Hi,

Can someone Kindly Upload DT MAy 11 Question Paper

Thanks in Advance

Regards

Guys ... What about answer to Question 2A. Different procedure for recovery from NRI & Resident ?

Originally posted by : sri..
	Q.2C Please refer section 47(xiiib) – The six conditions are more than sufficient for the answer, I presume each condition would be allotted one mark. Q.3A The option of choosing both exemption under section 10(10C) and relief under section 89 is not possible. They are mutually exclusive thus only one can be chosen. Q.3B Section 2(15) has been amended. If main object is preservation of wildlife – Utilization of income is exempt irrespective of the amount If main object is advancement of object of general public utility – Utilization of income is exempt to the extent income from such activity does not exceed 10 lacs   Q.3C Conditions: Must distribute to political parties minimum of 95% of aggregate donations received during the year plus brought forward surplus Register under the Representation of the People Act Function in accordance with the rules made by the Central Government   Yes benefit available in respect of  all income provided distribution is a minimum of 95% else entire income is taxable.   Q.3E Perquisite = Fair market value on the date of exercising option (based on highest volume of trade is shares are quoted in more than one exchange) – Money paid by the employee   = 500 shares x (6500-250) = 31.25 lacs   Above value will not be affected for providing technical know-how.   Q.5A   Power Subsidy – Subsidy given for adjustment against eb bills for operation of business. Revenue in nature and deductible   Donations –  Case law of Dr. K. George Thomas vs. CIT (SC) Assessee was practicing against atheism & engaged in the movement for spread of religion. In this course, he received donations from his friends for the same course. The funds were taxed as Income from vocation (since nexus between receipt and vocation) can be clearly established)   Profits in share business – Though it is income from speculative business, it is still considered under the overall head of “Income from Business or Profession”   Interest received by contractor – Taxable as Other Income   Margin Money forfeited – Taxable as Business Income   Depreciation – Allowable , Concept of beneficial ownership – A Sivakami and Others (2010)   Q.5B   Y carries on the same business as X, hence vacant land is stock-in-trade for Y Ltd. Stock-in-trade not a capital asset, hence Y Ltd not liable to capital gain, same is to be considered as business income of 25 lacs (160-25-110)   Note: Tax implications of X Ltd not asked, hence not required.

Sri... Your Answer to Question 3C is partially wrong... Electroral Trust's Only donation Income is exempt.  For other incomes like IHP, IBP CG etc no exemption even if 95% distributed to political parties.

in Q 3b...... it is asked "save wild life "  is Charitable purpuse???

i think No!!!

any1 reply plss!!!

Q 4a....(ii) is correct!!!

Q4b... yess

Q6b Yess for both!!!

i am rite!???

mine all answers in Dt are as per Rajat's answers. I hope I get atleast 70-75 in Dt. Best paper I have ever seen. But I made a sily mistake with Nandita. I wrote she is an women assessee the heading computation of income of nandita for A/y 2011-2012 (women assessee). But in working not i wrote 60 years so senior citizen and took 20000 80D. 60 years for next year for purpose of Advance tax, it sliped out of my mind.

Originally posted by : unika
	Q 4a....(ii) is correct!!! Q4b... yess Q6b Yess for both!!!   i am rite!???

Sorry Unika ... all your answers seems wrong

Q4a ii) Incorrect - DDT is not applicaple to entities engaed in Development of SEZ

Q4 b) BF loss can be adjusted as it is governed by Sec 72. But Unabosrbed Depre cant be adjusted as it is governed by Sec 32(2). And 44B presumes all expense from 28~44 is allowed & no further deduction under these sections are allowed.

Q6b) its NO under both circumstances. Rectification cant be made if subsequent change of law on retrospective basis & even on Supreme court judgment. The original order passed was correct at time of passing & no mistake apparent on record at that time. Even on occurenace of both the circumstances the original order doesnt reflect any mistake apparent on record which can be rectified u/s 154.

@ Bhuvan.... In case you have Manoharan you can see page 800... I am giving below the extract of that

Quote

If the order passed was correct in law at the time when it was passed, it doesnt cease to be correct merely because of the retrospective amendement made to the provision. Therefore, rectification of such order consequent to retrospective amendment cannot be made  - CIT Vs Max India Ltd (2007) 295 ITR 282 (SC). Similarly a subsequent decision of the Supreme Court cannot also result in rectification, if at the time the order was passed it was consistent with the law - Mepco Ind Ltd Vs CIT (2009) 319 ITR 208 (SC)

Hope this clarifies everbody's doubt on this matter.

Rajat

I stand corrected .., yup its only donations, all other income is taxed

Bhuvan

If u follow tn manoharan's book pls refer page 800 .., there are two case laws

Max India Ltd (2007)

Mepco Ind Ltd (2009)

That should put the case to rest !!

The amendments applicable for may 2011 in DT & IDT will be applicable for Nov 2011.So can anyone tell me these latest amendments applicable for Nov 2011 Final exams.

Also plz tell me which of these amendments were asked in May 2011 paper......

Thanks in advance.........