Taxation

dadibattini (Querist) 16 May 2013 This query is : Resolved
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.

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