journal April 2019 pdf

judgments of this Court, the Court, in Allied Laws Corner
paragraphs 20, 24, and 25, followed judgments
stating that a company incorporated and on behalf of its members.We must never
registered under the Companies Act cannot be forget that procedure is the handmaid of
said to be “established” under the Companies justice, and is meant to serve justice. This
Act. The context of Section 3(23) of the Code Court, in Kailash v. Nanhku and Ors. [2005]
shows that this judgment has no application to 4 SCC 480, put it thus:
the definition contained in Section 3(23). Here,
a “person” includes a company in clause (c), “28.All the rules of procedure are the handmaid
and would include any other entity established of justice. The language employed by the
under a statute under clause (g). It is clear that draftsman of processual law may be liberal
clause (g) has to be read noscitur a sociis with or stringent, but the fact remains that the
the previous clauses of Section 3(23). This being object of prescribing procedure is to
the case, entities such as companies, trusts, advance the cause of justice. In an
partnerships, and limited liability partnerships adversarial system, no party should
are all entities governed by the Companies Act, ordinarily be denied the opportunity of
the Indian Trusts Act, and the Partnership Act, participating in the process of justice
which are not “established” under those Acts dispensation. Unless compelled by express
in the sense understood in Canara and specific language of the statute, the
Bank(supra) and the judgments followed by provisions of CPC or any other procedural
it. The context, therefore, in which the phrase enactment ought not to be construed in a
“established under a statute” occurs, makes it manner which would leave the court
clear that a trade union, like a company, trust, helpless to meet extraordinary situations in
partnership, or limited liability partnership, the ends of justice. The observations made
when registered under the Trade Union Act, by Krishna Iyer, J. in Sushil Kumar Sen
would be “established” under that Act in the v. State of Bihar [(1975) 1 SCC 774] are
sense of being governed by that Act. For this pertinent: (SCC p. 777, paras 5-6)
reason, the judgment in Canara Bank (supra)
would not apply to Section 3(23) of the Code. “The mortality of justice at the hands of
law troubles a judge’s conscience and
13. Even otherwise, we are of the view that instead points an angry interrogation at the law
of one consolidated petition by a trade union reformer.
representing a number of workmen, filing
individual petitions would be burdensome as The processual law so dominates in certain
each workman would thereafter have to pay systems as to overpower substantive rights
insolvency resolution process costs, costs of and substantial justice. The humanist rule
the interim resolution professional, costs of that procedure should be the handmaid, not
appointing valuers, etc. under the provisions the mistress, of legal justice compels
of the Code read with Regulations 31 and 33 consideration of vesting a residuary power
of the Insolvency and Bankruptcy Board of in judges to act ex debito justitiae where
India (Insolvency Resolution Process for the tragic sequel otherwise would be
Corporate Persons) Regulations, 2016. wholly inequitable. … Justice is the goal
Looked at from any angle, there is no doubt of jurisprudence — processual, as much
that a registered trade union which is formed as substantive.”
for the purpose of regulating the relations
between workmen and their employer can 29. In State of Punjab v. Shamlal Murari
maintain a petition as an operational creditor [(1976) 1 SCC 719 : 1976 SCC (L&S)
118] the Court approved in no
unmistakable terms the approach of
moderating into wholesome directions

contd. on page no. 53

Ahmedabad Chartered Accountants Journal April, 2019 49

From CA. Pamil H. Shah
Published [email protected]
Accounts
Orient Green Power Company Limited
IND AS 33 – Earnings per Share
Annual Report - FY2017-18 3.23 Earnings per share:

Equitas Holding Limited Basic earnings per share are computed by
dividing the net profit after tax by the
2.16 Earnings per share: weighted average number of equity shares
outstanding during the period. Diluted
Basic earnings per share is computed by earnings per share is computed by dividing
dividing the profit /(loss) after tax by the the profit after tax by the weighted average
weighted average number of equity shares number of equity shares that could have been
outstanding during the year. issued upon conversion of all dilutive
potential equity shares.
Diluted earnings per share is computed by
dividing the profit / (loss) after tax as adjusted Earnings per share: The basic earnings per
for dividend, interest and other charges to share are computed by dividing the net profit
expense or income (net of any attributable for the period attributable to equity
taxes) relating to the dilutive potential equity shareholders by the weighted average number
shares considered for deriving basic earnings of equity shares outstanding during the
per share and the weighted average number period.
of equity shares which could have been issued
on the conversion of all dilutive potential Diluted EPS is computed by dividing the net
equity shares. profit after tax by the weighted average
number of equity shares considered for
Potential equity shares are deemed to be deriving basic EPS and also weighted
dilutive only if their conversion to equity average number of equity shares that could
shares would decrease the net profit per share have been issued upon conversion of all
from continuing ordinary operations. dilutive potential equity shares. Dilutive
Potential dilutive equity shares are deemed potential equity shares are deemed converted
to be converted as at the beginning of the year, as of the beginning of the period, unless
unless they have been issued at a later date. issued at a later date. Dilutive potential equity
The dilutive potential equity shares are shares are determined independently for each
adjusted for the proceeds receivable had the period presented. The number of equity
shares been actually issued at fair value (i.e. shares and potentially dilutive equity shares
average market value of the outstanding and potentially dilutive equity shares are
shares). Dilutive potential equity shares are adjusted for bonus shares, as appropriate.
determined independently for each year
presented. The number of equity shares and XIX. Earnings per share:
potentially dilutive equity shares are adjusted
for share splits / reverse share splits and bonus Basic Earnings per share is calculated by
shares, as appropriate. dividing the net profit/loss for the year
attributable to ordinary equity holders by the

5 0 Ahmedabad Chartered Accountants Journal April, 2019

weighted average number of equity shares From Published Accounts
outstanding during the year.
Dr. Lal Pathlabs Limited
Diluted Earnings per share is calculated by
dividing the profit attributable to equity 2.18 Earnings per share:
holders (or owners) of the company by the
weighted average number of equity shares Basics earnings per share are computed by
outstanding during the year plus the weighted dividing the profit after tax by the weighted
average number of equity shares that would average number of equity shares outstanding
be issued on conversion of all the dilutive during the year .Diluted earnings per share is
potential equity shares into equity shares. computed by dividing the profit after tax as
adjusted for dividend, interest and other
12) Earnings per share: charges to expense or income (net of any
attributable taxes) relating to the dilutive
Basic earnings per share are calculated by potential equity shares by the weighted
dividing the net profit or loss for the period average number of equity shares considered
attributable to equity shareholders by the for deriving basic earnings per share and also
weighted average number of equity shares the weighted average number of equity
outstanding during the period. The weighted shares that could have been issued upon
average number of equity shares outstanding conversion of all dilutive potential equity
during the period is adjusted for events shares.
including a bonus issue, bonus element in a
rights issue to existing shareholders, share Manaksia Coated Metals & Industries Limited
split and reverse share split (consolidation of
shares). For the purpose of calculating diluted xviii. Earnings per share:
earnings per share, the net profit or loss for
the period attributable to equity shareholders Basic earnings per share is computed by
and the weighted average number of shares dividing the net profit for the period
of outstanding during the period are attributable to the equity shareholders of the
considered for the effects of all dilutive company by the weighted average number
potential equity shares. of equity shares outstanding during the
period. The weighted average number of
The basic earnings per share (EPS) is equity shares outstanding during the period
computed by dividing the net profit/ (loss) is adjusted for events such as bonus issue,
after tax for the year by the number of equity bonus element in a rights issue, share split,
shares outstandingduring the year. and reverse share split (consolidation of
shares) that have changed the number of
Particulars 2017-18 2016-17 equity shares outstanding, without a
corresponding change in resources.
Net loss after (176,28,97,979) (108,02,46,514)
tax (before Net The Shipping Corporation of India Limited
comprehensive
income) 1.24 Earnings per share:

Number of 1,60,08,462 1,60,08,462 Basic is computed by dividing the net profit
equity shares after tax by the weighted average number of
equity shares outstanding during the period.
Basic EPS (110.12) (67.48) Diluted earnings per equity share are
computed by dividing the net profit
attributable to the equity holders of the
company by the weights average number of
equity shares considered foe deriving basic
earnings per share and also the weighted

Ahmedabad Chartered Accountants Journal April, 2019 51

From Published Accounts Bajaj Corp. Limited

average number of equity shares that could 2.17 Earnings per Shares:
have been issued upon conversion of all
dilutive potential equity shares. Basic and diluted earnings per share are
calculated by dividing the profit for the period
Deepak Fertilisers and Petrochemicals attributable to equity shareholders by the
Corporation Limited weighted average number of equity shares
outstanding during the period.
(Q) Earnings per Share
H.P. Cotton Textile Mills Limited
Basic earnings per share is calculated by
dividing the net profit or loss for the period Ix. Earnings per Share :
attributable to the equity shareholders by the
weighted average number of equity shares Basic earnings per equity share is computed
outstanding during the period. For the by dividing the net profit attributable to the
purposes of calculating diluted earnings per equity holders of the company by the
share, the net profit for the period attributable weighted average number of equity shares
to equity shareholders and the weighted outstanding during the period. Diluted
average number of equity shares outstanding earnings per equity share is computed by
during the period are adjusted for the effects weighted average number of equity shares
of all dilutive potential equity shares. considered for deriving basic earnings per
equity share and also the weighted average
NHPC Limited numbers of equity share that could have been
issued upon conversion of all dilutive
25.0 Earnings per Share: potential equity share. The dilutive potential
equity shares are adjusted for the proceeds
(a) Basic earnings per equity share is receivable had the equity shares been actually
computed by dividing the net profit or issued at fair value (i.e. the average market
loss attributable to equity shareholders value of the outstanding equity shares.)
of the group by the weighted average Dilutive potential equity shares are deemed
number of equity shares outstanding converted as of the beginning of the period.
during the financial year. Unless issued at a later date..Dilutive potential
equity shares are determined independently
(b) Diluted earnings per share is computed for each period presented.
by dividing the net profit or loss
attributable to equity shareholders of the BGR Energy Systems Limited
weighted average number of equity
shares considered for deriving basic XXVI) Earnings Per Share:
earnings per equity share and also the
weighted average number of equity a. Basic earning per share
shares that could have been issued upon
conversion of all dilutive potential equity i. the profit attributable to owners of
shares. the Company

(c) Basic and diluted earnings per equity ii. by the weighted average number of
share are also presented using the equity shares outstanding during the
earnings amounts excluding the financial year, adjusted for bonus
movements in regulatory deferral elements in equity shares issued
account balances. during the year and excluding
treasury shares.

5 2 Ahmedabad Chartered Accountants Journal April, 2019

b. Diluted earning per share adjusts the From Published Accounts
figures used in the determination of basic
earnings per share to take into account: Indian Oil
Earnings per Shares:
i. the after income tax effect of interest The basic earnings per shares (“EPS”) is computed
and other financing costs associated by dividing the net profit/(loss) after tax for the year
with dilutive potential equity shares, attributable to the equity shareholders of the parent
and by the weighted average number of equity shares
outstanding during the year and excluding treasury
ii. the weighted average number of shares. The company did not have any potentially
additional equity shares that would dilutive securities in the years presented.
have been outstanding assuming the
conversion of all dilutive potential hhh
equity shares.

contd. from page 49 Allied Laws Corner

what is regarded as mandatory on the creditor as no services are rendered by the trade
principle that: (SCC p. 720) union to the corporate debtor. What is clear is
that the trade union represents its members
“Processual law is not to be a tyrant but who are workers, to whom dues may be owed
a servant, not an obstruction but an aid by the employer, which are certainly debts
to justice. Procedural prescriptions are owed for services rendered by each individual
the handmaid and not the mistress, a workman, who are collectively represented by
lubricant, not a resistant in the the trade union. Equally, to state that for each
administration of justice.” workman there will be a separate cause of
action, a separate claim, and a separate date
In Ghanshyam Dass v. Dominion of of default would ignore the fact that a joint
India [(1984) 3 SCC 46] the Court petition could be filed under Rule 6 read with
reiterated the need for interpreting a part Form 5 of the Insolvency and Bankruptcy
of the adjective law dealing with procedure (Application to Adjudicating Authority) Rules,
alone in such a manner as to subserve and 2016, with authority from several workmen
advance the cause of justice rather than to to one of them to file such petition on behalf
defeat it as all the laws of procedure are of all. For all these reasons, we allow the
based on this principle.” appeal and set aside the judgment of the
NCLAT. The matter is now remanded to the
14. This judgment was followed by the NCLAT who will decide the appeal on merits
Constitution Bench decision in Sarah Mathew expeditiously as this matter has been pending
v. Institute of Cardio Vascular Diseases and for quite some time. The appeal is allowed
Ors., [2014] 2 SCC 62 [at paragraph 49]. accordingly.

15. The NCLAT, by the impugned judgment, is hhh
not correct in refusing to go into whether the
trade union would come within the definition
of “person” under Section 3(23) of the Code.
Equally, the NCLAT is not correct in stating
that a trade union would not be an operational

Ahmedabad Chartered Accountants Journal April, 2019 53

5 4 Ahmedabad Chartered Accountants Journal April, 2019

From the

Government

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

Goods and Service Tax cancellation (if done retrospectively) till the date
of revocation.
1) Clarification regarding filing of application
for revocation of cancellation of registration 2. Notification regarding restriction on the
in terms of removal of difficulty order generation of E-way Bill
(ROD) number 05/2019 – Central Tax
dated 23/04/2019 The Central Government hereby appoints the
21st day of June,2019, as the date from which
Notification No. 20/2019 – Central Tax dt. the provisions of the Central Goods and
23/04/2019, following two proviso have been Services Tax (Fourteenth) Amendment Rules,
inserted in Rule 23(1):- 2018 rule 12 of [notification No. 74/2018–
Central Tax, dated the 31st December,2018,
“Provided further that all returns due for the published in the Gazette of India,
period from the date of the order of cancellation Extraordinary, Part II, Section 3, Sub-section
of registration till the date of the order of (i), vide number G.S.R 1251(E), dated the 31st
revocation of cancellation of registration shall December, 2018], shall come into force.
be furnished by the said person within a period
of thirty days from the date of order of Meaning hereby the said rule provides for
revocation of cancellation of registration: the restrictions on generating E-Way Bills
in cases where the concerned supplier has
Provided also that where the registration has failed to furnish the returns for the two
been cancelled with retrospective effect, the consecutive tax periods.
registered person shall furnish all returns
relating to period from the effective date of (Notification no. 22 – Central Tax , dated
cancellation of registration till the date of order 23/04/2019)
of revocation of cancellation of registration
within a period of thirty days from the date of 3. Clarification regarding utilization of Input
order of revocation of cancellation of Tax Credit under GST
registration.”
Various representations have been received
Meaning thereby a person seeking revocation from the trade and industry regarding
of registration has to furnish the pending returns challenges being faced by taxpayers due to
as per the above referred provisions (i.e. returns bringing into force of section 49A of the Central
for the period from the date of cancellation of Goods and Services Tax Act, 2017 (hereinafter
registration till the date of revocation and also referred to as the CGST Act). The issue has
returns for the period from the effective date of arisen on account of order of utilization of input

Ahmedabad Chartered Accountants Journal April, 2019 55

GST Update GST Notifications & Circulars (For Full text refer FNo. 354/32/2019- TRU
dated 07/05/2019 & 14/05/2019 respectively)
tax credit of integrated tax in a particular order,
resulting in accumulation of input tax credit for Income Tax :
one kind of tax (say State tax) in electronic credit
ledger and discharge of liability for the other 1. Circular relating to deferement of clause
kind of tax (say Central tax) through electronic 30C and clause 44 of 3CD report
cash ledger in certain scenarios. Accordingly,
rule 88A was inserted in the Central Goods Representations were received by the board
and Services Tax Rules, 2017 (hereinafter that the implementation of reporting
referred to as the CGST Rules) in exercise of requirements under clause 30C (pertaining to
the powers under Section 49B of the CGST General Anti-Avoidance Rules (GAAR) and
Act vide notification No. 16/2019- Central Tax, clause 44 (pertaining to Goods and Services
dated 29th March, 2019. In order to ensure Tax (GST) compliance) of the Form No. 3CD
uniformity in the implementation of the may be deferred further.
provisions of the law, the Board, in exercise of
its powers conferred by section 168 (1) of the Vide this circular the matter has been examined
CGST Act, hereby clarifies the issues raised as and it has been decided by the board that the
below. reporting under clause 30C and clause 44 of
the Tax Audit Report shall be kept in abeyance
The newly inserted rule 88A in the CGST Rules till 31st March, 2020.( Refer Circular No 9,
allows utilization of input tax credit of dated 14/05/2019)
Integrated tax towards the payment of Central
tax and State tax, or as the case may be, Union 2. Notification relating to Procedure, Format &
territory tax, in any order subject to the Standards for issuance of certificate for tax
condition that the entire input tax credit on deducted at source in Part B of Form No. 16 in
account of Integrated tax is completely accordance with the provisions of section 203
exhausted first before the input tax credit on of the Income Tax Act,1961 read with Rule 31
account of Central tax or State / Union territory of the Income tax Rules,1962 through Traces.
tax can be utilized. (For full text refer No. 9, dated 06/05/2019)

Said Circular also provides that till the new 3. CBDT hereby amends the income tax rules by
order of utilization as per newly inserted Rule substituting Part-B in Form No. 16 &
88A of the CGST Rules is implemented on Annexure II in Form 24Q. (For Part B of
the common portal, taxpayers may continue to Form No 16 and Annexure II of Form 24Q
utilize their input tax credit as per the refer Notification 36, dated 12/04/2019)
functionality available on the common portal.
hhh
(For full text refer Circular No. 98 – GST ,
dated 23/04/2019)

4. The Tax Research Unit of the Ministry of
Finance has issued FAQ’s in two parts in the
context of recent changes in the real estate
sector.

5 6 Ahmedabad Chartered Accountants Journal April, 2019

New Delhi CA. Aniket Talati
Times [email protected]

My ICAI - Paperless SSP If you are having any query that require assistance
from the Institute, please contact us through any of
SSP (Self Service Portal), is an initiative from the below medium;
ICAI to make applications (Forms) and transactions
(Services) - faster and easier. • Fill the form in help desk at https://cmib.icai.org
or
The full scale Student and Member / Firm Services
developed by TCS will be implemented starting • Drop an email to [email protected] or
third week of May 2019.
• Call at 8448512714
ICAI has scheduled a one-time migration activity
from old system to new system from 6th May Representations to Government
2019. The entire IT Systems (including e-
services) with respect to Members and Student During the past few weeks ICAI has made
Services are not available between 6th to 22nd representation on the following issues
May 2019 and the DCOs will not be able to
process any forms or transaction. However, the • MCA: Status - Successful Companies which
membership renewal link is available to make fee filled Form ADT-1 through GNL-2 as an
payments through online mode. New Students attachment during the period from 01.04.2014
of Foundation Course and Direct Entry are also to 20.10.2014 may file e-form no. ADT- 1 for
able to register. The new system would be appointment of Auditor for the period upto
entirely OTP based and aims at making paper and 31.03.2019 without fee, till 15.06.2019.
physical documents redundant in line with Go
Green & Digital India initiatives. h t t p : / / w w w. m c a . g ov. i n / M i n i s t r y / p d f /
GeneralCircular13052019.pdf
Very Important : PHYSICAL DAK including
CHEQUES / DD’s will not be accepted by DCOs • CBDT: Status - Successful
/ Regional Offices and Branches beyond 6th
May 2019. It has been decided by CBDT that the reporting
under clause 30C and clause 44 of the Tax
Members in Industry - One stop solution Audit Report shall be kept in abeyance till
March 31, 2020
CMI&B of ICAI has decided to set up a help desk
within the committee for disposal of all the queries h t t p s : / / w w w. i n c o m e t a x i n d i a . g o v. i n /
and concerns of the members in industry pertaining communications/circular/circular_9_2019.pdf
to ICAI. We are rolling out a Help Desk to help the
members in industry to communicate with ICAI • IBA: Status - In Progress Indian Bank’s
easily. Association (IBA)’s has invited Applications
from Eligible Firms/ Entities for Empanelment
to take up assignments relating to forensic audit.
The conditions for being eligible for
empanelment are very stringent and PDC is
representing the same.

Ahmedabad Chartered Accountants Journal April, 2019 57

New Delhi Times • Antivirus Protection:

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Some recent initiatives for Small & Medium One Million UDIN’s
Practitioners which are extremely useful are listed
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5 8 Ahmedabad Chartered Accountants Journal April, 2019

Association
News

CA. Shivang R. Chokshi CA. Ketan G. Mistry
Hon. Secretary Hon. Secretary

68th Annual General Meeting

1 At the 68th Annual General Meeting of the members of the Association held on Saturday, 27th April,
2019 at ICAI Bhavan, 123, Sardar Patel Colony, Naranpura, Ahmedabad. Following Office Bearers
and Executive Committee Members have been declared elected for the year 2018-2019.

Office Bearers

1 CA. Anand S. Sharma President
2 CA. Nirav R Choksi Vice - President
3 CA. Shivang R. Chokshi Hon. Secretary
4 CA. Ketan G Mistry Hon. Secretary

Executive Committee Members

1 CA. Jignesh Shah 2. CA. Karim Lakhani 3. CA. Nishant Parikh
4. CA. Piyush Shah 5. CA. Ronak Khandwala 6. CA. Samir D Shah
7. CA. Surya Chhabria 8. CA. Umang B Saraf 9. CA. Vikash Jain

Imm. Past President CA. Chintan Doshi

List of Sub Committees

Sr. Name of Sub Chairman Convener Members
No. Committee CA. Sarju Mehta
CA. Ashok K. Kataria
1 Journal CA. Nirav R Choksi CA. Atul R. Shah
CA. Darshan A. Shah
2 Residential CA. Sarju Mehta CA. Riken Patel CA. Jayesh C. Sharedalal
CA. Nitesh J. Jain
Refresher Course CA. Rajni M. Shah
CA. Ronak M. Khandwala
3 Brain Trust CA. Kunal Shah CA. Riken J. Patel CA. Shailesh C Shah
cum Workshop
CA. Ajit Shah
CA. Chintan Doshi
CA. Devang Doctor
CA. Jignesh Shah
CA. Raju C. Shah
CA. Umag B. Saraf

CA. Ashok C. Kataria
CA. Deepak R. Shah
CA. Jayesh C. Sharedalal
CA. Jignesh J. Shah
CA. Monish S. Shah
CA. Rajesh Kansara
CA. Uday I. Shah

Ahmedabad Chartered Accountants Journal April, 2019 59

Association News Chairman Convener Members
Sr. Name of Sub
No. Committee CA. Raju C. Shah CA. Pramod Kedia CA. Deepak Gupta
4 Legal And CA. Dilip Jodhani
CA. Monish S. Shah CA. Hem Chhajed CA. Jayesh Shah
Representation CA. Jayeshbhai Sharedalal
(Direct Taxes) CA. Riken J. Patel CA. Pathik B. Shah CA. Mahesh Chhajed
CA. Nalin Thakkar
5 Legal And CA. Shailesh C. Shah CA. Chintan M. Doshi CA. Rajni M Shah
Representation
(Indirect Taxes) CA. Devang Doctor CA. Deep Thakkar CA. Arjun Akruwala
CA. Biharibhai B. Shah
6 Information CA. Fenil R. Shah CA. Rinkesh Shah CA. Bishan Shah
Technology CA. Devam Sheth
CA. Chandrakant H. CA. Abhishek Jain CA. Nitesh J. Jain
7 Publication Pamnani CA. Priyam Shah
CA. Punit Prajapati
8 Cultural and CA. Rajni M. Shah
Entertainment
CA. Anuj Sharedalal
9 Membership CA. Charmi Doshi
Development CA. Chintan M. Doshi
CA. Dipam Patel
10 Sports CA. Kunal A. Shah
CA. Vishal Langaliya
60
CA. Abhishek Jain
CA. Ashok Kataria
CA. Atul Shah
CA. Mukesh M. Khandwala
CA. Rajni Shah
CA. Sandip Parikh

CA. Ashutosh P. Nanavaty
CA. Bishan Shah
CA. Dilip Jodhani
CA. Mihir Pujara
CA. Nishant A. Parikh
CA. Sunit Shah
CA. Uday Shah

CA. Chintan Patel
CA. Deep Thakkar
CA. Neerav Agrawal
CA. Palak B Pavagadhi
CA. Rahul Maliwal
CA. Sunil Sanghavi
CA. Utkarsh Desai
CA. Vikash Jain

CA. Chintan Doshi
CA. Hitesh M. Pomal
CA. Maulik Desai
CA. Prakash B. Sheth
CA. Rushabh Shah

Ahmedabad Chartered Accountants Journal April, 2019

Association News

Sr. Name of Sub Chairman Convener Members
No. Committee

11 Study Circle CA. Rutvij P. Shah CA. Ajay Sharma CA. Anuj Shah
(Direct Taxes) CA. Riken Patel
CA. Surya Chabria

12 Memorial Lecture CA. Atul R. Shah CA. Karan Vora CA. Chandrakant H. Pamnani
(Late Shri K T CA. Jayesh Sharedalal
Thakor & C F Patel) CA. Mukesh Khandwala

CA. Prakash Sheth
CA. Samir D. Shah
CA. Shailesh Shah

13 Professional CA. Ajit C. Shah CA. Prakash Sheth CA. Ashwin Shah
Development CA. Gaurang M. Choksi
CA. Shailesh Shah

CA. Vikash Jain

14 Infrastructure CA. Ketul R. Patel CA. Nesal H. Shah CA. Jayesh Sharedalal
Development CA. Jignesh Shah
CA. Karan Shah
CA. Kshitij Patel
CA. Mukesh Khandwala
CA. Niren Nagri
CA. Vartik Choksi
CA. Yamal Vyas

15 Study Circle CA. Bishan Shah CA. Labdhi Shah CA. Ashwin H. Shah
(Indirect Taxes) CA Diti Vashi CA. Jaykishan Vidhwani CA. Piyush Shah
CA. Shaleen Shah
16 Women CA Silva Shah CA. Anjali Choksi
Empowerment CA. Chintan Doshi
CA. Krishna Khandwala

CA. Ronak Khandwala

The following prizes and Medals were distributed:

Best Article in Ahmedabad Chartered Accountants Journal

Sr. Name of the Trophy Name of the Recipient Name of the Article published in
No. the Journal
Revisiting WILL (Testament)
1 Shri Gatorbhai Patel Shiva Pharma CA. C.F. Patel
Foudation Trophy for Best Article Let Punishment be Equal to
on Direct Taxes 2018-19 Offence

2 Shri Gatorbhai Patel Shiva Pharma CA. Rajni M. Shah Important areas for Consideration
Foudation Trophy for Best Article in the preparation of GST Annual
on Direct Taxes 2018-19 Return & GST Audit
Acquisition and transfer of
3 Shri U. R. Shah Memorial CA. Biharibhai B. Shah immovable property in india by
Funds Trophy for Best Article on CA. Vishrut Shah non - Resident indians / Overseas
GST (Indirect Tax) 2018-19 Citizens of India/ Foreign Nationals

4 Champaben Chandulal Shah CA. Parag Shah
Memorial Trophy for Best Article
on Corporate Law & Other 2018-19

Ahmedabad Chartered Accountants Journal April, 2019 61

Association News

Best Study Circle Meeting Leader Name of the Recipient Name of the Study Circle Meeting

Sr. Name of the Trophy
No.

1 Shri Dwarkadas B. Shah CA. Hardik Shah Panel Discussion Issues Under

Memorial Trophy for the Best Lead CA. Khushboo Kundalia GST Including I.T. Challenges

Study Circle Meeting 2018-19 CA. Mitesh Jain

List of Students who have been Awarded MedalS/Prizes for the Year 2018

Sr. Medal Highest Marks PCC / Final Name of the
in C.A. Examination Recipent Student

1 Avinash J. Budhdev Final Year Final/May 2018 Aagam Sandip Dalal
Final/Nov 2018 Shahid Husen Shokat Memon

2 Kantilal V. Patel Best Student of the Final/May 2018 Aagam Sandip Dalal
Memorial Medal year 2018 (A'bad) Final / Nov 2018 Pulkit Arora

3 Mahendra M. Patel Best Student of the
Memorial Fund year 2018 (A'bad)

4 H. V. Vasa Best Student Final/May 2018 Aagam Sandip Dalal
Memorial Medal (Ahmedabad) Final / Nov 2018 Pulkit Arora

5 A. M. Thaker Best Lady Student Final/May 2018 Khushbu Aswin Tamboli
Memorial Medal Pooja Kalpesh Shah
(Ahmedabad) Final/Nov 2018

6 Chandulal M. Shah Paper 1 Final/May 2018 Aagam Sandip Dalal
Memorial Medal Shashak Sharma
Financial Reporting Final/Nov 2018 Aagam Sandip Dalal

7 VNS & BNS Social Paper 2 Final/May 2018 Meet Amishkumar Lakhani
Welfare Medal Strategic Financial Final/Nov 2018 Urvi Rajanbhai Shah
Management
Pooja Kalpesh Shah
8 Dhirubhai B. Shah Paper 3 Final/May 2018 Aagam Sandip Dalal
Memorial Medal
Advanced Auditing Dhruvil Alkesh Shah

& Professional Ethics Final/Nov 2018

9 Mansukhbhai J. Shah Paper 4 Final/May 2018

Medal Corporate and Allied

Laws Final/Nov 2018

10 Madhuben Prafulbhai Paper 5 Final/May 2018 Urvi Rajanbhai Shah
Trivedi Memorial Advanced Final/Nov 2018
Medal Management Meet Amishkumar Lakhani
Accounting
11 VNS & BNS Social Devansh Shah
Welfare Medal Paper 6 Final/May 2018
Pulkit Arora
12 A. M. Garg Information Systems Shubham V. Mundra
Memorial Medal Ankit Kantilal Shah
Control & Audit Final/Nov 2018 Shubham V. Mundra
13 C. F. Patel Ankit Kantilal Jain
Memorial Medal Paper 7 Final/May 2018 Aagam Sandip Kalal
Direct Taxes laws Final/Nov 2018 Drashti Prakash Asodariya
14 Jagrutiben K. Shah
Memorial Medal Paper 7 Final/May 2018
Direct Taxes laws Final/Nov 2018

Paper 8 Final / May 2018

Indirect Taxes Laws Final /Nov 2018

6 2 Ahmedabad Chartered Accountants Journal April, 2019

Association News

Sr. Medal Highest Marks PCC / Final Name of the
in C.A. Examination Recipent Student
Final / May 2018 Aagam Sandip Kalal
15 Sandesh Mundra Paper 8
Memorial Medal Indirect Taxes Laws IPCE / May 2018 Dilip Harpalani
CA. Bishan Shah Best Student of
the year 2018 IPCE / NOV 2018 Nimisha Keshavlal Patel
(Ahmedabad)
IPCE / May 2018 Divesh Dilip Harpalani
16 K. T. Thakore Best Student of IPCE / Nov 2018 Nimisha Keshavlal Patel
Memorial Medal the year 2018 IPCE / May 2018 Zeal Mineshkumar Shah
(Gujarat) IPCE / Nov 2018 Aagam Rajeshbhai Shah
IPCE / May-Nov 2018 Jeet Chetan Datani
17 Rameshchandra S. Shah Best Student in
IPCE / May 2018 Parshwa Pratik Shah
Memorial Medal Ahmedabad IPCE / Nov 2018 Nimisha Keshavlal Patel

18 B. S. Soni Best Student IPCE / May 2018 Divesh Dilip Harpalani
Memorial Medal (Ahmedabad) IPCE / Nov 2018 Ananth Bhandari
IPCE / May 2018 Divesh Dilip Harpalani
19 Hasmukhbhai J. Patel Paper -1 IPCE / Nov 2018 Mahendiraa Masumali

Memorial Medal Accounting IPCE / May 2018 Divesh Dilip Harpalani
IPCE / Nov 2018 Nimisha Keshavlal Patel
20 Shri V. R. Shah Paper -2 IPCE / May 2018 Nimisha Keshavlal Patel
Memorial Medal Business Law Ethics IPCE / Nov 2018 Divesh Dilip Harpalani
and Communication
IPCE / May 2018 Abhishek Bimal Mawandia
21 Lalita Khanchand Paper 3 IPCE / Nov 2018 Nimisha Keshavlal Patel
Tekwani Memorial Cost Accounting &
Medal Financial
Management

22 VNS & BNS Social Paper - 4
Welfare Medal Taxation

23 Rameshchandra S. Shah Paper -5

Memorial Medal Advanced

Accounting

24 Nikhil M. Patel Paper 6
Memorial Medal Auditing &
Assurance

25 Mansukhbhai S. Shah Paper 7
Memorial Medal Information Tech-
nology & Strategic
Management

26 Office Bearers Paper 8
2018-19 (CAMS) Financial
Medal Management &
Economics for
Finance

3 M/s Mukesh Parikh & Co., Chartered Accountants, are appointed as Auditors of the Association for
the financial year 2019-20.

1st Executive Committee Meeting

1 At the 1st Executive Committee Meeting held on 27th April, 2019, three senior members of the
Association namely (a) CA. Hitesh Pomal, (b) CA. Sandip Parikh and (c) CA. Rajni Shah have been
Co-opted as the members of the Executive Committee for the year 2019-20.

Ahmedabad Chartered Accountants Journal April, 2019 63

ACAJ Crossword Contest # 60

Across Down
1. For valuation of supply under GST, any 4. The doctrine of mutuality, based on common

_________ by way of issuance of credit note(s) law principles, is premised on the theory that a
or by any other means, except in case where person cannot make a profit from __________.
the provisions of section 15(3)(b) are satisfied, 5. ________ merger means a cross border
shall not be included. merger where the resultant company is a foreign
2. Interstate stock transfer within branches is company.
considered as ________ under GST. 6. ________ is made mandatory on GST and
3. As per the present provision, GSTR 9 is tax audit reports with effect from 1stApril 2019.
nothing but the _________ of all GSTR 1 and
GSTR 3B filed for respective reporting period.

45

1

6

23

Notes:

1. The Crossword puzzle is based on previous Winners of ACAJ Crossword Contest # 59
issue of ACA Journal.

2. Two lucky winners on the basis of a draw will 1. CA. Shailesh Shah
be awarded prizes. 2. CA. Shailesh Pujara

3. The contest is open only for the members of

Chartered Accountants Association and no
member is allowed to submit more than one

entry. ACAJ Crossword Contest # 59- Solution

4. Members may submit their reply either Across 2. Destination
physically at the office of the Association or 1. Eway
by email at [email protected] on or 3. Supply

before 15/06/2019. Down 5. Forty
4. Capital
5. The decision of Journal Committee shall be final 6. Ten
and binding.

hhh

6 4 Ahmedabad Chartered Accountants Journal April, 2019



Glimpses of AGM