Statutory Dates - Baroda Branch of WIRC of ICAI

DISCLAIMER 

e-NewsLetter 

The Institute of Chartered Accountants of India 

(Setup by an Act of Parliament) 

VOL. XI l DECEMBER 2011 

BARODA BRANCH OF WESTERN INDIAN CHARTERED ACCOUNTANTS STUDENTS' ASSOCIATION 

(WICASA) 

OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 

Managing Committee Members 

CA. Pradeep Agrawal Chairman 9898560967 

Mr. Amit Muley Vice Chairman 9974621161 

Mr. Nandan Soni Secretary 9429257237 

Ms. Priyanka Thakkar Treasurer 9979100633 

CA. Ashish Parikh Ex-officio 9825231545 

Ms. Sheekha Kotak Member 9825312097 

Mr. Ravi Gandhi Member 9427983598 

Ms. Anshul Bhatia Member 9974627595 

Editorial Board 

CA. Pradeep Agrawal Editor 9898560967 

Ms. Anshul Bhatia Joint Editor 9974627595 

Mr. Amit Muley Member 9974621161 

Mr. Ajay Prasad Member 9925170598 

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 

ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi - 110002. 

Tel. : +91 (11) 39893989 � E-mail : president@icai.in �Website 

: www.icai.in 

WESTERN INDIAN CHARTERED ACCOUNTANTS STUDENTS' ASSOCIATION 

ICAI Bhawan, 27, Cuffe Parade, Post Box No. 6081, Colaba, Mumbai - 400 005. 

Tel. : +91 (22) 39893989 �Email : wirc@icai.in �Website 

: www.wirc-icai.org 

BARODA BRANCH OF WICASA 

“ICAI Bhawan”, Kalali-Tandalja Road, Atladra, Vadodara - 390 012. 

Telefax : +91 (265) 2681115, 2680593 E-mail: wicasa.baroda@gmail.com 

Web : www.baroda-icai.org 

PRINTED AND PUBLISHED BY 

“ICAI Bhawan”, Kalali-Tandalja Road, Atladra, Vadodara - 390 012. 

Telefax : +91 (265) 2680593, 2681115 E-mail: baroda@icai.in Web : www.baroda-icai.org 

Designed at Multiprints, 30/B, Gandhi Oil Mill Compound, Near BIDC, Gorwa, Vadodara - 390 016. 

The views and opinion expressed or implied in the Newsletter are those of the authors/contributors and do not 

necessarily reflect those of ICAI. Unsolicited articles and transparencies are sent at the owner's risk and the 

publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether 

in part or in whole, without the consent of ICAI. 

Students are requested to kindly send article / paper of interest to wicasa.baroda@gmail.com. The same may 

be published in the newsletter subject to availability of space & editing. 

WICASA COMMUNITY : 

Be a part of the “WICASA Baroda” on FACEBOOK Community. Exchange views and news. Keep updated 

about ICAI Announcement and forthcoming events of WICASA. 

STUDY CIRCLE - FOR THE STUDENT'S, BY THE STUDENT'S, OF THE STUDENT'S: 

Join now .... where in students can exchange knowledge with the help of group discussion. Contact Mr. Amit 

Muley (M) 9974621161, Mr. Manish Gandhi (M) 9824385565, Mr. Ashish Agrawal (M) 9722852279 

WICASA HELPLINE : 

Students are invited to send their feedback suggestions or grievances to wicasa.baroda@gmail.com or 

contact Mr. Amit Muley (M) 9974621161 

Taking Learning to a New Dimension…….. 

� � 

Chairman’s Communication 

The times are moving ahead and the Year 2011 

is in its concluding stages, the Year 2011 was 

a full of innovations, challenges and exciting 

moments. But actually a year's end is neither 

an end, nor a beginning, but it’s going on, with 

all the wisdom, knowledge & experience that 

will be carried to the coming years. 

Last month was a hectic month, as it had kept 

you busy with your respective examinations and I hope that all your 

hard work that has been put in will certainly hold the key to unlock the 

doors of your desired success. 

But, As someone has rightly said,”All work …no play…makes a dull 

boy”. Therefore, to rejuvenate and relax your tired minds we have two 

mega events coming up for this month. CA Students Sports 

Competition & CA Students Festival 2011- “UDAAN”. CA Students 

Sports Competition is a two day program, will include competition in 

Indoor as well as Outdoor Games. 

UDAAN -2011 is a youth festival intended for the students to show their 

talent and aptitude in non academic fields. There will be an array of 

competitions such as, mimicry, mendhi, rangoli, jeans designing and 

many more. 

Last and not the least – a very exciting and enthusiastic activity – 

FUNFAIR -will also be a part of the festival. It shall be a two day 

complete entrainment program. Students can put up their stalls and 

Earn as well as Enjoy at the same time. 

It shall also be a closing ceremony of the tenure of WICASA-2011. 

Besides this, other highlights of this month are the finale of Pop-the- 

Question and WICASA elections for the year 2012 

Students interested and willing to participate in the activities are 

requested to kindly fill up the forms available at the branch 

With this note, I Wish you all a Very Happy and Prosperous New Year!!! 

CA. Pradeep Agrawal 

SUCCESS 

Mr. Chetan Bhagat, ICAI Dignitaries along with Students at 

National Convention for CA Students at Mumbai on 24.11.2011

e-NewsLetter 

FORTHCOMING EVENTS 

Pop the Question – Quiz on Current Affairs (4th & Final Round) 

The initiative to educate the CA students regarding not only the 

academic matters but also lead to their all round development, to 

make them aware about the happenings in the economic world in 

the form of Pop the Question – Quiz on Current Affairs will be 

concluded in this month. The final round will be held amongst the 

winners of the earlier rounds of the quiz. 

Date & Day : 03.12.2011, Saturday 

Time : 15:00 to 18:00 hrs. 

Venue : ICAI Bhawan, Baroda 

CA Students’ Sports Competition – 2011 

OUTDOOR SPORTS 

Date & Day : 13.12.2011, Tuesday 

Time : 07:00 to 17:00 hrs. 

Event : Cricket Tournament 

Fees : ` 1000 per team 

Venue : SRP Ground, Makarpura, Baroda 

(Maximum 10 Teams) 

CA Students Festival – 2011 “Udaan” 

In the last month of our slated tenure, WICASA 

Baroda – Team 2011 presents to you a fun filled 

farewell. We started off this year with a bang and 

hence it is now our heartfelt wish to give you a 

befitting good bye. The November-2011 attempt 

has concluded and now it is time for the students 

to take a very deserving break. WICASA-2011 

will give you this very opportunity in the month of 

December – a fun filled month. 

Udaan is our way to convey to our dear student 

friends to let go off their fears, spread their wings 

far and wide without a care in the world and soar 

high above in skies, higher than all worldly 

tensions and experience real excitement, for it is 

the flight which is more pleasurable than 

destination itself. So come and enjoy in the two 

day bonanza – Udaan-2011 

CULTURAL AND CREATIVE ACTIVITIES 


Time : 16:00 to 19:00 hrs. 

Events : Tug of war, Treasure hunt, 

Rangoli making, Jeans/ 

Dress designing 

Mehendi designing, Body 

art, Extempor speech, 

Mono acting, Mimicry, 

DJ, Solo Songs etc. 

Fees : ` 20 per student per 

activity 

Venue : Shivam Party Plot, Vuda 

circle, Karelibaug, Baroda 


Baroda Branch of WICASA of The Institute of Chartered Accountants of India 

nd 

2 Inter School Elocution Competition - 2011 

Baroda Branch of WIRC of ICAI has organised a 2nd Inter School 

Level Elocution Competition wherein the students of class XI and XII 

of various schools of Baroda will present their opinion on the many 

relevant and unique topics identified. Prizes to the 

winners judged by an eminent panel will be 

presented by Chief Guest Shri S P Chaudhary – 

District Education Officer. 

Date & Day : 08.12.2011, Thursday 

Time : 15:00 to 18:00 hrs. 


INDOOR SPORTS 

Date & Day : 14.12.2011, Wednesday 

Time : 10:00 to 16:00 hrs. 

Event : Table Tennis, Carrom, Chess, 

Volley Ball, 

Billiards, Swimming 

Fees : ` 20 per student per game 

Venue : Polo Club,Baroda 

FUNFAIR 

Date & Day : 23-24.12.2011, Friday 

& Saturday 

Time : 19:00 to 22:00 hrs. 

Fees : ` 1500 per stall 

Venue : Shivam Party Plot, 

Vuda Circle, Karelibaug, 

Baroda 

There are cash prizes for 1st three Best stalls 

Only the purchase of stall is restricted to CA 

Students. But the entry to fun fair is open for all. 

CA Students & CA Members are requested to 

come along with family & friends and enjoy the 

2 day fun filled bonanza - Udaan. 

udaan 

2011 


02 

SUCCESS 

special attraction for kids

e-NewsLetter 

FORTHCOMING EVENTS 

CPT-Mock Test-Dec-11 

Date & Day : 04.12.2011, Sunday 

Time : 10:00 to 16:00 hrs. 


Fees : ` 200/- 

Picnic 


Time : 07:00 to 19:00 hrs. 

Venue : Jambughoda etc. 

Fees : ` 250/- 

Lecture Meeting 


Time : 16:00 to 18:00 hrs. 

Subject : Attitude for Excellence 

Speaker : Ms. Bharti Naik, Management Trainer 


Study Circle Meeting 


Time : 18:00 to 19:30 hrs. 

Subject : Business Games with Us and more... 

Speaker : Mr. Rutvik Wadkar, IPCC Student 


Election 

Date & Day : 20.12.2011, Tuesday 

Time : 17:00 hrs. onwards 

Subject : WICASA- Election-2012 


Role of the audit committee 

By K. P. SHASHIDHARAN 

Contributed by Mr. Ravi Gandhi (IPCC Student) 

The committee should review IT policy and governance through 

interactions with the Chief Information Officer, Chief Risk Officer 

and through the IT steering committee. 

Audit committee, one of the key pillars of corporate governance 

and an important operating committee the Board of Directors is 

responsible for audit and control functions, oversight of financial 

reporting, disclosure, regulatory compliance and risk 

management activities of an entity. 

The committee focuses on integrity of financial reporting, 

selection of competent auditors, evaluates their independent 

functioning, adequacy of internal controls, efficacy of internal 

audit and compensation of the executives, wherever remuneration 

committee is non-existent. 

All publicly-traded companies in the US, Canada, countries of the 

European Union and India, must have a qualified audit committee 

with independent external directors, and at least one qualifying as 

a financial expert. As per the benchmark propagated by the 



Institute of Internal Auditors, ideally, an audit committee should 

comprise a minimum of three members, not exceed six members 

of the board of directors, and each committee member must be 

independent in functioning, financially literate and the audit 

committee must have at least one member competent to be 

designated as the “financial expert”, as defined by applicable 

legislation. 

RESPONSIBILITIES 

While the Audit Committee relies on the management for day-today 

running of the business operations, it has to oversee the 

overall management functioning, especially relating to the integrity 

of financial reporting, adoption of accounting policies and 

principles, appointment of external auditors, their performance 

and independent functioning, regulatory compliance, 

whistleblower mechanism and adequacy of internal control 

process. 

The committee should not only approve the internal audit plan and 

work assignment, but also discuss regularly with the top 

management its risk management policies and practices, examine 

quarterly and annual financial reports, management's 

assumptions relating to critical accounting judgments, fair value 

issues, impairments and major accounting policies and 

principles. The committee may direct special investigations using 

external experts, if deemed necessary. 

RISK MANAGEMENT 

The audit committee ought to focus on the entity's tax obligation 

and conformity to applicable tax laws to reduce its risks. When 

companies are expanding domestically as well as globally by 

mergers and acquisitions, the audit committee needs to 

understand the tax implications, especially when double taxation 

agreements between countries undergo changes, new Direct 

Taxes Code (DTC) and Goods and Service Tax (GST) laws and Ind- 

IFRS are on the horizon. 

By ensuring proper work programmes to internal audit, selecting 

competent external auditors and ensuring requisite coordination 

between internal and external audits, the audit committee can 

contribute substantially toward implementing quality governance, 

risk management and compliance with mandatory regulations. 

The committee should review IT policy and governance through 

interactions with the Chief Information Officer, Chief Risk Officer 

and through the IT steering committee, as well as discussing with 

the top management regarding key issues such as IT alignment 

with business goals, and how far it is facilitating achievement of 

organisational goals, plugging control risks if any, relating to IT 

architecture, business outsourcing and MIS, and safeguarding 

information assets, while making certain the entity's business 

continuity plan and disaster preparedness. 

(The author is Director-General, CAG Office.) 

(This article was published in the The Hindu - Business Line print 

edition dated November 14, 2011) 


03 

SUCCESS

e-NewsLetter 

A HUGE DIFFERENCE TO THE 

INDIAN ECONOMY 

Contributed by Mr. Nandan Soni (IPCC Student) 

DEAR INDIANS, 

YOU CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY 

FOLLOWING FEW SIMPLE STEPS: 

Before 24 months 1 US $ = IND Rs 39 

after 24 months, now 1 $ = IND Rs 50 

Do you think US Economy is booming? No, but Indian Economy is 

Going Down. 

Our economy is in your hands.... 

INDIAN economy is in a crisis. Our country like many other ASIAN 

countries is undergoing a severe economic crunch. Many INDIAN 

industries are closing down. The INDIAN economy is in a crisis and if 

we do not take proper steps to control those, we will be in a critical 

situation. 

More than 30,000 crores rupees of foreign exchange are being 

siphoned out of our country on products such as cosmetics, snacks, 

tea, beverages, etc... Which are grown, produced and consumed here. 

A cold drink that costs only 70 / 80 paisa to produce is sold for Rs.9 and 

a major chunk of profits from these are sent abroad. This is a serious 

drain on INDIAN economy. 

We have nothing against Multinational companies, but to protect our 

own interests we request everybody to use INDIAN products only at 

least for the next two years. With the rise in petrol prices, if we do not do 

this, the Rupee will devalue further and we will end up paying much 

more for the same products in the near future. 

What you can do about it? 

1. Buy only products manufactured by WHOLLY INDIAN COMPANIES. 

2. ENROLL as many people as possible for this cause..... 

Each individual should become a leader for this awareness. This is the 

only way to save our country from severe economic crisis. You don't 

need to give-up your lifestyle. You just need to choose an alternate 

product. 

All categories of products are available from WHOLLY INDIAN 

COMPANIES. 

LIST OF PRODUCTS 

COLD DRINKS: 

DRINK LEMON JUICE, FRESH FRUIT JUICES, CHILLED LASSI (SWEET 

OR SOUR), BUTTER MILK, COCONUT WATER, JAL JEERA, ENERJEE, 

and MASALA MILK... 

INSTEAD OF COCA COLA, PEPSI, LIMCA, MIRINDA, SPRITE 

BATHING SOAP: 

USE CINTHOL & OTHER GODREJ BRANDS, SANTOOR, WIPRO 

SHIKAKAI, MYSORE SANDAL, MARGO, NEEM, EVITA, MEDIMIX, 

GANGA , NIRMA BATH & CHANDRIKA 

INSTEAD OF LUX, LIFEBUOY, REXONA, LIRIL, DOVE, PEARS, HAMAM, 

LESANCY, CAMAY, PALMOLIVE 

TOOTH PASTE: 

USE NEEM, BABOOL, PROMISE, VICO VAJRADANTI, PRUDENT, 



DABUR PRODUCTS, MISWAK 

INSTEAD OF COLGATE, CLOSE UP, PEPSODENT, CIBACA, FORHANS, 

MENTADENT. 

TOOTH BRUSH: 

USE PRUDENT, AJANTA , PROMISE 

INSTEAD OF COLGATE, CLOSE UP, PEPSODENT, FORHANS, ORAL-B 

SHAVING CREAM: 

USE GODREJ, EMAMI 

INSTEAD OF PALMOLIVE, OLD SPICE, GILLETE 

BLADE: 

USE SUPERMAX, TOPAZ, LAZER, ASHOKA 

INSTEAD OF SEVEN-O -CLOCK, 365, GILLETTE 

TALCUM POWDER: 

USE SANTOOR, GOKUL, CINTHOL, WIPRO BABY POWDER, 

BOROPLUS 

INSTEAD OF PONDS, OLD SPICE, JOHNSON'S BABY POWDER, 

SHOWER TO SHOWER 

MILK POWDER: 

USE INDIANA, AMUL, AMULYA 

INSTEAD OF ANIKSPRAY, MILKANA, EVERYDAY MILK, MILKMAID. 

SHAMPOO: 

USE LAKME, NIRMA, VELVETTE 

INSTEAD OF HALO, ALL CLEAR, NYLE, SUNSILK, HEAD AND 

SHOULDERS, PANTENE 

MOBILE CONNECTIONS: 

USE BSNL, AIRTEL 

INSTEAD OF VODAFONE 

Food Items: 

Eat Tandoori chicken, Vada Pav, Idli, Dosa, Puri, Uppuma 

INSTEAD OF KFC, MACDONALD'S, PIZZA HUT, A&W 

Every INDIAN product you buy makes a big difference. It saves INDIA. 

Let us take a firm decision today. 

BUY INDIAN TO BE INDIAN - We are not against of foreign products. 

WE ARE NOT ANTI-MULTINATIONAL. WE ARE TRYING TO SAVE OUR 

NATION. EVERY DAY IS A STRUGGLE FOR A REAL FREEDOM. WE 

ACHIEVED OUR INDEPENDENCE AFTER LOSING MANY LIVES. 

MULTINATIONALS CALL IT GLOBALIZATION OF INDIAN ECONOMY. 

FOR INDIANS LIKE YOU AND ME, IT IS RE-COLONIZATION OF INDIA. 

THE COLONIST'S LEFT INDIA THEN. BUT THIS TIME, THEY WILL MAKE 

SURE THEY DON'T MAKE ANY MISTAKES. 

PLEASE REMEMBER: POLITICAL FREEDOM IS USELESS WITHOUT 

ECONOMIC INDEPENDENCE 

RUSSIA, S.KOREA, MEXICO - THE LIST IS VERY LONG!! LET US 

LEARN FROM THEIR EXPERIENCE AND FROM OUR HISTORY. LET US 

DO THE DUTY OF EVERY TRUE INDIAN. 

FINALLY, IT'S OBVIOUS THAT YOU CAN'T GIVE UP ALL OF THE ITEMS 

MENTIONED ABOVE. SO GIVE UP AT LEAST ONE ITEM FOR THE SAKE 

OF OUR COUNTRY! 

PLEASE TRY TO BE AN INDIAN. JAI HIND!! 


04 

SUCCESS

e-NewsLetter 

November 2011 Events 

Statutory Dates 


Dec. 2011 


Date Day Events Venue Atten. 

19.11.2011 Saturday Industrial Visit to Banco Products (I) Ltd Bill Village, Padra 8 

22.11.2011 Tuesday Educational Tour to Planetarium Kalaghoda, Baroda 5 

23.11.2011 Wednesday CCP- Kelavni Trust School (Guj.) Akota, Baroda 250+ 

23.11.2011 Wednesday CCP- Baroda High School (Eng.) Alkapuri, Baroda 300+ 

24.11.2011 Thursday National Convention-2011 Dadar (E),Mumbai 2 

25.11.2011 Friday CCP-Ambe Vidhyalaya (Eng.) Manjalpur-Vadsar Road, Baroda 150+ 

25.11.2011 Friday CCP-Ambe Vidhyalaya (Guj.) Manjalpur-Vadsar Road, Baroda 50+ 

29.11.2011 Tuesday Committee Meeting ICAI Bhawan, Baroda 7 

Contributed by : 

Mr. Ajay Prasad (CA Final Student) 

sun mon tue wed thu fri sat 

1 2 3 

4 5 6 7 8 9 10 

11 12 13 14 15 16 17 

18 19 20 21 22 23 24 

25 26 27 28 29 30 

IMPORTANT JUDGEMENTS IN DIRECT TAXES 

Contributed by : Ms. Priyanka Thakkar (CA Final Student) 

1. CIT vs. Bhari Information Tech Systems (Supreme Court) 

For s. 115JA/JB s. 80HHC deduction to be computed as per P&L 

Profits & not normal provisions 

The assessee had a loss as per the normal computation though it 

had a profit as per the P&L A/c. In computing the book profits u/s 

115JA, the assessee claimed deduction u/s 80HHE. The AO 

rejected the claim on the basis that as the assessee had no income 

under the regular provisions of the Act, it was not eligible for s. 

80HHE deduction in computing the s. 115JA book profits. This 

was upheld by the High Court. On appeal by the department, HELD 

dismissing the appeal: 

In DCIT vs. Syncome Formulations, the Special Bench held in the 

context of s. 80HHC that the deduction is to be worked out not on 

the basis of regular income tax profits but on the basis of the 

adjusted book profits in a case where s. 115JA is applicable. It was 

held that once the law itself declares that the adjusted book profit is 

amenable for further deductions on specified grounds, in a case 

where s. 80HHC (80HHE in the present case) is operational, it 

becomes clear that computation for the deduction under those 

sections needs to be worked out on the basis of the adjusted book 

profit. Accordingly, the deduction claimed by the assessee u/s 

80HHC & 80HHE has to be worked out on the basis of adjusted 

book profit u/s 115JA. 

Service Tax Payment in Form GIR7 & Excise Duty Payment for the 

month of November (6th in case of electronic payment, 

otherwise due date in 5th) 

TDS (Form 280/281)/TCS payment for the month of November. 

Excise return (ER 1) for the month of November 2011, 

ER-6 Monthly Return U/R9A(3) of CCR, 2004 

PF payment for the month of November. 

VAT & CST monthly payment & filing of VAT & CST 

returns for the month of November. 

ESI remittance for the month of November. 

PF monthly return for the month of November. 

Professional Tax payment for the month of November. 

2. CIT vs. Manjula J. Shah (Bombay High Court) 

Indexed cost of gifted assets has to be determined with reference 

to previous owner 

The assessee’s daughter purchased a flat on 29.1.1993 at a cost 

of Rs.50.48 lakhs. She gifted the flat to the assessee on 1.2.2003. 

The assessee sold the flat on 30.6.2003 for Rs. 1.10 crores. In 

computing LTCG, the assessee took the indexed cost of 

acquisition under Explanation (iii) to s. 48 on the basis that she 

“held” the flat since 29.1.1993. The AO held that as the assessee 

had “held” the flat from 1.2.2003, the cost inflation index for 2002- 

03 would be applicable. On appeal by the department, HELD 

dismissing the appeal: 

Under Explanation 1(i)(b) to s. 2(42A), in determining the period 

for which any asset is held by an assessee under a gift, the period 

for which the said asset was held by the previous owner has to be 

included. Accordingly, though the assessee acquired the capital 

asset on 30.6.2003, she was deemed to have “held” the asset 

from 29.1.1993 onwards. This fiction will apply to clause (iii) of 

the Explanation to s. 48 as well for determining the “indexed cost 

of acquisition”. Thus the period for which the said asset was held 

by the previous owner cannot be excluded while determining the 

indexed cost of acquisition of that asset to the assessee. 


05 

SUCCESS

e-NewsLetter 

3. Indian Newspaper Society vs. ITO (TDS) (Bombay High Court) 

TDS: AO in place of payment has no jurisdiction if assessee 

assessed outside 

The assessee, based & assessed in Delhi, was allotted land by 

MMRDA at Bandra Kurla Complex, Mumbai, on lease for 80 years. 

The lease premium of Rs.88.52 crores was paid without 

deduction of tax at source. The ITO (TDS) Mumbai passed an order 

u/s 201 in which he held that the assessee had defaulted in not 

deducting TDS u/s 194-I on the lease premium. The assessee filed 

a Writ Petition to challenge the jurisdiction of the ITO (TDS) 

Mumbai. HELD upholding the plea: 

The assessee was assessed at New Delhi. Its PAN & TAN were 

allotted by the AO at New Delhi. All returns including the TDS 

returns were filed at New Delhi. Accordingly, there was complete 

absence of jurisdiction on the part of the AO at Mumbai to proceed 

against the assessee. 



PHOTO FLASH 

4. CIT vs. M/s K. Mohan & Co. (Exports) (Bombay High Court) 

S. 147: Retrospective amendment does not mean failure to 

disclose material facts 

After the expiry of four years from the end of the assessment year, 

the AO reopened the assessment u/s 147 by relying on the 

retrospective amendment to s. 80HHC by the Taxation Laws 

(Amendment) Act, 2005 w.e.f. 1.4.1998. On appeal by the 

department, HELD dismissing the appeal: 

The assessment was sought to be reopened on account of 

retrospective amendment to s. 80HHC introduced by the Taxation 

Laws Amendment Act, 2005 with effect from 1st April 1998. If the 

legislature amends the provisions of the Act with retrospective 

effect, it cannot be said that there was failure on the part of the 

assessee to disclose fully and truly all material facts relevant for 

the purpose of assessment. 

Industrial Visit at Banco Products (I) Ltd. 

Educational Tour at Planetarium 

CAREER COUNSELING AT VARIOUS SCHOOLS 


06 

SUCCESS

Statutory Dates - Baroda Branch of WIRC of ICAI

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?