dadibattini
16 May 2013 at 13:01
My Appeal to all of you!!
My colleague is appearing for exam this coming Monday 20.5.2013. Kindly help in solving the following questions:
1) The assessee was entitled to deduction u/s. 10A of the Income Tax Act, 1961. For the A.Y. 2004-05, for availing benefit U/s. 10A, the assessee was required to realise the export proceeds by 30-9-2004. The assessee received export proceeds of Rs. 2.20 Crores in December, 2004. On 7-10-2004, the assessee had made an application to the RBI seeking extension of time for realisation of the export proceeds. Reminders were sent on 24/1/2007 and 30/3/2007. By its letter dated 25-4-2007, the RBI confirmed the realisation of the amount under the provisions of FEMA. There was no separate approval under the provisions of the Income Tax Act, 1961. The Assessing Officer disallowed the claim for deduction of the said amount of Rs. 2.20 crores u/s. 10 A of the Act. Was Assessing Officer justified in rejecting the Assessee’s claim for the benefit of Sec. 10A? Please advise the Assessee.
2) The assessee company was carrying on business of import and sale of scientific instruments. It purchased premises at Nariman Point, Mumbai in 1982 and had its regional office there. In November 1987, the assessee gave the property ( office premises) on leave – and – licence basis to Citibank. The rental Income so received was offered to tax by the assessee as’ business profits’. The Assessing Officer assessed the income as ‘income from house property’. Please advise the assessee.
3) The assessee – company was engaged in the manufacture of watches and was selling the same under its patent name ‘Titan’. An associate company of the assessee, incorporated in Singapore, was engaged in promoting the sales of “Titan” watches in the Asia Pacific region. The assessee from the business point of view got its patent name registered in Hongkong through “C”, a firm of professionals of Hongkong and paid to ‘C’ certain fees for technical services rendered by it. The assessee claimed that since the services had been utilised in its business abroad, the payment made to ‘C’ was covered in exception provided in section 9 (1) (vii) (b) and, hence, it was not required to deduct tax at source in respect of the payment made to ‘C’. Can the payment made for registration of a patent outside India for the purposes of exports, be considered as for the purposes of exports, be considered as for the purposes of making or earning income from a ‘ Source outside India’?
4) The assessee is the Airport Authority managing the airports in India. The airport land belonged to the assessee. The scheme was formulated by the Government for removal of encroachers and their rehabilitation. The assessee incurred expenditure towards removal of encroachments in and around technical area of the airport for safety and security. The assessee wants to treat the rehabilitation amount paid to the encroachers as revenue expenditure, while the Assessing Officer wants to treat the same as Capital Expenditure? Please advise the assessee.
5) The assessee-company is engaged in the business of manufacturing of sugar in India. It engaged the services of KPMG, Brazil (KPMG) to advice and assist it in acquisition of sugar mills / distilleries in Brazil. In connection with the services rendered by KPMG for the said purpose, the assessee had made payment to KPMG. The Assessing Officer was of the view that the assessee ought to have deducted tax at source on the payment made to KPMG. According to him the amount received from the assessee by KPMG was in the nature of fees for technical services rendered in terms of section 9 (1) (vii) (b). Please advise the assessee.
venish ladva
16 May 2013 at 12:52
please sir can you tell me the detailed meaning of following terms in case of fund based limits from banks
FDBP/FDBN/FUBP/FUBN/FBP/FBD/FCBP/FCBD
thanks in advance
pritesh
15 May 2013 at 20:44
Dear Sir,
for 3 year LLB minimum 45% required in Graduation for Open Catagory.
my question is i don't have 45% in bachelor Degree but i have more then 50% in MBA. so i am eligible for admission in LLB ?
thanks and regards
Akash Rai
14 May 2013 at 01:16
Respected Sir/Ma'am -
I am a final year student of law (X Sem. B.A.LL.B.) passing out in July 2013. Unfortunately I got failed in a paper(Cr.P.C.) in IX Sem. Thus I'll have to wait for a whole year to give the back paper of Cr.P.C., which means I will pass out in 2014.
My Ques. is that is there any way to save the whole year of mine? Plz suggest Me if there is any provision given any where regarding Special Back Paper for Final Year Students to save their year? Or any case laws of Supreme Court where the Hon'ble Apex Court has ordered the concerned University or Institution to conduct Special Back Paper/Re-Examination of the Final Year Students to save their whole year?
Plz help me. An early reply will be appreciable.
kaustubh
13 May 2013 at 21:32
Hello sir,
My correct name is Kaustubh Patel Dhirajbhai
But it is printed as Kaustubh patel Dhiraj in my marksheet of 10th,12th,MBA,ICWAI.
They forget to add "Bhai" after my father name
Will it create any problem to be in future specially i will opt for government job.
Please note that name in My bank account,pan card and even voting card is printed correctly as "Kaustubh Patel Dhirajbhai"
Till now this has not create any problem but now i have finish my icwai and want to apply for my membership number and want to employed in government job.Do this will create a probelm for me???
anil saxena
11 May 2013 at 18:25
can a public school increase 100% fee at a time
SONU KUMAR SHAW
11 May 2013 at 17:42
If a girl got married and after marriage
she wants to complete her graduation
which name should she write for filling up forms
should she write her name joining her husbands surname as last part of her name or just as before i.e. name as it appears in her educational certificate
kindly suggest
Puranmal Verma
11 May 2013 at 12:45
Respected sir,
I have completed LLB in April 2010 by KSKV Kuchchh University Bhuj as a regular student being a Air Force personnel by taking permission from my service authorities. At present still I am in service, Now I want to clear my doubts as:
(i) Can I register with Bar Council of India during service? If not, Then can I register after retirement and practice in any court? what will be the procedure?
Thanking You
Puranmal Verma 7259907852
neeraj044737490
10 May 2013 at 18:02
Sir i had passed Chartered Secretary Courses From ICSI,Did i will get any exemption for studying LLB.... and what will be my course Time....Help me please
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Taxation
Appeal4all to give ans. as my colleague is appearing for exam on 20.5.13.Regards
Answer any two :-
(a) Please discuss appeals to the High Court and the Supreme Court under Sections 260A and 261 of the Income Tax Act, 1961.
(b) (i) What are the conditions for availing of exemption from capital gains tax on transfers arising from a demerger of a domestic company?
(ii) What is a reverse merger?
(c) (i) What is meant by discretionary trust? How is the income of such a trust assessed to income tax?
(ii) Discuss whether a beneficiary of a discretionary trust can be assessed directly on income received by him from the trust during the previous year.