DT Paper

hey wat abt Settlement commision since enquiry was done by CBI is it valid ???
 

q.5. A   1. revenue  income  

2.to be taken as income 

3.  nature  of  trade  as  stock  in trade  

4. other income 

5. revenue  expenses  

6.  depriaction  is allowed to  satellite  channels  bcause  the  basic  condition  is  to be  the  owner of the  assetts 

I jus wantd 2 know if step marks are awarded for problems wer ans is wrong....

Settlement Commission:

Order of settlement shall be void if it is subsequently found "either suo motu or on a petition by a department" establishing that the order has been obtained by fraud or misrepresentation of facts

Misrepresentation of facts can be established in the case of Mr.sunder, order will be void ab initio !!

no cbi and  all to be  consdire  by the way that is  not  valid  but  in this case  

any  decision  taken  by  way  of  concelment  of  facts  or  by  fraud  or  by  misreprestation  is  not right 

and  settelment  commision  is  having  a  right  to  make that  decision  void  ab  intio  so  the  commissioner  prayer  is  valid  and  should be  consider  for 

depreciation is allowed to cable operater.

refer case- mysore minerals ltd and recent case a. shivakami & other.

beneficial ownership concept has been taken.

q.5.b.   160-125-25 =  10  lks   

assuming  y  co  is  an  indian  company  registered in  india 

Yes i think it is important for depreciation on decoders that a.sivakami and others and the concept of 'benificial ownership is mentioned'

i had a query on 5.B actually .., the transfer by X to Y is not a transfer (amalgamation) Y sells the asset transferred within 8 years , so is liable to CG but what is transferred in stock-in-trade .., so there is no CG right ? it must be business income .., i dont know if i m right in this ....

q.6.a   110000+510000=  6200000

deduction  :- 

1.  62000  ,,,,,i.e.  10%  of  gross  income  

2.  32000

3.  5000 ....................balance  of  infractural  bonds  if  100000  limit  not  get over 

4.20000 ...................   as  specif  under  new  provision  20000 is  allowed 

5. 15000 

6.15000.......................as  her  father  is  non  resident  so  cant  get  20000 dedcution  as  it aplly to  seniour  citizen  in india 

net  income =   471000 -  190000=  2810000

total  tax  = 28943 

tax  rate  =   28943/ 471000=  6.123%  something 

foreing  tax  rate  =  10%  

lower  of above   6.123%  so  rebate  is  6.123 %  of  110000

net  tax  payable  =28943-6735=22207   i.e.   22210