaratRERA for every registered
project.

Reporting of changesin shareholding of promoter
entity, in caseof privateorpublic limited company
isnot required, however changesinthelegal status
of thepromoter entity, whichthoughdoesnot affect
itsobligationsand liabilitiesandrightswith respect
to theAllottee(s) of theregistered project, shall be
reportedto Guj aratRERA through change i n

Ahmedabad Chartered Accountants Journal November, 2021 413

Guj RERA Cor ner c. Undertaking by intending promoter that they
shal l comply with al l obl i gati ons under
However, i f the amalgamati on or merger or agreement for sale executed by the erstwhile
demerger of thecompanies, which isnotregarded promoter and hasassumed all theobligations
astransfer under section 47 of theIncomeTax Act of theerstwhilepromoter.
1961or where75%of theshareholdersremainsame
in theresultant company, thesameshall not require Exampleof theabovegiven situation are:
theaforesaid approvalsof Allottee(s) under section
15 of theAct. But thepromoter willhaveto report a. Invocation of pledgeof sharesof thepromoter
thePromoter Entity Statuschangeor Management organization by pledgee
changes toGujaratRERA along with a certified
copy of theorder of the competentauthority/ b. Takeover of the asset of the project or of the
resolution. project by Bank/FI/ Asset reconstruction
company under SARFAESI
TheMaharastra RERA has further clarified in its
circular 19 in casewheretransfer isinitiated by a c. Transfer of the project by Bank/FI/ Asset
thirdparty likefinancial institution/creditorsetc by reconstruction company under SARFAESI or
operation of law or by way of enforcing of the under Insolvency and Banking code2016
security, wheresecured loansand/or chargeon the
project isdisclosed in theregistration detailsof the d. Takeover of themanagement of thepromoter
project then in such cases the promoter needs to in caseof Insolvency and Banking code2016
inform the Maharastra RERA within specified
format withi n 7 days of bei ng aware of the Theseprocedureswill go along way in boosting
i mpendi ng or potenti al transfer ari si ng out confidence of lenders and intending promoters.
enforcement of security or mortgage. Thepromoter However, complicationswill alwaysariselooking
shall also simultaneously inform each and every to thecomplexity of each case. Such procedures
allottees of the project of the potential transfer defined by respectivestategovernmentswill help
within7daysof transfer being effected by financial to protect basic rightsof thealloteesand thereby
institution or creditors. The procedure to be ensure survival and revival of the real estate
followed by intending promoter shall be: project.

a. Apply for necessary correctionsin theexisting hhh
registrati on details

b. Upload supporting documentssuch astitleof
land, building plan etc

414 Ahmedabad Chartered Accountants Journal November, 2021

Capital CA. K ar an Vor a
Markets [email protected]

Summar y: · Monetary policy committeedecided tokeep the
poli cy repo rate unchanged at 4% and to
Key M& A DealsincludeAGSHealth partners, US continuewith theaccommodativestancein its
acqui ri ng EzDI Sol uti ons I ndi a, EzDI i s a meeting held on October 8, 2021.
Heal thcare IT company to whom we (Vora
Corporate Finance) haveprovided valuation and Trendsin Secondar y M ar kets:
IM advisory services earlier; and Tata Group
acquiring 100% StakeinAir India. BSE Sensex went up by 0.31% to closeat 59,307
inOctober 2021asagainst 2.74%tocloseat 59,126
IIP data showed that the Industrial growth has in September 2021. Nifty 50 closed at 17,672 by
moderated in themonth of September dueto high 0.30% higher from 17,618 in September closing.
base and disruption in Automobile sector, after Sensex went down to 59,307 in October 2021after
doubl e di gi t growth rates i n August. As the hittingthe60,000mark for timeinSeptember 2021.
economicrecovery continues, stock marketsstayed
high. Forei gn Portfol i o Investors (FPI s) divested
Rs.13,550 Crorefrom theIndian equity marketsin
Economic Update: themonth of October.

· TheIndex of Industrial Production(IIP) slipped Equity M arkets Oct-21 Sep-21 Change%
to 3.1% in September after witnessing agrowth
of 11.9% on August 2021. While the slippage Sensex 59,307 59,126 0.31%
wasmainly dueto thewaning low baseeffect,
setbacks in automobiles sector due to chip Nifty 50 17,672 17,618 0.30%
shortageand electronicssectorswerealso to be
blamed. BSE 500 23,990 23,938 0.22%

· India’s Retail Inflation, CPI, fell to 4.35% in BSE Bankex 44,651 42,728 4.50%
September as food prices dropped as against
5.30% inAugust 2021. However thewholesale BSE Consumer Durables 43,219 41,340 4.55%
price-based inflation spiked to 5-month high
of 12.54% in October because of the rise in BSE Healthcare 25,034 26,093 -4.06%
prices of manufactured products and crude
petroleum. BSE FMCG 14,003 14,862 -5.78%

· On October 29, Government of India has
reappointed ShaktikantaDasasRBI Governor
for further 3 years. Thestep will belooked at to
providepolicy continuity and stability in RBI.

Ahmedabad Chartered Accountants Journal November, 2021 415

Capital M ar kets

BSE Indices showed mixed trends. There was a Par ticular s Jul-21 Aug-21
fall inchemical stocksinOctober duetoexpectation I. Equity I ssue
of weak second quarter results of the chemical a. IPOs(i+ii) 21,537 26,917
companies. There was a power outage in China
which led to manufacturing parks either being i. Main Board 13,198 20,517
closed or temporarily shut due to the shortage of ii. SME Platform
electricity. The impact of this was seen on in the b. FPOs 13,184 20,847
country astherewasasharp increasein theprices c. Equity Rights Issue
of basic chemicalsin India. d. QIP/IPP 14 30
e. Preferential Allotment
Pr imar y mar ket Update: II. Debt Issue 00
a. Debt Public I ssue
There were 2main board IPOs of Paras Defence b. Pr ivatePlacement of Debt 54 30
and SpaceTechnologiesLimited andAdityaBirla Total FundsM obilised (I +I I )
Sun LifeAMC Limited in October 2021 asagainst 1,684 3,200
3 main board IPOsin September 2021. Therewere
5 SME IPOsof Getalong EnterpriseLimited, Shri 6,601 3,170
Venkatesh Refineries Limited, Promax Power
Limited, Adishakti Loha and Ispat Limited and 31,233 49,848
Samor Reality Limited in October 2021 asagainst
5 SME IPOsin September 2021. 1,153 0

30,081 49,848

52,771 76,765

416 Ahmedabad Chartered Accountants Journal November, 2021

Capital M ar kets

M erger sand Acquisitionsdeals: Rationale:

M & A: Tata Group to Acquire 100% Stake in · A successful privatization of Air Indiaisamajor
Air India: victory for the Indian government as the loss-
makingAir Indiahascost taxpayersan average
Tr ansacti on: of nearly $3 million aday for thepast decade.

· Tata group’s holdi ng company, Tata Sons · Alsothisacquisitionwill get Tata, theownership
throughitswholly-owned subsidiary TalacePvt of iconic brandslikeAir India, IndianAirlines
Ltd submittedawinningbidof Rs.18,000Crore & theMaharajah.
astheEnterpriseValueof Air India.
· Tatawill beconsolidating itsposition and has
· Air India has a total debt of Rs.61,562 crore, been working on aplan to combineVistara,Air
out of that Rs.15,300 crore will be taken over India, andAirAsiaunder acommon umbrella.
by Tata.
· Air India coming back to the Tata group was
· Thetransactiondoesnot includenon-coreassets alsoanemotional moment for thegroupasRatan
includinglandandbuilding, valuedat Rs.14,718 Tata, TataGroup Chairman, tweeted, welcome
crore, whicharetobetransferredtoGovernment back, Air India. He said that JRD Tata would
of India’sAir IndiaAsset Holding Limited. havebeen overjoyed if hewasalive.

Tata Group: M & A : AGS H eal t h Par t ner s t o acqui r e
healthcar eI T company EZDI SolutionsI ndia:
· Founded by Jamsetji Tata in 1868, the Tata
group is a global enterprise, headquartered in Tr ansacti on:
India, comprising 30 companies across ten
verticals. Thegroup operatesin morethan 100 · AGSHealth Partners, provider of revenuecycle
countriesacrosssix continents. management solutionsfor healthcareproviders
across the U.S., has acquired EZDI Solutions
· Tata group al so has presence in Avi ation India.
Industry. It operatesfull-serviceairlineVistara,
a joint venture with Singapore Airlines, and · EZDI Solutions India provi des computer-
budget airline AirAsia India, a venture with assisted coding (CAC) to support healthcare
Malaysia’sAirAsiaGroup Bhd. providerswith revenuecyclemanagement.

Air I ndia L td: · We(VoraCorporateFinance) arehappy toshare
that we have provi ded val uati on and IM
· Air Indiawasfounded asTataAirlinesin 1932. advisory servicesto EZDI earlier.
It was founded by JRD Tata and he continued
to be its chairman till 1977. Air India was EZDI I nc.:
nationalized in 1953.
· EZDI isaNLP(Natural LanguageProcessing)
· It provides domestic and i nternational air based HIPPA Compliant Computer Assisted
transport services for both passengers and Coding (CAC) and Clinical Documentation
cargo.Air Indiaalso providesground handling Improvement (CDI) Software Provider across
andengineering& maintenanceservices, aswell UnitedStates.Itsclinical NLPtoolsandAI based
aslow-cost travel optionsandDomesticregional technology deliver performance.
connectivity through itssubsidiaries-Air India
ChartersLimited(Air IndiaExpress) andAirline · Company startedin2004withprovidingmedical
Allied ServiceLimited (AllianceAir). transcription servicesin aplenty of specialties.
Later EZDI built anext-generationclinical NLP
· Air Indiaisalossmaking airlinesince2007and enginesupporting advanced documentation and
hasavery highnumber of employeesper aircraft. coding functions. Softwaredevelopedby EZDI

Ahmedabad Chartered Accountants Journal November, 2021 417

Capital M ar kets · Headdedthat EZDI’stechnology assistsclinical
staff by predictingappropriatemedical codesand
are used by healthcare organizations to create identifyingmisseddocumentation, whichmakes
records by i ngesti ng pati ent’s cl i ni cal f or a more ef f i ci ent process and better
documentation, interpret the clinical data and outcomes.By minimizing human touch points
suggest medical codes. and instead using people to validate system-
generated data, they can help their customers
AGSHealth Par tner s: greatly reducethemargin of error.

· Founded in 2011, AGS Health is an analytics · Chetan Parikh, CEO at EZDI said that thisisan
dri ven, technology enabled revenue cycle exciting time for both of the organizations.
management company. It alleviatesfinancial and Headded that AGS brings coding services to
administrativeburdenson healthcareproviders EZDI customers and enables them to make
by providing billing, coding, automation and computer-assisted coding actionable. They are
analyticsservices. offeringmeasurableRCM improvement through
automation.
· AGS Heal th partners wi th hospi tal s and
physiciangroupstooptimizetheir revenuecycle A cknowl edgements: RBI Bul l eti n
through intelligent use of data.AGS Health
partners with 85+ clients across different care (www.bul l eti n.rbi .org.i n), SEBI
settings, clinical specialtiesandbillingsystems.
(www.sebi.gov.in), NSE (www.nseindia.com),
Rationale:
BSE (www.bseindia.com)
· AGS Health CEO, Patrice Wolfe commented
that theadvancementsintechnology arehelping hhh
health systems improve efficiencies, control
costsand deliver better patient experiences.

Continued fr om page 406 FEM A Updates

· Foreign-owned assets in India recorded an · Theratio of international assetsto international
increaseof US$ 11.6 billion, corresponding to liabilities has gradually improved to 73.2 per
anequal riseininwardforeigndirect investment. cent in June2021 from 68.5 per cent ayear ago.

· Variation in exchange rate of rupee vis-a-vis Sour ce: Press Release: 2021-2022/963, dated
other currencies affected change in liabilities, September 30, 2021
when valued in US$ terms. For full text r efer : https://rbi.org.in/scripts/
FS_PressRel ease.aspx?prid=52328& fn=5
· Reserveassetscontinued to havethedominant
share (68.3 per cent) in India’s international hhh
financial assets.

· The share of non-debt l i abil i ti es i n total
international liabilitiesedged upto52.7per cent
in June2021.

418 Ahmedabad Chartered Accountants Journal November, 2021

From CA. Pamil H. Shah
Published [email protected]
Accounts
subsequent periods. The actual return of the
Accounting of EmployeeBenefits- portfolio of plan assets, in excess of the yields
Annual Repor t 2020-2021 computed by applying the discount rate used to
measurethedefinedbenefit obligationisrecognized
I nfosysL td in other comprehensiveincome. Theeffect of any
plan amendmentsisrecognized in net profit in the
Gr atuity and pensions Statement of Profit and Loss.

The Company provides for gratuity, a defined Gail I ndia L td
benefit retirement plan (“the Gratuity Plan”)
coveringeligibleIndian employeesof Infosys. The a) All short termemployeebenefitsarerecognized
Gratuity Plan provides a lump sum payment to at theundiscounted amount in theaccounting
vestedemployeesat retirement,death,incapacitation period in which they areincurred.
ortermination of employment, of an amount based
on therespectiveemployee’ssalary and thetenure b) TheCompany’scontribution to theProvident
of employment with theCompany. TheCompany Fund isremitted to aseparatetrust established
contributesgratuity liabilitiestotheInfosysLimited for thispurposebased on afixedpercentageof
Employees’ Gratuity Fund Trust (“the Trust”). theeligibleemployee’ssalary and debited to
Trusteesadminister contributionsmadetotheTrust Statement of Profit and Loss/ CWIP. Further,
andcontributionsareinvested in aschemewiththe theCompany makesprovision asper actuarial
Life Insurance Corporation of India as permitted valuation towardsany shortfall in fund assets
by Indian law. The Company operates defined to meet statutory rateof interest in the future
benef i t pensi on pl an i n certai n overseas period, to becompensated by theCompany to
jurisdictions, in accordance with the local laws. theProvident Fund Trust.
These plans are managed by third-party fund
managers. Theplansprovidefor periodic payouts c) Employee Benefits under Defined Benefit
after retirement or for a lumpsum payment as set Plansinrespect post-retirement medical scheme
out in rules of each fund and includes death and andgratuity arerecognizedbasedonthepresent
disability benefits. Liabilitieswith regard to these value of defined benefit obligation, which is
defined benefit plansaredetermined by actuarial computed on the basis of actuarial valuation
valuation, performedby anindependent actuary, at using the Proj ected Unit Credit M ethod.
each Balance Sheet date using the projected unit Actuarial liability in excessof respectiveplan
credit method. Thesedefined benefit plansexpose assetsisrecognized during theyear.
theCompany to actuarial risks, such aslongevity
risk, currency risk, interest raterisk andmarket risk. d) Obligations on other long term employee
The Company recognizes the net obligation of a benefits, viz., leaveencashment, Compensated
defined benefit plan in itsBalanceSheet asanasset absenceand Long ServiceAwardsareprovided
or l i abi l i ty. Gai ns and l osses through using the Projected Unit Credit method of
remeasurementsof thenet defined benefit liability actuarial valuation madeat theend of theyear.
/ (asset) are recognized in other comprehensive
incomeand arenot reclassified to profit or lossin e) Re-measurement includingactuarial gainsand
lossesarerecognized in thebalancesheet with

Ahmedabad Chartered Accountants Journal November, 2021 419

From Published Accounts Provident Fundcontributionstodefinedbenefit
plansfor eligibleemployees.Under thescheme,
a corresponding debit or credit to retained theParent Company isrequired to contributea
earningsthrough Statement of Profit and Loss specifiedpercentageof thepayroll coststofund
or Other ComprehensiveIncomein theyear of the benefits. The contributions as specified
occurrence, as the case may be. Re- under the law are paid to the provident fund
measurements are not reclassi fied to the set up as a trust by the Parent Company. The
Statement of Profit and Loss in subsequent Parent Company isgenerally liablefor annual
periods. contributionsandany shortfall inthefundassets
based on thegovernment specified minimum
f) The Company al so operates a defi ned ratesof returnandrecognisessuchcontributions
contribution schemefor Pension benefits for and shortfall, if any, asan expensein theyear
itsemployeesand thecontribution isremitted it isincurred. Having regard totheassetsof the
to aseparateTrust. fund and the return on the investments, the
Groupexpectsshortfall of Rs. 6.50 crorewhich
g) Liability for gratuity and Post-Retirement has been provided as expenditure during the
Medical Scheme(PRMS) as per actuarial year.
valuation isfunded with aseparatetrust.
Novar tisI ndia L td
Tata Power Company L td
(i) Short-Term EmployeeBenefits
1. Defined Contr ibution plan
Liabilities for wages and salaries that are
The Group makes Provi dent Fund and expectedtobesettled wholly within12months
SuperannuationFund contributionsto defined after theend of theannual reporting period in
contributionplansfor eligibleemployees.Under whichtheemployeesrender therelatedservice
theschemes, theGroupisrequiredtocontribute are recogni sed and measured at the
aspecified percentageof thepayroll costs. The undiscounted amount expected to be paid in
provident fundcontributionsasspecifiedunder exchangefor therelated service.
the law are paid to the Government approved
provident fundtrust or statutory provident fund (ii) Other L ong-term Empl oyee Benef i t
authorities. TheGrouphasno obligation, other Obligations
than thecontribution payableto therespective
fund. TheGroup recognisessuch contribution Theemployeesof theCompany areentitled to
payable to the respective fund scheme as an other long-term benefits in the form of Long
expense, whenanemployeerenderstherelated Service Awards as per the pol i cy of the
service. The Group has recognised Rs. 69.31 Company and Leaveencashment. Liability for
crore(31st March, 2020 - Rs. 67.88 crore) for such benefits is provided on the basis of
provident and pension fund contributionsand valuation, asat theBalanceSheet date, carried
Rs. 9.25 crore (31st March, 2020 - Rs. 10.75 out by an independent actuary. The actuarial
crore) for superannuation contributionsin the valuation method used by the independent
consolidated statement of profit and loss. The actuary for measuring the liabilities is the
saidamount isexcludingof amountsrecognised projected unit credit method.
by the Strategic Engineering Division (SED)
(Discontinued operations). The contributions (iii) Post-Employment Obligations
payableto theseplansby theGroupareat rates
specifiedintherulesof theplans. The Company has the f ol l owi ng post-
employment schemes: a) Definedbenefit plans
2. Defined benefit plans such as Provi dent Fund, Gratui ty, Non-
Contractual Pension Plan andPost Retirement
TheGroup operatesthefollowing unfunded/ Medical Benefits.b) Definedcontributionplans
f unded def i ned benefi t pl ans: Funded:
Provident Fund The Parent Company makes

420 Ahmedabad Chartered Accountants Journal November, 2021

such asSuperannuationFundand Employees’ From Published Accounts
Pension Scheme.
incomeexcept thoseincluded in cost of assets
Oil and Natur al GasCor por ation L td aspermitted in theperiod in which they occur
and arenot subsequently reclassified to profit
Empl oyee benefi ts i ncl ude sal ari es, wages, or loss. TheGroup contributesall ascertained
contributory provident fund and gratuity, leave li abi lities with respect to gratuity to the
encashment towardsun-availedleave,compensated respectiveGratuity FundTrust.All ascertained
absences,post-retirement medical benefitsandother liabilities for unveiled leave are funded with
terminal benefits.All short term employeebenefits Life Insurance Corporation of India (LIC)
arerecognized at their undiscounted amount in the except in case of some subsidiaries. Other
accounting period in which they areincurred. defined benefit schemes are unfounded. The
retirement benefit obligation recognized inthe
1. Defined contr ibution plans Consolidated Financial Statementsrepresents
the actual deficit or surplus in the Group’s
EmployeeBenefit under defined contribution defined benefit plans. Any surplus resulting
planscomprising contributory provident fund, from thiscalculation islimited to thepresent
Post Retirement benefit scheme, Employee valueof any economicbenefitsavailableinthe
Pension Scheme - 1995; composite social form of reductions in future contributions to
security schemeetc. isrecognized basedon the theplans.
undiscounted amount of obligations of the
Group to contribute to the plan. The same is 3. Other long term employeebenefits
paid to afund administered through aseparate
trust. Other long term employeebenefit comprises
of leaveencashment towardsun-availed leave
2. Defined benefit plans and compensated absences; these are
recognized based on the present value of
Definedemployeebenefit planscomprising of defined obligation which iscomputed using the
gratuity, post-retirement medical benefitsand projected unit credit method, with actuarial
other terminal benefits, arerecognized based valuationsbeing carried out at theend of each
on the present val ue of defi ned benefi t annual reporting period. Theseareaccounted
obl i gation whi ch i s computed usi ng the for either ascurrent employeecost or included
projected unit credit method, with actuarial in cost of assetsaspermitted. Remeasurements
valuationsbeing carried out at theend of each of leaveencashment towardsun-availed leave
annual reporting period. Theseareaccounted and compensated absences.
either ascurrent employeecost or included in
cost of assetsaspermitted. Net interest on the Cofor geL td
net defined liability iscalculated by applying
thediscount rateat thebeginningof theperiod (i) Shor t-ter m obligations
to thenet defined benefit liability or asset and
isrecognizedintheStatement of Profit andLoss Liabilities for wages and salaries, including
except those included in cost of assets as non-monetary benefitsthat areexpected to be
permi tted. Remeasurement of def i ned settled wholly within 12 monthsafter theend
retirement benefit pl ans except for l eave of the period in which the employees render
encashment towards un-availed leave and therelated servicearerecognized in respect of
compensated absences, comprising actuarial employees’ services up to the end of the
gains and losses, the effect of the changes to reporting period and are measured at the
theasset ceiling (if applicable) and thereturn amounts expected to be pai d when the
onplanassets(excludingnet interest asdefined liabilitiesaresettled. Theliabilitiesarepresented
above), arerecognizedin other comprehensive ascurrent employeebenefit obligationsin the
balancesheet.

Ahmedabad Chartered Accountants Journal November, 2021 421

From Published Accounts to the end of the reporting period using the
projected unit credit method. Thebenefitsare
(ii) Ot her l ong-t er m empl oyee benef i t di scounted usi ng the di scount rates for
obligations Government Securities (G-Sec) at the end of
the reporti ng peri od that have terms
The liabilitiesfor earned leave and sick leave approximating to the terms of the related
arenot expected to besettled wholly within 12 obligation. Remeasurements as a result of
monthsafter theend of theperiodin which the experi ence adj ustments and changes i n
employeesrender therelatedservice. They are actuarial assumptions are recognised in the
therefore measured as the present value of Consolidated Statement of Profit and Loss.
expected futurepaymentsto bemadein respect
of servicesprovidedby employeesuptotheend (iii) Post-employment obligations
of thereporting periodusing theprojectedunit
credit method.Thebenefitsarediscountedusing The Group operates the fol lowing post-
the market yields at the end of the reporting employment schemes: (a) definedbenefit plans
periodthat havetermsapproximatingtotheterms such asgratuity and pension; and (b) defined
of the related obligation. Remeasurements contribution planssuch asprovident fund.
compri si ng of as a result of experi ence
adjustmentsandchangesinactuarial assumptions PhilipsCar bon Black L td
arerecognisedimmediately inthebalancesheet
withacorrespondingdebit or credit to retained 1. Post employment obligations
earningsthroughstatement of profit andlossin
theperiodinwhich they occur.Theobligations (A) Gratuity
arepresentedascurrent liabilitiesinthebalance
sheet i f the Company does not have an TheGratuity schemeisadefined benefit plan
unconditional right todefer settlement for at least that providesfor alump sum payment on exit
twelve months after the reporting period, either by way of retirement, death, disability or
regardless of when the actual settlement is voluntary withdrawal. Thebenefitsaredefined
expected tooccur. on thebasisof last drawnsalary and theperiod
of serviceandpaidaslumpsumat exit. Gratuity
Raymond L td payableisnot restricted to themaximum limit
prescribed under thePayment of Gratuity Act,
(i) Shor t-ter m obligations 1972. The l iabil i ty i n respect thereof i s
determinedby actuarial valuationat theyearend
Liabilities for wages and salaries, including based ontheProjectedUnit Credit Methodand
nonmonetary benefitsthat areexpected to be is recognized as a charge on accrual basis.
settled wholly within 12 monthsafter theend Trusteesadminister thecontributionsmadeto
of the period in which the employees render theGratuity fund.Amountscontributed to the
therelated servicearerecognised in respect of Gratuity fund areinvested solely with theLife
employees’ services up to the end of the InsuranceCorporationof India.
reporting period and are measured at the
amounts expected to be pai d when the (B) Post- retirement medical benefits(PRM B)
liabilitiesaresettled.
Post Retirement Medical Benefits[comprising
(ii) Ot her l ong-t er m empl oyee benef i t payment of annual medical insurancepremium
obligations tocover hospitalizationsandreimbursement of
domiciliary medical expenseswithinadefined
Theliabilitiesfor earned leaveand sick leave monetary limit], adefined benefit retirement
that arenot expectedtobesettledwholly within plan is extended to certain employees. The
12 monthsare measured as thepresent value schemeisunfunded.
of expected future payments to be made in
respect of servicesprovided by employeesup hhh

422 Ahmedabad Chartered Accountants Journal November, 2021

From the
Government

CA. Ashwin H. Shah CA. Kunal A. Shah
[email protected] [email protected]

Goodsand Ser viceTax: 2. It isrequested that thetaxpayersmay takenote
of the above and ensure that their records
1) Availability of I nput Tax Credit (I TC) for pertaining to Financial Year 2020-21 are
FY 2020-21 reported on or before the due date of their
GSTR-3B for themonth September 2021, or
As per Section 16(4) of CGST Act, 2017, no for the quarter of July to September 2021 in
taxpayer shall takeinput tax credit in respect case of quarterly GSTR-3B filers. Availment
records (invoices and debit notes) for supply of ITC by therecipients contrary to the legal
of goodsor services(or both) for Financial Year provisionsin GST may entail actionby thetax
2020-21 after the due date of furnishing the administrationsin accordancewith law.
return for themonth of September 2021. The
duedatefor theGSTR-3B for September 2021 (GST News and Updates, dated 17/10/2021)
iseither 20th October 2021 for monthly filers
and 22nd or 24th October 2021 depending on 2) Guidelinesfor disallowingdebit of electronic
theState/UT of registration of thetaxpayer. In cr edit ledger under Rule 86A of theCGST
view of thesame, thefollowing may kindly be Rules, 2017 -Reg.
noted:
Rule 86A of the Central Goods and Services
i.) Records(invoiceor debit notes) pertaining Tax Rules, 2017 (hereinafter referred to as“the
to Financial Year 2020-21 reported in Rules”) providesthat in certain circumstances,
GSTR-1 after due date of GSTR-3B of Commissioner or anofficer authorizedby him,
September 2021 will not reflect as “ITC on thebasisof reasonablebelief that credit of
Available” in GSTR-2B of therecipients. input tax availableintheelectroniccredit ledger
Such records will reflect in “ITC Not hasbeen fraudulently availed or isineligible,
Available” section of GSTR-2B and such may not allow debit ofanamount equivalent to
ITC shall in turn not beauto-populated in such credit in electronic credit ledger.
GSTR-3B.
Rule 86A of the CGST Rules, 2017 grants
ii.) Records(invoiceor debit notes) pertaining widepower to thedepartment to temporarily
to Financial Year 2020-21 reported in (up to 1 year) deny theutilization of theinput
GSTR-1 after due date of GSTR-3B of tax creditsclaimed by thegiven taxpayer (i.e.
September 2021 will also not reflect as blocking of the credi t l edger) i n certai n
“ITC as per GSTR-2A” in Table-8A of specifiedcircumstancesfor dischargingthetax
GSTR-9 of therecipients. liabilities.

Ahmedabad Chartered Accountants Journal November, 2021 423

GST Update GST Notifications & Cir cular s if needed) before the exercise of the power.
Also, certain other aspectsrelated totheproper
However, amisuseof thesaidpower can result authority for theexerciseof thesaid power as
intremendoushardshipsfor agenuinetaxpayer well as procedures for de-blocking based on
as it blocks the working capital (since the the submissions of the taxpayer have been
taxpayer iscompelled to pay theliabilitiesby clarified.
cash despite having legitimate tax credits). (For Full text refer Guideline on Blocking of
Hence there was a need for balancing the Credit Ledger vide CBEC-20/16/05/2021-
interest of theGovernment aswell asthetrade. GST, dated 02/11/2021)

Now CBIC has issued detailed instructions hhh
laying down some sound principles for the
exerciseof thesaid powers. Themajor aspect
emanatingfromtheguidelinesisthat thepower
should not beexercised on suspicion but must
beexercised based on intelligent evaluation of
theobjectivefactsbacked by therecording of
thereasonsonthefile(for later judicial scrutiny

ADVERTI SEM ENT RATES OF
AHM EDABAD CHARTERED ACCOUNTANTS JOURNAL FOR FY 2021-22

(Journal Advertisement size10.5' length and 8' width letter size)

Page Monthly Quarterly Half yearly Yearly
Back Cover (Four Colour) (Single (Three (Six (Ten

Insertion) Insertions) Insertions) Insertions)

15000 40000 80000 125000

InsideFront (Four Colour) 10000 27000 50000 85000

InsideBack Four Colour) 10000 27000 50000 85000

Inner Full Page(singleColour) 5000 14000 27500 42500

424 Ahmedabad Chartered Accountants Journal November, 2021

IT Corner

T he Futur e of Technol ogy for Char t er ed CA. Rushabh Shah
Accountants [email protected]

A recent report by global technology firmAtherton Once dataenters the system, avast decentralised
Research estimatesthat by 2023 accounting, tax, network, it cannot beremoved or edited, creating
payroll, auditing, and banking tasks will be fully the potential to provide a transparent record of
automated using artificial intelligence-powered financial informati on. In theory, all busi ness
technologies. AI i s i n its earl y stages i n the processesfromrecordingthetransaction, invoicing
accountancy sector; however, asanew accounting thecustomer through toprocessingpayment, could
tool, it will disrupt theaccountancy industry inways be put through a multifunctional ledger using a
not seen si nce the creati on of doubl e-entry blockchain system, with accurateresultsviaareal-
bookkeeping. timedashboard.

Forward-thinking professionals are choosing to For our professiontothrive, weneed to understand
embrace AI and harness the upsi de of other what’shappeningwith all thisnew technology and
emerging technologies such as blockchain, data start reposi ti oni ng oursel ves as advi sers to
analytics, cloud computing and cyber security. business.In the past, the only window into the
resultsof acompany wasoften theaudited annual
New technologies such as data analytics, robotic financial statement; now informationisbeingshared
processautomation andAI will help to automatea in many ways.
lot of knowledge gathering and repetitive tasks,
freeing uppeopleto focusonhigher-valuestrategic Onethinginvestorsvalueabout anannual report is
work andprovidingmorefulfillingresponsibilities. that it assuresthat an audit hasbeen performed on
These devel opments wi l l , i n turn, create all the numbers.The investors are increasingly
opportunitiestodevelopnew rolesandpositionsin exposed to di f f erent sources of unaudi ted
thefuture. information, which they are using to make their
investment decisions.Investorsarerightly concerned
Blockchain about thelack of transparency,comparability within
industriesandconsistency intheir reportingof these
Apart from AI, the other big opportunity for measures. Perhapsmost importantly, they arenot
accounting firms is blockchain technology. Best clear on what is assured or even what assurance
known as the technology underpinning Bitcoin, means or should mean in this new era.By 2023,
blockchainisnow beingtestedinarangeof business regulatorsmay beableto pull datain from assured
and financial applications. In February 2019, JP and unassured sources, and audi ts coul d be
Morgan launched theJPM Coin, acryptocurrency conducted automatically inreal time.
that customerscan use for transactionsover their
banking network. Accounting standar ds

Theappeal of blockchain technology liesin itsuse Areaccounting standardsstill relevant aswemove
of peer-to-peer network technology combined with towardshaving areal-timepictureof all dataand
cryptography. completetransparency?

A lot of professionalsbelievetechnology isalready
havingabigimpact ontheaccountancy profession,

Ahmedabad Chartered Accountants Journal November, 2021 425

I T Cor ner Thedominanceof bigdatawill requireaccountants
to develop a new skill set, to be able to work
and the pace of change will only continue to alongsidedatascientistsand communicatebusiness
increase. The challenge for regulation will be to information to those designing the AI-powered
keep up with thesedevelopments. solutionsto businessproblems.

Traditi onal accountancy i s not all about the Cloud computing
accounting standards, it’sabout broader business
acumen and understanding of theenvironment, so Moreandmoresmall firmsaretakingadvantageof
it’snot an option to ignorethetrend of data, cloud thecloud, leveraging technology to free up more
computing, roboticsand processautomation, and timefor advisingandsupportingclients.A lot many
that is why all the big CA firms are investing in CA firmshavemadethetransition from auditorsto
upskilling everyone. advisors.But currently, themarket isstill dominated
by traditional firmsconcentratingonthecompliance
Largeaccountingfirmsarebusy securingtheir talent and regulatory role.
pipeline, to add more technology skills to their
teams. The CA firms are working with several In an ever-changing landscape, with increasing
universities, funding degreeprogramsand providing competi ti on from di srupters such as Sense
placementsfor students. Accounting & Bookkeepi ng, there are huge
opportunities, but therisksneed to bemanaged.
Data analytics
Embr acethechange
Firms that don’t understand how their clients are
using datawill bequickly left behind, warned alot It’s hard to say exactly what impact emerging
many seni or professi onal s hi ghl i ghti ng the technology will have on a process and systems-
importanceof DataAnalytics. based industry suchastheaccountancy profession.
But firmsand accountantsneed to start preparing.
Over thelast few years, thetechnology firmshave A few yearsago, wehad IT teams; today everyone
seen increasing interest from professional services must understand technology. Weare moving to a
firms (particularly lawyers and accountants) in positi on where, agnostic of our educational
datascienceand dataengineering. Theadvent of background and professional qualifications, we
cloud computi ng has drasticall y lowered the needtounderstandtechnology tobeabletooperate
barriersto entry and madeit possiblefor ‘citizen in the business environment. We need to get on
data scientists’ to analyse massive volumes of board with what ischanging, to refresh your skills
unstructured data (mostly with a bit of support and experiences, and be prepared to adapt and
from expertslikeourselves). Currently, thefocus evolve.
ison applyingmachinelearningandAI techniques
to solve one issue e.g., predictive forecasting, hhh
scenario planning and optimisation, rather than
general capabilities.

Congr atulations

Shr i Sunil H. Talati, Past President of our Association has been elected
as Chairman of Services Export Promotion Council set up by Ministry
of Commerce & Industry, Government of India for the year 2021-22 &
2022-23. He is the only Past President of The Institute of Chartered
Accountant of India from Gujarat.

426 Ahmedabad Chartered Accountants Journal November, 2021

Association

News

CA. Rushabh M . Shah CA. Jay B. Par ekh
Hon. Secretary Hon. Secretary

October 2021hasbeen amonthof hopesand wishes. With theDiwali comingin thefirst week of November
2021, thelast few daysof October ended with up so many hopesfor all of us. Wehavehad atough couple
of years, and we at theAssociation, sincerely hope for the well-being of everyone of us, personally and
professionally.

1. Glimpsesof previousevents:

Time Pr ogr am Speaker Venue

Br ain Tr ust Committee

9th October 2021 – Direct Taxes– CA. Jayesh Sharedalal KV Patel Hall, ICAI
Satur day Way Forward Ahmedabad Branch

25 par ticipantshad attended thepr ogr am

I ndirect Tax Study CircleCommittee

9th October 2021 – Study CircleMeeting CAAA Office -
Satur day Darshak Building

15 par ticipantshad attended thepr ogr am

2. For thcoming Pr ogr ammes:

Platinum JubileeCelebr ation Committee

13th November 1 – Inaugural Talk by Club O7, Shela
2021- Saturday Chief Guest Nilesh Shah
2 – Direct Taxes – New Face of CA. Ved Jain
IncomeTax & Contemporary Issues
3 – Indirect Taxes– Guidefor Professionals Sr. Adv.
on how to deal with Litigations J. K. Mittal

ExecutiveCommittee Diwali Get Together Club O7, Shela

13th November 2021 – Satur day

Spor t s Commit tee

27th November 2021 – President XI v Secretary XI Railway Cricket
Satur day Cricket Match Ground, Sabarmati

I ndirect Tax Study CircleCommittee

20th November 2021 – Study CircleMeeting CAAA Office -
Satur day Darshak Building
50th Residential
RRC Refresher Course JaypeeResidency
Manor - Mussoorie
4th Januar y 2022 – Tuesday To hhh
8th Januar y 2022 - Satur day

Ahmedabad Chartered Accountants Journal November, 2021 427

ACAJ Crosswor d Contest - 6

Acr oss Down
1. Theconditionprecedent for invocationof power 4. ______ awardsareoneof thehighest civilian

under section 263 of theIncomeTax Act isi) awardsin India.
that an order must beprejudicial to theinterest 5. AISisacomprehensivestatement containing
of theRevenueand ii) it must be__________
2. Section32of theIncomeTax Act doesn’t allow detailsof _______transactionsdoneby thetax
depreciation on ________. payer and reported by various entities to the
3. Pre-deposit for filing appeal under GST is to tax department.
bepaid from _______ ledger. 6. Suppl y of f ood and dri nk f or human
consumptionisconsideredassupply of ______.

Notes: Pr izeCour tesy

1. TheCrossword puzzleisbased on thisissueof Winner s of ACAJ Crosswor d Contest – 5
ACA Journal.
1. CA. Jignesh Brahmakshatriya
2. Two lucky winnerson thebasisof adraw will
beawarded prizes. 2. CA. Kunal Kedia

3. The contest is open only for the members of ACAJ Crosswor d Contest 5 - Solution
Chartered Accountants Association and no
member is allowed to submit more than one Across: Down:
entry.
1. Cryptocurrency 4. Precondition
4. M embers may submi t thei r repl y ei ther
physically at the office of theAssociation or 2. Promoter 5. Crime
by email at [email protected] on or
before15-12-2021. 3. Freedom 6. Against

5. Thedecisionof Journal Committeeshall befinal
and binding.

hhh

428 Ahmedabad Chartered Accountants Journal November, 2021



Our Association is celebrating 70 years of its existence. To celebrate Platinum Jubilee,
a special programme was organized on 13th November, 2021. Eminent speakers Shri Nilesh Shah,

CA. Ved Jain and Sr. Adv. J. K. Mittal addressed the participants. This event was attended by
160 members and including 22 past presidents of our association.