From the President

Dear Professional Colleagues,
Our Institute since its very inception has been immensely passionate about its purpose to propagate progress and has persistently recognised the developments happening around and pursued contemporary reformation and dynamic improvement. It assiduously aspires to attain the absolute best for all its members and is diligently dedicated to their constant improvement and growth. As opposed to being a silent bystander to change, ICAI stands tall as a facilitator and crusader of affirmative action and thereby letting consequent growth and development flow. The Indian Accountancy Profession has always provided thought leadership to the generations and in a proactive and progressive manner recognised the technological evolution very early... Read more

EDITORIAL

KNOW YOUR ETHICS

ICAI IN ACTION

NATIONAL UPDATE

INTERNATIONAL UPDATE

ACCOUNTANT’S BROWSER

ICAI IN MEDIA

ARTICLES

Technology

• Technological Disruption Reshaping Audit - CA. Narasimhan Elangovan
• Need for Cyber Security Post Covid-19 - CA. Partho Ghosh
• Disruptive Technology - A Game Changer in Audit Processes - CA. Anand Prakash Jangid
• Impact of Technological Disruption in Auditing - CA. Yukti Arora and CA. Mukesh Gupta
• One Step Towards Artificial Intelligence - CA. Shubham Dosi

Ethics

• ICAI - Committed to Ethics in the Profession - Contributed by the Ethical Standards Board of ICAI

MSMEs

• MSMEs - The New Champions of Economic Growth - CA. Ajay Kumar Garg
• Role of MSMEs in Indian Growth Story - CA. S. Badri Narayanan

Auditing

• Responsibilities of Auditors in Changing Scenario - CA. Arun Kumar Srivastava
• Building Internal Audit Credibility - CA. Narinder Jit Singh
• Remote Internal Audit in the Covid-19 Era - Key Considerations - CA. Vivek Agarwal and CA. Sonia Singal

GST

• Customs Duty on Virtual Imports–Battle between Developed and Developing Nations - CA. Manoj Mehta

Taxation

• TCS on Sales Consideration under section 206C(1H) - FAQs - CA. G. Sekar

International Taxation

• Covid-19: Impact on Foreign Exchange Fluctuations - CA. Vivek Gupta

LEGAL DECISIONS

INCOME TAX

• The Income Tax Officer, TDS Vs. Ajmer Vidhyut Vitran Nigam Ltd., [ITAT Jaipur: ITA No.595/JP/2019], 14/08/2020, LD/69/41
• Network Construction Company Vs. The Asst. Commissioner of Income Tax, [ITAT Mumbai: ITA No.2297/Mum/2017], 11/08/2020, LD/69/42
• AWP Assistance India P. Ltd. Vs. The Dy. Commissioner of Income Tax, [ITAT Delhi: ITA No. 5128/Del/2018],07/08/2020, LD/69/43
• The Commissioner of Income Tax, Delhi Vs. M/s Nalwa Investment Limited, [Delhi High Court: ITA No. 822/ 2005], 07/08/2020, LD/69/44
• Peartree Enterprises Pvt. Ltd. Vs. The Dy. Commissioner of Income Tax, [ITAT Delhi: ITA No.4199/Del/2016], 05/08/2020, LD/69/45

TRANSFER PRICING

• The Asst. Commissioner of Income Tax Vs. EYGBS India Pvt. Ltd., [ITAT Bangalore: ITA No.2984/Bang/2018], 31/08/2020,LD/69/46
• Costal Energy Pvt. Ltd. Vs. Addl. Commissioner of Income Tax, [Madras High Court: W.P. No. 34618/2019], 27/08/2020, LD/69/47
• The Principal Commissioner of Income Tax Vs. Gulbrandsen Chemicals Pvt. Ltd., [Gujarat High Court: W.P. No. 34618/2019], 03/02/2020, LD/69/48

GST

• Devices Distributors Vs. Assistant State Tax Officer, and Ors., [2020-TIOL1280-HC-KERALAGST], 23/07/2020, LD/69/49

SERVICE TAX

• M/s Urban Systems Vs. The Union of India, [Gauhati High Court: W.P. No.2264/2020], 28/08/2020 LD/69/50
• Commissioner of Service Tax, Ahemdabad vs Adani Gas Ltd., [2020-TIOL143-SC-ST-LB], 28/08/2020, LD/69/51
• M/s Jagdish Advertising Vs. Designated Committee, [2020-TIOL-1444-HCKAR-ST], 19/08/2020, LD/69/52

CUSTOMS

• Vigneswara Exims Vs. The Asst. Commissioner of Income Tax, [MadrasHigh Court: W.P. No. 26324/2019], 28/08/2020, LD/69/53

DISCIPLINARY CASE

• Complaint against Chartered Accountant for issuance of false Utilization Certificate - Plea of Respondent that the amount in the Certificate of Utilisation was supported by the Valuer’s report and books of accounts -- Held, Chartered Accountant is not expected to be expert in assessing the valuation of cost of construction and for the same he is expected to rely upon the work of report of valuers/engineers -- Held, Respondent Not Guilty of professional misconduct under Clause (7) of the Part I of Second Schedule to the Chartered Accountants Act, 1949.

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

• Accounting Treatment of Expenditure Incurred for Rejuvenation of Petrochemical Plant