From the President

Dear Professional Colleagues,
Prudent corporate governance practices are always the backbone of development and progress of economic ecosystem of any country. After globalisation and liberalisation were introduced to the largest democracy of the world, international businesses looked at India with a new perspective and exploited untapped and immense potential of Indian markets. Changing ownership structures, wide base of shareholders and greater expectations of society further heightened the need of good governance and enhanced the role of accounting profession. A couple of financial irregularities led the policy makers to rethink their strategies, strengthen regulatory environment by aligning with international developments and bring changes in the system of corporate governance for better. Read more...

EDITORIAL

Businesses, quintessential for growth and economic development, function in different forms, shapes, and sizes, many times acquire corporate form of structure. With the potential of the Indian economy and the vast pool of available entrepreneurial interest the number of registered companies in the country continues to rise. Read more...

ICAI IN ACTION

NATIONAL UPDATE

INTERNATIONAL UPDATE

ACCOUNTANT’S BROWSER

ICAI IN MEDIA

ARTICLES

Corporate Governance

• Industry Perspective on Governance - CA. Subramanian S
• Managing Companies through Crisis - Suhas Tuljapurkar
• Journey of Corporate Governance - CA. Chandrashekhar Vasant Chitale

Sustainability

• Social Stock Exchange - a Lifeline for Social Enterprises - CA. (Dr.) Sanjeev Kumar Singhal and CA. Durgesh Kabra

Accounting

• Impact of Ind-AS Adoption on Value Relevance of Nifty-50 Firms: An Application of Panel Regression in Ohlson Model - Dr. Shilpa Lodha and Babu Lal Gedar and Charu Sharma
• MCA Notifies Amendments to Ind AS 116 to Provide Lessee Specific COVID-19 Relaxations - CA. Amit B Bahl

CIRCULARS AND NOTIFICATIONS

Summary of important Circulars and Notifications issued by the CBDT, CBIC-GST, MCA, SEBI and FEMA for information and use of members. Readers are requested to use the citation/website or weblink to access the full text of desired circular/notification.

ICAI NEWS

Opinion

• Disclosure/Classification of Late Payment Interest Charges Collected from Customers in the Statement of Cash Flows

Auditing

• Covid-19 - Paycuts Weaken Internal Controls - CA. Rohit Choraria

GST

• Promises of Ruling in Advance - CA. A. Jatin Christopher

Banking & Finance

• Phasing Out of LIBOR - CA. Vivek Raju P

Technology

• Growth of e- Commerce Business in India - CA. Divya Chugh

Industry-Specific

• Creating Reliable Manufacturing Ecosystem - CA. Hari Subramanian

GENERAL

• The Intangible Personality Drivers - CA. Nikhil Kenjale

LEGAL DECISIONS

INCOME TAX

• Sutherland Global Services Vs. The Commissioner of Income Tax, [Madras High Court: Tax Case Appeal No.32/2019], 23/09/2020, LD/69/54
• The Commissioner of Income Tax Vs. VVA Hotels PrivateLimited, [Madras High Court: T.C.A.No.670 of 2019], 21/09/2020, LD/69/55
• The Asst. Commissioner of Income Tax Vs. Ehara Engineering P. Ltd., [ITAT Mumbai: ITA NO. 3295/MUM/2019],21/09/2020, LD/69/56
• The Dy. Commissioner of Income Tax Vs. HDFC Sales Private Limited, [ITAT Mumbai: ITA NO. ITA No. 852/Mum/2019, 18/09/2020, LD/69/57
• The Director of Income Tax, International Taxation Vs. Texas Instruments Incorporated, Karnataka High Court: I.T.A. NO.171 OF 2011],14/09/2020, LD/69/58

TRANSFER PRICING

• Bharti Airtel Services Limited Vs. The Dy. Commissioner of Income Tax, [ITAT Delhi: ITA No. 161/Del/2017],06/10/2020, LD/69/59
• Global One India Private Limited Vs. The Dy. Commissioner of Income Tax, 30/09/2020, [ITAT Delhi: ITA No. 5165/Del/2016], LD/69/60

GST

• Transtonnelstroy Afcons Joint Venture and Ors Vs. Union of India and Ors,[2020-TIOL-1599-MAD-GST], 21/09/2020, LD/69/61
• Royal Chains Pvt Ltd. Vs. Union of India and Ors, [2020-TIOL-1695-HC MUM-GST] 08/10/2020, LD/69/62

SERVICE TAX/VAT

• M/s Inspired Foods Vs. The Commercial Tax Officer, 14/09/2020

EXCISE

• The Commissioner of GST & Central Excise Vs. JSW Steel Limited, [Madras High Court: C.M.A.No.2 of 2020], 09/09/2020, LD/69/64

CUSTOMS

• CESTAT Delhi: W.P. 7014 of 2015, Aureole Atelier Pvt. Limited Vs. The Commissioner of Customs (Preventive), 11/02/2020, LD/69/65

DISCIPLINARY CASE

• Systematic embezzlement of money of an educational institution by Respondent while working as its Accountant - Conviction of Respondent by foreign Court with five years of imprisonment and monetary fine for siphoning off the money.