Q.1 Practical………
Q.2
a) Assessee is correct, CIT v. Budhewal Co-operative Sugar Mills Ltd. (2009) 312 ITR 92 (P & H)
b) Assessee is wrong, Jt. Comm can authorize if approved by CBDT.
c) AO is wrong, CIT v L&T Limited.
Q.3
a) Yes, Taxable on dividend- Tax to be deducted in India less Tax deducted in Malysia.
b) Legal Representative, CA, IT Practitioner etc.
c) Yes, it should be equally deducted in time span of debenture i.e 6 year.
d) Not assured, I have written bakwas.
Q.4
a) i) If 48 lakh- Accept 50 lakh
ii) 56 lakh due to more than 5 % difference
b) No, Work contract deduction is not available in 80 IA
c) AY-2010-11, Power of attorney is enough
Q.5
a) Yes as per sec 56(2), there can be contrary view that car is not property but I have studied some where that car also come under this provision, hence written it.
b) Yes, provision for diminution in the value of asset
c) Admissible if paid to fisher man not hawker
Q6.
a)No
b) All interest will be taxable in FY 2009-10-Interest received on delayed compensation or enhanced compensation shall be deemed to be income of the year in which it is received [Section 56(2)(viii), section 57(iv) and section 145A] [w.e.f. A.Y. 2010-11].
Q.7
a) Little confused, some book say yes reference can be made, some say no. I have written no.
b) Yes
c) No, manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer, but does not include if material purchased from a person other than such customer. [w.e.f – 1-10-2009]
Q.8
a) i) True
ii) Don’t know
b) Farm house exempt, guest house taxable
c) Market value, and loan is not deductible.
Need your valuable reply, so please do convey yours point.
MANISH MISHRA
(SERVICE)
(354 Points)
Replied 19 May 2010
in Qus 4(a)
I Think
(48+56)=104/2 = 52
52-50/100 = 4%
since < 5% = TP will be 50Lac
MANISH MISHRA
(SERVICE)
(354 Points)
Replied 19 May 2010
Qus 5(a)
I Think As per Sec 56 Amended Car is not treated as assest
so not taxabale even before or after 1/10/2009
not taxable under any head
MANISH MISHRA
(SERVICE)
(354 Points)
Replied 19 May 2010
Qus 7 (a)
I also written no but I think AO may make refence he is not bound to accept
MANISH MISHRA
(SERVICE)
(354 Points)
Replied 19 May 2010
| Originally posted by : MANISH MISHRA | ||
 |
in Qus 4(a) I Think (48+56)=104/2 = 52 52-50/100 = 4% since < 5% = TP will be 50Lac |
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You can't average Arm's length price. Question is that if ALP is 48 then and if it is 56 then......Hope i am correct.
And about car, yaar i have studied in some proble related to car that it will also b considered.
| Originally posted by : MANISH MISHRA | ||
|
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do you like to share costing paper |
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no coz i have just tried to get 40 in that paper, if u wish you can share it
MANISH MISHRA
(SERVICE)
(354 Points)
Replied 19 May 2010
Khushboo Agarwal
(CS, M.com , CA Final)
(57 Points)
Replied 19 May 2010
yupp...even i have averged the two prices and found out the average mean !!! i am pretty tensed..i missed 15 marks and god knows ab kya hoga..hope i get through..!!!!
Rahul Kothari
(Audit Assistants)
(21 Points)
Replied 21 May 2010
No i am sorry , i think u r wrong the question is quite clear and categorically mentions if more than 2 ALP are determined using most appropriate method then average to be considered.
The question is clear cut on the Finance (No2) Act 2009
| Originally posted by : shashank kumar | ||
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Originally posted by : MANISH MISHRA in Qus 4(a) I Think (48+56)=104/2 = 52 52-50/100 = 4% since < 5% = TP will be 50Lac You can't average Arm's length price. Question is that if ALP is 48 then and if it is 56 then......Hope i am correct. And about car, yaar i have studied in some proble related to car that it will also b considered. |
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