respected sirs ,
with due regards to the suggested answers issued by the institute for ca final (new) for november 2010 , there are some serious mistakes in paper 7 and paper 8 .
direct tax and indirect tax .
indirect tax :- example :-
q.2.a . view of the department is correct , however in emmllen biotech v. cce 2004 (163)elt 172 cegat , it had held that if cenvat cerdit wrongly taken us reversed before the issue of show cause notice , interest is not payable ., however institute suggested tells as :- yes the dept. is correct , interest is payable u/s 11AB if credit not utilize
again in direct tax :- question no. 1.c. cirag's , value of flat is taken as rs. 3 lks rather than 5 lks
q.2.a. why rs. 4 lks speculative loss had been denied
q. 7.b computation of net wealth of mr. ram
as per institute suggested , answer is rs. 380 lks
however the answer should be rs.90 lks , with reference to shivanarian chaudhari vs. cwt 1977 107 itr 104 (all), according balance 7 units shall be treated as owe dwelling unit and exemption under sec . 5 (vi) can be claim rather than claiming for 60 lks and the answers comes as 90 lks .
with all the regards and due respect please check the solution as per standards mention by institute , however i applied for re verification of first group under the presumption that you can apply for max . of 4 papers by submitting rs. 400 demand draft in favor , however we hope you to take care of issues and allow us to follow the paths sets by you .
if any mistake i am sorry in that regards , its an humble request to please at least check the matter mention above
CAclubindia
