Nov 11 - direct tax paper review *_* - Exams

Nov 11 - direct tax paper review _

Page no : 3

Saurabh Goel ( ) (21 Points)
Replied 15 November 2011

seriously I don't have any idea how my exams are going... once have a feeling that i'll clear all my exams widout any doubt... and another minute... just the reversal... just want that I become CA that's it... its my last group... about DT exam... I hope that it went good... still the result will tell... ;)

Rohan (Accounts & Finance Execuitve) (68 Points)
Replied 15 November 2011

well....no doubt it ws a good paper...bt cant say anythng....

all depends upon d marking & silly mistakes in hidden points which many of us hv committed...

lets hope 4 d best...

one more to go....good luck everybody.....

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

THERE WERE LOTS OF SMALL HIDDEN POINTS IN PRACTICAL QUESTIONS!!!??? ITS BETTER NOT TO DISCUSS NOW! THE VARIOUS FACULTIES ARE DIFFERING IN THE OPNION - EXAMPLE - BUILDING UNDER CONSTRUCTION - THOUGH IT IS BASED ON THE DECISION OF P&H HIGH COURT IN CASE OF SMT NEENA JAIN (GIVEN IN RTP) BUT SOME FACULTIES ARE OF THE OPINION IT IS TAXABLE AS LAND!!!

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

BAD DEBTS ALLOWED - CASE LAW TRF LTD REFER ICAI CASE LAW BOOK LET HIGH COURT CAN NOT REVIEW ITS DECISION - REFER CASE LAW IN ICAI BOOKLET

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

AIRLINE LANDING & PARKING CHARGES - TDS APPLICABLE - DELHI HIGH COURT - JAPAN AIR LINES AND UNITED AIRLINES CASE

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

AUDIT QUERY - NOT A VALID GROUND FOR NOTICE UNDER SEC 148 - AO HAS REASON TO BELIEVE ON ITS OWN COMMI CAN USE HIS POWER U/S 263

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

LIQ DAMAGES - RTP & CASE LAW BOOKLET OF ICAI - SOURASHTRA CEMENT CASE - CAPITAL RECEIPT

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

Q 7a - allmost same question in rtp - preconstruction repayment of principle amt not eligible as ded u/s 80C repayment of loan to relative - not allowed as ded u/s 80C ppf in the name of mother not allowed as ded

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

44AD - PARTNERSHIP - SALARY & INT ALLOWABLE FROM 8% PRESUMPTIVE INCOME ALSO B/F BUSINESS LOSS N UNABSORBED DEP CAN BE SET OFF NO ADV TAX LIABILITY HENCE 234 B & C NOT ATTRACTED

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

Q 6D 1 - ITAT - DIFF OF OPINION - TO BE REF TO PRESIDENT OF TRIBUNAL - OTHER MEMBERS WILL HEAR D CASE AND ALL WILL DECIDE BY MAJORITY

Nikunj Mahesh Raimangia (Senior Audit Executive) (82 Points)
Replied 16 November 2011

Originally posted by : Ghanshyam Joshi
	44AD - PARTNERSHIP - SALARY & INT ALLOWABLE FROM 8% PRESUMPTIVE INCOME ALSO B/F BUSINESS LOSS N UNABSORBED DEP CAN BE SET OFF NO ADV TAX LIABILITY HENCE 234 B & C NOT ATTRACTED

Sir,
Business losses will be allowed to be adjusted against the Income of 8% but same is not in case of Unabsorbed depreciation as it falls under section 32. whereas section 44AD does not provide for any expenses falling under section 30 to 38.

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 16 November 2011

THE BUSINESS LOSS AND UNABSORBED DEP WERE OF PREVIOUS YEAR IN WHICH THE ASSESSEE HAD NOT OPTED FOR 44AD. CHECK THE PROVISIONS OF SET OFF OF UNABSORBED DEP OF PREVIOUS YEAR AFTER IDT PAPER - IT CAN BE SET OFF

Swaraj (Article) (37 Points)
Replied 16 November 2011

What is the answer of Q.2. mine is 1,63,50,000.

CA SANJAY GARG ( Chartered Accountant) (150 Points)
Replied 16 November 2011

loss of p&m reduce block of asset is not correct in Q-2 because no money is received it will remain in block for which depreciation will be available (Check recent case laws)

MaNThaN Shah (Student) (315 Points)
Replied 16 November 2011

@ sanjay Oh. . :-( and yes i think another mistake i made is regarding unabsorbed dep. . It can be set off coz assessee had not opt 44AD in last year.