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.
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