February 2011 - Baroda Branch of WIRC of ICAI

DISCLAIMER 

e-NewsLetter 

The Institute of Chartered Accountants of India 

(Setup by an Act of Parliament) 

VOL. I l FEBRUARY 2011 

BARODA BRANCH OF WESTERN INDIAN CHARTERED ACCOUNTANTS STUDENTS' ASSOCIATION 

(WICASA) 

OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 

Managing Committee Members 

CA Pradeep Agarwal 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 Agarwal Editor 9898560967 

Ms. Anshul Bhatia Joint Editor 9974627595 

Mr. Amit Muley Member 9974621161 

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” now also on FACEBOOK Community. Exchange views and news. Keep 

updated about forthcoming events of WICASA. 

STUDENTS’ STUDY CIRCLE : 

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) 9173416488 

WICASA HELPLINE : 

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

contact Ms. Sheekha Kotak 9825312097 

Taking Learning to a New Dimension…….. 

� � 

Chairman’s Communication 

Dear Students, 

I am honored to assume the post of the Chairman of WICASA Baroda 

Branch currently having membership strength of around 9000 students 

for the year 2011 and I am thankful to one and all to have imposed their 

faith in me and my team. My predecessors, especially CA Manilal 

Parasiya have by virtue of their excellent performance in the past years 

laid out a challenging task ahead of me. It shall be my endeavor to ensure 

that the record of excellence laid out during the past years continues this 

year and I shall remain duty bound to maintain track record of excellence 

set by Baroda Branch. 

The theme for the year will be TAKING LEARNING TO A NEW 

DIMENSION….. To elaborate; I would say, it would not only be learning, 

but synchronizing learning with innovation, creativity, enthusiasm, 

confidence and passion. It will be a journey not in seeing new land, but 

seeing it with new eyes….This year our aim will be to cultivate a culture 

of thinking differently and bring in innovations and excellence… 

To undertake and execute this objective; ---I need support of all of you 

Looking to the Popularity of Social Networking Sites among young 

generation, WICASA Baroda is also now a community on Facebook, 

where students are regularly updated on its activities and are also 

encouraged to post their views, articles or information. An active drive 

for encouraging students to be a member of this community is on by 

personal contacts and use of Notice Board. 

WICASA Baroda 2011 has already successfully completed a variety of 

activities in its first month – the main being the visit to the Vibrant Gujarat 

Summit. We also have a heady mix of academics, workshops and 

cultural activities lined up for the forthcoming months details of which 

can be availed as and when required. 

With your able support, I am confident enough, to accomplish all our 

plans joyfully. Your suggestions or inputs regarding WICSA activities 

would be helpful and of great value to us and enable us to perform better. 

Yours Sincerely, 

CA. Pradeep Agarwal 

SUCCESS

e-NewsLetter 

FORTHCOMING EVENTS 

STUDY CIRCLE MEETING 

Date & Day : 01.02.2011, Tuesday 

Time : 18.30 to 20.30 hrs. 

Subject : Role of CFO in Integrating Strategy & 

Finance 

Faculty : Mr. Tanmay Buch, IPCC Student, Baroda 

Venue : JRS Patel Class Room, ICAI Bhawan, 

Baroda 

FELICITATION OF CPT PASSED STUDENTS 


Time : 17.30 to 19.30 hrs. 

Subject : Felicitation of CPT passed students by 

Hon. Mayor, Dr. Jyotiben Pandya, Baroda 

Venue : Auditorium, ICAI Bhawan, Baroda 

INTERACTION WITH TOPPERS OF IPCC/PCE 

Date & Day : 05.02.2011, Saturday 

Time : 19.00 to 20.00 hrs. 

Subject : Interaction with toppers & press meet of 

IPCC/PCE etc. 

Venue : ICAI Bhawan, Baroda 

FULL DAY SEMINAR 

Date & Day : 14.02.2011 & 15.02.2011, Monday & 

Tuesday 

Time : 10.00 to 17.00 hrs. 

Subject : How to be successful in interviews 

Faculty : Eminent faculties from HR Department & 

Chartered Accountants 

Fees : ` 100 

Venue : Conference Hall, ICAI Bhawan, Baroda 

INDUSTRIAL VISIT 

Date & Day : 16.02.2011, Wednesday 

Time : A) 08.00 to 14.00 hrs. 

B) 14.00 to 18.00 hrs. 

Fees : ` 75 

Venue : A) Philips Electronics India Ltd, Jambusar 

B) Piramal Glass Ltd, 

Jambusar 

STUDY CIRCLE MEETING 


Time : 18.30 to 20.30 hrs. 

Subject : Practical Issues In Internal Audit 

Faculty : Mr. Devesh Jadhav, CA Final Students 


CAMPUS PLACEMENT 

Date & Day : 23.02.2011 & 24.02.2011, Wednesday & 

Thursday 

Venue : ICAI Bhawan, Baroda 

QUIZ COMPETITION 

Date & Day : 25.02.2011, Friday 

Time : 18.00 to 20.30 hrs. 

Subject : Pop The Question 



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

Brief of the WICASA Committee Members 2011 

Vice Chairman: Mr. Amit Muley 

He is a graduate having completed his B.Com from 

M.S.U. He has cleared his CPT and is awaiting results 

for IPCC. He is working as an article in M/s Vipul Shah & 

Co. 


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Contact info : amitmuley_20@yahoo.com 

(M) 9974621161 

Secretary: Mr. Nandan Soni 

He is currently pursuing Second Year B.Com from 

M.S.U. He has cleared his CPT and is awaiting results 

for IPCC. He has been a volunteer in various WICASA 

activities held. 

Contact info: nandu2250377@yahoo.com 

(M) 9429257237 

Treasurer: Ms. Priyanka Thakkar 

She is currently pursuing Second Year B.Com from 

M.S.U. She has cleared her first group of IPCC and is 

awaiting results for the second group of the same. She 

is working as an article in M/s VCA & Associates. 

Contact info: priyankathakkar1502@gmail.com 

(M) 9979100633 

Committee Member: Ms. Sheekha Kotak 

She is currently pursuing Second Year B.Com from 

M.S.U. She has cleared her second group of IPCC and is 

awaiting results for the first group of the same. She has 

volunteered in the previous WICASA activities. 

Contact info: kotak_shikha@yahoo.co.in 

(M) 9825312097 

Committee Member: Mr. Ravi Gandhi 

He is a B.Com graduate from M.S.U and is currently 

pursuing his M.Com (Banking and Insurance). He has 

passed is CPT and is awaiting the result of IPCC. 

Contact Info: ravi_467@yahoo.com 

(M) 9427983598 

Committee Member: Ms. Anshul Bhatia 

She is currently pursuing her Second Year B.Com from 

M.S.U. She has completed IPCC and is currently a CA 

Final student. She is working as an article in Deloitte 

Haskins & Sells. 

Contact info: ansbhatia@deloitte.com 

(M) 9974627595

e-NewsLetter 

CASE-1: 

Usha Rectifier Corporation (India) Limited (Presently known as 

Usha (India) Limited) vs Commissioner of Central Excise, New 

Delhi [SUPREME COURT OF INDIA, 13 Jan 2011] 

Act: Central Excise Act, 1944 

Sections: sec. 11A, 11AB and 11AC 

Brief Background: 

- Appellant is a manufacturer of electronic transformers, semiconductor 

devices and other electrical equipments. During 

the course of such manufacture the appellant also 

manufactured machinery in the nature of testing equipments 

to test the final products of the assessee company. 

- A show cause notice was issued to the appellant directing 

them to show cause as to why central excise duty should not 

be levied on it along with interest and penalty. 

Stages of Appeal: 

- Addl. Collector confirmed the demand of duty and imposed a 

penalty and held that in view of the documentary evidence and 

the balance sheet it had been proved beyond doubt that they 

had manufactured plant and machinery/testing equipments. 

- Collector and Tribunal dismissed appeal filed against said 

order. 

- From the own admission of the appellant and from the facts 

brought out from the records it is clearly proved and 

established that the appellant had manufactured machines in 

the nature of testing equipments to test the final products 

manufactured by them. 

Hence, Appeal dismissed by SC. 

CASE-2: 

Automotive Tyre Manufacturers Association vs Designated 

Authority(DA) and others [SUPREME COURT OF INDIA, 07 Jan 

2011] 

Act: Customs Tariff Act, 1975, Customs Tariff (Identification, 

Assessment & Collection of Anti-Dumping Duty on Dumped 

Articles & for Determination of Injury) Rules, 1995. 

Sections: Sec. 9 of Customs Tariff Act, 1975. Notification 

No.36/2005-Cus. dt. 27.04.2005 - Anti-dumping duty on tyre 

manufacturers 




Appellant, is an association representing domestic tyre 

manufacturing units, who import Nylon Tyre Cord Fabric 

(NTCF) from various countries, including China, as one of 

their basic raw materials for manufacture of tyres. 


RECENT JUDGEMENTS RELATED TO INDIRECT TAX LAWS 

– DA made recommendations to the Central Government who 

accepted the findings of the DA, and issued Notification No. 

36/2005-Cus levying anti-dumping duty at different rates 

w.e.f. 26.07.2004. 

- Appellant challenged the findings of the DA as well as the 

Customs Notification No. 36/2005-Cus. submitting that the 

DA had given his findings without hearing the appellant. 

- Tribunal held that the imposition of anti-dumping duty being 

legislative in character, the principles of natural justice were 

not applicable to the proceedings before the DA and, 

therefore, persons affected had no right to be heard before the 

imposition of duty. 

- Hence, the present appeal - The Supreme court partly 

allowed & partly dismissed the appeal. 

CASE-3: 

P. C. Paulose, Sparkway Enterprises vs Commissioner of Central 

Excise and Customs [SUPREME COURT OF INDIA, 13 Jan 2011] 

Act: Finance Act, 1994, Airports Authority of India Act, 1994. 

Sections: Sec. 65, 75 and 76 of the Finance Act,sec. 3 - Collecting 

entry fee at airport on behalf of Airport Authority of India (AAI). 


- AAI entered into a licence agreement with the appellant by 

which the appellant was entrusted with the responsibility and 

the activity of collecting airport admission ticket charges on 

behalf of AAI. 

- A show cause notice was issued to the appellant demanding 

service tax and education cess. There was also a proposal to 

demand interest u/s. 75 of the Act on the above service tax 

and education cess as well as penalty u/s. 76 of the Act. 


- The adjudicating authority confirmed the demand of service 

tax and education cess with interest u/s. 75 of the Act. 

- Commissioner dismissed appeal filed against said order 

- Tribunal, allowed the appeal filed by the appellant by holding 

that the appellant is only a collecting agent and therefore the 

liability to pay the service tax rest on AAI which is the actual 

service provider 

- High Court allowed the appeal filed against said order. 

- Supreme Court held: appellant being a person authorized by 

AAI to provide service in express terms and conditions of the 

agreement, it becomes liable to pay such tax as it was an 

authorized person to provide taxable service and collect the 

admission ticket charges on a contract basis - Appeal 

dismissed by SC. 

Note: Please refer the following link for detailed text of the 

decisions. 

http://indirecttax.indlaw.com/updates/judgments.aspx 


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Created By : Ruchira Shah & Vedang Vyas (CA Final)

e-NewsLetter 

Dear friends, 

I am pleased to inform you all that the 

Vitcos Bus Facility to and from Railway 

Station to ICAI Bhawan, has been started 

w.e.f 26th of January, 2011. 

This has been the result of the untiring 

efforts of CA Manish Bakshi and the co-operation of the efficient 

Baroda officials namely: 

• Mr. Narendra Singh Rana ( Manager – Vitcos) 

• Mr. C.M.Makwana (General Administration Secretary, Deputy 

Municipal Commissioner) 

• Mr. Chintan Pandya (Secretary of VMSS) 

I would like to extend my sincere gratitude to all the officials on behalf 

of the 9000 odd CA students of Baroda Branch and request all the 

students to take full advantage of this wonderful facility. 

Amit Muley 

(Vice Chairman) 

Campus Placement Program – Feb 2011 

The ICAI Placement Program 2011 organized by the Committee for 

Members in Industry, provides the opportunity to both the employing 

organizations to recruit efficient CAs as well as the newly qualified 

Chartered Accountants to get a golden chance to become a part of the 

leading organizations. 

The forthcoming Placement Program will be held in Baroda (one of the 

17 selected campuses) on the 23rd and 24th of February, 2011. We 

look forward to your active participation in the same. 

For more details log on to www.cmii.icai.org 

January-2011 Events 

Statutory Dates 



WICASA 2011 Extends Hearty Congratulations To The CA Final 

Toppers of The Baroda Branch. 

1. Ms. Kirti Shah 

2. Ms. Mansi Bhatt 

3. Mr. Darshak Rathod & 

Mr. Abbasali Marchawala 

WICASA 2011 Extends Hearty Congratulations to The CPT 

Toppers of Baroda Branch And Welcomes Them To The CA 

Students’ Fraternity. 

1. Ms. Divya Shinoy 

2. Ms. Preksha Chorariya 

3. Ms. Khushboo Agarwal 

Date Event Subject Venue Atten. 

01.01.2011 Meeting Past WICASA with current WICASA meeting ICAI Bhawan 20 

02.01.2011 Cultural Activity Cricket match of WICASA v/s Baroda CA Members Polo ground 20 

05.01.2011 Cultural Activity Cricket tournament of Baroda CA students SRP Grounds, Makarpura 120 

12.01.2011 Educational Tour 5th Vibrant Gujarat Summit-2011/ Visit to Auto World Museum Gandhinagar 51 

13.01.2011 Cultural Activity Kite Flying festival ICAI Bhawan 47 

21.01.2011 Meeting Press conference with CA final and CPT Toppers ICAI Bhawan 25 

22.01.2011 Half Day Seminar Costing and Motivation by CA Ashish Jaiswal & Mr. Animesh Bhatt ICAI Bhawan 18 

23.01.2011 Cultural Activity Vadodara International Marathon Vaccine institute 15 

23.01.2011 Cultural Activity Cricket match of WICASA v/s Surat CA Members 

Alembic grounds 24 

26.01.2011 Inauguration Launching of the VITCOS bus facility ICAI Bhawan 40 

Cultural Activity Republic Day Celebration / Interaction with the parents ICAI Bhawan 40 

28.01.2011 Workshop Shares - An Investment avenue and its analysis ICAI Bhawan 20 

February 2011 

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 

Service Tax Payment due date (Monthly) for the month of January 

TDS Payment due date 

Excise Return Date 

VAT tax (Sales Tax) payment due date 

VAT return e-filing due date 


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Compiled By: 

Mr. Aayush Tewar(CA Final)

e-NewsLetter 

Origins of Famous Names.. 

There are many companies / brands / products whose names were 

derived from strange circumstances.. 

MERCEDES 

ADOBE 

This was actually the financier's daughter's name. 



This came from name of the river Adobe Creek that ran behind 

the house of founder John Warnock. 

APPLE COMPUTERS 

CISCO 

It was the favorite fruit of founder Steve Jobs. He was three 

months late in filing a name for the business, and he threatened 

to call his company Apple 

Computers if the other colleagues didn't suggest a better name 

by 5 O'clock. 

It is not an acronym as popularly believed. It is short for San 

Francisco. 

COMPAQ 

COREL 

This name was formed by using Comp, for computer, and PAQ to 

denote a small integral object. 

The name was derived from the founder's name Dr. Michael 

Copland. It stands for Copland Research Laboratory. 

GOOGLE 

The name started as a joke boasting about the amount of 

information the search-engine would be able to search. It was 

originally named 'Googol', a word for the number represented by 

1 followed by 100 zeros. After founders- Stanford graduate 

students Sergey Brin and Larry Page presented their project to an 

angel investor, they received a cheque made out to 'Google' 

HOTMAIL 

Founder Jack Smith got the idea of accessing e-mail via the web 

from a computer anywhere in the world. When Sabeer Bhatia 

came up with the business plan for the mail service, he tried all 

kinds of names ending in 'mail' and finally settled for hotmail as it 

included the letters "html" - the programming language used to 

write web pages. It was initially referred to as Hot Mail with 

selective uppercasing. 

HEWLETT PACKARD 

Bill Hewlett and Dave Packard tossed a coin to decide whether 

the company they founded would be called Hewlett-Packard or 

Packard-Hewlett. 

COOL CORNER 

INTEL 

Bob Noyce and Gordon Moore wanted to name their new 

company 'Moore Noyce'but that was already trademarked by a 

hotel chain so they had to settle for an acronym of INTegrated 

ELectronics. 

LOTUS (NOTES) 

Mitch Kapor got the name for his company from 'The Lotus 

Position' or 'Padmasana'. Kapoor used to be a teacher of 

Transcendental Meditation of Maharishi Mahesh Yogi. 

MICROSOFT 

Coined by Bill Gates to represent the company that was devoted 

to MICROcomputer SOFTware. Originally christened Micro-Soft, 

the '-' was removed later on. 

MOTOROLA 

Founder Paul Galvin came up with this name when his company 

started manufacturing radios for cars. The popular radio 

company at the time was called Victrola. 

ORACLE 

SONY 

SUN 

Larry Ellison and Bob Oats were working on a consulting project 

for the CIA (Central Intelligence Agency). The code name for the 

project was called 

Oracle (the CIA saw this as the system to give answers to all 

questions or something such). The project was designed to help 

use the newly written SQL code by IBM. The project eventually 

was terminated but Larry and Bob decided to finish what they 

started and bring it to the world. They kept the name Oracle and 

created the RDBMS engine. Later they kept the same name for 

the company. 

It originated from the Latin word 'sonus' meaning sound, and 

'sonny' a slang used by Americans to refer to a bright youngster. 

Founded by 4 Stanford University buddies, SUN is the acronym 

for Stanford University Network. Andreas Bechtolsheim built a 

microcomputer; Vinod Khosla recruited him and Scott McNealy 

to manufacture computers based on it, and Bill Joy to develop a 

UNIX-based OS for the computer. 

YAHOO! 

The word was invented by Jonathan Swift and used in his book 

'Gulliver's Travels'. It represents a person who is repulsive in 

appearance and action and is barely human. Yahoo! Founders 

Jerry Yang and David Filo selected the name because they 

considered themselves yahoos. 


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e-NewsLetter 


26th Dec 2010 : The investiture of the WICASA Managing Committee-2011. 2nd Jan 2011 : The victorious students showing their happiness 

after winning the cricket match against the members. 

5th Jan 2011 : The students enjoying their win in the cricket match as well as the 

day off from office and studies with Baroda Ranji Team Captain Mr. Pinal Shah 

13th Jan, 2011 : BIG FM radio jockey Ms. Tejal Jani making the serious 

CA students play and fly kites on the occasion of Kite Flying festival. 

22nd Jan 2011 : The CA students learning the basics of TQM by CA Ashish Jaiswal 

and the philosophy of life from Mr. Animesh Bhatt. 


PHOTO FLASH 

12th Jan 2011 : The 51 students witnessing the memorable 5th Vibrant Gujarat 

Summit 2011 held at Mahatma Mandir, Gandhinagar along with all the business 

honchos like Mr. Ratan Tata, Ambani brothers, foreign delegates and our Hon'ble CM, 

Mr. Narendra Modi. Later on all of them had their share of fun at the Auto World Museum. 

21st Jan 2011 : The Baroda Branch toppers of CA Final and CPT celebrating their 

wonderful result. 

23rd Jan 2011 : The CA students and members running for Clean Baroda International 

Marathon. While in the evening they played cricket against the Surat CA Members 


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February 2011 - Baroda Branch of WIRC of ICAI

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