JOURNAL JULY 2023

Ahmedabad Chartered Accountant Journal July, 2023 245 Advance Ruling under GST such supply has already been affected and the discount is established as per terms of an agreement at or before the time of such supply and there is a link to the invoices of the discount given. Further, the ITC attributable to the discount is to be reversed by the recipient of the supply. - On the examination that transaction between the applicant and his supplier is issuing a tax invoice on the supply of goods to the applicant and the applicant is taking ITC on the same. The applicant is issued commercial credit note or financial credit notes under various schemes such as turnover discount, quality discount, additional scheme discount etc. The credit notes issued are without GST and as per the applicant were issued only for accounting purpose as also given in undertaking by the supplier. The credit notes are duly accounted in the book of accounts of the applicant and also their income tax returns. - For the applicability of provision of 15(3)(b) there should be prior agreement and a link established with the relevant invoices of the discount given. No such co-relation between the credit notes issued by the supplier to the applicant is found except credit note mentioning the scheme and the goods for which the credit note is being given. In absence of such specific information, the benefit of lessening the value of discount from the transaction value as per the provision of 15(3) (b) is not allowed and therefore the contention of the applicant is correct. Therefore, as being correctly done by the supplier no adjustment is price is done in respect of goods already sold as per their own undertaking nor any adjustment of GST made in the credit note. - Therefore the corresponding reduction in ITC is also not warranted as there is no corresponding reduction of outward liability at the end of the supplier. The amount received by the applicant is in the form of post supply discount by the supplier and it will not affect transaction value between the supplier and the applicant for the reasons discussed above. For the same reasons, the applicant is eligible to take full credit of GST charged on the tax. Invoice and not required to reverse the ITC to the extent of financial / commercial credit notes issued by the supplier. - Further reference to the circular No 92/11/2019- GST can be made wherein it is further clarified that secondary discounts shall not be excluded while determining the value of supply as such discounts are not known at the time of supply and the condition laid down in clause (b) to sub – section (3) of section 15 of the said Act are not satisfied. In order words value of supply shall not include any discount by way of issuances of credit note(s) except in cases where the provisions contained in clause (b) of sub section (3) of Section 15 of the said ACT are satisfied. There is no impact on availability or otherwise of ITC in the hands of supplier in the case. Thus, this further clarifies the questions raised by the applicant. Ruling Negative, Provided the dealer pays the value of the supply as reduced after adjusting the amount of post-sale discount in terms of financial / commercial credit notes received by him from the supplier of goods plus the amount of original tax charged by the supplier. Comment: This is a welcome AAR. There have been issues where the Audit Authorities have raised objection that ITC needs to be reduced in such cases since payment is mode less and as per Sec 16 rwt Rule 37 of CGST Act 2023 states that payment needs to be made within 180 days and if only part payment made then proportionate ITC is available. This issue was taken up stating since GST is not reduced and only Financial Credit Notes passed only proportionate ITC is available. However, one can rely on this AAR now. 2) Expenses Incurred on behalf of HO by Branch or Vice Versa and GST Liability on the same

246 Ahmedabad Chartered Accountant Journal July, 2023 Advance Ruling No 07/ARA/2023 Dated: 31st March 2023 Profisolutions Pvt Ltd AUTHORITY FOR ADVANCE RULING, TAMILNADU Facts: 1. Applicant is a Private Limited Company having Branch office at Chennai, in the State of Tamil Nadu providing service help, through the employees of the company, to main office /registered office at Bengaluru in the State of Karnataka. 2. It is providing engineering services for industrial and manufacturing projects. 3. The branch office of the applicant is providing support services like engineering services, design services, accounting services, etc. to the Head Office at Bangalore and also registered in the State of Karnataka under GST Act. 4. On interpretation of law, applicant states that employees are appointed and working for the company as whole and not employed for head office or branch specifically 5. Salary and benefits paid to employees are in relation to employment, which is neither a supply of goods nor services under para 1 of the schedule 3 of CGST Act, which reads as ‘Services by an employee to the employer in the course of or in relation to his employment’ Question: Whether providing service by branch office in one State to head office in another State through employees who are, common to the company constitute supply of service in terms of Section 7 the Act, if so, whether such services attract GST liability ? Findings 1. The applicant from branch office has supplied, apart from accounting services, various technical services to head office in other State where the factory is located to fulfil the product design requirement of the customers 2. The applicant states that employees are appointed and working for company as whole and not employed for head office or branch specifically, while recognizing the legal position that head office and branch office are distinct person under GST. It is obvious that service of the employee working in a branch flows only through the branch to the head office or customer. As long as the employee is deployed in a branch of an entity, his services that is rendered directly to head office will be in his representative capacity as an employee of the branch 3. As per Section 5(1) of IGST Act, 20 17, ‘subject to the provisions of sub-section (2), there shall be levied a tax called the integrated goods and services tax on all inter-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined under section 15 of the Central Goods and Services Tax Act and at such rates, not exceeding forty per cent., as may be notified by the Government on the recommendations of the Council and collected in such manner as may be prescribed and shall be paid by the taxable person’. 4. Schedule I (2) to CGST Act, 2017 states that ‘supply of goods or services or both between related persons or between distinct persons as specified in section 25 when made in the course or furtherance of business’ to be treated as supply even if made without consideration. 5. Section 25(4) of CGST Act, 2017 states that ‘a person who has obtained or is required to obtain more than one registration, whether in one State or Union territory or more than one State or Union territory shall, in respect of each such registration, be treated as distinct persons for the purposes of this Act 6. Explanation to Section 15 of CGST Act, 20 l7 states that ‘For the purpose of this Act,- (a) persons shall be deemed to be “related persons “ ifAdvance Ruling under GST

Ahmedabad Chartered Accountant Journal July, 2023 247 (i) such persons are officers or directors of one another’s businesses; (ii) such persons are legally recognized partners in business; (iii) such persons are employer and employee; (iv) any person directly or indirectly owns, controls or holds twenty-five per cent or more of the outstanding voting stock or shares of both of them; (v) one of them directly or indirectly controls the other; (vi) both of them are directly or indirectly controlled by a third person; (vii) together they directly or indirectly control a third person; or (viii) they are members of the same family; (b) the term “ person “ also includes legal persons (c) persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire e, howsoever described , of the other, shall be deemed to be related 7. Comprehensive reading of the statutory provisions of relevant Acts, states that any supply of service between two registrations of the same person in the same State or in different States attract the provisions of Section 25 (4) and Section 7 read with Schedule I (2) and Section 15. Advance Ruling under GST 8. Even the services of employees deployed in a registered place of business to another registered premises of the same person will attract the provisions discussed in para 8.6 supra, as the employees are treated as related person in terms of explanation to Section 15 and treated as supply by virtue of Schedule I (2) to CGST Act, 2017. Ruling Services, including the services of common employees of a person, provided by branch office to head office and vice versa, each having separate GST registration, will attract GST liability under respective Acts, viz IGST Act, 2017 or CGST Act, 20 17 and SGST Act, 20 17 or UTGST Act, 20 17. Comments The issue for all registered assesses having presence in more than one state and are doing cross charge is that if any employee, may it be salaried employee or engineer or any other Director or for that matter any services are exchanged then the said services need to be charged to the entity taking such services by the one providing whether it may be HO or Branch. Generally in such companies it is always advisable to have cross charge sharing agreement so that it is easy to quantify the amount and justify the same to the department ❉ ❉ ❉

248 Ahmedabad Chartered Accountant Journal July, 2023 MCA Updates: 1. Company Appeal (AT) No. 27 of 2022: In the matter of Sanmati Agrizone Private Limited Vs. Registrar of Companies, NCLAT Delhi held that struck off the name of the company from the register of Registrar of Companies sustainable as Audited Financial Statement of two immediately preceding Financial Year reflect ‘zero revenue’ from its operations. Conclusion: The NCLAT stated that the NCLT, New Delhi has rightly held that the Audited Financial Statements of the two immediately preceding Financial Years i.e., 2015-16 and 2016-17 filed by the Appellant Company reflected “Zero Revenue” from its operations and have come to the conclusion that the Appellant Company was neither in operation nor carrying out its business at the time of its name was struck off from the register of Registrar of Companies. Hence, the appeal filed by the Appellant for restoration of the name of the Company in the Register maintained by the Registrar of Companies (RoC), was dismissed and order of dated 17.12.2021 passed by the National Company Law Tribunal (New Delhi Bench, CourtII) in Appeal No. 114/252(ND)/2021 was affirmed by the NCLAT. [NCLAT’s Order dated 01.06.2023] IBBI Updates: 1. The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, CA. Naveen Mandovara [email protected] Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2023: The IBBI has issued these guidelines to provide the procedure for preparing panel of Insolvency Professionals IPs in advance and share with the Adjudicating Authority (AA) to avoid administrative delays in appointment of the IP, who shall act as an Interim Resolution Professional (IRP), Resolution Professional (RP), Liquidator and Bankruptcy Trustee (BT). The panel of IPs prepared as per these guidelines will be effective from 1st July, 2023 to 31st December, 2023. These guidelines provide for the eligibility criteria for an IP to be included in the Panel of IPs, procedure for invite expression of interest from IPs, Sectors in which they have handled assignments or are handling assignments under the Code and Conditions for IPs etc. For, detailed text, please refer: 687c952472c361766b7d99aeea97215c.pdf (ibbi.gov.in) [Guidelines dated 12.06.2023] SEBI Updates: 1. Online processing of investor service requests and complaints by RTAs: Ø Holders of physical security certificates are required to submit various documents to the RTAs with respect to various service requests/ complaints including but not limited to: Update

Ahmedabad Chartered Accountant Journal July, 2023 249 a. Intimation of / updation of /change in Permanent Account Number, Nominee, Bank details, Contact details, Signature, Name etc. b. Processing of investor requests (Duplicate security certificates, folio consolidation, transmission, transposition etc.); c. Services through depository participants such as dematerialization, re-materialization etc. Ø It is proposed to digitize this process in two phases and provide a mechanism for the investor to lodge service requests and complaints online and thereafter track the status and obtain periodical updates which would, inter-alia, confer the following benefits: a. Database for service requests and complaints. b. Online acknowledgement and intimation to the investor. c. Online tracking of status of service requests and complaints by investors. Phase I of the Online Portal Ø All RTAs servicing listed companies shall have a functional website. Such website shall mandatorily display the following information, in addition to all such information, which have been mandated by SEBI from time to time: a. Basic details of the RTA such as registration number, registered address of Head Office and branches, if any. b. Names and contact details such as email ids etc. of key managerial personnel (KMPs) including compliance officer in the format provided at Annexure-A. c. Step-by-step procedures for various service requests, Frequently Asked Questions (FAQs), procedure for filing a complaint and finding out the status of the complaint, etc. · All RTAs shall also set up a user-friendly online mechanism or portal for service requests/ complaints. On uploading of the documents required for processing of investor’s service requests/ complaints on the portal, a unique reference number (URN) shall be generated and displayed on the portal. · Online requests will be kept pending for receipt of physical documents for 30 days. Requests pending beyond 30 days awaiting receipt of physical documents will be closed with communication about non-receipt. In such a case, the investor will have to raise a fresh request. · At every stage of processing the service requests/ complaints, the investor shall receive an alert about the status through SMS and / or email till the matter is concluded. · RTAs shall provide a certificate of compliance from a practicing Company Secretary, within 30 days from the date of implementation of Phase I. Phase II of the Online Portal Ø A common website shall be made and operated by QRTAs from July 01, 2024, through which investors shall be redirected to individual web-based portal/website of the concerned RTA for further resolution by putting the name of the listed company. This website shall have the functionality of adding companies/RTAs to its search list as and when required. Ø This circular is applicable to the RTAs which deal in folios of listed companies. Also, while transferring the business from one RTA to another, the listed company shall ensure that the new RTA is in compliance with the provisions of this circular. Annexure-”A” ‘Escalation Matrix’ Details of Contact Address Contact Email Working Person No. Id hours Customer Care Head of Customer Care Compliance Officer CEO [Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/ CIR/2023/72 dated 08.06.2023] Corporate Law Update

250 Ahmedabad Chartered Accountant Journal July, 2023 2. Investor Service Centres of Stock Exchanges: It was mandated that apart from the ISCs that are operating in metro cities (viz., New Delhi, Mumbai, Chennai and Kolkata), stock exchanges having nationwide terminals shall open ISCs in Ahmedabad, Hyderabad, Kanpur,Indore, Bangalore, Pune, Jaipur, Ghaziabad, Lucknow, Gurgaon, Patna and Vadodara. In order to reach out to the investors across India, the stock exchanges shall make use of the existing ISCsat locations mentioned hereinabove and open additional ISCs wherever required; or as specified or to be specified by the Board from time to time. ISCs shall at least provide the following basic minimum facilities: 1) Four financial daily newspapers with at least one in the regional language of the place where the ISC is situated. In case, the financial newspaper is not available in the regional language of the place, any leading newspaper in that regional language shallbe provided. 2) A dedicated desktop or laptop with internet connectivity to enable the investors to access various relevant information available in public domain and also to access SEBI’s and stock exchange’s grievance redressal portals. 3) Facilities for receiving investor complaints in both physical and electronic form. One dedicated staff shall be posted at the ISC to register investor complaints and also to guide & counsel the investors. The updated status of all complaints shall be maintained in electronic form. 4) Facilitation desks at all ISCs to assist the investors in the dispute resolution process. These desks shall, inter alia, provide investors the required documents or details, if any, for making application to investor Grievance Redressal Panels and filing arbitration applications (including appellate arbitration). 5) Arbitration and appellate arbitration facility at all ISCs including video-calling facility to investors for attending their online arbitration (including appellate arbitration) or Grievance Redressal meetings, if any. [Circular No. SEBI/HO/MRD/MRD-POD-3/CIR/P/ 2023/104 dated 26.06.2023] ❉ ❉ ❉ Corporate Law Update

Ahmedabad Chartered Accountant Journal July, 2023 251 Applicability of RERA to Industrial units The Real Estate (Regulation and Development) Bill, 2013 (“Bill”) as introduced in the Rajya Sabha extended only to premises used for residential and allied purposes. Thereafter the Bill was referred to the Standing Committee for its report by the Lok Sabha. The Ministry of Finance in its deposition before the Standing Committee pointed out that commercial structures and industrial estates are also constructed in the development of real estate and that banks provide funding to all types of projects. In their opinion, it would be more appropriate to have an allencompassing definition for “building” which would include residential, commercial, and industrial projects.The Standing Committee taking cognizance of the views of the Ministry of Finance, strongly recommended that the definition of “building” should include residential, commercial, and industrial projects. Sub- Clause 2(d) of the Bill defines the term “apartment” that has been used in the Bill. In the context of this sub-clause of Bill a suggestion was received that the definition of “apartment” should cover all kinds of units including non-residential units. From the submission of the Ministry, the Committee find that the initial draft of the Bill mooted by the Ministry was a comprehensive regulatory Bill for the real estate sector, which included residential, industrial and commercial properties. Despite the fact that most of the concerns of consumers are relating to residential aspect of the real estate, the Committee fail to understand why the comprehensive Bill was at all revised to its present form. The Committee, tend to agree with the submission made by Secretary, Department of Financial Services, that banks finance residential as well as commercial and industrial units also and they should not be left out of the purview of the Bill. They, therefore, strongly recommend that the Ministry should bring back the initially proposed comprehensive Bill. The Committee thus recommend that the definition of ‘building’ under Clause 2(i) should have an all -encompassing definition including residential, commercial and industrial projects. But, the amended and final RERA Act as it is passed in 2016 only Commercial real estate was brought under its ambit. The Definitions of Apartment and Building as it is passed in RERA Act 2016: Clause 2(e): “apartment” whether called block, chamber, dwelling unit, flat, office, showroom, shop, godown, premises, suit, tenement, unit or by any other name, means a separate and self-contained part of any immovable property, including one or more rooms or enclosed spaces, located on one or more floors or any part thereof, in a building or on a plot of land, used or intended to be used for any residential or commercial use such as residence, office, shop showroom or godown or for carrying on any business, occupation, profession or trade or for any other type of use ancillary to the purpose specified; Clause 2(j): “building” includes any structure or erection or part of a structure or erection which is intended to be used for residential, commercial or for the purpose of any business, occupation, profession or trade, or for any other related purposes; Clause 2(zn) “real estate project” means the development of a building or a building consisting of apartments, or converting an existing building or a part thereof into apartments, or the development of land into plots or apartment, as the case may be, for the purpose of selling all or some of the said apartments or plots or building, as the case may be, and includes the common areas, the development CA. Manan Doshi [email protected] GujRERA Corner

252 Ahmedabad Chartered Accountant Journal July, 2023 GujRERA Corner works, all improvements and structures thereon, and all easement, rights and appurtenance belonging thereto; It is thus clear that, The Act is applicable to all the real estate projects where the area of the land proposed to be developed exceeds 500 sq. meters or where the number of apartments proposed to be developed exceed 8, inclusive of all the phases. Such real estate development could be either residential or commercial purpose only. The Union Cabinet approved official amendments to the Bill and in line with the previously mentioned recommendation, both “apartment” and “building” were noted to be amended to explicitly include property used for industry as well as for commercial use in addition to residential use. The Bill and the aforesaid amendments were referred to the Select Committee for its recommendations. In the Real Estate (Regulation and Development) Bill, 2016 (“The Real Estate Bill, 2016”) reported by the Select Committee, while the definitions of apartment and building were amended to include properties used for commercial purposes as well as for carrying on business, occupation, profession of trade, the word “industry” which was included in the notice of amendments approved by the Cabinet was specifically omitted from both definitions. The Real Estate Bill, 2016 as passed by both Houses of Parliament contains the definitions of apartment and building exactly as recommended by the Select Committee.Courts have often been called upon to construe what sort of activities would be covered under the words “business, occupation, profession or trade”. However, in the present case, the word “industry” has been considered and thereafter omitted after it was inserted by an amendment to the bill. So also, as seen above generally in all the existing laws relating to real estate, the words “industry” or “manufacturing” have been specifically introduced in addition to “business, occupation, profession or trade” where industrial premises have been sought to be brought under the ambit of that act. It is thus clear that industrial premises are not covered under the definition of either apartment or building and are therefore excluded from the purview of RERA as passed by Parliament. Legal position in MahaRERA: The Maharashtra Real Estate Regulatory Authority, Mumbai (“RERA Authority”) in the matter of Techno Dirive Engineer Private Ltd. v. Renaissance Indus Infra Private Ltd. (Complaint No. CC006000000078620) (“Compliant”) has, inter alia, held that the provisions of the Real Estate (Regulation and Development) Act, 2016 (“RERA Act”) shall not be applicable on industrial units/ projects. The question for determination before the Ld. RERA Authority was whether RERA Act applies to Industrial Units/projects. The Ld. RERA Authority, after taking into consideration the terms of the agreement entered between the complainant and the respondent and various documents placed on record by the complainant, concluded that the complainant had booked the units for setting up their industrial manufacturing units and hence, the booked units are industrial units. The Ld. RERA Authority then went on to analyse “real estate project” provided in section 2(zn) of the RERA Act, 2016 and held as under: ”8. After perusing this definition, I find that the apartments, plots or buildings are included in the definition. Since the industrial units do not come into the definition of apartment as discussed above, I find that the building consisting of industrial units or part thereof will not amount to Real Estate Project defined by RERA.” With the aforesaid observations, the Ld. RERA Authority held that the provisions of RERA Act, 2016 are not applicable on industrial units. ❉ ❉ ❉

Ahmedabad Chartered Accountant Journal July, 2023 253 Summary: The 50th World Environment Day was hosted with focus on solutions to plastic pollution under the campaign #BeatPlasticPollution. We look at how plastic pollution especially our addiction to single use plastic products is choking the world and how action from various stakeholders is required to solve the crisis. Indian stock market continued their performance run and Sensex and Nifty 50 improved by almost 3.35% to close at 64,718.56 and 3.60% to close at 19,201.70 respectively in the month of June 2023. Key M&A and Private Equity deals includes of AMP Energy raising USD 250 Million from SMBC, ICG and AIIB and Sterling Accuris acquiring 100% stake in VIP Labs, Ahmedabad. Economic Update: The 50th World Environment Day was hosted with focus on solutions to plastic pollution. #BeatPlasticPollution - This article is excerpt of Beat Plastic Pollution Practical Guide from UN Environment programme. (unep.org). Problem: - While plastic has many valuable uses, we have become addicted to single-use plastic products with severe environmental, social, economic and health consequences. CA. Karan Vora [email protected] - Around the world, 1 million plastic bottles are purchased every minute, while up to 5 trillion plastic bags are used worldwide every year. In total, half of all plastic produced is designed for single-use purposes. - Plastic affects: o Biodiversity, with devastating effects on a wide array of organisms. o Climate Crisis with one of the most energy intensive manufacturing process leading to global warming and o Human Health by micro plastics that have serious impact on health, especially in women. The Economy: · The global trade in plastics has expanded to more than US$1 Tr annually. But, so have the economic costs of plastic pollution. Widespread plastic waste results in damage to ecosystems and human health worth US$300 - $600 Bn / year. · A shift to a circular economy by 2040 could create savings of more than US$4.5 trillion. It would also reduce Greenhouse Gas emissions by 25% and create additional jobs and improve livelihoods for millions of workers. In short, moving away from the current unsustainable model is better for the planet, the climate, our health and the economy. Where is plastic waste coming from? Source: MDPI.Com Source: UNEP.Org

254 Ahmedabad Chartered Accountant Journal July, 2023 How can we solve the crisis? Plastic pollution is a global problem and solving it requires global approach and each stakeholders has a role to play. - Individuals: Individual actions underpin the systemic change required to transition to a less plastic economy. Each of us can use our voice & choices to drive change. - Finance: Investors can act as levers for change through their expertise, influence and scale and set standards for business and industries. - Business & Industry: Given that 20 companies produce over half of all single-use plastic in the world, a vital shift is needed in how businesses and industries produce, consume and dispose of plastic. Businesses have to adopt sustainable practices, engage with supply chains & consumers, and invest in innovation. Capital Markets foreign institutional investors (FIIs), robust corporate balance sheets, moderating inflation and growth picking up coupled with expectations of a normal monsoon season, all of which bolstered the sentiment of market participants. · In June 2023, FPIs invested Rs. 56,258 Crores in the Indian market including equities, debt, debtVRR, and hybrid. This was due to strong buying in equities. This marks the fourth consecutive month of net buying by FPIs in Indian stocks. From Jan, 2023 to June 2023, the overall market has seen an inflow of Rs. 93,349 Crores from FPIs. · The month saw some huge block deals in stocks like Adani Group-backed stocks, Shriram Finance, Delhivery, HDFC AMC, Timken India, and Kalyan Jewelers among others. · The Nifty 500 index companies clocked profit of Rs. 11.1 lakh Crore in FY2023, a rise of 8.8% over FY2022 earnings of Rs. 10.2 lakh Crore. Much progress is needed to beat plastic pollution, including reducing plastic production and consumption; transforming the value chain; efficient legislation, and effective monitoring systems to shift to circular approaches. Consumer pressure is key, but real action needs to come from companies, investors and governments. Transitioning to circular approaches and plastic alternatives is critical. This involves a life-cycle approach, one where the impact of all the activities and outcomes associated with the production and consumption of plastic is considered. Addressing plastic pollution requires a systemic change, with actions across the life cycle that address its root causes rather than its symptoms. Secondary Market Update: · The equity markets gained strength thrice, with Nifty and Sensex gaining by 3.60% and 3.35% respectively in June on back of strong inflows from Equity Markets May-23 June-23 % Change BSE Sensex 62,622.24 64,718.56 3.35% Nifty 50 18,534.40 19,201.70 3.60% BSE 500 25,059.67 26,078.65 4.07% BSE Healthcare 23,681.37 25,814.46 9.01% BSE IT 29,346.42 29,876.56 1.81% BSE FMCG 18,253.41 18,690.49 2.39% BSE Metal 19,542.69 20,561.27 5.21%

Ahmedabad Chartered Accountant Journal July, 2023 255 Primary Market Update: There was 1 main board IPO in June, 2023 of IKIO Lightening Limited against 1 main board IPO in May, 2023. However, there were 6 SME IPOs in June, 2023 as against 2 SME IPOs in May, 2023. IKIO Lightening Limited: About Incorporated in 2016, IKIO Lighting Limited stands as one of the leading ODM manufacturers and end-to-end solutions providers in India for LED lighting, switches, and RV components. Catering to brands in India and abroad. Funds The Company proposes to utilize the Net Utiliza- Proceeds towards the Repayment in full or tion part, of certain borrowings availed by the Company and its Subsidiaries on a consolidated basis, Investment in the wholly owned Subsidiary, IKIO Solutions Private Limited, for setting up a new facility at Noida, Uttar Pradesh, and for General corporate purposes. IPO The company delivered a strong listing of Perfor- 38% over its issue price at Rs 285. The Rs mance 607 Crore IPO had fixed a price band of Rs 270-285 apiece. The issue was over subscribed by more than 66.30 times. The company is having Market Capitalization of Rs 3173 Crores and an EV/EBITDA multiple of 41.3. Funds Mobilization by Corporates (Rs. In Crore) Particulars March-23 April-23 I. Equity Issues 4,842 7,816 a. IPOs (i+ii) 995 1,110 i. Main Board 567 931 ii. SME Platform 428 179 b. FPOs 0 0 c. Equity Rights Issues 2,070 871 d. QIPs/IPPs 500 1,000 e. Preferential Allotments 1,277 4,835 II. Debt Issues 92,444 53,539 a. Debt Public Issues 485 2,036 b. Private Placement of Debt 91,958 53,426 Total Funds Mobilized (I+II) 97,286 63,278 Mergers and Acquisitions (M&A) and Private Equity (PE) key deals: M&A: Sterling Accuris Diagnostics acquires Ahmedabad-based VIP Labs Transaction: - Pathology laboratory chain Sterling Accuris Diagnostics announced the acquisition of Ahmedabad-based pathology services provider VIP Labs. About VIP Labs: - Established in 1997, VIP Labs have 14 laboratories working 24 x 7 across Ahmedabad. Capital Markets

256 Ahmedabad Chartered Accountant Journal July, 2023 - VIP Labs has NABL certification, is accredited for ISO 9001:2015, and is certified by Bio-Rad USA, AIIMS New Delhi, and CMC Vellore for External Quality Control. About Sterling Accuris Diagnostics: - Founded in 2015, Sterling Accuris Diagnostics has a chain of NABL-accredited pathology laboratories with 65 Labs and 220 collection centres. - Sterling is a strong player in Gujarat, and has its presence in Rajasthan (Jodhpur) and Madhya Pradesh with labs in Indore, Ratlam, and Delhi NCR. - In 2021, Sterling raised USD 34 Million from a fund managed by Morgan Stanley to penetrate deeper into markets and enter new geographies. Rationale: - The acquisition would allow the company to penetrate into areas where it doesn’t have presence and expand its offerings to a larger base of customers. - The acquisition is seen as a strategic move that will further strengthen Sterling Accuris Diagnostics’ robust and influential presence in the diagnostics industry of Gujarat. - VIP Labs has a unique annual subscription-based model for its patrons, which will help Sterling Accuris strengthen its presence in the direct-to-patients segment. - Diagnostics segment is primarily dominated by standalone centers, with notable players like Dr. Lal PathLabs Ltd, Thyrocare Technologies Ltd, and SRL Diagnostics (Unit of Fortis Healthcare). - Consolidation activity is now being observed in this segment. In April 2023, SRL Diagnostics acquired Lifeline Laboratory, Delhi, In March 2023, Redcliffe Lifetech Pvt. Ltd. acquired Medicentre Sonography and Clinical Lab, Udaipur aiming to provide premium-priced health services. - In February 2023, Molbio Diagnostics Pvt. Ltd. acquired 70% stake in Prognosys Medical Systems, Bengaluru. - In August 2022, PharmEasy acquired 66.1% stake in diagnostic chain Thyrocare Technologies Ltd. through its parent company, API Holdings Ltd. for a deal worth Rs. 4,546 Crores. PE: Amp Energy India Pvt. Ltd. raised funding of USD 250 million from SMBC, ICG, and AIIB. Transaction: - AMP Energy has now secured up to USD 250 million from SMBC Bank of Japan (Sumitomo Mitsui Banking Corporation), ICG (Intermediate Capital Group), and AIIB (Asian Infrastructure Investment Bank) to fund the growth of the company. About AMP Energy India Pvt. Ltd.: - Founded in 2016, Amp Energy India Pvt. Ltd. is backed by leading institutional investors across Canada, US, Europe and Japan and has developed a network of strong financial partners. - AMP Energy develops, builds, owns and operates renewable energy power plants delivering power to both C&A and utility customers. - Amp Energy India acts as a One Stop Shop for Energy for renewable energy transition for customers using technologies such as Solar, Wind, Hybrids, Storage, and Energy Management, and has the ability to meet the short-term, medium-term, and long-term requirements of its customers. About the Investors: - SMBC is a Japanese multinational banking and financial services institution headquartered in Tokyo, Japan. The group operates in retail, corporate, and investment banking segments worldwide. - ICG is a LSE-listed, global alternative asset manager with over 30 years’ history with USD 68.5 billion of assets under management and investing across the capital structure. - AMP India is the first investment for ICG’s AsiaPacific Infrastructure. - Established in 2016, AIIB is a multilateral development finance institution that provides capital for infrastructure development projects. - AIIB has capitalization at USD100 billion and AAArated internationally by the reputed international credit rating agencies. Capital Markets

Ahmedabad Chartered Accountant Journal July, 2023 257 Rationale: - This financing will also help AMP Energy in attracting long-term private capital in support of accelerating its business plan along with focus on Net Zero Carbon Future. - Rohit Nanda, Head of Equity Group - Infrastructure team, Asia at SMBC said that since their initial investment in 2018, Amp India has shown remarkable resilience and achieved an impressive growth even during the pandemic period. - The company has channelized capital from leading strategic and financial investors across the world such as Amp Energy Group, Lightrock India (Backed by the LGT group), Copenhagen Infrastructure Partners (CIP), Core India Infrastructure Fund, SMBC, and CBRE Caledon. - Previously in 2021, Adani Green Energy Ltd. (AGEL) acquired SB Energy India for USD 3.5 Billion to strengthen its position in the renewable energy sector in India. - In August 2021, ReNew Power merged with NASDAQ listed Special Purpose Acquisition Company (SPAC) RMG Acquisition Corp. II (RMG II) at enterprise value of USD 8 Billion. Acknowledgements: RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com) ❉ ❉ ❉ Capital Markets Continued from page 243 GST and VAT - Judgements and Updates department. Therefore, the Court directed department to pay the interest at the rate of 6% per annum as expeditiously as possible. [3] Issue: Order for detention of goods passed on same date of notice without providing hearing opportunity to be set aside: HC: Case Laws: Shido Pharma v. Commissioner (ST) [2023] 151 taxmann.com 141 (Mad) Facts: A conveyance was intercepted and notice was issued by the department proposing addition of tax under the IGST Act. The petitioner filed a detailed reply stating that the provisions of the IGST Act were inapplicable to the transaction. However, on the same date, the department issued a revised notice applying the provisions of the CGST Act and SGST Act without granting an opportunity to the assessee to respond. As a result, an order for detention of goods was passed by the department under section 129(3) of the CGST Act. The assessee filed a writ petition challenging the detention order on the ground of violation of the principles of natural justice. Held: The Hon’ble High Court held that there was merit in the allegation that the proceedings were concluded contrary to the principles of natural justice. Therefore, the impugned order of detention was set aside. The Court also directed the assessee to appear before the department without any further notice, and the department was instructed to pass orders de novo after hearing the assessee. ❉ ❉ ❉

258 Ahmedabad Chartered Accountant Journal July, 2023 IMPAIRMENT OF FINANCIAL ASSETS ANNUAL REPORT -2021-2022 ALOK INDUSTRIES LIMITED The Group assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables only, the Group applies the simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables. SOLAR INDUSTRIES INDIA LIMITED Impairment of non-financial assets : Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. 2. SIGNIFICANT ACCOUNTING POLICIES R. impairment (a) financial assets The Group assesses the expected credit losses associated with its assets carried at amortised cost and fair value through other comprehensive income based on the Group’s past history of recovery, credit worthiness of the counter party and existing market conditions. For all financial assets other than trade receivables, expected credit losses are measured at an amount equal to the 12-month expected credit loss (ECL) unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. For trade receivables and contract assets, the Group has applied the simplified approach for recognition of impairment allowance as provided in Ind AS 109 which requires the expected lifetime losses from initial recognition of the receivables. (b) non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. CA. Pamil H. Shah [email protected] From Published Accounts

Ahmedabad Chartered Accountant Journal July, 2023 259 In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. impairment losses including impairment on inventories are recognised in the statement of profit and loss. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit and loss. For contract assets, the Group has applied the simplified approach for recognition of impairment allowance as provided in Ind AS 109 which requires the expected lifetime losses from initial recognition of the contract assets. RANE HOLDINGS LIMITED Summary of significant accounting policies, critical judgements and key estimates The Group recognises loss allowances for expected credit losses on financial assets measured at amortised cost. At each reporting date, the Group assesses whether financial assets carried at amortised cost are creditimpaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group measures loss allowances at an amount equal to lifetime expected credit losses, except for debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade receivables are always measured at an amount equal to lifetime expected credit losses. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument. 12-month expected credit losses are the portion of expected credit losses that result from default events that are possible within 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). In all cases, the maximum period considered when estimating expected credit losses is the maximum contractual period over which the Group is exposed to credit risk. ‘When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). RAYMOND LIMITED The Company measures the expected credit loss associated with its assets based on historical trend, industry practices and the business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk. From Published Accounts

260 Ahmedabad Chartered Accountant Journal July, 2023 Impairment of non-financial assets : Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets (cash-generating units). Assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. L&T TECHNOLOGY SERVICES LIMITED i) Trade receivables : The Company uses a provision matrix to determine impairment loss on portfolio of its trade receivable. The provision matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forwardlooking estimates. In addition to the historical pattern of credit loss, the Company has considered the likelihood of increased credit risk and consequential default by customers. In making this assessment, the Company has considered current and anticipated future economic conditions relating to industries/ business verticals that the company deals with and the countries where it operates. ii) Non-financial assets : Tangible and intangible assets Property, plant and equipment and intangible assets (other than goodwill) are evaluated for recoverability whenever there is any indication that their carrying amounts may not be recoverable. If any such indication exists, the recoverable amount (i.e. higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the cash generating unit (CGU) to which the asset belongs. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised in the statement of profit and loss. Goodwill is tested for impairment annually and if events or changes in circumstances indicate that an impairment loss may have occurred. In the impairment test, the carrying amount of the cash generating unit, including goodwill, is compared with its fair value. When the carrying amount of the reporting unit exceeds its fair value, a goodwill impairment loss is recognised, up to a maximum amount of the goodwill related to the cash generating unit. ❉ ❉ ❉ From Published Accounts

Ahmedabad Chartered Accountant Journal July, 2023 261 CA. Kunal A. Shah [email protected] From the Government CA. Ashwin H. Shah [email protected] Council recommended to extend the amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration and deemed withdrawal of assessment orders issued under Section 62 of CGST Act, 2017, till 31.08.2023. d) Procedure for Recovery of Tax and Interest in terms of Rule 88C(3): On the recommendations of the GST Council in its 48th meeting held on 17.12.2022, rule 88C was inserted in the CGST Rules, 2017 with effect from 26.12.2022 for system based intimation to the registered person in cases where the output tax liability in terms of FORM GSTR-1 of a registered person for any particular month exceeds the output tax liability disclosed by the said person in the return in FORM GSTR-3B for the said month by a specified threshold. The Council has now recommended insertion of Rule 142B in the CGST Rules, 2017 and insertion of a FORM GST DRC-01D to provide for manner of recovery of the tax and interest in respect of the amount intimated under rule 88C which has not been paid and for which no satisfactory explanation has been furnished by the registered person. e) Mechanism to deal with differences in ITC between FORM GSTR-2B and FORM GSTR3B: The Council has recommended a mechanism for system-based intimation to GOODS AND SERVICE TAX 1) Significant decisions taken at 50th GST Council Meeting are as under:- a) ITC mismatch (01.04.2019 to 31.12.2021): As per the recommendations of the Council in its 48th meeting, Circular No. 183/15/2022- GST dated 27th December, 2022 was issued to provide for the procedure for verification of input tax credit in cases involving difference in Input Tax Credit availed in FORM GSTR-3B vis a vis that available as per FORM GSTR2A during FY 2017-18 and 2018-19. To provide further relief to the taxpayers, the Council recommended for further issuance of a circular to provide for similar procedure for verification of input tax credit in cases involving difference in Input Tax Credit availed in FORM GSTR-3B vis a vis that available as per FORM GSTR-2A during the period 01.04.2019 to 31.12.2021. b) GSTR 9 & 9C (FY 2022-23): The Council has recommended that the relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022- 23. Further, for easing compliance burden on smaller taxpayers, exemption from filing of annual return (in FORM GSTR-9/9A) for taxpayers having aggregate annual turnover upto two crore rupees, to be continued for FY2022-23 also. c) Extension of amnesty schemes:

262 Ahmedabad Chartered Accountant Journal July, 2023 the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B above a certain threshold, along with the procedure of auto-compliance on the part of the taxpayers, to explain the reasons for the said difference or take remedial action in respect of such difference. For this purpose, rule 88D and FORM DRC-01C to be inserted in CGST Rules, 2017, along with an amendment in rule 59(6) of CGST Rules, 2017. This will help in reducing ITC mismatches and misuse of ITC facility in GST. f) GSTR 9: To improve discipline in filing of annual returns, FORM GSTR-3A to be amended to provide for issuance of notice to the registered taxpayers for their failure to furnish Annual Return in FORM GSTR-9 or FORM GSTR-9A by due date. g) Fake ITC monitoring: The 2nd interim report of the Group of Ministers (GoM) on IT System Reforms was also discussed by the Council. The GoM has recommended various measures to curb frauds in GST through System based measures for strengthening registration process in GST, more use of third-party data for risk management and controlling flow of fake Input Tax Credit down the supply chain. From the Government h) GST Tribunal: The Council has recommended the Rules governing appointment and conditions of President and Members of the proposed GST Appellate Tribunal for enabling smooth constitution and functioning of GST Appellate Tribunal. The Council also recommended that provisions of Finance Act, 2023 pertaining to GST Appellate Tribunal may be notified by the Centre with effect from 01.08.2023, so that the same can be brought into operation at the earliest. i) Casino, Horse Racing and Online gaming are to be taxed at the uniform rate of 28%. Tax will be applicable on the face value of the chips purchased in the case of casinos, on the full value of the bets placed with bookmaker/totalizator in the case of Horse Racing and on the full value of the bets placed in case of the Online Gaming. ❉ ❉ ❉

Ahmedabad Chartered Accountant Journal July, 2023 263 The ONDC phenomenon - disrupting the eCommerce Industry in India Introduction India is evolving. And everyone has been banking on the growth of India in the coming decade. In this digital age, the e-Commerce market has hit an inflection point. Consumers are increasingly turning to online marketplaces for their purchases. With several existing players offering a wide range of products at competitive prices, there is no shortage of choices for consumers looking to buy or sell. However, many challenges still need to be overcome before we can reach actual customer satisfaction levels in this space. This post will explore one challenge - how ONDC plans to disrupt the status quo by empowering buyers and sellers! The Open Network for Digital Commerce (ONDC) is an initiative by the Government of India to promote open networks developed on open-sourced methodology. The main aim of ONDC is to democratize digital commerce, to provide a level playing field to all participants, and to prevent market monopolies. What is ONDC? ONDC is a government-backed initiative to create a unified open platform for e-commerce in India. ONDC aims to break the dominance of a few large ecommerce platforms and give small businesses a fair chance to compete. In technical words, ONDC is a communication protocol that enables buyers and sellers to meet each other seamlessly. It is a technology platform that will empower consumers by giving them the power to create their marketplace with no fee. CA. Rushabh Shah [email protected] Why ONDC? There are a number of reasons why the government of India has chosen to launch ONDC. These reasons include: - To promote competition in the Indian ecommerce market: The Indian e-commerce market is currently dominated by a few large platforms. ONDC aims to break the dominance of these platforms and give small businesses a fair chance to compete. - To increase transparency in the Indian ecommerce market: ONDC will make it easier for buyers and sellers to compare prices and find the best deals. This will help to reduce fraud and protect consumers. - To boost innovation in the Indian e-commerce market: ONDC will create a more open and competitive environment for e-commerce. This will encourage innovation and lead to new and better products and services for consumers. ONDC is still in its early stages, but it has the potential to revolutionize the Indian e-commerce market. If ONDC is successful, it will benefit businesses and consumers alike. How does ONDC work? ONDC is a neutral platform that connects buyers and sellers. It does not own any inventory or manage any payments. Instead, it provides a set of open standards that allow different e-commerce platforms to interoperate. This means that buyers and sellers can use any platform they want, and they can easily switch between platforms.

264 Ahmedabad Chartered Accountant Journal July, 2023 The ONDC ecosystem consists of three layers: - The consumer layer - The business layer - The enterprise layer Here is an analogy to help you understand how ONDC works: - ONDC is like a railway network. It connects different stations (e-commerce platforms) so that trains (buyers and sellers) can travel between them easily. - The open standards are like the tracks. They ensure that the trains (buyers and sellers) can travel between the stations (e-commerce platforms) in a safe and efficient way. What are the benefits of ONDC? ONDC has the potential to bring a number of benefits to the Indian e-commerce market, including: 1. More competition: ONDC will break the dominance of a few large ecommerce platforms and give small businesses a fair chance to compete. This will lead to lower prices and more choice for consumers. 2. More transparency: ONDC will make it easier for buyers and sellers to compare prices and find the best deals. This will help to reduce fraud and protect consumers. 3. More innovation: ONDC will create a more open and competitive environment for e-commerce. This will encourage innovation and lead to new and better products and services for consumers. What are the challenges of ONDC? ONDC is a new initiative, and there are a number of challenges that need to be addressed before it can be fully successful. These challenges include: IT Corner 1. Building awareness: ONDC is a new concept, and it will take time to build awareness among businesses and consumers. 2. Integrating with existing platforms: ONDC will need to be integrated with existing ecommerce platforms. This will be a complex and challenging task. 3. Overcoming resistance from incumbent players: Some incumbent e-commerce players may resist ONDC because they see it as a threat to their business. Here are some examples of ONDC: Imagine you are a small business owner who wants to sell your products online. You could use ONDC to connect with buyers from all over India. You would not have to worry about building your own e-commerce platform or managing your own inventory. You could simply list your products on ONDC, and buyers would be able to find them and purchase them. If you are a consumer, you could use ONDC to compare prices from different sellers. You could also find products that are not available on other ecommerce platforms. ONDC will make it easier for you to find the best deals and the products that you are looking for. Conclusion ONDC is a promising initiative that has the potential to revolutionize the Indian e-commerce market. However, there are a number of challenges that need to be addressed before it can be fully successful. If ONDC is successful, it will benefit businesses and consumers alike. ❉ ❉ ❉

Ahmedabad Chartered Accountant Journal July, 2023 265 CA. Mayur H. Modha Hon. Secretary CA. Prakash B. Nandola Hon. Secretary Association News 1. Glimpses of Previous events. Day & Date Program Speaker Venue Friday, 30th 2nd Meeting of Indirect Study Group CA Hiren Pathak CAAA Office, June,2023 2023-24 on “Walk through on CBIC 201, 2nd Floor manual for Tax Authorities” Darshak Building Saturday, 1st Online Workshop on ITR 2023 CA Divya Jokhakar Online on July,2023 Zoom Platform Saturday, 8th 1st Brain Trust Meeting on “Complexity CA Jignesh Shah ATMA Hall, July,2023 and Intricacies on 3CD Clauses” Ashram Road, Ahmedabad Friday, 14th 3rd Meeting of Indirect Study Group 2023-24 on CA Jay Kishan CAAA Office, 201, July,2023 “ITR filing and finalization of books vis a vis GST” Vidhwani 2nd Floor Darshak Building 2. Upcoming Events. Day & Date Program Speaker Venue Saturday, 2nd Brain Trust on “Audit enlightenment: CA. Kaushik C. Patel ATMA Hall, 5st August,2023 exploring statutory compliances under Ashram Road, Companies Act 2013 & CARO 2020” Ahmedabad Tuesday, Workshop on automated accounts CA. Rohit Maloo CAAA Office, 201, 8th August,2023 preparation through Tally 2nd Floor Darshak Building, Wednesday, Talent Evening - Tagore Hall, Paldi, 23rd August,2023 Ahmedabad 3. Photo Galary. Glimpses of 2nd Meeting of Indirect Study Group 2023-24

266 Ahmedabad Chartered Accountant Journal July, 2023 Association News

Ahmedabad Chartered Accountant Journal July, 2023 267

268 Ahmedabad Chartered Accountant Journal July, 2023 Across 1. A ____________ is added to an enactment to qualify or create an exception to what is in the enactment and ordinarily it is not interpreted as stating a general rule. 2. 23rd August is a special program of the Association called _____________________ 3. Section 2(1)(t) of the Information Technology Act 2000 defines ‘electronic record’ means data record or data generated, image or sound stored, received or sent in an electronic form or micro film or _____________ generated micro fiche. ACAJ Crossword Contest - 26 ❉ ❉ ❉ Notes: 1. The Crossword puzzle is based on this issue of ACA Journal. 2. Two lucky winners on the basis of a draw will be awarded prizes. 3. The contest is open only for the members of Chartered Accountants Association and no member is allowed to submit more than one entry. 4. Members may submit their reply either physically at the office of the Association or by email at [email protected] on or before 20-08-2023. 5. The decision of Journal Committee shall be final and binding. Prize Courtesy Winners of ACAJ Crossword Contest – 25 1. CA. Monika Shah 2. CA. Neeraj Agarwal ACAJ Crossword Contest 25 - Solution Across: Down: 1. Mankind 4. Jobwork 2. RERA 5. Faceless 3. Wave 6. Twenty Down 4. Ahmedabad ITAT has recently held that the assesse is eligible to deduction u/s 80IB(11C) in respect of in-house _____________ maintained within the premises of the hospital. 5. We should be very careful while forming ______________, because the world is exactly like that. 6. ____________ is an initiative by the Government if India to promote open networks developed on open-source methodology. 5 1 4 6 2 3