Newsletter february-2020-7th-edition-final

VITTA PATRIKA “िव पि का”
Newsletter for the members of BVSS [February 2020: 7th
Edition: 7th March 2020]
THIS EDITION CONTAINS
Topics Covered Pg. No.
From the desk of the President 2
From the desk of the Editor 4
Articles:
 Union Budget – 2020: New Compliances For the
Charitable Trust & Institutions: Ved Prakash Mittal
6
 Key High Lights Points of Finance Bill 2020 –
GST: CA Deepika Gupta, CA Raman Khatuwala
9
 Investment in Immovable Property Outside India:
CA Anuj Gupta
12
 Mechanism of E – Way Bill Under GST Regime:
CA Pradeep Goyal , CA Raman Khatuwala
17
 Assessment and Taxation of Companies: Sumit
Bansal, FCA & Insolvency Professional, Co-
Convener, Newsletter Group-BVSS
23
 Refex Industries Ltd. - Interest on Delayed of Tax:
Shuchi Agrawal and Shreya Aggarwal, ALA Legal,
Advocates & Solicitors
27
 Forensic – Forgery: CA Sandeep Sharma 32
Latest Updates: Indirect Tax/ GST/Direct Tax
 Amendments and updates in the Goods & Services
Tax Act: CA. Sanjay Garg, Convenor, GST Group
– BVSS
 During the month of January 2020
43
BVSS Programmes (Glimpses) 48
OFFICE BEARERS
Chairman:
Sh. Subhash Agrawal
President:
Sh. Rohit Vaswani
General Secretary:
Sh. Vipan Aggarwal
Organizing Secretary:
Sh. Sushil Gupta
NEWSLETTER GROUP
Advisor:
Sh. Anil Gupta
Convenor:
Sh. Puneet Agrawal
Co-Convenors:
Sh. Sumit Bansal
Sh. K.K. Agarwal

V I T T A P A T R I K A “ िव पि का”
2
FROM THE DESK OF THE PRESIDENT
CA ROHIT VASWANI
PRESIDENT – BVSS
__________________
Dear BVSS Members and Professional Colleagues,
Namashkar…
Freedom from illness, wealth, produce, happiness and protection (to subjects); these five, are
the ornaments of a kingdom.
(Hon’ble FM Nirmala Sitharaman during Budget Speech-2020)
I am writing this message when Budget 2020 has been presented and pending with the
parliament for discussions and voting. This was the second time when Hon’ble FM Nirmala
Sitharaman presented the budget before the parliament and making the longest ever budget
speech which lasted for two hours and seventeen minutes.
We have two parts in budget speech and first part mainly covers the economics of the budget,
various schemes, budget allocations etc. and second part covers about the announcements
relating to taxation part. This was a unique on account of both the parts of the speech as
systematic long and in-depth discussion was made relating to the economy of the country in the

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first part and many amendments has been proposed in the income tax act having far reaching
impact on the taxpayers, trade and industry.
We in the BVSS organised the live budget viewing program as a tradition of BVSS in which
large number of members and professionals participated. After the live budget viewing program
BVSS Direct Tax Group jointly with BVSS International Tax Group organized a clause by
clause discussion on Direct Tax proposals which was a great success and was attended by large
number of professionals.
The BVSS is fully committed to its moto “Contributing in Nation Building’ by capacity building
of professionals, spreading knowledge, inclusive growth, good corporate governance and
discussions for betterment. We in BVSS are organizing many events related to the Budget and
many more will happen in future also.
I invite your articles, professional updates, economic research papers, analysis of recent case
laws, news round up to make this newsletter a worth reading publication. And further I would
like to here from you on working of the BVSS at large including feedback on events organized
by BVSS, guest speakers, venue, timings, WhatsApp groups and any other issue which you want
to highlight.
With Warm Regards
Rohit Vaswani
President- BVSS
vaswanirohit@hotmail.com
Mobile-9212005163

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FROM THE DESK OF EDITOR
PUNEET AGRAWAL, ADVOCATE
Convenor, Newsletter Group – BVSS
Dear BVSS Friends and Seniors
Namashkar
The modern world is grappling with a “modern” virus, and the name is quite intriguing –
“CORONA” – as if it is something fashionable and sought for. When HEARING THE NAME
FOR THE FIRST TIME, many of you may have remembered the world famous beer by the same
name. However, by now, we would all have come to terms that the headline gathering CORONA
is a devastating virus.
The root cause
Sometimes human beings think that they are invincible and that nothing can stop their way. True
it may be, provided the intentions are pure. However, when greed increases, and one human race
wants to acquire more by belittling and winning over others, collective consciousness of
destruction is created. When collective consciousness is of destruction, the mother nature gives
the means for mass destruction. Mother nature is full of unconditional love and just gives,
irrespective of whether what has been sought for is good or bad. That’s how the mother is. The
more the seeking for destruction of others, the deadlier the ways provided by nature.

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The opportunity
Adversities always bring with them the hope and inevitably the lessons to be learnt. If the cause
is – hate, and greed; the solution has to be unconditional love, gratitude and selfless service. Lot
can be learnt from the ancient wisdom of sanatana, which teaches man the principles of universal
brotherhood “Vasudhaiv kutumbakam”. If collective consciousness of destruction can bring the
world to a brink of health emergency leading to near economic lockdown situation; then the
reversal is surely possible if gesture of help, cooperation, support, love and service are garnered
at mass levels. We have to remember that every action is a seed sown in this field of Universal
consciousness, and results into a big tree giving thousands of fruits of similar type. Thus, fruits
of brotherhood, unconditional love and co-operation would bring loads of more love,
cooperation, and abundance.
It is also the time for all of us to ponder whether the present model of unsustainable development
at any cost, is acceptable to us, or whether we should adopt a more humane and sustainable
model which may make life beautiful for our future generations.
Wishing to the almighty that the humanity overcomes the negativity with positivity, and learn the
due lessons.
Puneet Agrawal
Convener, Newsletter Committee & Convener,IBC Group – BVSS
9891898911
puneet@alalegal.in

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ARTICLES
Union Budget – 2020: New Compliances for the Charitable Trust & Institutions
Ved Prakash Mittal
Union Budget- 2020: New Compliances for the Charitable Trust & Institutions
There are substantial changes proposed by the Finance Bill, 2020 is with regard to
recognition of charitable trust, NGO & other institutions claiming tax exemptions. For tax
exemption, charitable trusts & other institutions are required to get income tax registration or
approval u/s 12AA or u/s 10(23C). This provision for registration and renewal is all set to make
a drastic change with effect from 01.06.2020. Let us know about the key changes proposed in
this regard to this:
1. Registration & Approval: Regular Registration and Provisional registration.
a) Presently, the procedure for registration of Charitable Trusts for tax exemption is
provided u/s Section 12AA (U/s 12A for trusts registered prior to 1996). Now, it is
proposed to be governed by new section 12AB.
b) As of now, registration once granted u/s 12AA continues to be valid unless and
otherwise it is cancelled by the authority.
c) Further, the Charitable Trusts are eligible for approval u/s 80G which enables its
donors to get tax benefit on donation done by them. Approval u/s 80G is also valid
until cancelled by the authority.
d) University, Educational Institution, Hospital or other Medical Institution can claim
tax exemption u/s 10(23C) if they are approved by the authority. At present, approval
once granted u/s 10(23C) is operative unless & otherwise cancelled by the authority.

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Proposed Amendments
a) All the existing Charitable Trusts and other Institutions registered u/s sections
10(23C), 12AA or 12A will have to apply afresh for registration within 3 months
from the date of applicability of this section(01.06.2020) i.e. on or before 31/08/2020.
b) Fresh registration will be granted for a period of 5 years only. As against registration
or approval which is currently granted for perpetuity (until revoked by tax authority),
In short, all the Trusts/Institutions which are claiming exemption u/s 10(23C) or 11
will be required to renew the registration & approval every 5 years. Without any
further more enquiry and information
c) Registration Number to be as a Unique Identification Number at All India Level
issued by the Income tax which to be as a New Registration Number u/s 12 AB of
the Income Tax Act.
d) Where a Trust or Institution has made modification in its objects and such
modifications do not confirm with the conditions of registration, application has to be
done again with the designated authority within 30 days from the date of such
modification.
e) For further renewal of registration the trust registered under section 12AB – at least 6
months prior to expiry of the period of registration
f) Where registration of the trust has become inoperative, due to newly added proviso to
section 11(7) - at least 6 months prior to commencement of the assessment year from
which said registration is sought to be made operative. Section 11(7) is amended to
introduce a proviso that clarifies that the registration of the trust under sections 12A
or 12AA shall become inoperative from the date on which the trust is approved under
section 10(23C) or is notified under section 10(46) or 1st June, 2020 on which this
proviso has come into force, whichever is later. Further, the proviso provides that the
trust whose registration has become inoperative, can choose to apply for making its
registration operative under section 12AB. Upon registration becoming operative, its
approval under other sections shall cease to have any effect. Application for
registration is to be made at least 6 months prior to the commencement of the
assessment year from which registration is sought to be made operative.
2. Concept of “Provisional Registration”:
a) New concept of the “Provisional Registration” is proposed for new charitable
institutions, which are not already registered or which have not started any charitable
activities.

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b) Such provisional registration would be valid for 3 years.
c) Such Institutions which are provisionally registered are required to apply for regular
registration within 6 months of commencement of its Charitable activities or at least 6
months prior to expiry of 3 years.
d) It appears that such provisional registration will be granted with minimum documents
& inquiry.
3. Simultaneous Registration u/s 12AB 10(23C) Not Permitted:
Currently, there are several Institutions which are engaged in activities of hospitals, schools
and colleges are registered in both sections simultaneously u/s 10(23C), 12AA and 10(46)
If exemption is denied u/s 10(23C) then such trust could have taken the benefit of
alternative backup of section 12AA. Now, all such charitable trusts and intuitions which are
currently registered u/s 10(23C) as well u/s 12AA will have to make a choice of anyone
section. Simultaneous registration under both the section 10(23C), 12AA and 10(46) is not
allowed.
4. New reporting obligation on receipt of donation.
Every such trust which is registered u/s 80G shall be required to file a statement of
donations received in the prescribed manner. Deduction for donations u/s 80G to the
donors shall be available only if the aforesaid statement / return is furnished by the
charitable institution. Non submission of the return & statement will attracts late fee and
fine.
5. Due Date Of Filing Of Income Tax Return Extended to 31st
October:
The due date for filing of the Income Tax Return for such institutions have also been
extended to 31st
October from 30th
September. However the audit report in Form no-
10B/10BB to be submitted on or before 30th
Sept. of every year
6. Renewal of the Registration u/s 80G:-
Registration u/s 80G has also to be required for the Re-Registration on or before
30.08.2020 and the same to be for Five Year in the case of regular registration and three
year for the Provisional Registration.
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9
KEY HIGH LIGHTS POINTS OF FINANCE BILL 2020 - GST
CA DEEPIKA GUPTA CA RAMAN KHATUWALA
UNION TERRITORY
Finance Bill 2020 seeks to amend Section 2 clause 114 of the CGST Act 2017 so as to
include Ladakh as an Union Territory as it was not included earlier in the definition and
Dadar & Nagar Haveli and Daman& Diu has been combined in the definition asthey are
now considered part of the same UT.
COMPOSITION SCHEME
Finance Bill 2020 seeks to amend Section 10 (2) of the CGST Act 2017 so as to include
Service word in clause (b) (c) & (d). Hence following person will not be eligible for
composition scheme-
(a) Person engaged in making interstate supply of services
(b) Person engaged in making supply of services which are exempt from tax.
(c) Person engaged in making supply of services through E-Commerce operator
deducting TCS.
INPUT TAX CREDIT OF DEBIT NOTE
Finance Bill 2020 seeks to amend Section 16 (4) of the CGST Act 2017 so as to remove
restriction of linking ITC on debit notes with the invoice in respect to which such debit note
pertains.
For Example: - Debit note has been issued on 23rd
Dec 2019 for invoice pertaining to FY
2017 – 18, As per Earlier Law, the recipient of supply can take input of the debit note upto
30th
Sept 2019 or annual return, whichever is earlier.
But now as per the proposed amendment, the recipient can claim the ITC of debit note upto

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30th Sept 2020 or annual return, whichever is earlier.
CANCELLATIONOFREGISTRATION
Finance Bill 2020 seeks to amend Section 29 of the CGST Act 2017 so as to allow
cancellation of Voluntary Registration without waiting for any time period.
Earlier, Rule 20 of CGST Rule 2017 had provided that no application for cancellation of
registration will be entertained from person seeking voluntary registration before expiry of
one year from the effective date of registration.
Now, there is proposed amendment in Section 29 after which person opting for voluntary
registration can apply for cancellation of registration without waiting for any period.
REVOCATION OF CANCELLATION
Finance Bill 2020 seeks to amend Section 30 of the CGST Act 2017 so as to givepower to
Asst. Comm, Joint Comm., Commissioner to extend time period for Revocation of
Cancellation.
Currently a registered person is allowed to make application for revocation of cancellation
of registration within a period of 30 days from the date of service of cancellation order.
Now this period can be extended by AC / JC for a further period of 30 days and by
Commissioner for another 30 days.
SERVICE - INVOICE
Finance Bill 2020 seeks to amend provison of Section 31(2) of the CGST Act 2017 so as to
provide power to government relating to Invoice issued by service provider.
Under the proposed amendment, the Government has retained power of specifying the
categories of services or supplies in respect to which tax invoice shall be issued within such
time and manner as may be prescribed.
TAX DEDUCTED AT SOURCE
Finance Bill 2020 seeks to amend Section 51(3) of the CGST Act 2017.
Earlier, the section mandates the furnishing of certificate with the specified particulars and
the time period within which such certificate is to be furnished and there were late fees in
case of any default.
Now, the provisions for the certificate is proposed to be removed from the law and power
has been delegated to the Government to specify form and manner in which such certificate
is to be issued.
FAKE INVOICES
Finance Bill 2020 seeks to insert sub section (1A) after sub section 1 of Section 122 of the
CGST Act 2017.

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Amendment says that In case of fake invoicing (invoice without supply, supply without
invoice, taking ITC without the actual receipt of supply), the beneficiary of the transaction
will be penalised with tax amount involved. Beneficiary may be different from ‘directors’,
‘promoters’, ‘partners’ , ‘proprietor’ etc. of the entity entering into transaction.
Thus, the Government will now been given the power to penalize the beneficiary in such
fraudulent transactions to the extent of the tax evaded or input tax credit availed.
COGNIZABLE AND NON – BAIL ABLE OFFENCE
Finance Bill 2020 seeks to amend Section 132 of the CGST Act 2017 so as to make
offences related to fraudulent availment of input tax credit without invoice or bill is
cognizable and non-bailable.
The provision of this section is now proposed to be extended not only to the business entity
who had done the transaction but also to the beneficiary of such transaction.
Cognizable Offence means an offence for which police officer may arrest without Arrest
warrant.
TRANSITIONAL CREDIT
Finance Bill 2020 seeks to amend Sub Section (1), (2), (3), (5), (6), (7), (8) and (9) of
Section 140 retrospectively w.e.f. 1st July 2017
Earlier, the transitional provisions under the CGST Act did not empower the Government
to specify the time limit within the said credit could be taken. It has only been provided by
means of the CGST Rules 2017. To counter the litigation wherein this aspect had been
challenged, a retrospective amendment has been carried out in the transitional provisions to
provide for the time limit. This means that the statute after the amendment allows the
Government to specify the time and manner of availment of input tax credit in case of
transitional provision.
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Investment in Immovable Property outside India
CA Anuj Gupta
1. General Background
1.1 Acquisition and transfer of immovable property outside India by
a person resident in India is governed by Foreign Exchange Management
(Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015,
(Notification No FEMA 7(R)/2015-RB dated 21st
January, 2016), hereinafter referred
to as "FEMA-7(R)". This regulation covers the entire regulations relating to
acquisition and transfer of immovable property outside India.
1.2 Under FERA Regime, purchase of Immovable Property outside India was almost
unheard of and even if permission was given for purchase of immovable property
outside India, it was with stringent conditions. However with introduction of FEMA,
life has been made simpler and with more and more relaxation gradually being
introduced, it has now become easier to purchase a house in dream country of your
choice, where you can spend holidays with your loved ones.
1.3 Purchase of immovable property outside India is a Capital Account transaction
andalthough there is a general prohibition, relaxation has been made from time to
time. One such relaxation is under the liberalised scheme where you can purchase
an immovable property outside India by remitting a sum up to US $ 2,50,000/- or
its equivalent, per financial year under the Liberalized Remittance Scheme (LRS).
We will deal in detail with the LRS in the subsequent paragraphs.

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2. Definition of Immovable Property
2.1 Immovable property is neither defined under the FEMA Act, nor
defined under the relevant regulation.
2.2 Since immovable property is not defined, one has to take the meaning as understood
incommon parlance.
2.3 Immovable property will include residential property, commercial property,
agriculture property, farm house etc.
2.4 Here in this article, we will be dealing only with FEMA 7(R) and not any other law
in India or the laws in the respective countries.
3. Acquisition of Immovable Property outside India by way of Purchase
3.1 Regulation 5(1)(b) of FEMA 7(R) deals with acquisition of immovable
property outside India by a person resident in India by way of purchase.
3.2 A person resident in India can acquire immovable property outside India by way of
purchase out of foreign exchange held in Resident Foreign Currency (RFC) account.
3.3 A person resident in India can acquire immovable property outside India only
out of RFC account and not through any other account. However under the
liberalised remittance scheme, any resident individual can purchase immovable
property by remitting up to US $ 2,50,000 per financial year per person.
3.4 An issue that arises is whether a person resident in India and having foreign
sourced income, can acquire property outside India from such income. As per
regulation 7 of Foreign Exchange Management (Realisation, repatriation and
surrender of foreign exchange) Regulations, 2015 issued vide Notification No.
9(R)/2015-RB of FEMA, person resident in India has to repatriate the income
sourced outside to India within 180 days, except income on moneys / assets
acquired out of remittances made under the liberalised scheme.
4. Acquisition of Immovable Property outside India by way of Gift or Inheritance
4.1 Regulation 5(1) (a) of FEMA 7(R) deals with acquisition of immovable property
outside India by a person resident in India by way of gift or inheritance.
4.2 A person resident in India can acquire immovable property outside India by way of
gift or inheritance from:

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i. A person resident in India which was purchased on or before 8th July 1947 and
continues to be held by him with the permission of Reserve Bank of India.
ii. A person resident in India, if such immovable property was acquired, held or
owned by such person when he was resident outside India or inherited from a
person who was resident outside India.
iii. A person resident in India if such immovable property was acquired in
accordance with the foreign exchange provisions in force at the time of such
acquisition.
5. Joint Acquisition with a Relative
5.1 A person resident in India can acquire immovable property outside India jointly
with a relative who is a person resident outside India, provided there is no outflow of
funds from India.
5.2 Under Explanation to Regulation 5 of FEMA 7(R), relative has been defined as:
"Relative in relation to an individual means husband, wife, brother or sister or any
line alascendant or descendant of that individual."
6. Acquisition of Immovable Property by Indian Company having Overseas Office
6.1 A company incorporated in India having overseas office, may acquire immovable
property outside India for its business and for residential purposes of its staff, in
accordance with the direction issued by RBI from time to time.
6.2 A company incorporated in India can acquire immovable property outside within the
permissible remittance limits for initial expenses of 15% of the average annual
sales/income or turnover during the last two financial years or 25% of its net worth,
whichever is higher and further remittance limit for recurring expenses of 10% of the
average annual sales/income or turnover during the last two financial years.
7. Exemptions with respect to Immovable Property outside India
7.1 FEMA 7(R) will not apply to the immovable property located outside India:-
i. Held by a person resident in India who is a national of a foreign state.
ii. Acquired by a person resident in India on or before 8th July, 1947 and
continued to be held by him with the permission of RBI.

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7.2 A person becomes resident under FEMA when he takes up an employment or
commences any business in India or comes to India for any other purpose with an
intention to stay for an uncertain period. Foreign citizens, who become Indian
Resident on such account, can continue to hold or transfer property acquired prior to
him/her becoming Resident of India.
7.3 A Foreign National who is on a deputation to India is here for a certain period and
therefore may continue to be a non-resident. Since he is not a resident of India under
FEMA, Notification No. 7(R) is not applicable, meaning he can continue to hold his
immovable property abroad as well as acquire new properties or deal in any manner
with his immovable properties outside India.
8. Transfer of Immovable Property outside India
8.1 A person resident in India who has acquired property outside India
as per Paras 3 and 4 above, can transfer it by way of gift to his relative who is a
person resident in India.
8.2 Transfer is not defined under the regulation. However the same has been defined u/s
2(ze) of FEMA Act, 1999 which includes "sale, purchase, exchange, mortgage,
pledge, gift, loan, or any other form of transfer of rights, title, possession or lien."
8.3 Under Explanation to Regulation 5 of FEMA 7(R), relative has been defined as:
"Relative in relation to an individual means husband, wife, brother or sister or any
lineal ascendant or descendant of that individual."
9. Loan against Immovable Property situated outside India
9.1 FEMA 7(R) does not specifically prescribe any regulations regarding loan
against mortgage of immovable property situated outside India. However,
borrowing outside India by a person resident in India is a capital transaction. In
absence of any specific regulation, the same can be undertaken only with the
prior approval of the RBI.
10. Lease not exceeding five years
10.1 As per Section 6(3)(h) of FEMA Act, 1999, Transfer of immovable
property outside India with a lease period of less than 5 years is not governed
by FEMA 7(R) i.e. the regulations do not apply to acquisition of property
outside India by a person resident in India on a lease not exceeding five years.
11. Liberalised Remittance Scheme for Resident Individuals

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11.1 Under the liberalized remittance scheme, resident individual can freely remit up
to US $ 2,50,000/- per person for every financial year for any purpose, which
includes acquisition of immovable property outside India. Under this scheme,
RBI permission is not required.
11.2 Remittance for purchase of immovable property cannot be made directly or
indirectly to those individuals and entities identified as posing significant risk
of committing acts of terrorism as advised separately by the Reserve Bank to
the banks.
11.3 Remittance for purchase of immovable property cannot be made directly or
indirectly to countries identified by the Financial Action Task Force (FATF) as
"non-co-operatives countries" and territories viz. North Korea and Iran.
12. Conclusion
Earlier under FERA regime, acquisition and transfer of immovable property outside India
was highly restricted. After introduction of FEMA, certain relaxations have been provided
to acquire property outside India. FEMA has also permitted to acquire property outside
India for business purpose or for residence of staff. This is a welcome step by RBI. The
rules were further liberalised with introduction of the Liberalised Remittance Scheme
where individuals can remit up to US $ 2,50,000 every financial year. This is a step
towards capital account convertibility. RBI should now think on liberalisation regarding
procedure of selling the property situated outside India so that for each and every
transaction, one does not have to go to RBI.
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Mechanism of E – Way Bill Under GST Regime
CA PRADEEP GOYAL CA RAMAN KHATUWALA
Mechanism of E- Way Bill under GST Regime
Background
Introduction of Goods and Services Tax (GST) across India with effect from 1st of July
2017 is a very significant step in the field of indirect tax reforms in India. For quick and easy
movement of goods across India without any hindrance, all the check posts across the country
are abolished. The GST system provides a provision of e-Way Bill, a document to be carried by
the person in charge of conveyance, generated electronically from the common portal.
To implement the e-Way Bill system as approved by the Goods and Services Tax (GST)
Council, a web based solution has been designed and developed by National Informatics Centre
and it is being rolled out for the use of taxpayers and transporters.
What is E –Way bill
It is the short form of Electronic Way Bill.
It is a unique document, which is electronically generated for the specific
consignment/movement of goods from one place to another, either inter-state (i.e. from one state
to another) or intra-state (i.e. within the same state ) and of value more than INR 50,000,
required under the current GST regime. This limit is applicable to inter-state movement of goods
(except for Job work purpose). The limit for generating e way bill for intra state movement of
goods vary from state to state.

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As per Rule 138(1) of CGST Rules 2017, every registered person who causes movement of
goods of consignment value exceeding fifty thousand rupees –
(i) In relation to a supply;
(ii) For reasons other than supply; or
(iii) Due to inward supply from an unregistered person,
shall, before commencement of such movement, furnish information relating to the said
goods as specified in Part A of FORM GST EWB-01, electronically, on the common
portal along with such other information as may be required on the common portal and a
unique number will be generated on the said portal.
Here two important aspect need to be noted:
1. E way bill can be generated only by registered person
2. E way bill must be generated before commencement of movement of goods. If there is no
movement of goods, then there is no requirement of generation of E way bill.
Further, as per the law, the consignment value of goods shall be the value, determined
in accordance with the provisions of Section 15 of CGST Act, declared in an invoice, a bill
of supply or a delivery challan, as the case may be, issued on respect of the said
consignment and also include the central tax State or Union territory tax, integrated tax and
cess charged, if any, in the document and shall exclude the value of exempt supply of
goods where the invoice is issued in respect of both exempt and taxable supply of goods. It
has been provided that where the goods are transported by railways or by air or vessel,
the e-way bill shall be generated by the registered person, being the supplier or the
recipient, who shall, either before or after the commencement of movement, furnish, on
the common portal, the information in Part B of FORM GST EWB-01.
The law further states that where the goods are transported by railways, the railways
shall not deliver the goods unless the e-way bill required under these rules is produced at
the time of delivery. Hence in case of movement of goods by railways, it should be ensured
that E way bill is generated before taking steps for delivery of goods.
Under Rule 138 of CGST Rules 2017, it has been stated that where the goods are
supplied by an unregistered supplier to a recipient who is registered, the movement shall be
said to be caused by such recipient if the recipient is known at the time of commencement
of the movement of goods. Thus in such cases, E way bill needs to be generated by the
registered person who is receiving the goods.

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Under Rule 138(5) of CGST Rules 2017, Where the goods are transferred from one
conveyance to another, the consignor or the recipient, who has provided information in
Part A of the FORM GST EWB-01, or the transporter shall, before such transfer and
further movement of goods, update the details of conveyance in the e-way bill on the
common portal in Part B of FORM GST EWB-01
Where the goods are transported for a distance of up to fifty kilometres within the
State or Union Territory from the place of business of the transporter finally to the place of
business of the consignee or vice-versa, the details of the conveyance may not be updated
in the e-way bill. Thus it means that E - Way Bill need to be filed with the exception that
Part B of the E way bill need not be filed.
Cancellation of E - Way Bill
Where an e-way bill has been generated under this rule, but goods are either not transported or
are not transported as per the details furnished in the E - Way bill, the e-way bill may be
cancelled electronically on the common portal within twenty four hours of generation of the E -
Way bill:
Validity of E – Way Bill
An e-way bill or a consolidated e-way bill generated under this rule shall be valid for the period
as mentioned in column (3) of the Table below from the relevant date, for the distance, within
the country, the goods have to be transported, as mentioned in column (2) of the said Table:-
Serial No Distance Validity Period
1 Up to 100 KM
One day in cases Other than Over Dimensional Cargo or
multimodal shipment in which at least one leg involves transport
by ship.
2
For every 100
km. or part
thereof
thereafter
One additional day in cases other than Over Dimensional Cargo
or multimodal shipment in which at least one leg involves
transport by ship.
3 Upto 20 km
One day in case of Over Dimensional Cargo or multimodal
shipment in which at least one leg involves transport by ship.
4
For every 20
km. or part
thereof
thereafter
One additional day in case of Over Dimensional Cargo or
multimodal shipment in which at least one leg involves transport
by ship.

20
Provided further that where, under circumstances of an exceptional nature, including
trans-shipment, the goods cannot be transported within the validity period of the e-way bill, the
transporter may extend the validity period after updating the details in Part B of FORM GST
EWB-01, if required.
Provided also that the validity of the e-way bill may be extended within eight hours from
the time of its expiry.
Exemption from Issuing E- Way Bill:
E-way bill is not required to be generated in the following cases:
(a) where the goods being transported are specified in Annexure;
(b) where the goods are being transported by a non-motorised conveyance;
(c) where the goods are being transported from the customs port, airport, air cargo
complex and land customs station to an inland container depot or a container freight
station for clearance by Customs;
(d) in respect of movement of goods within such areas as are notified or exempted under
any notification
(e) where the goods being transported are alcoholic liquor for human consumption,
petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural
gas or aviation turbine fuel;
(f) where the supply of goods being transported is treated as no supply under Schedule
III of the Act;
(g) Where the goods are being transported—
 Under customs bond from an inland container depot or a container freight station
to a customs port, airport, air cargo complex and land customs station, or from
one customs station or customs port to another customs station or customs port, or
 Under customs supervision or under customs seal;
(h) Where the goods being transported are transit cargo from or to Nepal or Bhutan ;
(i) Where empty cargo containers are being transported;

21
(j) Where the goods are being transported up to a distance of twenty kilometers from the
place of the business of the consignor to a weighbridge for weighment or from the
weighbridge back to the place of the business of the said consignor subject to the
condition that the movement of goods is accompanied by a delivery challan issued in
accordance with rule 55; and
(o) Where empty cylinders for packing of liquefied petroleum gas are being moved for
reasons other than supply
Documents and Devices to be carried by a person-in-charge of a conveyance
(1) The person in charge of a conveyance shall carry –
(a) The invoice or bill of supply or delivery challan, as the case may be; and
(b) A copy of the e-way bill in physical form or the e-way bill number in electronic
form or mapped to a Radio Frequency Identification Device embedded on to the
conveyance in such manner as may be notified by the Commissioner
(c) Provided further that in case of imported goods, the person in charge of a
conveyance shall also carry a copy of the bill of entry filed by the importer of
such goods and shall indicate the number and date of the bill of entry in Part A
of FORM GST EWB-01.
Facility for uploading information regarding detention of vehicle
Where a vehicle has been intercepted and detained for a period exceeding thirty minutes, the
transporter may upload the said information in FORM GST EWB-04 on the common portal.
Restriction on Furnishing of information in PART A of FORM GST EWB 01
(Note: As per notification No. 36/2019, Rule 138(9) is will be applicable from 21.11.2019)
No person shall be allowed to furnish the information in PART A of FORM GST EWB 01
in respect of a registered person, whether as a supplier or a recipient, who –
(a) being a person paying tax under Composition scheme and has not furnished the
statement in FORM GST CMP-08 for two consecutive quarters; or
(b) being a person other than a person specified in clause (a), has not furnished the
returns for a consecutive period of two months:
Penalties for not complying E – Way Bill provision

22
Section 122 of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Penalty for
Certain Offences”, are as under:
(1) Where a taxable person who –
(xiv) Transports any taxable goods without the cover of documents as may be specified in
this behalf;
he shall be liable to pay a penalty of ten thousand rupees or an amount equivalent to the tax
evaded whichever is higher.
Section 129
Detention, Seizure and Release of Goods and Conveyances in Transit
(1) Where any person transports any goods or stores any goods while they are in transit in
contravention of the provisions of this Act or the rules made thereunder, all such
goods and conveyance used as a means of transport for carrying the said goods and
documents relating to such goods and conveyance shall be liable to detention or
seizure and after detention or seizure, shall be released;
(a) On payment of the applicable tax and penalty equal to 100% of the tax payable
on such goods and, in case of exempted goods, on payment of an amount equal
to 2% of the value of goods or twenty-five thousand rupees, whichever is less,
where the owner of the goods comes forward for payment of such tax and
penalty;
(b) On payment of the applicable tax and penalty equal to the 50% of the value of the
goods reduced by the tax amount paid thereon and in case of exempted goods,
on payment of an amount equal to 5% of the value of goods or twenty-five
thousand rupees, whichever is less, where the owner of the goods does not come
forward for payment of such tax and penalty.
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23
Assessment and Taxation of Companies under Income Tax Act, 1961
Sumit Bansal, FCA & Insolvency Professional,
Co-Convener, Newsletter Group- BVSS
There has been progressive change in the taxation of companies in the last 4 years. Notably on
20th
Sep 2019, the Union Finance Minister reduced the corporate tax rate dramatically and
unexpectedly by almost 10 percentage points to 25.17 per cent to bring them at par with Asian
rivals such as China and South Korea. The India BSE Sensex vaulted 1,921 points within hours
of announcement. Budget 2020 has taken yet another step to abolish Dividend Distribution Tax.
The present article seeks to summarize extant provisions on Assessment and Taxation of
Companies covering various relevant aspects briefly.
Common Provisions for Taxation of All Companies
1. Rate of Tax on Company
WEF FY 17-18, domestic companies if total turnover or gross receipts of FY 15-16 does
not exceed 50 crores – tax rate 25%. WEF FY 18-19, FY 16-17 t/o upto 250 crores, tax rate
is 25%. This turnover would be seen without including excise duty.
WEF AY 2020-21
 Companies whose turnover in previous year 2017-18 did not exceed ` 400 crores were
liable to pay tax at 25% plus surcharge and health and education cess as applicable.
 Domestic companies whose turnover exceeded ` 400 crores in previous year 2017-18
were liable to pay tax at 30% plus surcharge and health and education cess as
applicable.

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 Further, there is another section 115BA that provide an option to pay tax at concessional
rate of 25% to domestic companies set up and registered on or after 31st March 2016
that are engaged solely in the business of manufacturing or production of any article
or thing and research in relation to, or distribution of such article or thing
manufactured or produced by it. Under this provision, option to pay concessional rate
of tax of 25 percent is available irrespective of the turnover of the company but with
the condition that such company will not claim any exemption/incentive.
 The Taxation Laws (Amendment) Ordinance, 2019 has inserted a new section 115BAA
in the Income-tax Act, to provide an option to all domestic companies to pay tax at
concessional rate of 22% with fixed surcharge of 10% and health and education cess
of 4%. Thus, the effective tax rate for domestic companies will be 25.17%. There is
no condition/limitation on account of turnover, whether such company is engaged in
manufacturing or not, the type of business or activity of the company or the date
when the company was incorporated. Thus, all existing as well new domestic
companies are eligible to avail this concessional rate.
 115BAB (17.16%): A new company needs to be incorporated so that its date of
registration is also on or after 1st October, 2019 and such company needs to
commence manufacturing on or before 31st March, 2023. Further, such company
cannot be formed by splitting up or reconstruction of a business already in existence.
Also, such companies cannot use any machinery or plant previously used for any
purpose. However, a company may use previously used plant and machinery as long
as its value does not exceed 20% of the total value of the plant and machinery of the
company.
The companies having opted for concessional rate of 22% under newly inserted section 115BAA
or 15% under newly inserted section 115BAB will have an additional benefit as there will be no
liability to pay minimum alternate tax (MAT) under section 115JB.
2. Sec 115JB (MAT):
In case of company (domestic or foreign), if the income tax payable on the total income
computed under the IT Act, 1961 is less than 18.5% of its book profit, such book profit
shall be deemed to be the total income of the assessee and the tax payable by the assessee
on such total income shall be the amount of income tax @ 18.5% (add surcharge, if
applicable + cess @3% on the sum of income tax & surcharge). Extra tax so paid can be
c/f& taken credit in the next 15 years. Also the amount of loss brought forward or
unabsorbed depreciation whichever is less as per books to be reduced from book profit. For
this loss shall not include depreciation. If the amount of loss brought forward or
unabsorbed depreciation is nil then nothing shall be deducted under this clause.

25
MAT calculation certificate has to be given in Form 29B in the year in which MAT is
applicable. And Form 29B must be filed before filing of ITR.
3. Dividend Distribution Tax [Sec 115-O]:
 Budget 2020: The domestic company or mutual funds are not required to pay any DDT.
Further TDS on dividend introduced u/s 194 @ 10% wherever dividend exceeds
5,000.
 The dividend would be taxed in the hands of the recipient as regular income.
4. Buyback of shares is excluded from the definition of dividend u/s 2(22).Buyback of
unlisted shares has been made taxable in company hand at 20% +sch12% +cess4%
i.e.23.296% [under Finance Act, 2013– Sec 115QA] on amount paid in excess of amount
received on issue of such shares. No deduction under any other provision of this Act shall
be allowed to the company or a shareholder in respect of the income which has been so
charged to tax. Further such receipt shall remain tax free in shareholder hands u/s 10(34A).
WEF 05.07.19, this provision has been extended to listed shares buyback also.
5. Sec 35D: Amortization of preliminary expenses – 5 years (maximum 5% of the cost of
the project or capital employed). Fess for increase in share capital is not fees for
registration of a company and hence are not amortizable.SC has in Brooke Bond India Ltd
(1997) 225 ITR 798 (SC) held that expenditure incurred by a company in connection with
issue of shares with a view to increase its share capital is directly related to the expansion
of its capital base, and therefore it constitutes capital expenditure. On the other hand, the
issue of bonus shares does not result in inflow of fresh funds or increase in the capital
employed. Hence SC allowed expenditure incurred in connection with the issue of bonus
shares as revenue expenditure in General Insurance Corporation (2006) 286 ITR 232.
However, expenditure incurred to increase the authorized capital is a capital expenditure,
which is not allowed as deduction.
Special Provisions for taxation of Closely Held Company (Company in which public are
not substantially interested as defined u/s 2(18):
1. Carry forward and set off of losses [Sec 79]:
A closely held company shall be entitled to the benefit of carry forward and set off any
earlier year’s losses in the following previous year only if on the last day of the previous
year shares carrying not less than 51% of the total voting power are beneficially held by
persons who beneficially held those shares on the last day of the previous year in which
such loss was incurred. Exceptions where change in shareholding takes place: -

26
 On account of death of a shareholder or gift to any relative.
 Pursuant to a resolution plan approved under IBC
2. Shares issued for a consideration more than the FMV [Sec 56(2)(viib)]:
Where a closely held company issues any shares at a premium to a resident, then so much
of the consideration as exceeds the FMV shall be added to income. Issue of shares to
following not covered: non-resident, foreign company, venture capital.
3. Liability of Directors of Private Company [Sec 179]:
Sec 179 brings out the following conditions to be satisfied cumulatively: (i) the AO has to
be conclude that it no longer possible to recover the Tax from the Pvt ltd company; and (ii)
the directors against whom the recovery proceedings are proposed u/s 179 must have failed
to show that the non-recovery of tax demand from the company was not attributable or due
to any misfeasance/ gross neglect / breach of trust committed by such directors with regard
to the affairs of the company.
4. Proviso 1 to Sec 68
The source of application money of the applicant to be satisfactorily explained – otherwise
such amount shall be deemed to be income of closely held company.
5. Deemed Dividend [Sec 2(22)(e)]:
Any payment, by a closely held company, of any sum by way of advance or loan, to the
extent of accumulated profits (excluding capitalized profits) to
i)An equity shareholder, who is beneficial owner of not less than 10% of the voting power
(on the date the advance of loan is given to him).
ii) Any concern in which above shareholder is a member or a partner and in which he
has a substantial interest (beneficially owning >20% at any time during the previous
year); or
iii) Any person, on behalf of or for the individual benefit of the shareholder mentioned in
i) above.
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27
Refex Industries Ltd – Interest on Delayed payment of Tax
Interest on delayed payment of tax whether payable on gross amount or net
amount?
Authored By: Shuchi Agrawal and Shreya Aggarwal, ALA Legal, Advocates & Solicitors
Post implementation of GST there was a constant dispute regarding the amount on which
interest under Section 50 of the Central Goods and Services Tax Act, 2017 (hereinafter referred
to as “the Act”) would be computed. The Department was of the view that, the interest liability
shall accrue on the whole amount of output tax, in case of delay in payment of tax, including the
amount of output tax paid using the Input tax credit. However, the industry was arguing that the
interest liability shall arise only in respect of that portion of output tax which is being paid by
cash. It was very harsh and unreasonable to ask for the interest on that portion of output tax that
is being paid from the Input tax credit. The said dispute is explained with the help of the
following example:
Suppose the output tax liability of an assessee for the month of September is Rs. 10,000.
The balance of ITC in the e-credit ledger of the assessee as on 30.09.2019 is Rs. 8,000. Thus,
after utilizing ITC, the balance of Rs. 2,000 will have to be paid in cash through the e-cash
ledger. The due date of filing of return for the month of September is the 20th
of October.
However, the assessee has filed its return belatedly on 10th
November. The issue in the given case
is whether the interest under Section 50 on the delayed payment of tax will be paid on Rs. 10,000
(total output tax) or Rs. 2,000 (output tax paid using cash).
In order to understand the dispute, it is imperative to understand Section 50 of the
Act.Section 50 of the Act as applicable is reproduced below:
50. Interest on delayed payment of tax.
“(1) Every person liable to pay tax in accordance with the provisions of this Act or the
rules made there under, but fails to pay the tax or any part thereof to the Government
within the period prescribed, shall for the period for which the tax or any part thereof
remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per
cent, as may be notified by the Government on the recommendations of the Council.
(2) The interest under sub-section (1) shall be calculated, in such manner as may be
prescribed, from the succeeding the day on which such tax was due to be paid.(3) A
taxable person who makes an undue or excess claim of input tax credit under sub-

28
section (10) of section 42 or undue or excess reduction in output tax liability under
sub-section (10) of section 43, shall pay interest on such undue or excess claim or on
such undue or excess reduction, as the case may be, at such rate not exceeding
twenty-four per cent., as may be notified by the Government on the recommendations
of the Council.”
From the bare perusal of the above reproduced provision it is clear that interest shall be
paid suo moto by the assessee in case of failure to pay tax or part thereof within the prescribed
period at a rate prescribed by the Central Government. Notification No. 13/2017-CT dated 28th
June 2017has been issued by the Government of India prescribing 18% rate of interest in respect
of Section 50(1) of the Act. Similar Notifications were issued in UTGST and IGST.
While computing the interest under Section 50 of the Act the major dispute arose with
respect to the amount on which the interest is to be computed. An assessee pays tax either by
way of utilizing his input credit available in the e-credit ledger or by way of cash through the
use of e-cash ledger. Ideally, in our view the interest should be charged on the amount of tax net
of the input credit existing in the e-credit ledger of the assessee. However, the department has
been issuing notices to the taxpayers to calculate the interest on the gross liability of tax (i.e.
including the amount of output tax paid using ITC). Assesses have challenged the said notices
issued by the Department before various High Courts. The Hon’ble High Court of Telangana in
the case of Megha Engineering & Infrastructures Ltd. V Commr of C.T., Hyderabad [2019
(26) G.S.T.L. 183 (Telangana)] held that the interest charged on the gross liability of tax cannot
be found fault with as there is no provision in the law prohibiting the same. The Court said “But
unfortunately, the recommendations of the GST council are still on paper. Therefore we cannot
interpret Section 50 in the light of the proposed amendment…the claim made by the respondents
for interest on the ITC portion of the tax cannot be found fault with. Hence, the writ petition is
dismissed”. Thus, the said judgment of the Hon’ble High Court of Telangana has added fire to
the much disputed subject. However, the said order of the Hon’ble High Court has been stayed
by its Division Bench in the matter of Megha Engineering with W.P.N. 44517 of 2018. The
Court has also admitted the review petition and opened the case for rehearing.
To bring clarity on the subject and to bring to rest the underlying dispute the GST Council
in its 31st
Meeting held on 22nd
December, 2018vide the Agenda Item No. 7(x)(x)recommended
that “…the interest would be charged on the delayed payment of the amount payable through the
electronic cash ledger”. Thus, the GST Council recommended that the interest under Section 50
should be charged on net tax and not on that portion of the output tax which is being paid using
ITC. In accordance with the recommendation of the GST Council, the Central Government
proposed an amendment in Section 50 of the CGST Act vide Finance Act (No. 2) of 2019
(hereinafter referred to “Finance Act, 2019”). As per Section 100 of the Finance (No. 2) Act,
2019 the following proviso is inserted in Section 50(1) of the CGST Act:

29
“Provided that the interest on tax payable in respect of supplies made during a tax period
and declared in the return for the said period furnished after the due date in accordance with the
provisions of section 39, except where such return is furnished after commencement of any
proceedings under section 73 or section 74 in respect of the said period, shall be levied on that
portion of the tax that is paid by debiting the electronic cash ledger.”
As per the said proviso, the interest in cases where the tax return has been furnished after
the due date (but furnished before commencement of proceedings under Section 73 or Section
74) shall be levied on that portion of the output tax which is being paid by debiting the electronic
cash ledger. This means that as per the said proviso the interest liability shall not arise on that
portion of the output tax liability which is paid using the ITC available in the electronic credit
ledger.
However, it is important to note that the said amendment has not been made effective till
today i.e. 25.02.2020.Thus, although the said amendment has been incorporated in the Finance
Act, 2019 but it is still not operational.
Recently the Hon’ble High Court of Madras in case of Refex Industries Ltd. has delivered
its judgment on the issue at hand. The legal issue that was agitated before the Hon’ble High
Court of Madras was whether interest would at all be payable on the component of ITC that was,
admittedly, available with the Department throughout and that has been adjusted towards the tax
demands for the period August, 2017 to March, 2018.
The Hon’ble Court held that interest under Section 50 would be levied on a belated cash
payment but not on ITC available all the while with the Department to the credit of the assessee.
The Hon’ble Court further held the following:
1. On the perusal of Section 50, it is observed that the section provides for interest on
‘belated’ or ‘delayed’ payment of tax and such levy is 'automatic', and is intended to
compensate the revenue for the remittance of tax belatedly and beyond the time
frames permitted under law.
2. The use of the word 'delayed' connotes a situation of deprival, where the State has
been deprived of the funds representing tax component till the time the Return is filed
accompanied by the remittance of tax.
3. Section 50 which is specifically intended to apply to a state of deprival cannot apply
in a situation where the State is possessed of sufficient funds (by way of ITC) to the
credit of the assessee. Thus, the ITC available is neither ‘belated’ nor ‘delayed’.

30
4. The Hon’ble Judge relied on the recent amendment (brought in by Finance Act 2019)
in Section 50(1) by virtue of which the interest would be levied only on that part of
the tax which is paid by cash.
5. The Court even held that the said amendment was made to correct an anomaly in the
provision as it inserted prior to such insertion and thus, be read as a clarification and
operate retrospectively.
6. The Hon’ble High Court distinguished the Judgment of Madras High Court in the
case of Megha Engineering and Infrastructures Ltd., for the reason that at the time of
the said judgment the amendment brought in Section 50(1) was only at the stage of
press release by the Ministry of Finance.
7. Accordingly, the Hon’ble High Court quashed the Notices issued by the Department
asking for the interest on the gross amount of tax paid by the petitioners.
Additionally, an order of stay was given by the High Court of Gujarat, in a similar case of
M/s Amar Cars Private Limited[R/SCA No. 4025 of 2020]ordering the respondents in the case
to not take any coercive steps for recovering the amount of interest.
Thus, on the basis of the above discussion it can be concluded that the interest on the
delayed payment of tax is payable on the net amount of tax liability and not the gross amount.
Even the legislature is of the similar view which is evident from the recent amendment proposed
in Section 50(1) of the CGST Act. Reliance in this regard can also be placed on the judgement in
case of Refex Industries Ltd. supra.
Here it is pertinent to note that in the recent Circular issued by the CBIC, F. No. CBEC-
20/16/07/2020-GST dated 10th
February, 2020, where in the Principal Chief Commissioner/Chief
Commissioner are ordered to make recoveries of interest on the entire amount of tax, including
tax liability paid using ITC under the recovery provision of the CGST Act. The said Circular is
contrary to the recommendations given in the GST Council’s meeting and also the proposed
amendment made by the Central Government in Section 50 of the Act. This Circular implies that
the intention of the administration is to levy interest on the gross amount, which seems to be
incorrect and prejudicial to the taxpayers.
As mentioned above, we are of the view that the interest is liable to be paid on the net tax
i.e. the amount of tax paid using cash. In this regard, it is suggested that to mitigate the risk of
litigations and the claims of the department regarding concealment of facts in the future, the
assesses should file a letter to the department clearly stating the view taken by them for the
calculation of interest and the reasons for taking such view. Given the effect of this issue on the
industry at large, and to avoid excessive litigation leading to blockage of funds of business, it is

31
hoped that the Government notifies the proviso to Section 50(1) at the earliest and with
retrospective applicability.
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32
Forensic – Forgery
CA Sandeep Sharma
Introduction
As many as 649 vigilance cases were registered by CBI and 4246 by state/UTs during
2013 under the Prevention of Corruption Act. About 5.45 crore Indian bank notes and 2.10
crore foreign currency were seized in cases falling under FERA (Foreign Exchange
Regulation Act) and FEMA (Foreign Exchange Management Act) related to money
laundering. There has been enormous about 350% increase in the number of searches and
raids during 2013 than in 2012 as per the NCRB (National Crime Records Bureau)
Annual Report 2013, which was published in 2014.
Forgeries – Meaning
As per Cambridge dictionary “Forgeries means an illegal copy of a document, painting, etc. or
the crime of making such illegal copies.
Forgery is a criminal act that takes place when a person falsifies something with the intent to deceive
another person or entity.
Elements of Forgery
In order for the judicial system to charge a person with forgery, certain elements or
factor must be in place. If one or more of the elements is missing, it can result in different
charges.
1.Making, Altering, Using or Possessing a Forged Item
In forgery cases, the individual must have made, altered, used or possessed a false
writing at some point in time. This is not just limited to writing letters or documents
as altering existing documents is also forgery if it is done in an attempt to gain or
deceive another person. This includes changing or adding the signature on a
document, but also includes deleting it. Using or possessing the false writing is also
considered forgery, though some states consider it “uttering a false writing.”
2.Legal Efficacy
Not every altered document or letter falls within the bounds of forgery. In order an
altered document to be subject to forgery laws, the false writing must has legal
significance. This includes, but is not limited to:

33
 Government issued identification
 Deeds
 Conveyances
 Cheques
 Stock certificates
 Patents
 Wills
 Prescriptions
 Other medical documents
3.Material Alteration
In order for the writing to fall under the definition of false, the material included must have
been fabricated or altered significantly in order to represent something it is actually not. For
example, if a person changes the will of another person to benefit himself, it is considered
forgery.
4.With the Intent to Defraud
Simply falsifying a letter or document does not constitute forgery unless the person does so
in attempt to defraud a person or entity. Under this element, simply possessing a forged
document does not constitute forgery if the person with possession does not know that the
document it false. For example, if you were to receive a check for a car you sold and the
check was forged, you would not be held criminally liable unless you knew that the check
had been falsified. If you knew that the check was forged, this constitutes fraud in many
states.
Types of Forgery
New age Forgery- Computer Forgery and Counterfeiting
Offences of computer forgery and counterfeiting have become rampant as it is very easy to
counterfeit a document like birth certificate and use the same to perpetuate any crime. The
authenticity of electronic documents hence needs to be safeguarded by making forgery with the
help of computers abs explicit offence punishable by law.
When a perpetrator alters documents stored in computerized form, the crime committed
may be forgery. In this instance, computer systems are the target of criminal activity. Computers,
however, can also be used as instruments with which to commit forgery. A new generation of
fraudulent alteration or counterfeiting emerged when computerized color laser copiers became
available. These copiers are capable of high-resolution copying, modification of documents, and
even the creation of false documents without benefit of an original, and they produce documents
whose quality is indistinguishable from that of authentic documents except by an expert.

34
These schemes take very little computer knowledge to perpetrate. Counterfeit checks,
invoices and stationery can be produced using scanners, color printers, and graphics software.
Such forgeries are difficult to detect for the untrained eye. It is relatively easy to scan a logo into
a computer system and go from there.
There is a wide range of documents that can be forged, but some are more common than
others.
Some of the most types of forgery involve signatures and prescriptions.
Signature Forgery
Signature Forgery is the act of replicating another person’s signature. In signature forgery
cases, criminals use many methods, including tracing. When examining a document that is
suspected of being falsified, there are experts that can examine the signature to determine if it is
indeed forged. Some common signs of forged signatures include:
 Shaky handwriting
 Signs of retouching
 Size of signature
 Pens lifts
Prescription Forgery
Prescription forgery is a serious criminal offense and involves forging a doctor’s signature
or the entire prescription in order to gain prescription medications, namely controlled substances.
Since prescription forgery is becoming more and more common, some pharmacies contact the
doctor that allegedly prescribed the medication before filling it.
Art Forgery
Art forgery consists of taking a piece of art and adding an artist’s name in order to pass it
off as a genuine piece. A person can create the art piece themselves and add a false signature, or
they can use an existing piece and add the signature. Art forgery can result in serious charges if
the art is sold for a large amount of money.
Federal Forgery
Most commonly, forgery is charged and prosecuted at the state level; however, certain
types of forgery are considered federal forgery crimes. This includes, but is not limited to:
 Changing or altering government issued identification
 Changing or altering other documents in attempt to steal another’s identity

35
 Changing or altering military issue documents
 Changing or altering immigration documents
 Changing or altering any other items in attempt to defraud the federal government
A person can also be subject to federal forgery charges if they mail, or carry a falsified
writing across state, or international borders. The same is also true if a person has been found to
commit forgery in multiple states.
Further Forgeries in signatures can be classified into the following general categories:
(i)Simple Forgery: Where signatures of fictitious person/non existing person are written by
the forger in his own style of writing. There is no physical or mental model of the
signature before the forger. These are freely written signatures with no signs of
imitation. The forger canal ways be identified in such cases.
(ii)Forgery by Tracing: Where genuine signature is used as model for tracing purpose.
There is evidence of outlines, indentations, hesitations and retouching in signatures.
In such cases, the forger cannot be identified as tracing is drawing and does not reflect
writing habits of the forger.
(iii) Simulated or Copied Forgery: In this type of forgery, accused person practice a
number of times by looking at the model signature and copying the model. The
authorship of such signatures can be fixed in some cases depending upon extent of
imitation and disguise by the forger and presence of individual writing features of the
forger in the forgery.
(iv) Forgery by Trickery or by Using Built-up Documents or Digital Forgery: Where
the genuine signature is normally used and is either transplanted using photocopier,
scanner and colour laser printer or lifting the genuine signature written over revenue
stamp or addition of a text over genuine signature altering the meaning, value or
importance of the document considerably, the signatures are normally genuine.
Intersection of signature and writing/typewriting also reveal the sequence of strokes
indicating which one (out of the two) was written first and thereby determining
genuineness or otherwise nature of the document.
The transplanted signatures obtained by using photo copier, scanner and colour
laser printer
canbeidentifiedbyconductingspottestsi.e.therewillbenoindentationmarksonthereverse
of the document, no penetration of ink or pressure marks can be expected in the
paper, when viewed in strong light at different angles show presence of toner and
normally the ink (toner) is not soluble in water. The ink signatures can always be
differentiated from computer generated and printed signatures by microscopic

36
examination.
Relevant Sections under the IPC
1.Section 29 of the Indian Penal Code ‘Document’—The word ‘document’ denotes any
matter expressed or described upon any substance by means of letters, figures, or
marks, or by more than one of those means, intended to be used, or which may be
used, as evidence of that matter.
Explanation 1.—It is immaterial by what means or upon what substance the letters, figures
or marks are formed, or whether the evidence is intended for, or may be used in, a court of
justice, or not.
2.Section 120 Bin the Indian Penal Code: Punishment of criminal conspiracy—
(i) Whoever is a party to a criminal conspiracy to commit an offence punishable with
death, [imprisonment for life] or rigorous imprisonment for a term of two years
or upwards, shall, where no express provision is made in this Code for the
punishment of such a conspiracy, be punished in the same manner as if he had
abetted such offence.
(ii) Whoever is a party to a criminal conspiracy other than a criminal conspiracy to
commit an offence punishable as aforesaid shall be punished with imprisonment
of either description for a term not exceeding six months, or with fine or with
both.
3.Section 407 in the Indian Penal Code: Criminal breach of trust by carrier, etc.—
Whoever, being entrusted with property as a carrier, wharfinger or warehouse-keeper,
commits criminal breach of trust in respect of such property, shall be punished with
imprisonment of either description for a term which may extend to seven years, and
shall also beliable to fine.
4.Section 408 in the Indian Penal Code: Criminal breach of trust by clerk or servant—
Whoever, being a clerk or servant or employed as a clerk or servant, and being in any
manner entrusted in such capacity with property, or with any dominion over property,
commits criminal breach of trust in respect of that property, shall be punished with
imprisonment of either
descriptionforatermwhichmayextendtosevenyears,andshallalsobeliabletofine.
5.Section 417 in the Indian Penal Code: Punishment for cheating—

37
Whoever cheats shall be punished with imprisonment of either description for a term
which may extend to one year, or with fine, or with both.
6.Section 418 in the Indian Penal Code: Cheating with knowledge that wrongful loss may ensue to
person whose interest offender is bound to protect—
Whoever cheats with the knowledge that he is likely thereby to cause wrongful loss to
a person whose interest in the transaction to which the cheating relates, he was
bound, either by law, or by a legal contract, to protect, shall be punished with
imprisonment of either description for a term which may extend to three years, or
with fine, or with both.
7.Section 420 in the Indian Penal Code: Cheating and dishonestly inducing delivery of property—
Whoever cheats and thereby dishonestly induces the person deceived to deliver
any property to any person, or to make, alter or destroy the whole or any part of a
valuable security, or anything which is signed or sealed, and which is capable of
being converted into a valuable security, shall be punished with imprisonment of
either description for a term which may extend to seven years, and shall also
beliable to fine.
8.Section 463 in the Indian Penal Code: Forgery—
Whoever makes any false documents or false electronic record or part of a document
or electronic record, with intent to cause damage or injury, to the public or to any
person, or to support any claim or title, or to cause any person to part with property,
or to enter into any express or implied contract, or with intent to commit fraud or that
fraud may be committed, commits forgery.
9.Section 465 in the Indian Penal Code: Punishment for forgery—
Whoever commits forgery shall be punished with imprisonment of either description
for a term which may extend to two years, or with fine, or with both.
10. Section 467 in the Indian Penal Code: Forgery of valuable security, will, etc.—
Whoever forges a document which purports to be a valuable security or a will, or an
authority to adoptason, or which purports to give authority to any person to make or
transfer any valuable security, or to receive the principal, interest or dividends
thereon, or to receive or deliver any money, movable property, or valuable security,
or any document purporting to be an acquaintance or receipt acknowledging the
payment of money, or an a quittance or receipt for the delivery of any movable
property or valuable security, shall be punished with imprisonment for life, or with

38
imprisonment of either description for a term which may extend to ten years, and
shall also beliable to fine.
11. Section 468 in the Indian Penal Code: Forgery for purpose of cheating—
Whoever commits forgery, intending that the document or electronic record forged
shall be used for the purpose of cheating, shall be punished with imprisonment of
either description for a term which may extend to seven years, and shall also
beliable to fine.
12. Section 469 in the Indian Penal Code: Forgery for purpose of harming reputation—
Whoever commits forgery, intending that the document or electronic record forged
shall harm the reputation of any party, or knowing that it is likely to be used for that
purpose, shall be punished with imprisonment of either description for a term which
may extend to three years, and shall also be liable to fine.
13. Section 470 in the Indian Penal Code: Forged document or electronic record—
A false document or electronic record made wholly or in part by forgery is designated
‘a forged document or electronic record’.
14. Section 471 in the Indian Penal Code: Using as genuine a forged document or electronic record—
Whoever fraudulently or dishonestly uses as genuine any document or electronic
record which he knows or has reason to believe to be a forged document or
electronic record shall be punished in the same manner as if he had forged such
document or electronic record.
15. Section 472 in the Indian Penal Code: Making or possessing counterfeit seal, etc., with intent to
commit forgery punishable under section 467—
Whoever makes or counterfeits any seal, plate or other instrument for making an
impression, intending that the same shall be used for the purpose of committing any
forgery which would be punishable under section 467 of this Code, or, with such
intent, has in his possession any such seal, plate or other instrument, knowing the
same to be counterfeit, shall be punished with imprisonment for life, or with
imprisonment of either description for a term which may extend to seven years, and
shall also be liable to fine.
16. Section 473 in the Indian Penal Code: Making or possessing counterfeit seal, etc., with intent to
commit forgery punishable otherwise—
Whoever makes or counterfeit any seal, plate or other instrument for making an impression, intending

39
that the same shall be used for the purpose of committing any forgery which would be punishable
under any section of this chapter other than section 467, or, with such intent, has in his possession
any such seal, plate or other instrument, knowing the same to be counterfeit, shall be punished with
imprisonment of either description for a term which may extend to seven years, and shall also be
liable to fine.
17. Section 489 in the Indian Penal Code 489(A-E).Tampering with property mark with intent to
cause injury—
Whoever removes, destroys, defaces or adds to any property mark, intending or knowing it to be likely
that he may thereby cause injury to any person, shall be punished with imprisonment of either
description for a term which may extend to one year, or with fine, or with both.
18. Section 489A. Counterfeiting currency-notes or bank notes—
Whoever counter feits, or knowingly performs any part of the process of counterfeiting, any currency
note or bank note, shall be punished with imprisonment for life, or with imprisonment of either
description for a term which may extend to ten years, and shall also beliable to fine.
General Procedure for preservation of information and collection of evidence for
comparison:
(i)Examine paper quality and printing (if any) of the suspected document. If the same does
not appear original, seize it. Examine the text of the document and see that the
writings and signatures in it are original or photocopied or scanned or have been
obtained through tricks.
(ii)It is possible that some lines or words or even letters are subsequently added, deleted,
erased or obliterated from original text changing the meaning/value of the original
document considerably. IO must look for such evidence.
(iii) Abnormal size and colour of paper, location of text and signatures, anachronistic
features in the document should be carefully examined by IO.
(iv) Any feature suggestive of care and attention, slow and drawn signatures, re -touching,
overwriting, presence of hesitations and tremors in signatures should be examined for
forged signatures by IO.
(v)Features suggesting transplantation of signatures or signatures obtained by trickery are to
be examined in a suspected document.
(vi) Any feature suggestive of carelessness in its production, however, show sign of
genuineness.
(vii) If a relevant document show alteration in letters, words, lines, figures changing the

40
value or importance, it should be seized. All suspected documents should be
photographed /photocopied on, as is where is basis.
(viii) Personal diary, children’s exercise books should be collected for practiced forgery.
Newspapers and their cuttings may also be collected from crime scene and sealed in
separate envelope as admittedly genuine writings/ signatures for proving simulated
forgery in some cases. Forgers generally use these materials for practice.
(ix) In case of mechanically printed or duplicate documents, the suspect device itself
should be submitted. If it is not possible to submit the device, at least 20–30 standard
samples according to the questioned document along with entire range of alphabets,
numerals and special characters should be obtained and sent for examination. If the
suspected device has a number of settings, standards of comparable text of each
setting be obtained and sent to laboratory.
(x)Rubber stamps, writing instruments, inkpots, carbon paper, etc., if found at crime scene
should be sealed separately in envelope with full case details.
(xi) Lamination of document should not be done. Alternatively the documents may be
kept in plastic covers.
Do’s and Don’ts procedure for preservation of information and collection of evidence for
comparison:
Sr. No. Do’s Don’t
1 Check quality of paper and printing
in a disputed document
Don’t ignore the inferior quality of
papers of important documents.
2 Look for abnormalities in text of the
documents
Don’t ignore alternations in documents.
3 Make the suspect comfortable while
obtaining sample writings
Do not threaten the accused at the time of
furnishing specimens
4 The specimen’s signatures should be
written in normal condition
Do not send disguised writing as
standards for comparison.

41
5 Documents should be marked at
appropriate place with color pencils
Do not mark with ball pen or point pen
etc and abruptly.
6 Every document at crime scene may
be useful and collected
Don’t miss to collect blank documents, it
may contain secret information.
Conclusion
With the advent of technology type of fraud involving forgery also evolve to new
dimension and it is throwing new challenge to forensic auditor to collect, analyze and prove its
occurrence and impact. But whatever may be mode of forgery be it physical or digital or
smoothing else, a forensic expert should concentrate to hisher BASICS which ultimately will led
to conclusion. In the whole paper I have tried to explain the meaning of forgery, its elements,
different type of forgery, provisions under IPC act , general procedure and dos & don’t. These
basics are very helpful to understand the case and carry out thorough investigation which will
ultimately lead to conclusion.
References
https://legaldictionary.net/forgery/
https://indiankanoon.org
NICF-Forensic guide for crime Investigators
Case Study-Cheque Fraud racket busted
The South District police on Tuesday claimed to have busted a pan-India cheque fraud
racket, allegedly headed by a man from the United States and run by, among others, a senior
manager of ABC Bank (ABC).
Five persons have been arrested in connection with the case so far. According to the police,
crores of rupees were fraudulently transferred from several accounts across the country using
cloned cheques.
The arrested persons include Mr. Das, a senior ABC manager from south Delhi’s Khanpur
branch; MR. G Kumar Goel, MR. AS Kumar Parashar, MR. A Singh and MR. S Sharma.
The matter came to light last month after the gang allegedly siphoned off ₹95 lakh from the
ABC account of a south Delhi-based non-government organisation and transferred it to an

42
account of the bank in Haryana’s Kurukshetra using a cloned cheque and forged signatures, said
Additional Deputy Commissioner of Police –I (South).
Modus operandi
According to the police, the bank employees first leaked all crucial account information —
from the account holders’ details, signatures and stamps to blank cheque leaflets.
The accused reprinted the cheques with the help of customised ink cartridges and graphic
designing software, with amount and account details of those who agreed to work on
commission.
Investigation
“The complainant still had the original cheque, a copy of which was used to transfer the
money to M/s Lucky Timber & Iron Store. The complainant also informed that the original
cheque bearing serial number 909671 had never been issued,” said the Police.
After taking up investigations, the police first traced MR. A, who allegedly carried the
cloned cheque to a ABC branch.
“He revealed that the cheque was given to him by one R Gupta and his associates. He
agreed to transfer the money in his account after they promised him a commission of ₹30 lakh
from ₹95 lakh. MR. A, however, didn’t know anything about Mr. R, except his car’s registration
number,” said the police.
All for a commission
The registration number helped the police track down the owner, MR. G.
Upon questioning, MR. G revealed that he had contacted MR. A while posing as Mr. R
.MR. G said one Mr. Chaudhary of Delhi, who is now in the U.S., had roped him in to arrange
for clients who took duplicate cheques for a commission.
-----------------------

43
Latest updates
Indirect taxes/ GST
Contributed by: CA. Sanjay Garg, Convenor, GST Group – BVSS
Amendments and updates in the Goods & Services Tax Act
(During the Month January - 2020)
Notifications, Circulars & Orders:
-----------------------
Central Tax Notifications:
1.01/2020-Central Tax, Dt. 01-01-2020
Seeks to bring into force certain provisions of the Finance (No. 2) Act, 2019 to amend the
CGST Act, 2017.
2.02/2020-Central Tax, Dt. 01-01-2020
Seeks to make amendment (2020) to CGST Rules.
3.03/2020-Central Tax, Dt. 01-01-2020
Seeks to amend the notification No. 62/2019-CT dt. 26.11.2019 to amend the transition plan
for the UTs of J&K and Ladakh.
4.04/2020-Central Tax, Dt. 10-01-2020
Seeks to extend the one-time amnesty scheme to file all FORM GSTR-1 from July 2017 to
November, 2019 till 17th January, 2020.
5.05/2020-Central Tax, Dt. 13-01-2020
Seeks to appoint Revisional Authority under CGST Act, 2017.
Central Tax Rate Notification:
1.No Notification issued in this month
Integrated Tax Notifications:
1.01/2020 - Integrated Tax (Rate), Dt. 01-01-2020

44
Seeks to further amend notification No.01/2017 - Integrated Tax (Rate), to change the rate of
GST on goods as per recommendations of the GST Council in its 38th Meeting.
Integrated Tax Rate Notifications:
Union Territory Notifications:
Union Tax Rate Notifications:
Central Tax Circulars:
1.131/1/2020 - Central Tax, Dt. 23-01-2020
Standard Operating Procedure (SOP) to be followed by exporters -reg.
Integrated Tax Circulars:
1.No Circulars issued in this month
Removal of Difficulty Order-Central Tax:
1.No ROD issued in this month
Removal of Difficulty Order-Union Territory:
1.No ROD issued in this month
Press Release:
The 2nd d National GST Conference of the Commissioners of State Tax and Chief Commissioners of
Central Tax was held on 7.1.2020 in Vigyan Bhawan, New Delhi under the chairmanship of Shri Ajay
Bhushan Pandey, Union Revenue Secretary;
As an outcome of in-depth deliberation, the following measures were decided for necessary action:
1.To constitute a Committee of Centre and State officers to examine and implement quick measures
in a given time frame to curb fraudulent refund claims including the inverted tax structure
refund claims and evasion of GST. The Committee will come 2 out with detailed SoP within
a week, which may be implemented across the country by January end.

45
2.Considering fraudulent IGST refund claims, it was explored to link foreign exchange remittances
with IGST refund for risky and new exporter.
3.All major cases of fake Input Tax Credit, export/import fraud and fraudulent refunds shall also be
compulsorily investigated by investigation wing of the Income Tax Department.
4.MoU would be signed among CBDT, CBIC and GSTN to exchange data through API, from
CBDT to GSTN and CBIC and vice-versa. It was decided that this data should be shared on
quarterly basis, instead of being shared on yearly basis.
5.To explore access to banking transactions including the bank account details by GST system, in
consultation with RBI and NPCI. It was also explored to make GST system aligned with FIU
for the purpose of getting bank account details and transactions and also PAN based banking
transaction.
6.To share data of cases involving evasion and fraudulent refund detected by CBIC with CBDT and
vice versa, so that proper profiling of these fraudsters could also be done.
7.It was also explored to provide for that there should be single bank account for foreign remittance
receipt and refund disbursement.
8.A self-assessment declaration to be prescribed by suitable amendments in GSTR Forms in case of
closure of businesses.
9.To undertake verification of unmatched Input Tax Credit availed by taxpayers.
GST Case Law Updates:
1. Case of Precot Meridian VsVs CC reported in 2020-TIOL29-HC-MAD-GST
Facts
The assessee-company exports cotton. During the relevant period, the assessee exported cotton
through seven shipping bills and paid an amount towards IGST. The assessee claimed to have paid
such tax before making export, on account of which, it is liable to receive refund of input tax credit.
The assessee wrongly availed higher duty drawback, but later rectified the mistake by repaying the
same with interest and then sought refund of the IGST paid. The Revenue relied on Circular
No.37/2018 -Customs and rejected the refund claim on grounds that the assessee wrongly claimed
higher duty drawback and then suomotu reversed the same without sanction from the Department.
Hence having relinquished the right to receive refund of IGST, the assessee was not entitled for it -
The Revenue also claimed that the entire system is computerised and cannot be operated manually -
Thereby, once an exporter drew higher duty drawback, the system automatically scrolls out IGST
refund. Hence the present petition was filed, seeking that directions be issued to disburse the refund
amount.
Order of the High Court

46
Considering the findings of the Apex Court in Commissioner of Central Excise, Bolpur v. Ratan
Melting and Wire Industries it is clear that Circulars cannot prevail over the statute. Circulars are
issued only to clarify the statutory provision and it cannot alter or prevail over the statutory
provision. In such circumstances, it is clear that the explanation of provisions of drawback has
nothing to do with the IGST refund. Hence, Circular No.37/18-Customs, dated 09.10.2018 is not
applicable in the present case. Hence the Revenue is directed to refund the amount of IGST paid by
the assessee for the goods exported from India which are zero rated supplies, within a period of six
weeks from receipt of a copy of this order:
Advance Ruling Updates:
1. Karnataka Appellate Authority Advance Ruling Order No. KAR/AAAR-11/2019-20,
Dated 31st
January, 2020
M/s Pattabi Enterprises
(i) Whether 'Access Card' printed and supplied by the Appellant based on the contents provided
by their customers is rightly classifiable under HSN code 4901 10 20 under the description
brochures, leaflets and similar printed matter whether or not in single sheet?
(ii) Whether 'Access card' printed and supplied by the appellant based on the contents provided
by their customers attracts GST rate of 5% in case of IGST and 2.5% CGST and 2.5% SGST
in case of Intra state supplies HELD BY AAR the supply of 'access cards", and similar
material printed by the applicant with the contents supplied by the recipient of supply are
classifiable as a supply of service under SAC 9989 and liable to tax under CGST at 9%,
KGST at 9% and at 18% under the IGST Act.
HELD
(i) The 'Access Card' printed and supplied by the Appellant based on the contents provided by
their customers is a supply of goods and is rightly classifiable under HSN code 4901 10 20
under the description brochures, leaflets and similar printed matter whether or not in single
sheet.
(ii) The 'Access card' printed and supplied by the appellant attracts GST rate of 5% in case of
inter-state supplies and 2.5% CGST and 2.5% SGST in case of Intra state supplies vide SI.No
201 of Schedule.
2. Maharashtra Appellate Authority Advance Ruling Order No. Mah/Aaar/Ss-
Rj/20/2019-20, Dated 11th December, 2019
Rotary Club of Mumbai Nariman Point
Whether contributions from the members in the Administration Account, recovered for expending
the same for the weekly and other meetings and other petty administrative expenses incurred

47
including the expenses for the location and light refreshments, amounts to or results in a supply,
within the meaning of supply?
HELD
Answered in the affirmative. It will be classified as supply of services (2) Whether the applicant
would be a Taxable Person under the provisions of the Act HELD Answered in the affirmative (3)
Whether the said collection of funds under common pool and spending back on the same said
contributors, would entail 'supply' as defined in the law. HELD BY AAR Answered in the
affirmative. It will be classified as supply of services HELD BY AAAR that the amount collected
as membership subscription and admission fees from members is not liable to GST as supply of
services
GST Portal Updates:
1. No GST Portal Updates made during this Month
-----------------------

48
BVSS Programmes [glimpses]
-----------------------

49
EXECUTIVE
Advisory Board
S.No. Name Designation Mobile E-Mail
1 Sh. Subhash Agrawal Chairman 9810080226 sca@smcindiaonline.com
2 Sh. Anil Sharma Member 9811320203 anil54@gmail.com
3 Sh. Anil Gupta Member 9811446688 anilgupta@guptasachdeva.
com
4 Sh. Avneesh Matta Member 9811052264 matta@ava-ca.com
5 Sh. Praveen Kant Member 9810054175 pkant123@yahoo.com
6 Sh. Mahesh Babu Gupta Member 9811226601 mahesh@mbgupta.com
7 Sh. Gopal Agrawal Member 9810019753 Gopal.agarwal@bjp.org
8 Sh. Baldev Raj Member 9312235173 brajca@gmail.com
9 Sh. Raj K. Agrawal Member 9810002906 raj@taxindia.net
10 Sh. Ashok Gadia Member 9891029293 akg@mewaruniversity.org
11 Sh. Ashok Singhal Member 9868406344 ashok.singhal122@gmail.c
om
12 Sh. Chandra Wadhwa Member 8800018190 wadhwafin@gmail.com
13 Sh. Satya Prakash
Mangal
Member 9818688200 sprakash89@gmail.com
14 Sh. Amarjeet Chopra Member 9810100299 ajc@gsa.net.in
15 Sh. Jai Prakash Gulati Member 9312262898 ca.jpgulati@gmail.com
16 Sh. G. P. Madaan Member 9810530312 gpm@madaanlaw.in
17 Sh. Sanjeev Singhal Member 9811565606 Sanjeevsinghalca1997@g
mail.com
Executive Board-2020
(A) Secretariat -2020
1 Sh. Rohit Vaswani President 9212005162 vaswanirohit@hotmail
.com
2 Sh. Vipan Aggarwal General
Secretary
9811066838 Vipagrawal2004@gm
ail.com
3 Sh. Sushil Gupta Organizing
Secretary
9811967800 sushil@samadhan.co.i
n
4 Sh. Sandeep Sharma Treasurer &
Secretary
9873286967 acasandeep@gmail.co
m

50
(Membership)
5 Sh. Naval Bajaj Secretary
(Communicati
on & Media)
9971110916 ca.navalbajaj@gmail.c
om
6 Sh. Maneesh Upneja Secretary
(Sponsorship)
9818570022 maneeshupneja@gmai
l.com
7 Sh. Manmohan Sharma Secretary
(Programs)
9810257197 manmohan@pdmco.in
8 Ms Binu Nanda Secretary
(Women
Wing)
9810508866 binunanda@hotmail.c
om
(B) BVSS Groups
I-Economic Think Tank
9 Sh. Raj K Agrawal Advisor 9810002906 raj@taxindia.net
10 Sh. Gopal Arora Convenor 9811012106 gopal1960@hotmail.com
11 Dr. S K Laroiya Co-Convenor 9810065444 laroiya.sk@gmail.com
12 Sh. S.L. Gupta Co-Convenor 9810770711 caslg59@yahoo.com
II-Corporate Governance
Group
13 Sh. Avneesh Matta Advisor 9811052264 matta@ava-ca.com
14 Sh. Rajiv Singh Convenor 9818122105 rajivsinghfca@gmail.c
om
15 Ms. Vandana Gupta Co-Convenor 9810250021 ca_vandana@yahoo.co.in
16 Ms. Binu Nanda Co-Convenor 9810508866 binunanda@hotmail.com
III-Research &
Publication Group
17 Sh. Anil Sharma Advisor 9811320203 anil54@gmail.com
18 Sh. Baldev Raj Convenor 9312235173 brajca@gmail.com
19 Ms Monika Agrawal Co-Convenor 9999867578 monika_agg1982@ya
hoo.co.in
20 Sh. Vipan Aggarwal Co-Convenor 9811066838 vipagrawal2004@gma
il.com
IV-Newsletter Group
21 Sh. Anil Gupta Advisor 9811446688 anilgupta@guptasachd
eva.com
22 Sh. Puneet Agrawal Convenor 9891898911 puneet@alalegal.in
23 Sh. Sumit Bansal Co-Convenor 9650163131 sumibans@gmail.com
24 Sh. Kaushal Agrawal Co-Convenor 9999227381 kaushala1@gmail.com

51
V-Advocacy Group
25 Sh. Gopal Agrawal Advisor 9810019753 gopal.agarwal@bjp.org
26 Sh. Anil Sharma Convenor 9811320203 anil54@gmail.com
27 Sh. Neeraj Gupta Co-Convenor 9810083416 ngconsultants@gmail.com
28 Sh. Rajesh Goyal Co-Convenor 9818049777 rajesh@samadhan.co.i
n
VI-NPO & CSR Group
29 Sh. Sushil Gupta Advisor 9811967800 sushil@samadhan.co.i
n
30 Sh. Jain Pal Jain Convenor 9312261438 jaindbansal@gmail.com
31 Sh. Ved Mittal Co-Convenor 9811011665 cavedmittal@gmail.co
m
32 Sh. Sachin Goel Co-Convenor 9818918761 sachingoelca@gmail.c
om
VII-Social & Family
Events Group
33 Sh. Praveen Kant Advisor 9810054175 pkant123@yahoo.com
34 Sh. Pramod Narula Convenor 9810110447 narula@pathdarshi.co
m
35 Ms. Archna Singhal Co-Convenor 9899971117 archanafca@gmail.co
m
36 Sh. Ashish Neeraj Co-Convenor 9650333560 ashish.fca@gmail.com
VIII-FRQR & Accounting
Standards Group
37 Sh. Chander Wadhwa Advisor 8800018190 wadhwafin@gmail.co
m
38 Sh. Shashi Gupta Convenor 9313006697 shashifca@gmail.com
39 Sh. Vinod Kalra Co-Convenor 9810054887 kalravkfca@gmail.co
m
40 Sh. Gopalji Agrawal Co-Convenor 9811264160 gjafca@gmail.com
IX-Corporate & Economic
Laws Group
41 Sh. Satya Prakash Mangal Advisor 9818688200 sprakash89@gmail.com
42 Ms. Kiran Pandey Convenor 9810929590 kiran@spgindia.co.in
43 Sh. Sachin Kurana Co-Convenor 9540407575 sachinkhuranacs@gma
il.com
44 Sh. Sankalp Wadhwa Co-Convenor 7503703599 Sankalp.wadhwa@cw
cindia.in
X-Banking, Finance &
Capital Market Group
45 Sh. Amarjeet Chopra Advisor 9810100299 ajc@gsa.net.in
46 Sh. B. D. Gupta Convenor 9811152662 bdguptaca@gmail.com

52
47 Sh. Abhinav Goyal Co-Convenor 9999469330 mrabhinavgoyal@yah
oo.co.in
48 Sh. Mukesh Gupta Co-Convenor 9810184368 mukesh@wealthcareindi
a.com
XI-International Taxation
Group
49 Sh. Baldev Raj Advisor 9312235173 brajca@gmail.com
50 Sh. Manu Karol Convenor 9811074528 manuk@ayamco.in
51 Sh. Anil Maheshwari Co-Convenor 9810152105 anil.maheshwari@akm
c.in
52 Sh. Anuj Gupta Co-Convenor 9810106211 agupta@arsacas.com
XII-Direct Tax Group
53 Sh. Mahesh Babu Gupta Advisor 9811226601 mahesh@mbgupta.co
m
54 Ms. Sangeeta Garg Convenor 9811310362 sagcassociates@gmail.
com
55 Ms Shailendra Mohan Co-Convenor 9810653338 shelindra67@gmail.co
m
56 Ms Aditya Sharma Co-Convenor 9810883044 Sharma.asa@gmail.co
m
XIII-GST Group
57 Sh. Rohit Vaswani Advisor 9212005163 vaswanirohit@hotmail
.com
58 Sh. Sanjay Garg Convenor 9811228807 ca.gargsanjay@gmail.
com
59 Sh. Raman Khatuwala Co-Convenor 9582215250 raman@khatuwala.net
60 Sh. Deepak Bahl Co-Convenor 9810084888 deepak@cadbc.com
XIV-IBC Group
61 Sh. G P Madaan Advisor 9810530312 gpm@madaanlaw.in
62 Sh. Puneet Agrawal Convenor 9891898911 puneet@alalegal.in
63 Sh. Abhishek Garg Co-Convenor 9056299999 abhishek@agslegal.co
m
64 Sh. Manoj Anand Co-Convenor 9811280787 anandmanoja@gmail.c
om
XV-Information
Technology & Practice
Management Group
65 Sh. Vipan Aggarwal Advisor 9811066838 vipagrawal2004@gma
il.com
66 Sh. Deepak Nagpal Convenor 9811114140 deepak.nagpal@dncoi
ndia.com
67 Sh. Vijay Gupta Co-Convenor 9868521589 fca.vijay@gmail.com
68 Sh. Vikram Parwani Co-Convenor 9873914805 vikramparwani@gmail.co
m

53
(B) Members- Executive Board-2020
69 Sh. Umesh Pandey Member 9810261801 umeshpandey@bmchatr
ath.com
70 Sh. Akhilesh Garg Member 8920976971 akgassoca@gmail.com
71 Ms Aastha Gupta Gulati Member 9999417771 caaasthag@gmail.com
72 Sh. Surender Gupta Member 9810476895 sgetax@gmail.com
73 Ms. Aastha Jain Agrawal Member 9999903556 aasthajain@inmacs.com
74 Sh. Somil Agrawal Member 9818454577 Somil.aggarwal@gmail.
com
75 Ms. Nishi Goyal Member 9999761377 nishi.goel@icai.or
76 Sh. Rajay Agrawal Member 9868468178 rajayagarwal@rediffmai
l.com
77 Sh. Manoj Pahwa Member 9811066276 mpaindia@gmail.com
78 Sh. Munish Mehta Member 9810229706 munish@gmrco.in
79 Sh. Rajesh Saluja Member 9810009970 rajeshsaluja9@yahoo.co
m
80 Sh. Mukesh Kumar Singh Member 8010351632 cajaisingh@gmail.com
81 Sh. Abhishek Batra Member 9811611880 abhishekbatra@hotmail.
com
82 Sh. J.P. Agrawal Member 9811923171 jpagarwalco@gmail.co
m
83 Sh. Sanjay Jain Member 9711485487 Vivek2sanjay@hotmail.
com
84 Sh. Lokesh Gupta Member 9810434904 calokeshgupta@gmail.com
85 Sh. Gulvardhan Malik Member 9873937755 gulvardhan@yahoo.co.i
n
86 Sh. Jatan Jain Member 9717169444 cajatanjain@gmail.com
________________

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