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Discuss and download CA Final Exam Nov here !!

Page no : 14

CA Rohan Bajaj (CA) (142 Points)
Replied 16 November 2012

reallu unable to know how i got my paper? dont know whether i vl pass or not


CA Debashree Mishra (Fresher) (142 Points)
Replied 16 November 2012

well....actually i think question 2 took most of the time and after that  much time wasnt left to solve other portion properly...some points seem to be easy at the first look but while solving.....Confusion hi confusion tha :P

PS: Jo paper dete hain unke liye tough, Jo next attempts denge unke liye nighmares dene wala and JO PASS HO GAYE...... huh unke Liye "Oh Kitna easy thaaaaa Ye icai to CA Final ka level gira raha hai ' :P

7 Like

priya shukla (CA final) (133 Points)
Replied 16 November 2012

Originally posted by : Debashree Mishra

well....actually i think question 2 took most of the time and after that  much time wasnt left to solve other portion properly...some points seem to be easy at the first look but while solving.....Confusion hi confusion tha :P

PS: Jo paper dete hain unke liye tough, Jo next attempts denge unke liye nighmares dene wala and JO PASS HO GAYE...... huh unke Liye "Oh Kitna easy thaaaaa Ye icai to CA Final ka level gira raha hai ' :P

very true


ANIRBAN DAS (CMA, B.Com, CA Final,) (1522 Points)
Replied 16 November 2012

i felt the paper was average just like last time....not too easy neither too tough.......it was good that 2 case law questions came.....and interest questions also were asked.....i did one blunder where i wrote answer to question 6(d) as no but then i crossed it angry and wrote yes...but then i came home and found out that my earlier answer was the correct one....i lost 3 marks i really hope the 3 marks dont make me fail...sad


CA Debashree Mishra (Fresher) (142 Points)
Replied 16 November 2012

Originally posted by : ANIRBAN DAS

i felt the paper was average just like last time....not too easy neither too tough.......it was good that 2 case law questions came.....and interest questions also were asked.....i did one blunder where i wrote answer to question 6(d) as no but then i crossed it and wrote yes...but then i came home and found out that my earlier answer was the correct one....i lost 3 marks i really hope the 3 marks dont make me fail...


hehe yea that happens. First choice is generally correct as per my own experience hehe  :) Have faith in God :)




(Guest)

50-50 chances



(Guest)

While reading one of the caselaw just before the exam about "treating heart as a plant"laughsmiley..i laughed so hard( lawyer prashant bhushan case)

IT CAME in the question papersurprise...Got shocked...laughed again..attempted itsmiley

1 Like

Jeril Satheesh (CHARTERED ACCOUNTANT) (56 Points)
Replied 16 November 2012

@ Ramakrishnan..... Its ' Shanti Bhushan case not Prasanth Bhushan'


TARUN MATHUR (Articled Assistant) (71 Points)
Replied 16 November 2012

@ Ramakrishna same here.. i was discussin d same caselaw with my dad and we both were laughing hard..but its shanthi bhushan and not prashant bhushan.
1 Like

Nikhil (B.COM(H)) (140 Points)
Replied 16 November 2012

any difficult question except no. 2??

 




(Guest)

ok ok its shanti bhushansmiley..guys jeril and tarun

how did your paper go


deepak vyas (manager accounts) (49 Points)
Replied 16 November 2012

paper was not easy , All question require presence of mind. I have lost 25 marks due to wrong choice select.


M. N. JHA (CA) (8316 Points)
Replied 17 November 2012

Download solution

at

 

/forum/ca-final-nov-2012-solution-download-227681.asp#.UKahouTqk8o


CourseCart.in (Mentor at SHAYVIDZ Academy)   (3756 Points)
Replied 17 November 2012

Shanti Bhushan v. CIT (2011) 336 ITR 26 (Delhi)

Fact : The assessee was a lawyer by profession. He contended that the heart should be treated as plant as it is used for the purpose of his professional work and expenditure on heart surgery should be allowed as business expenditure either u/s 31 as current repairs to plant or u/s 37 as an expense incurred wholly and exclusively for the purpose of profession.

Decision :  The High Court held that:-

  1. The expenditure on heart surgery is not allowable as repairs to plant u/s 31 because;
  • To allow the heart surgery expenditure as repair expenses to plant, the heart should have been shown as an asset in PY and in earlier years.
  • The assessee would face difficulty in arriving at the cost of acquisition of such an asset for showing in his books of account.
  • Under sec 43(3), Plant has inclusive definition but the plant must have been used as a business tool which is not true in case of heart. Therefore, the heart cannot be said to be plant for the business or profession of the assessee.
  1. The claim for allowing the said expenditure u/s 37 is also not tenable because;

As per Sec 37, the said expenditure must be incurred wholly and exclusively for the purpose of assessee’s profession. Healthy heart will increase the efficiency of human being IN EVERY FIELD including professional work. Therefore, there is NO DIRECT NEXUS between said expenditure and his efficiency in the professional field.

1 Like


CourseCart.in (Mentor at SHAYVIDZ Academy)   (3756 Points)
Replied 17 November 2012

CIT (TDS) v. ITC Ltd. (2011) 338 ITR 598 (Del.)

The assessee company was engaged in the business of owning, operating and managing Hotels.

  • The employer company allowed the employees to receive TIPS from Customers. When the tips were received by the employees directly in cash, the employer hardly had any role and not even  know the amounts of tips collected by employees. Hence, the employer has no responsibility under Sec192.
  • However, If the employer himself collected tips (e.g. By way of certain percentage of bill amount, or an specified amount, or indicated on bill as tip by the customer etc.), then those were also disbursed by the employer to the employees. On the receipt of such money from the customers, the obligation arises on employer to pay it to the employee & similarly, a right accrues to the employee to claim the tips. This is by virtue of the employer-employee relationship. Hence, the tips, in the hands of employee, would constitute income within Sec. 2(24) and taxable u/s 15. Employer is liable to deduct tax at source from such payment u/s 192.
  • In this case, the assessee company had not made TDS on tips under a bonafide belief that tax was not deductible and the Revenue has accepted the practice of the assessee in past year’s assessment. There is no dishonest intention of the assessee and hence, could not be liable for penalty u/s201. However, payment of interest u/s 201(1A) is mandatory because payment of interest under that provision is not penal in nature.
1 Like


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