April 2021 e-NEWSLETTER BRANCH OF SOUTHERN REGIONAL COUNCIL (SIRC) OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (ICAI) Vol: 2 Issue No: 120

Shri HIbi Eden, Hon’ble Member or Parliament, inaugurating the One Day CPE Seminar on Bank Audit

Dr. M. Beena IAS, Chairperson, Cochin Port Trust inaugurating the Internatonal Women’s Day celebrations. Ernakulam Branch of SIRC of ICAI e-NEWSLETTER

Chairman’s Message

Respected Professional Colleagues, transformation and involvement in the internal control pro- cedure and CSR Structure for the Corporation. The MOU is I am sure many of us are running hectic this month with the positively expected to be exchanged this month. This asso- bank audits. Nonetheless we should be reminded that the ciation could be the first of its kind in the entire state. amendments brought in on revised reporting requirements mandates utmost attention and seriousness even on the The technical sessions planned for the month of April is on smallest of accounts. I am sure that you are all aware of the Registration of Charitable Trusts, Companies Act, Global & developments in registration procedures under Income Tax Entrepreneurship Avenues for CAs, Code of ethics, Tech- for the registration of Charitable and Religious Organizations nology, etc. The proposed event plan for the month shall and also now with Companies Act as well. be mailed to you. I also take the good opportunity to inform you of the extension in date for ARS Registration to 15th The branch is giving in the best efforts to bring you the best of April, 2021 and I request you to please make use of the of the technical sessions and experts to address us on the same if not already done. The ARS registration count has above-mentioned developments. We are deeply grateful to touched close to 450 already and we are thankful to you for see the very positive response for all our programmes for the that. We are also initiating a monthly compliance calendar/ month of March and this gives us the extra urge to serve you reminder from this edition onwards. I am deeply thankful more and better. and indebted to CA. Joseph Thomas, Past Chairman of the branch for being instrumental in bringing these innovative Like in March, we shall balance between both physical and yet productive inclusions in the e-Newsletter. digital sessions and we assure you at least 20 hours of CPE. Soon after the conclusion of the bank audit season, we in- I once again seek all your good wishes and guidance for tend to initiate certain non-technical activities for our mem- a successful conduct of the branch in my capacity as your bers such as a Music club, a Cycling and Walking club, etc. I Chairman. Please give me your valuable suggestions so seek your wholehearted support for the same as well. We are that I can serve you and the branch in the most befitting also in the process of discussion with the Worshipful Mayor of manner. Cochin Corporation, Adv M. Anilkumar to bring in a complete Festive month of April is widely celebrated by Malayalees for Easter and Vishu. As you know, both the celebrations CONTENTS truly depict resurrection and new beginnings. Let me whole- heartedly wish you a very happy and prosperous Vishu and 2 Chairman’s Message belated yet a very happy Easter. Let this be a very blessed 3 Branch Activity year for all of us. Stay safe and Healthy! 4 Share your opinion 6 Health, Fitness & Well-being Yours faithfully 7 CA in ‘Business’- CA. Suresh Shenoy 8 Vishu Festival CA. Renjith R.Warrier 9 Judicial Decisions on Indirect Taxes Chairman 11 Judicial Decisions on Direct Taxes

2 | APRIL 2021 | e-Newsletter Ernakulam Branch of SIRC of ICAI e-NEWSLETTER Ernakulam Branch of SIRC of ICAI “Inspirational women of the year” Award

The Ernakulam Branch has instituted an award named ”Inspirational Women of the Year” to be given annually on the International Women’s Day for recognizing women personalities who have contributed to the betterment of the society.

This year’s award has been conferred on Dr M. Beena IAS, Chairman Cochin Port Trust for her Service to the Society as a dedicated Civil Servant and as a Citizen. The award was presented to Dr. M. Beena IAS by the Branch Chairman CA. Renjith Warrier on 12th March 2021 at a glittering function held at the branch.

Branch Activities - March 2021 CPE MEETINGS

CPE Seminar on “NBFC – Brief introduc- tion and regulatory requirements” was or- ganized on 8th March, 2021 at ICAI Bha- wan, Ernakulam. The technical session on the topic was taken by CA. Priya A Me- non, . CA.Priya A Menon Virtual CPE Seminar on “Taxation of Co-operative societies – Shri.Gulab Chand Yadav management, Indian and RoC, Recent Developments” was organized on 10th March, 2021. Global Economy” and “ In- CA. Amaljith P J was the vestment opportunities for speaker. CA. Venugopal small investors along with C.Govidn, Senior Member some do’s and don’ts” were & Founder Secretary of taken by Dr. V.K. Vijayaku- the Branch was the Chief mar and CA. Rupesh Raja- Guest. CA.Venugopal C.Govind CA.Amaljith P.J gopal respectively. Dr. V.K.Vijayakumar CA. Rupesh R CPE Seminar on “Salient features of QRMP Scheme & Pro- Five Virtual CPE Webinar were organized during the peroid from fessional opportunities in today’s time was organized on 12th 23rd to 26th March and 29th March, 2021. CA. K Raghu, Former March, 2021 by Women Members Empowerment Commit- President of ICAI Inaugurated the Virtual CPE Chain Seminar tee of ICAI. The programme was hosted by the branch. The on 23rd March, 2021. The deliberations on “Bank Audit – Ad- technical session on the topic vances and IRAC Norms”, “Bank Audit – LFAR and Audit un- “Highlights to changes un- der CBS environment”, “Bank Audit – GST aspects under Bank der GST proposed in Budget Audit and introduction to E-Invoicing & QRMP”, “Documentation 2021 the QRMP scheme and requirements pertaining to Bank Audit” and “Bank Audit using vital aspects of GSTR 9 / 9C MS-Excel in CBS Environment” were conducted at the webinar. for the year 2019-2020 was CA. Dhananjay J Gokhale, Mumbai, CA. Kuntal P Shah, Ah- taken by CA. Soman N L . CA. Soman N.L Ms.Beena Vas medabad, CA. Ganesh Prabhu B, Chennai, Mr. Kaladharan K, Ms. Beena Vas, Assistant Commissioner, Central Tax and Chief Manager (Retd), Corporation Bank and CA Saran Kumar Customs, Kochi took the technical session on the topic “ Dig- U, Hyderabad respectively were the speakers. ital empowerment for better tomorrow”.

Virtual CPE Seminar on “Salient features of QRMP Scheme” was held on 17th March, 2021 on the topic “Highlights to change under GST proposed in Budget 2021 the QRMP CA. Dhananjay J Gokhale CA. Ganesh Prabhu B scheme and vital aspects of GSTR 9 /9C for the year 2019- CA. Kuntal P Shah 2020 “ CA. Soman N L was the speaker.

One day CPE Seminar on Bank Audit was organized at Taj Gateway Hotel, Ernakulam on 19th March, 2021. Shri Hibi Eden, Hon’ble Member of Parliament was the Chief Guest. Mr. Kaladharan K CA Saran Kumar U CA. Jalapathi K, Chairman, SIRC of ICAI was the Guest of CPE Workshop on Bank Audit at Hotel Moonlit Regency, Thodu- Honour. The technical sessions on the topic “ Integrated Bank puzha was conducted on 27th March, 2021. Mr George P J, Audit Procedures”, “Overview of Financial Reporing and AGM and Regional head, The South Indian Bank, Muvattupuzha IRAC Norms” and “ New reporting Norms in LFAR and other was the Chief Guest. The tech- certifications” was taken by CA. Premnath D, Hyderabad, CA. nical sessions on the topic “Intro- Gopalarkrishnan A, Kochi and CA. P.M. Veeramani, Kochi re- duction and Revised LFAR” and spectively. “Practical approach to bank au- dit including IRAC norms” were taken by CA. Jomon K George, Kochi and CA. Rajmohan R, Thrissur. CA. Jomon K.George CA.Raj Mohan R

On 30th March, 2021 CPE Workshop on Bank Audit was conduct- CA. Premnath D CA. Gopalakrishnan A CA. P.M.Veeramani ed at The Surya International, Angamaly. CA. Jomon K George, Former Chairman and Member, SIRC of ICAI was the Chief Guest. Virtual Investor Awareness Programme under the aegis of The technical sessions on the Investor Education and Protection Fund of the Ministry of topic “Bank Audit verification Corporate Affairs, Government of India was organized by the of advances in line with IRAC Committee on Capital Market and Investors Protection , ICAI Norms and recent COVID Cir- and was hosted by the branch on 22nd March 2021. Shri Gu- culars”and “Audit under CBS lab Chand Yadav, ROC, Kerala was the Chief Guest. The Environmnet” were taken by sessions on “Capital Market, Financial planning and wealth CA. Vivek Sathyan and CA. CA. Vivek Sathyan CA. Rupesh R Rupesh R respectively. Ernakulam Branch of SIRC of ICAI e-Newsletter | APRIL 2021 | 3 Ernakulam Branch of SIRC of ICAI e-NEWSLETTER

OTHER ACTIVITIES Interactive Meeting with Hon’ble Rajya Sabha MP and for- Proposal submitted to Hon’ble Union Minister of Child mer Union Minister CA. Suresh Prabhu and Women Development An interactive meeting with Hon’ble Rajya Sabha MP and for- A proposal was submitted on 3rd March, 2021 to the Hon’ble mer Union Minister CA. Suresh Prabhu was organized on Union Minister of Child and Women Development Smt. Sm- 14th March, 2021 at Kochi Marriott Hotel, Lulu International riti Irani regarding the proposal to provide more employment Shopping Mall, Edappally. The meeting was attended by Past opportunities for physically challenged women Chartered Ac- Chairmen and Managing Committee Members of the branch. countants and other professionals. The proposal was submit- 27 members participated. ted by CA. Renjith Warrier, Chairman along with CA. Jose K.V, Vice Chairman, CA. Deepa Varghese, Secretary and CA. Shreekumar P Menon, Member.

International Women’s Day Celebration 2021 Ernakulam Branch of SIRC of ICAI cele- brated International Women’s Day on 8th March, 2021. Dr. M. Beena IAS, Chair- person, Cochin Port Trust inaugurated Branch arranged facility for Covid-19 vaccination at the celebrations. Ms. Susheela Pai, Ar- Lakshmi Hospital, Ernakulam tistic Director, Mudra Centre for Dance Ernakulam Branch of SIRC of ICAI joined hands with the took a motivational sesson on “Art – from CSR Committee of ICAI in Cov- sole to soul”. Ms. Susheela Pai id 19 vaccination. The vaccina- tion facility was arranged by the branch at Lakshmi Hospital, Di- wans Road, Ernakulam on 23rd March, 2021 for the members of the branch and their family. The branch had coordinated with the hospital to get a reserved time slot for our members and their fam- ilies. Many Members and their family of Ernakulam Branch took CA. Ani Ajitha was honoured on the occasion for completing part in this vaccination drive. 25 years of service as Chartered Accountant. Interactive Meeting with Hon’ble Governor, Mizoram Adv. Expsoure Drafts comments submitted P.S. Sreedharan Pillai Ernakulam Branch of SIRC of ICAI submitted the comments The branch chairman CA. Renjith R Warrier interacted and on the Exposure Drafts corresponding to amendments in submitted a proposal to Hon’ble Governor of Mizoram IFRS on 18th March, 2021. Adv. Sri P Sreedharan Pillai for the benefit of Members and Students on 13.03.2021 at Ernakulam. Past Chairman of the branch CA. Sreenivasan P.R. was also present.

We are started a new monthly column to answer your queries/clarify on matters of professional interest. Replies by a panel of experts from our own branch will be posted in our Branch website. The link to the same is given below. Kindly note that the replies/answers are not researched replies and is only meant to help our members get a quick opinion on their doubts. If any member wants to contribute, supplement, or reply to the query, the same is encouraged. However, the same will be posted after vetting only.

Answers will be made available on https://kochiicai.org/category.php?slug=questions Members may answer these queries by email to [email protected] with the subject line “Share your opinion 0421” Your Queries Share your Opinion 0421

4 | APRIL 2021 | e-Newsletter Ernakulam Branch of SIRC of ICAI e-NEWSLETTER Ernakulam Branch of SIRC of ICAI

Representation submitted to Hon’ble Union Minister of Workshop on Entrepreneur Meet Commerce and Industry on 29th March, 2021 Ernakulam Branch of SICASA conducted a Virtual Workshop A representation was submitted to the Hon’ble Union Minis- on 6th March, 2021 on the topic “ Entrepreneur Meet”. CA. ter of Commerce and Industry CA. Piyush Goyal to discuss Salim A , Chairman SICASA welcomed the gathering. Ms. An- the implications of the move to dispense with audit under the chal Pandita was the speaker. 45 students attended the pro- GST Act. During the interactive meet it was pointed out that gramme virtually. the move to suspend GST Audit will lead to huge leakage in tax revenue, but also increased litigation and corruption. The Special Programme on English – “Be a Better Communicator” Union Minister assured that our memorandum will be given Ernakulam Branch of SICASA conducted a Virtual Special due consideration. CA. Babu Abraham Kallivayalil, Chairman, Programme on English – “Be a Better Communicator” on 6th Professional Development Committee, CA. Jomon K George, March, 2021. CA. Salim A , Chairman SICASA welcomed the Former Chairman, SIRC, CA. Renjith Warrier, Chairman, Er- gathering. CA. Nagarajan P. A., CFO, Tata Ceramics Ltd., was nakulam Branch, CA. Deepa Varghese, Secretary, and CA. the speaker. 46 students attended the programme virtually. Sreenivasan P.R, Past Chairman were part of the delegation that met the Finance Minister in Kochi. Virtual Lecture Meeting – Interact and Grow with Flight Lt. Sreelatha B Pillai (Retd) Ernakulam Branch of SICASA conducted a lecture meeting on 8th March, 2021 on the topic “ Interact and Grow with Flight Lt. Sreelatha B Pillai” . She was one of the first women officers of the Indian Air Force. 35 students attended the meeting.

Intra Branch Cricket Tournament Ernakulam Branch of SICASA conducted “FREEHIT 21 Intra Branch cricket tournament” on 13th and 14th March, 2021 at FACT Township Ground, Udyogamandal. The tournament was inaugurated by the Indian Cricket Player Shri. Anish P Rajan and Shri Edwin Jospeh, Secretary of Cricket Association. CA. Salim A, Chairman SICASA present- ed prizes to the winners. 18 teams participated.

Virtual Lecture Meeting – Meet a Chartered Accountant Campus Placement Programme at Ernakulam Centre Ernakulam Branch of SICASA conducted a virtual lecture Ernakulam Branch of SIRC of ICAI conducted Campus Place- meeting on 19th March, 2021 on the topic “ Meet a Chartered ment Programme Feb – Mar 2021 on 31st March, 2021. The Accountant – ERP Opportunities. CA. Siraj Syed, Product placement programme was done virtually. 6 companies – M/s Manager, Williams Sonoma, San Francisco was the speaker. Muthoot Finance Ltd., M/s Pricewaterhouse Coopers Service 52 students attended the programme virtually. Delivery Center (Kolkata) Private Limited, The Federal Bank Limited, ICICI Bank Ltd, M/s EY GDS and M/s Hindalco In- Seminar on Bank Audit for CA Students dustries participated the campus placement programme. 104 Ernakulam Branch of SICASA of ICAI organized a seminar on newly qualified members attended the programme. Bank Audit for CA Students on 24th March, 2021 at YMCA, International Youth Centre, Palarivattom. CA. Salim A, Chair- man SICASA welcomed the gathering. CA. Renjith R Warrier, STUDENTS ACTIVITIES Chairman, Ernakulam Branch of SIRC of ICAI delivered the Virtual Lecture Meeting – Meet the Chartered Accountants presidential address. CA. Jomon K George, Past Chairman of – Sky is the limit SIRC of ICAI delivered the special address. CA. Babu Abra- Ernakulam Branch of SICASA conducted a lecture meeting on ham Kallivayalil, Central Council Member of ICAI inaugurated 1st March, 2021 on the topic “Meet the Chartered Accountant the seminar on bank audit for CA Students. The technical ses- – Sky is the limit”. CA. Salim A, SICASA Chairman welcomed sions on “Introduction to Bank Audit & Verification of Advanc- the gathering. CA. Abdul Nassar, Author, Speaker, Mt. Ev- es”, “Long Form Audit Report of Bank Branches” and “Bank erest Summiteer & Ironman took the session. Ms. Pheobae Audit in CBS Environment and using Excel in Bank Audit” were George, proposed vote of thanks. 48 students attended the held at the seminar. CA. Varun E A, CA. Chirag J Shah and meeting. CA. Manu K.T. Balachandran were the speakers at the seminar.

Essay Writing and Drawing Competiton Ernakulam Branch of SICASA conducted Essay writing and Drawing Competition on 2nd March, 2021. The topic of the Essay writing and Drawing competition was “My Mother”. Tro- phies and certificates were distributed to the winners Ms Amal T M, Mr.Robin Raju, Ms. Saikripa S by Ms. Beena Vas, Asst. Commissioner, Central Tax and Customs Kochi at a function held on 12th March, 2021 at ICAI Bhawan, Ernakulam.

Elocution Competiton Ernakulam Branch of SICASA conducted Elouction competi- tion on 3rd March, 2021. The topic of the elocution was “Wom- an who influenced one’s life”. CA. Rajendrakumar P,CA. Jobby George and CA. Greeshma Balu and Ms. Beena Vas, CA. Babu Abraham Kallivayalil CA. Chirag J Shah CA. Varun E.A CA. Manu K.T Asst. Commissioner, Central Tax and Customs, Kochi were Online classes were arranged for students due to the out- the judges. The trophies and certificates were distributed by break of Coronavirus – Covid – 19 Ms. Beena Vas, Asst. Commissioner, Central Tax and Cus- In view of the outbreak of Coronavirus – Covid – 19 throughout toms Kochi to the winners - Ms. Anna Roy, Ms. Reshma Joy the country ICAI the branch, we have arranged online class- and Ms. Anjaly K Rao at a function held on 12th March, 2021 es for the students of Intermediate (Foundation Route), In- at ICAI Bhawan, Ernakulam. termediate Direct Entry students Foundation for May 2021 , Intermediate Direct Entry Students November 2021 and Final Coaching classes November 2021 through virtual platform.

Ernakulam Branch of SIRC of ICAI e-Newsletter | APRIL 2021 | 5 Ernakulam Branch of SIRC of ICAI e-NEWSLETTER Plan Your Healthy Diet

Have your Vishu Payasam / Ramadan Feast, and still be on a ‘Diet’ ? Rajiv Ambat An excerpt from our last month article - ● Reduce those extra calories in subsequent meals “No point living every day for a tomorrow, ● Exercise and stay active and you are allowed to binge and never ever living a today! Eating right is once in a while not a punishment; it does not mean eating bland and tasteless food, or not having rice Is calories ‘The be-all and end-all’? (carbs). And this is why I do not like the word If you consume more calories than what you spend in a day, diet and instead prefers the word ‘Nutrition’. you gain weight. Similarly, if you consume lesser calories than Unless eating habits are sustainable, it is im- what you spend, you lose weight. Pretty straight forward and possible to imbibe them as a lifestyle change. simple, right!? But is becoming healthy only about calories One should learn to have an occasional indul- and their input Vs output balance? gence and yet stay healthy. Yes! I’m saying, you CAN have your cake and eat it too!” Turns out, it is not! Let me explain that with yet another exam- ple! A diabetic person who is slightly overweight, borderline Festivals and celebrations are an integral part of our lives.. cholesterol and also with a bit of belly fat, want to lose weight. and BOY! we love to cook those sweets and delicacies, and He maintains his calorie intake, a bit lesser than his expend- we even have different types and varieties of them meant for iture during the day. He is thus on a calorie deficit; however, each type of festival. Is going on a diet or say, getting healthy he is also eating sweets/sugar, fried food and consuming less a difficult task in between these festivals and celebrations!? fibre and vegetables. ABSOLUTELY NOT! But, only if you learn the sustainable fitness method. 1. Question 1 - Will he lose weight? 2. Question 2 - Will he become healthy? Flexible fitness, for long term sustainability. A sustainable or flexible fitness of dieting is when you can have those occa- For sure, he will lose weight since he is eating at a calorie sional ‘Payasam’ or ‘Sadhya’ and still progress towards your deficit. However, his blood sugar levels will continue to stay health goals. It is when you do not have to feel so terrible and higher and may even become worse - thanks to the high carb cringe just because you had a Jalebi*. It is when you build a and less fibre intake. His cholesterol levels also may perhaps healthy relationship with food and not take ‘diet’ as a punish- increase - thanks to the fried food! ment! Sounds great..but how do you implement it in real life!? So, becoming healthier is a lot more than just maintaining cal- Let me give you an example - 1 orie intake..however, it does not hurt to have an occasional serving of Semiya Payasam (Kheer) is roughly 200+ Calories! piece of cake! A reasonable recommendation is to go by the (This is highly variable based on the amount of ghee, sugar 80 - 20 rule! etc used in the preparation) Go ahead and have those extra 200 calories of sugar*, as long as you are going to adjust this Make sure, 80% is healthy, homemade food devoid of exces- in some way in subsequent meals or through exercises. If sive oil, unhealthy fat, preservatives etc. Occasionally (once you are a very active person and exercise at least 5 days a in 2 - 3 weeks), you may have 20% of the calorie intake from week, those extra 200 calories is just a walk in the park! your favourite food even if it does not fit into the conventional “healthy-food” category!. And of course - ALWAYS stay within That said, did you notice that asterisk symbol ( * ) on the your calorie limit. Even the healthy food, if you overeat, you words ‘Jalebi’ & ‘ 200 calories of sugar’? That means - Sub- will be unhealthy ject to terms & conditions! :-) And, what if you want you to eat more? Simple! Spend more Let me explain this to you with an example. If a person is di- calories through exercises & activity :) abetic with high blood sugar, then payasam or jalebi may not be a suitable option! Similarly, if a person has high uric acid Rajiv Ambat is the CEO of NuvoVivo, an online health & fit- or gout, then red meat is best avoided! ness company that is into medical fitness. They help their cli- ents through their customised nutrition and exercise programs In short, it is possible to occasionally binge eat and still man- to not only lose weight but also to manage lifestyle diseases age your health goals. You only need to stay within your calo- like diabetes, cholesterol, fatty liver, uric acid, hypertension, rie limits and you can do this by doing the following - PCOD, etc.

6 | APRIL 2021 | e-Newsletter Ernakulam Branch of SIRC of ICAI e-NEWSLETTER Ernakulam Branch of SIRC of ICAI

As CAs, most of us are either into practice or are gainfully employed in the industry, which is of course laudable. A few CAs turn entrepreneurs and become leaders of the industry in their own right. Some have chosen to be in other professions/vocations.

CA. Suresh Shenoy A.S Have your Vishu Payasam / Ramadan Feast, and still be on a ‘Diet’ ? Rajiv Ambat

Hailing from a Business Family, the value of time was imbibed 3 Golden Rules of my Father: in all of us at home, right from early childhood. Punctuality was never an option, but expected of us. Value of Money was Rule 1 : Never waste Time & Money etched into our psyche, by not letting us have any. We had Rule 2 : Never give up learning. to earn it by good conduct & exceptional scores. Acquiring knowledge was the only exception, without any restrictions. Rule 3 : Never forget Rule 1 & 2. Study as much as you want, no holds barred, was the diktat. I had the burden of four class toppers, three of whom ended exams, “ Eda, ini nee ezhutiya pustakam padichu tholkanedi up as doctors and the younger one, headed in the same di- varumo ?? .” rection. I was neither a topper, nor at the bottom. However, my father thought otherwise. That was the challenge. On a serious note, my professional qualification skilled me to anticipate adversities and take adequate steps to litigate

Business was something that excited me early in life, espe- them. Be it legal or tax issues of the entertainment industry, cially the business of entertainment. For me enrolling for CA I had an edge over my peers in interpreting & explaining it to was a step towards joining the business, but more so, not to the captains of the industry, Govt. Authorities & the media. To disappoint my father. But little did I realise that the journey this day, I remain eternally indebted to all those who helped, was no walk in the garden & was in fact, the actual learning. guided, advised, prodded & imparted boundless knowledge in this unique journey of my life. I had the privilege of a successful business background and didn’t have to qualify to be a part of it. I joined the business My advice to young and aspiring CAs soon after my articleship, got married, had my first child. The Never give up on yourself. systematic & stringent regime during articleship, intense train- Never Forget Rule 3. ing without calculators, audit visits with seniors, constant fail- ure at the exams, taught me patience, discipline, endurance, CA. Suresh Shenoy A S bringing in boundless experience. CA. Suresh Shenoy qualified as a CA in 1989. He is a Partner

Facing failure, one too many times at the exams was not only of the Shenoys Group who are pioneers in the Entertainment disappointing but also disheartening. Giving up the exams industry. Shenoys Theatre was the first Vistarama Projec- was easy , but giving up on myself , was not an option . I had tion theatre (120mm) in Asia. The brand has, since under- to feel confident, to face the toughest challenge, I had to be- gone a major renovation into five screens, with the latest in lieve in myself. sound and projection system & 2 restaurants. The group has another 3 The money, I thought I had wasted as fees for the numer- screens, namely, Padma (2 Screens) ous exams, taught me lessons of life, and perhaps helped in and Sridhar. Happily married to Lata, building the upper floors of our Institute building at Nungam- with two children Anirudh & Anjali bakkam. (The building was just 2 floors high, when I enrolled) who is happily married to Er. Pranay I remember telling my good friend who cleared in the first Pai. Grandchildren Ameya & Kabir. attempt & started practice, while I was still slogging at the

Ernakulam Branch of SIRC of ICAI e-Newsletter | APRIL 2021 | 7 Ernakulam Branch of SIRC of ICAI e-NEWSLETTER

Importance of Vishu Festival V.N. Gopalakrishnan

Vishu is the harvest festival of Kerala observed on the first and Purusha. The Uruli represents Prakruti and it is believed day of the Medam month (April-May) of the Malayalam alma- that Kala Purusha, Lord Vishnu and Lord Krishna occupy in nac. Vishu festival is considered as the astrological New Year it. Kanikkonna is His crown, Kanivellari is His face, coconut day of Keralites. This year Vishu is being celebrated on April lamps are the eyes and Valkannadi is the mind. The lighting 14. The day marks the sun’s transits to the first zodiac-Mesha of the deepam welcomes God into our lives and is symbolic Rashi or Aries zodiac and is celebrated with religious ceremo- of removing the darkness of ignorance. The auspicious com- nies and rituals. Since Vishu is the starting of the New Year, mencement of the New Year comes to us due to the grace of people believe that it is significant for the next twelve months God and it is up to us to spread this love, happiness and hope of the year. Traditionally, Vishu is the harvest festival welcom- to the rest of the society. Immediately on awakening from ing the spring season. In olden days, farmers used to start sleep, people close their eyes and proceed towards the place ploughing the land on this day. where Vishu Kani is placed which is known as Kani Kanal (sighting of Kani). Usually, the eldest female member takes This festival is celebrated in Tulu Nadu region in Karnataka the family members one by one and shown the Kani. After the and is known as Bisu. Puthandu or Chithirai Vishu is the Tamil family members, it is the turn of the plants and animals. Kani New Year celebrated by Tamilians and is the first day in the Uruli is taken to show them also the Kani. Tamil month of Chithirai. According to Tamil beliefs, Chithirai Vishu is the day during which Lord Brahma commenced the Vishu Kani is important in many famous temples in Kerala creation. Telugu New Year and Kannada New Year are cel- such as Ambalapuzha, Guruvayoor and Sabarimala. Devo- ebrated as Ugadi on the first day in Chaitra month. Marathi tees visit these temples to have a darshan of Vishu Kani on New Year day is Gudi Padva which is celebrated on the same the early hours. It is also considered auspicious to read vers- day of Ugadi. Cheti Chand is the Sindhi New Year day which es from Adhyatma Ramayanam after seeing the Vishu Kani. It is also the first day of Chaitra month. Bengali New Year day is is also believed that the page of the Ramayanam to which you Baisakh or Poila Baisakh and Baisakhi in Punjab. Assamese open up will have a bearing on your life in the coming year. New Year day is Bohag Bihu. The same day is celebrated as Vishu Kani points to a year of abundance both spiritually and New Year in many parts of the country. materially. Seeing the Vishu Kani, we should pray that the vi- sion remains with us throughout the year. It is not enough that Vishu festival marks the day of Mesha Sankranti or Mesha the joy we get from seeing the Vishu Kani comes only to our Sankramam. The highlight of the festival is Vishu Kani, Vishu eyes. Instead, it must reflect in our thoughts and actions. Peo- Kaineettam and Vishubhalam. The Vishu celebration com- ple wear new clothes (Puthukodi) for the occasion and elders mences with the Vishu Kani, the first auspicious thing that of the family give Vishu Kaineettam (gift of money) to children, people see on the day which takes place during the Brahma servants and tenants. Vishu Kaineettam is considered as the Muhurta. Vishu Kani is an auspicious sight which is usually blessing of Prakruti, Shakti, and Lakshmi. prepared on the previous night. This include Unakkalari (raw rice), Kanivellari (cucumber), Vettila (betel leaves), Pazhuk- Vishu Sadhya (feast) is a major part of the festival when veg- kapakku (ripe arecanut), mango fruit, halved jack fruit, co- etarian food is prepared. Vishu Kanji (porridge), Thoran and conut, banana, sandalwood, gold ornaments, coins, brass Payasam (pudding) are essential items of the feast. The Kanji Valkannadi (hand mirror), Kasavu mundu (traditional dhoti), is made of rice, coconut milk and spices. Fireworks are also flowers of Kanikkonna (Cassia Fistula) and the holy textof an important part of Vishu celebrations in many parts of the Ramayana or Bhagvad Gita. All these materials are kept in state. an Uruli (open-mouthed shallow circular vessel made out of bell metal). Vishu has integrated everything during this period. There is a migratory bird which normally visits Kerala during this time The Uruli traditionally is made of panchaloham, an aggregate and is referred to as Vishu Pakshi (Pakshi means bird). Vishu of five metals. Panchaloham being symbolic of the universe has immense significance astrologically as the day and night comprises the five elements - earth, water, fire, air and space. are of equal duration. Major periodicals in Malayalam carry The flowers of Kanikkonna represent the eyes of Lord Vishnu Vishubhalam (astrological predictions) for the next one year. and the gold coins symbolize affluence and spiritual wealth, Preparations for the agricultural season also begin on the which the elders of the family must share with the younger Vishu day. generation. Deepams are kept in the two halves of a split coconut. Similarly, Ashtamangalyam may also be kept in the Uruli which is placed in front of an idol or portrait of Lord Kr- V.N. Gopalakrishnan is a Mumbai-based Freelance Journalist ishna besides a lighted bell metal lamp (Nilavilakku). and Social Activist. He has published over 500 articles in na- tional and international periodicals. He can be contacted on The Kani is the material representation of the union of Prakruti his email ID:[email protected]

8 | APRIL 2021 | e-Newsletter Ernakulam Branch of SIRC of ICAI e-NEWSLETTER Ernakulam Branch of SIRC of ICAI Reported Direct Tax Judicial Decisions CA. P.M. Veeramani FCA

Statute: Income Tax Act Statute: Income Tax Act Sec.2(35) – Principal Officer Sec.23(1) – Mesne profits and interest Decision in favour of : Assessee Decision in favour of : Revenue

Title : A.Harish Bhat vs ACIT Title : Skyland Builders Private Ltd vs ITO Citation: 195 DTR 105 Citation: 195 DTR 305 Bench: Karnataka HC Bench: Delhi HC

To treat any person as a principal officer of the company, con- Tribunal was right in holding that Mesne profits and interest nection with the management has to be established or to be received under the direction of the Civil Court for unauthorized supported by substantial material and it has to be reflected occupation of the immovable property of the assesse by the in the notice issued under section 2(35) to treat a person as erstwhile tenants , was liable to tax under section 23(1) since a principal officer of the company which will have wider con- they are in the nature of revenue receipt . Mesne (pronounced sequences. Since the same was missing in the show cause “mean”) profits are sums of money paid for the occupation of notice and in the impugned order, the notice is liable to be land to a person with right of immediate occupation, where no quashed as issued on surmises and conjectures permission has been given for that occupation.

Statute: Income Tax Act Statute: Income Tax Act Sec.14A – Dividend offered to tax Sec.32(1) – Depreciation on revalued asset Decision in favour of : Revenue Decision in favour of : Assessee

Title : BBR Projects Private Ltd vs ITO Title : Padmini Products Private Ltd vs DCIT Citation: 184 ITD 842 Citation: 195 DTR 1 Bench: ITAT Hyerabad Bench: Karnataka HC

Assesee could not claim that section 14A was not attracted Assessee succeeded to, in the business of partnership firm; since it had offered the dividend income as taxable ; Tax can- before the firm was converted into a private limited company, not be imposed or collected on dividend income unless it is the partnership firm revalued all its intangible assets and ar- charged or specified by Act. rived at a value using standard valuation methods. Disallow- ance of depreciation by invoking fifth proviso to section 32(1) Statute: Income Tax Act and explanation 3 to section 43(1) was not justified Sec.14A – Interest on partners capital Decision in favour of : Assessee Statute: Income Tax Act Sec.32(1)(iia) – civil works for windmill Title : Sankalp vs DCIT Decision in favour of : Assessee Citation: 195 DTR Trib 273 Bench: ITAT Cuttack Title : Maharaja Shree Umaid Mills Ltd vs DCIT Citation: 83 ITR Trib 498 Interest to partners towards the use of their capital as per the Bench: ITAT Jaipur partnership deed is not subject to disallowance under section 14A read with Rule 8D(ii); however disallowance under rule Civil work and electric generator were taken to a part of the 8D(iii) is sustainable windmill and the rate of depreciation as applicable to the

Ernakulam Branch of SIRC of ICAI e-Newsletter | APRIL 2021 | 9 Ernakulam Branch of SIRC of ICAI e-NEWSLETTER

windmill would apply to the civil work and electric generator Statute: Income Tax Act as well. Sec.147 – Procedural irregularity Decision in favour of : Revenue Statute: Income Tax Act 40(a)(ia), 195 – when profit is exempt Title : Pradeep Dayanand Kothari vs CIT Decision in favour of : Assessee Citation: 429 ITR 14 Bench: Madras HC Title : JCIT vs Mphasis Ltd Citation: 84 ITR Trib 630 Every procedural aspect will not result in the assumption of ju- Bench: ITAT Bangalore risdiction being wholly illegal, unless and until assesse proves that he has been put to prejudice on account of such proce- Even if the expenditure was disallowed, it would increase the dural error and procedural irregularity cannot be canvassed profits of the business eligible for deduction under section before the High Court for the first time 10A / 10AA of the Act and consequently the deduction should be allowed on such enhanced profits. This position had been Statute: Income Tax Act confirmed by the Central Board of Direct Taxes in its Circular Sec.139 – Claim beyond time for revised return No. 37 of 2016, dated November 2, 2016 ([2016] 388 ITR Decision in favour of : Assessee (St.) 62). Title : TRC Engineering India Private Ltd vs ITO Statute: Income Tax Act Citation: 84 ITR Trib SN 40 Sec.54 – Sale of two residential flats Bench: ITAT Bangalore Decision in favour of : Assessee Sometimes, the time limit for the assessee to file a revised Title : Vijay Kumar Wanchoo vs ITO return might have already expired and the return cannot be Citation: 84 ITR TRib 268 revised. In such circumstances, the assessee may make a Bench: ITAT Delhi revised claim by way of filing letter before the authorities at various levels. Under article 265 of the Constitution of India Sale of two residential apartments and capital gains on both , only legitimate tax can be recovered and even a conces- invested in a new residential house within the time permitted sion by a taxpayer does not give authority to the tax collector is eligible for exemption under section 54 as the conditions to recover more than what is due from him. CBDT Circular required under the section are satisfied No. 14(XL35) dated April 11, 1955 states that officers of the Department must not take advantage of the ignorance of an Statute: Income Tax Act assessee as to its rights and that they shall draw his attention Sec.64(1A) – Minor income to any refund or relief to which the assessee appears to be Decision in favour of : Assessee clearly entitled and which he has omitted to claim.

Title : Hemant Shah vs ACIT There is a distinction between a revised return and correction Citation: 185 ITD 68 of a return. If the assessee files an application for correcting, Bench: ITAT Mumbai or making changes in, the return filed, it would not mean he has filed a revised return ; the character of the original return Where assesse individual earned income from long term cap- is retained. ital gains along with his minor children and was eligible for exemption under section 54 F, income of minor to be clubbed Statute: Income Tax Act would be the net income after deduction under section 54F. Sec.197 – Rejection of application during lockdown Decision in favour of : Assessee Statute: Income Tax Act Sec.147 – Second notice validity Title : Vijaykumar Satramdas Lakhani vs CBDT Decision in favour of : Revenue Citation: 195 DTR 121 Bench: Bombay HC Title : T.Krishnamurthy vs ITO Citation: 195 DTR 33 Rejection of application for certificate under section 197 for Bench: Madras HC lower of rate of TDS in April 2020 for non-furnishing of de- tails called for during the period of lockdown and the same Second notice for re-assessment within time allowed for the being communicated in TRACES portal which assesse came same reasons as the first notice is valid , since the first re-as- to know only in July 2020 cannot be justified and is wholly sessment was set aside on technical ground of failure to com- unsustainable in law. Matter remanded back for taking a fresh ply with the mandatory requirement of issue of notice under decision of merits. section 143(2 ) and issue was not considered on merits

10 | APRIL 2021 | e-Newsletter Ernakulam Branch of SIRC of ICAI e-NEWSLETTER Ernakulam Branch of SIRC of ICAI Indirect Tax RECENT ADVANCE RULINGS UNDER GOODS AND SERVICES TAX JUDICIAL DECISIONS ON INDIRECT TAXES CA.P.J.Johney FCA A. RECENT ADVANCE RULINGS UNDER GST Statute: Goods and Service Tax September 30, 2019 Read With Expla- Statute:Goods and Services Tax Decision in favour of: Department nation Provided Under Notification No. Decision in favour of: DEPARTMENT Title: SLN Tech-Fabs (Bengaluru) Pvt 26/2019-Ct(R) Dated November 21, Title: Gnanaganga Gruha Nirmana Sa- Ltd, In re 2019—Karnataka Goods And Services hakara Sangha Niyamitha, In Re Dr. Ravi Prasad M. P. and Tax Act (27 of 2017). Dr. M.p. Ravi Prasad And Mashhood Ur Mashhood Ur Rehman Farooqui (Mem- Rehman Farooqui (Members) bers) Statute:Goods and Services Tax Citation: [2021] 84 GSTR 258 (AAR) Citation: [2020] GSTR 125 (AAR) Decision in Favour of: Department Bench/Court: The Authority On Ad- Bench/Court: The Authority Of Advance Title: Venbakkam Commandur Janard- vance Rulings Rulings hanan, In Re Goods And Services Tax, Karnataka Goods And Services Tax, Karnataka Ms. Manasa Gangotri Kata And Kurinji Selvaan V. S. (Members) Goods And Services Tax—Supply Of Goods and Services Tax—Service In Citation: [2021] 84 GSTR 322 (AAR) Service -Exemption -Housing Society Field of Fabrication and Truck Body Bench/court: The Authority For Advance Engaged In Development And Sale Of Building Area, For Transport Equipment- Ruling Sites For Its Members- Activity Of Main- Classification-Rate of Tax-Fabrication Goods And Services Tax, Tamilnadu taining Facilities At Layout From Funds And Truck Body Building For Trans- Collected From Members Of Society Is port Equipment Such As Tippers, Trail- Goods And Services Tax—Supply Of Service Attracting GST- Amount Collect- ers, Containers and Tankers If Activity Printed Law Journals And DVD’s Of Law ed Either Annually Or Once In Ten Years, Treated As Supply of Goods, Falling Journal Supply Of DVDs /CDs Wits “The And Utilized For Goods Or Services Under Chapter Heading 8707 Taxable Law From Third Person For Common Use At 28 Per Cent. (CGST At 14 Per Cent. Weekly Desktop” Software Along With Of Its Members— Amount Per Mem- +SGST At 14 Per Cent.) As Per Sl. No. End-User License And Supply Of Ac- ber If Does Not Exceed Rupees Seven 169 Of Schedule Iv To Notification No. cess To On-Line Database On Appli- Thousand Five Hundred In Particular 1/2017-Ct (R) Dated June 28, 2017-Ac- cant’s Website — Not Eligible To Avail Tax Period, Exempted And If Exceeds tivity Classifiable Under Sac 998881, Of Benefit Of Entry At Sl. No. 22 Of Noti- Whole Amount Taxable--Water Charges Under “Motor Vehicle and Trailer Man- fication. No. 13/2018-C. T. (Rate) Dated Collected Separately On Monthly Basis ufacturing Services”, In Terms of Sl. No. July 26, 2018—-Questions Relating To Exempt-Amount Collected From Mem- 535 Of Annexure To Notification No. Utilization Of Credit Availed And Rever- ber Selling Site As Endowment Fund 11/2017 Central Tax (Rate) Dated June sal Of Credit Availed—Not Within Ambit - Liable To Tax Under GST-Applicant 28, 2017- Applicant Can Start Charging Of Advance Ruling—Tamil Nadu Goods Exempt Only To Extent Of Amount Of Gst 18 Per Cent. (CGST At Nine Per- And Services Tax Act (19 Of 2017), S. Rupees Seven Thousand Five Hundred cent. + SGST At Nine Per Cent.) As 97(2). Per Month Per Member Collected By Per Sl. No. 26(i)(ic) Of Notification No. Way Of Reimbursement Of Charges Or 11/2017-Central Tax (Rate) Dated June Share Of Contribution For Sourcing Of 28, 2017, As Amended By Notification Goods Or Services From Third Person No. 20/2019-Central Tax (Rate) Dated For Common Use Of Its Members—Kar- nataka Goods And Services Tax Act (27 Of 2017). B.JUDICIAL DECISIONS ON INDIRECT TAXES Statute:Goods and Services Tax E-Way Bill from Vendor in Telangana Taxes and Customs Circular in F. No. Decision in favour of: Assessee and integrated Goods and Services Tax Cbec/20/16/03/2017-Gst, Dated Sep- Title: Sree Rama Steels V. Deputy At 18 Per Cent. Charged Prima Facie tember 14,2018. State Tax Officer, Rajendranagar-II Cir- Compliance With Provisions of Acts and Writs Under Constitution-Existence of cle, Saroornagar Division, Hyderabad Rules Made not Warranting Detention- Alternative Remedy -Appeal Possible and Others Although E-Way Bill Not Mentioning Only Against Decision of Adjudicatory M. S. Ramachandra Rao and T. Amar- Place of Delivery of Goods At Work Site Authority-No Material to Show Wheth- nath Goud JJ. of Purchaser, Delivery Challan Mention- er Deputy State Tax officer had Passed Citation: [2021] 84 Gstr 42 (Telangana) ing It-No Prohibition of Sale of Goods By Reasoned Order and Communicated It Bench/Court: Telangana High Court Purchaser to A Third Party When Goods to Assessee After Considering Asses- Are in Transit-Defect in Documentation see’s Explanation to Show-Cause No- Goods and Services Tax-Detention of Accompanying Goods to Be Looked At tice-Assessee Could Not Have Availed “Goods”-Goods in Transit from Telan- in Terms of Board Circular Dated Sep- of Remedy of Appeal- Writ Petition gana to Assessee’s Premises in andhra tember 14, 2018- Mere Omission to Maintainable-Constitution of india, Art. Pradesh-Sale of Goods While in Tran- Mention Place of Unloading in E-Way 226-Telangana Goods and Services sit to Party in andhra Pradesh- Buy- Bill Not Ground to Presume intention to Tax Act (23 of 2017), S. 107. er Requesting Goods Be Delivered to Evade Tax--Collecting of Tax and Penal- Worksite in Telangana-Assessee to ty from Assessee Arbitrary and Violative Statute: Goods and Service Tax Save Time and Cost of Transport Di- of Law-Department to Refund Amount Decision in favour of: Department recting Driver to Deliver Goods Directly With interest-Central Goods and Ser- Title: Skill Lotto Solutions Pvt. Ltd. V. to Worksite of Buyer in Telangana and vices Tax Act (12 of 2017) S. 129(1)- Union of India and Others Saying Documents Would Follow- Vehi- Telangana Goods and Services Tax Act Ashok Bhushan, R. Subhash Reddy cle Detained in Telangana On Ground (23 of 2017), Ss. 68(3), 129(1) -Talan- And M. R. Shah JJ. “Noticing The Conveyance At A Wrong gana Goods and Services Tax Rules, Citation: [2021] 84 GSTR 1 (SC) Destination” -Not Justified- Vehicle At 2017 R. 138b - Central Board of indirect Bench/Court: Supreme Court Of India Time of Detention Carrying invoice and

Ernakulam Branch of SIRC of ICAI e-Newsletter | APRIL 2021 | 11 Ernakulam Branch of SIRC of ICAI e-NEWSLETTER Goods And Services Tax-Lottery Tickets Statute: Service Tax tach Personal Bank Account Of Erstwhile - “Goods” - Actionable Claims-Discrim- Decision in favour of: Assessee Director For Recovery Of Dues Of Com- ination-Lottery Tickets Are Actionable Title: Karnataka Industrial Areas Devel- pany—No Notice Issued To Director Per- Claims-Inclusion Of Actionable Claims opment Board V. Commissioner Of sonally Prior To Issue Of Demand Notic- In Definition Of “Goods” -Valid-Levy Of Central Tax, Bangalore North, Karna- es Or Attachment— No Material Against Tax Only On Lottery, Betting And Gam- taka Erstwhile Director—Recovery Selective- bling Excluding Other Actionable Claims S. S. Garg (Judicial Member) and ly Against One Director Alone Not Per- From Taxing Net-Not Discriminatory- P. Anjani Kumar (Technical. Member) missible—Mechanism Under Goods And Determination Of Value Of Taxable Sup- Citation: [2021] 84 Gstr 88 (Ces- Services Tax Law Cannot Create New ply Of Lottery -Prize Money Not To Be tat-Bang) Charge— Finance Act (32 Of 1994), S.: Excluded-Central Goods And Services Bench/Court: The Customs, Excise And 87(B)(I)—Central Goods And Services Tax Act (12 Of 2017), Ss. 2(52), 15(1), Service Tax Appellate Tribunal -Banga- Tax Act (12 Of 2017), Ss. 89, 174(2). (5) ; Sch. iii, Item 6- Central Goods And lore Services Tax Rules, 2017, R. 31a-Con- Taxation—Not Permissible Without Au- stitution Of India, Arts. 14, 366(12). Service Tax— Taxable Service—State thority Of Law- Company -Distinct Juris- Goods-Lottery Tickets- Actionable Government— Appellant Constituted tic Entity Separate From Directors—Di- Claim-Obiter Dicta- Observation In Sun- Under Karnataka Industrial Areas De- rectors Cannot Be Made Liable For Dues rise Associates V. Government Of NCT velopment Act, 1966 By Government Of Of Company Without Specific Statutory Of Delhi [2006] 3 VST 151 (Sc) ; [2006] Karnataka—For Establishing Industrial Provision-Constitution Of India, Art. 265. 145 STC 576 (Sc) That Lottery Is An Areas And For Promoting Rapid And Actionable Claim-Not Obiter Dicta But Orderly Development Of Industries In Statute: Goods and Services Tax Declaration Of Law. State—Statutory Body Performing Stat- Decision in favour of: Assessee Courts-Taxing Policies-Courts Will Not utory Functions And Exercising Statu- Title: (1) CIAL Duty Free And Retail Interfere With Taxing Policies Of Legis- tory Powers— Appellant State Under- Services Ltd. (CDRSL) (W. P. (C). Nos. latures. ,Taking And Creature Of A Statute To 12274, 12278, 12279, 12280 And 12317 Writs Under Constitution-Supreme Exercise Power Of “Eminent Domain’ Of 2020) Court-Goods And Services Tax-Lottery — Undertaking Statutory Activities En- (2) Flemingo Duty Free Shop Private Tickets-Writ Petition Before Supreme suring Establishment Of Industrial Ar- Limited Court Challenging Parliamentary Act On eas In State And Providing Industrial (W. P. (C). No. 6850 Of 2018 And 13237 Ground Of Discrimination- Maintainable Infrastructure Facilities And Amenities— Of 2020(D)) V. Union Of India and Oth- -Central Goods And Services Tax Act Cannot Be Considered As Taxable ers (12 Of 2017) -Constitution Of India, Art. Service— Amounts Collected For Fa- Amit Rawal J. 32. cilities And Amenities Rendered Not A Citation: [2021] 84 Gstr 135 (Ker) Consideration Of Service—Service Tax Bench/Court: Kerala High Court Statute: Value Added Tax Not Leviable— Karnataka Industrial Ar- Decision in favour of: Assessee eas Development Act (18 Of 1966), S. Goods and Services Tax-Duty-Free Title: Ikea Trading (India) Pvy. Ltd. V. 13—Karnataka Industrial Areas Devel- Shops-Export-Zero Rated Supply-Input Commissioner Of Trade and Tax opment Board Regulations, 1969—Fi- Tax Credit-Refund-Supply By Duty-Free Manmohan And Sanjeev Narula JJ. nance Act (32 Of 1994). Shops To Passengers At Arrival Or De- Citation: [2021] 84 Gstr 61 (Delhi) parture Terminals Of International Air- Bench/Court: The Delhi High Court Statute: Goods and Services Tax ports Constitutes Export And Becomes Decision in favour of: Assessee Zero Rated Supply Qualifies For 100 Per Value Added Tax—Appeal To Appellate Title: Parnika Commercial And Estates Cent. Input Tax Credit And Refund There- Tribunal— Pre-Deposit—Discretion Of Private Limited V. Union Of India and of—Duty-Free Shop To Pay Goods And Tribunal To Waive Or Reduce—Factors Others Services Tax On Input Services Includ- To Be Considered--Prima Facie Merits Manmohan And Sanjeev Narula JJ ing Concession Fee To Airport Authority Of Case To Be CONSIDERED— Finan- Citation: [2021] 84 Gstr 121 (Delhi) And Claim Input :Tax Credit Of Entire Tax cial Hardship Also Relevant Factor— Bench/Court: The Delhi High Court Amount And Refund Thereof Following Duty Of Tribunal To Record Reasons— Procedure Prescribed—Central Goods Order Of Tribunal Not Considering Goods And Services Tax—Interest— And Services Tax Act (12 Of 2017), Ss. Prima Facie Merits Of Case Or Record- Writ Petition Challenging Notice For Re- 2(78), 54(3) Kerala State Goods And ing Reasons—Not Sustainable—Delhi jection Of Application For Refund Dated Services Tax Act (20 Of 2017)—Central Value Added Tax Act, 2004 (3 Of 2005), December 5, 2019 And Seeking Decla- Goods And Services Tax Rules, 2017, S. 76(4). ration That Liability To Pay Interest Un- R. 89—Kerala Goods And Services Tax der Section 50 Of Central Act Confined Rules, 2017—Constitution Of India, Art. Statute: Value Added Tax Only To Net Tax Liability And No Interest 286—Customs Act (52 Of 1962), Ss. Decision in favour of: Assessee Payable On Available Input Tax Credit— 2(11), (18), 69—Integrated Goods And Title: Assistant Commissioner (CT), Disposed Of In Accordance With Admin- Services Tax Act (13 Of 2017), Ss. 2(4), Vadapalant istrative Instruction Dated September (5), 7(2),16. Assessment Circle, Chennai and Another 18,2020 Issued By Ministry Of Finance V. Sri Vinayaga Agencies Through Central Board Of Indirect Tax- Statute: Value Added Tax Dr. Vineet Kothari And R. Suresh Kumar es And Customs—Central Goods And Decision in favour of: Department JJ. Services Tax Act (12 Of 2017). Title: Saj Food Products Pvt. Ltd, V. Citation: [2021] 84 Gstr 83 (Mad) State Of Meghalaya And Others Bench/Court: Madras High Court Statute: Service Tax Mohammad Rafiq C. J. And W. Dieng- Decision in favour of: Petitioner doh J. Value Added Tax-Input Tax Cred- Title: Sanjiv Kumar Mittal V. Deputy Citation: [2021] 84 Gstr 152 (Meghalaya) it-Change Of Law-Provision Prior To Commissioner (TRC) Bench/Court: Meghalaya High Court Amendment With Effect From January CGST Commissionerate, Delhi South 29, 2016-Purchasing Dealer To Estab- and Others Value Added Tax -High Court-Revision- lish Only That Tax Due On Purchase Manmohan And Sanjeev Narula JJ. High Court Has No Power To Condone Paid By Him-Finding By Assessing Au- Citation: [2021] 84 Gstr 124 (Delhi) Delay, While Entertaining A Revision thority That Dealer Paid Tax On Pur- Bench/Court: Delhi High Court Petition Against Order Of Appellate Tri- chases-No Question Of Denying Input bunal (Board Of Revenue),By Recourse Tax Credit To Purchasing Dealer- Au- Service Tax—Recovery Of Tax—Com- To Section 5 Of Limitation Act, 1963-Me- thorities Not Precluded From Proceed- pany—Liability Of Director—Asses- ghalaya Value Appep Tax Act, 2003 (2 Of ing Against Selling Dealer To Recover see-Company Separate Legal Enti- 2005), Ss. 65, 66, 67, 68, 69,70-Limitation Tax Paid By Purchasing Dealer- Tamil ty From Directors Assessment Order Act (36 Of 1963), S. 5. Nadu Value Added Tax Act (32 Of 2006), Against Assessee-Company Alone— S. 19(1). Provision Empowering Department To Issue Garnishee Notices—Not To At-

E-Newsletter Released by CA.Renjith R.Warrier, Chairman, Ernakulam Branch of SIRC of ICAI , ‘ICAI Bhawan’, Diwan’s Road, Ernakulam, Kochi - 682016 12 | APRILPhone: 0484-2021 2362027. | Email:e-Newsletter [email protected]. Website:Ernakulam www.ernakulam-icai.org Branch of SIRC of ICAIEditor: CA.Renjith R.Warrier, Chairman, Ernakulam Branch of SIRC of ICAI.