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AUGUST 2021 Vol AUGUST 2021 VOL. 53-A PART 5 pagES 140 PRICE: R100 THE BOMBAY CHARTERED ACCOUNTANT JOURNAL CURIOSITY TO CREATIVITY ACCREDITED INVESTORS – THE NEW INVESTOR DIASPORA VALUATION OF CONTINGENT B C CONSIDERATION AJ VOL. 53-A P 53-A VOL. AJ CRYPTOCURRENCIES: DIGITAL WORKPLACE – TRAPPED IN A LEGAL LABYRINTH (Part - 2) A STITCH IN TIME SAVES NINE A R T CARO 2020 SERIES: INVENTORIES 5 | AUGUST 2021 AUGUST 5 | AND OTHER CURRENT ASSETS SHOULD CHARITY SUFFER THE WRATH OF SECTION 50C? Available at BCAS Office 59th year of continuous publication BCAS Referencer 2021-22 PART 1 PART PART 2 PART PART 3 PART PART 4 PART PART 5 PART PART 6 PART Direct Company Taxes Law ACCOUNTING AND AUDITING AND ACCOUNTING COMPANY LAW COMPANY FEMA AND INTERNATIONAL TAX INTERNATIONAL AND FEMA INDIRECT TAXES INDIRECT DIRECT TAXES DIRECT ALLIED LAWS ALLIED Indirect Taxes Allied Laws BCAS REFERENCER 2020-21 REFERENCER BCAS FEMA BCAS REFERENCER 2020-21 REFERENCER BCAS Accounting BCAS REFERENCER 2020-21 REFERENCER BCAS BCAS REFERENCER 2020-21 REFERENCER BCAS and BCAS REFERENCER 2020-21 REFERENCER BCAS and BCAS REFERENCER 2020-21 REFERENCER BCAS Auditing International Tax Enhance your knowledge and Price without Postage ` 1000 reading experience with Postage with complimentary, Easy to use Flip Book ` 1200 Bombay Chartered Accountants' Society 7, Jolly Bhavan 2, Ground Floor, New Marine Lines, Mumbai - 400 020. Telephone: + 91 22 6137 7600. Website : www.bcasonline.org E-mail : [email protected] | E-Journal : www.bcasonline.org E-learning : https://bcasonline.courseplay.co/ Continuous No. 738 Price R100 (For Members only) CONTENTS In this issue . THE BOMBAY CHARTERED ACCOUNtaNT JOURNAL Namaskaar | 5 Editorial QUOTE OF THE MONTH Satyameva Jayate Vs. Propagating Lies | 7 We now live in a nation where From the President | 9 doctors destroy health, lawyers destroy justice, universities destroy ▄ knowledge, governments destroy TAXATION freedom, the press destroys Direct Taxes information, religion destroys morals, and our banks destroy the economy ● ARTICLE: Should Charity Suffer the Wrath of Section 50C? | 26 ● GLIMPSES OF SUPREME COURT RULINGS | 62 CHRIS HEDGES ● CONTROVERSIES: Deduction for Contribution by Employer to Specified Funds – Section 40A(9) | 64 ● IN THE HIGH COURTS: PART A: REPORTED DECISIONS 37 Appeal to Appellate Tribunal – Rectification of mistake u/s 254(2) – Powers of Tribunal – Jurisdiction limited to correcting ‘error apparent on face of record’ – Tribunal cannot review its earlier order or rectify error of law or re-appreciate facts – Assessee has remedy of appeal to High Court | 52 38 Business income – Scope of section 28(iv) – Amalgamation of companies – Excess of net consideration over value of companies taken over – Not assessable as income | 53 39 Business expenditure – Year in which expenditure is deductible – Business – Difference between setting up and commencement of business – Incorporation as company, opening of bank account, training of employees and lease agreement in accounting year relevant to A.Y. 2012-13 – Licence for business obtained in February, 2012 – Assessee entitled to deduction of expenditure incurred for business in A.Y. 2012-13 | 54 40 Deduction of tax at source – Condition precedent – Mere entries in accounts – No accrual of income and no liability to deduct tax at source | 55 41 Direct Tax Vivad se Vishwas Act, 2020 – Scope of – Act deals with disputed tax – Application for revision u/s 264 relating to tax demand – Applicant eligible to make declaration under VOL. 53-A I Part 5 I AUGUST 2021 Direct Tax Vivad se Vishwas Act | 56 42 Revision – Application for revision – Conditions precedent – No appeal filed against JOURNAL COMMITTEE assessment order and expiry of time limit for filing appeal – Application for revision valid EDITORIAL BOARD | 57 Chairman & Editor I Raman Jokhakar Conveners ● IN THE HIGH COURTS: PART B: UNREPORTED DECISIONS Jagdish Punjabi I Vinayak Pai 7 Offence and prosecution – Wilful attempt to evade tax – Section 276C, read with section 132 | 58 Publisher I Raman Jokhakar 8 Reopening of assessment – Information of shell companies – Right to cross-examination Members of Editorial Board – Violation of the principle of natural justice – These pleas to be raised at time of Anil Sathe | Anup Shah | Ashok Dhere | reassessment – Reopening justified | 59 Bhadresh Doshi | Gautam Nayak | Kishor Karia | Mayur Nayak | Sanjeev Pandit | Sunil Gabhawalla ● TRIBUNAL NEWS: PART A: DOMESTIC TAXATION 31 ITAT holds that corrigendum to the valuation report to be considered in ascertainment of Ex-Officio Abhay Mehta I Mihir Sheth value u/s 56(2)(viib) | 49 Members 32 ITAT holds that amendments of Finance Act, 2021 to section 43B and 36(1)(va) apply Abbas Jaorawala | Chandrashekhar Vaze | prospectively | 49 Chetan Shah | Gaurav Shah | Kinjal M. Shah | 33 Section 115JB(2)(i) – Where an amount debited for diminution in value of Investments and Nitin Shingala | Parth Desai | Preeti Cherian | Non- Performing Assets is in nature of an actual writeoff, clause (i) of Explanation (1) to Puloma Dalal | Rajaram Ajgaonkar | sub-section (2) of section 115JB is not attracted and thus the aforesaid amount is not to Riddhi Lalan | Ritu Punjabi | Rutvik Sanghvi | be added back while computing book profits | 49 Shreyas Shah | Siddharth Banwat | Sonalee Godbole | Tarunkumar Singhal | Indirect Taxes Zubin Billimoria. ● DECODING GST: Resolving the Insolvent | 82 Printed and published by Raman Jokhakar on behalf of Bombay ● RECENT DEVELOPMENTS IN GST | 87 Chartered Accountants’ Society, 7, Jolly Bhavan No. 2, New Marine ● RECENT DECISIONS Part A: Goods and Services Tax | 91 Lines, Mumbai-400020. Phone : 61377600 E-mail : [email protected] ● RECENT DECISIONS Part B: Service Tax | 94 Printed at Spenta Multimedia Pvt Ltd, Plot 15, 16 & 21/1, Village Chikloli, Morivali, MIDC, Ambernath (West), Dist. Thane. BOMBAY CHARTERED ACCOUNTANT JOURNAL AUGUST 2021 3 524 (2021) 53-A BCAJ International Taxation ● SECURITIES LAWS: To Be or Not to Be a Promoter | 100 ● ARTICLE: MLI Series: Map 2.0 – Dispute Resolution Framework under ● CORPORATE LAW CORNER | 102 the Multilateral Convention | 12 ● INTERNATIONAL TAXATION: Equalisation Levy on E-commerce Supply ▄ PRACTICE MANAGEMENT AND and Services, Part - 2 | 69 TECHNOLOGY ● ARTICLE: Digital Workplace – A Stitch in Time Saves Nine | 45 ▄ ACCOUNTANCY AND AUDIT ● ARTICLE: CARO 2020 Series: New Clauses and Modifications ▄ Inventories and Other Current Assets | 20 NEWS AND VIEWS ● ARTICLE: Covid Impact on Internal Controls over Financial Reporting ● POEM FOR INDEPENDENCE DAY | 25 | 40 ● REGULATORY REFERENCER | 107 ● Ind AS/IGAAP – Gross Vs. Net Revenue Recognition | 76 ● MISCELLANEA | 110 ● FROM PUBLISHED ACCOUNTS | 79 ● BOOK REVIEW | 114 ● LIGHT ELEMENTS | 116 ▄ CORPORATE AND OTHER LAWS ● 72ND ANNUAL GENERAL MEETING AND 73RD FOUNDING DAY | 117 ● ARTICLE: Introduction to Accredited Investors – the New Investor ● BOMBAY CHARTERED ACCOUNTANTS' SOCIETY: ANNUAL Diaspora | 31 PLAN 2021-22 | 124 ● ARTICLE: Valuation of Contingent Consideration | 36 ● ALLIED LAWS | 95 ● SOCIETY NEWS | 128 ● lawS AND BUSINESS: Cryptocurrencies: Trapped in a Legal Labyrinth (Part - 2) | 98 Your feedback may be sent to [email protected] Disclaimer The views expressed in this journal are the personal views of the contributors and the BCA Society does not necessarily concur with the same. The opinions expressed herein should not be construed as legal or professional advice. Neither the BCA Society, the publisher, the editor nor contributors are responsible for any decisions taken by readers on the basis of these views. Total No. of Pages : 140 including Covers 4 BOMBAY CHARTERED ACCOUNTANT JOURNAL AUGUST 2021 525 (2021) 53-A BCAJ NAMASKAAR C.N. VAZE Chartered Accountant LOKMANYA Every educated Indian knows about Lokmanya Tilak. students from different states. He inculcated the spirit of However, very few know about the real greatness, patriotism among them. He lost just one case against him uniqueness and versatility of this multi-faceted son of in the High Court. He was then sent to Mandalay Jail (kala India. The First of August, 2021 is the 101st anniversary paani). There, without any reference books, he raised of his death. It will be really inspiring to know about the certain points of law and of Hindu traditions (regarding amazing range of his activities and achievements. adoption) and he was acquitted by the Privy Council. He was born in a very small village in Ratnagiri district. His His knowledge of philosophy was acclaimed by most father was a school teacher. His real name was Keshav but world scholars when he wrote ‘Geetarahasya’ (in English) he was popularly known as ‘Bal’. He was one of the well- despite the hard and strenuous life of Mandalay. For that, known trio of Indian patriots called ‘Lal’ (Lala Lajpatrai), he studied about 400 books from different languages. He ‘Bal’ (Bal Gangadhar Tilak), and ‘Pal’ (Bipin Chandra Pal). also learnt four languages for this purpose. Most leaders of those times did their graduation in He was a visionary. He realised the importance of cinema literature, political science, history, economics, law, as a powerful medium and supported Dadasaheb Phalke, etc. But Lokmanya was a scholar in Mathematics and the first film-maker of India. He encouraged his work Astronomy. His brain was like that of a scientist. Once through his newspapers and raised funds for him. he was asked, ‘Which portfolio would you prefer after India becomes independent?’ He said, ‘It is because of He advocated many social reforms. For public education, the inaction of people like you that I had to enter politics. social reforms and bringing the people together, he After Independence, I would like to be a Professor in started the ‘Ganeshotsav’ and ‘Shivjayanti Utsav’. An Mathematics.’ He wrote two scholastic treatises on anti-alcohol movement was also started by him and he Astronomy – ‘The Arctic Home of Vedas’ and the ‘Orion’. even demanded a prohibition law. This seriously affected He started a ‘panchaang’ (calendar) based on his the revenue collection of the Government. knowledge of astronomy. His ‘Tilak Panchaang’ is still in vogue. Interestingly, after matriculation and before He was also an entrepreneur.
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