The assessee needs your advice on the following issues: – (a) Does he have to pay tax on the amount that he receives? (b) How […]
Author: Sunny Shettipalli
54. ‘X’ an assesse transfers some of his assets to ‘Y’ during the pendency of the proceedings under the income tax act with a view to defraud the revenue. is this transfer valid? Discuss
1. Facts of the Case Mr. X, an assessee under scrutiny, is facing pending income tax proceedings. During the pendency of such proceedings, he transfers […]
53. Mr. Madhu is practicing advocating his wife ‘Roja’ to work in his law firm and draws a salary of 25000Rs. /- while computing the total income for Mr. Madhu, the assessing officer | clubbed the salary of his wife. Discuss.
1. Facts of the Case Mr. Madhu is a practicing advocate who runs his own law firm. He employed his wife, Roja, in the firm […]
52. X estimated his income for F.Y.2015-2016 and calculated tax a sum of Rs.25,000 for the purpose of advance tax. He paid for the 1st instalment in time, i.e. before 15 September 2015. He failed to pay balance two instalments i.e. before 15th December and 15th March 2016. He paid the balance by way of self-assessment tax and filed the returns on 15th December 2016. Calculate the interest in default of two advance tax installments and for late filing returns!
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered Section 234C – Interest for Deferment of Advance Tax Section […]
51.The assessed dependent brother has to undergo bypass surgery and was hospitalized. The assessee has paid Rs.65,000 for his treatment. The assesse claimed deduction under section 80DDB towards the medical treatment expenses. The assessing officer disallowed. his claim and added the medical expenses to his income and levied tax. Defend your client!
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 80DDB of the Income Tax Act, 1961 B. […]
50. The Assessee purchased a flat in July 2013 on a loan and started paying EMI from the date of receipt of the loan. The assessee will receive the possession of the house in August 2014, whether the interest benefit will be available for the to the assesse assessment year 2014-2015 (F.Y.2013-2014)? If ‘Yes’ why and if “Not, why? Explain.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 24(b) of the Income Tax Act, 1961 B. […]
49. The assessee during the financial year, has invested FD a sum of Rs.5,00,000/- in the name of his wife who is a housewife having no income of her own and not an assessee. The assessee doesn’t want to show interest accrued with the FD and seeks your clarification and advice, as a Tax Consultant advises your client.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 64(1)(iv) – Clubbing of Income B. Key Judicial […]
48. The assessee’s dependent mother a senior citizen had open heart surgery performed by a general surgeon in a private hospital, and he has incurred expenses towards surgery and treatment a sum of Rs, 3,00,000/- and claimed exemption u/s 80DDB a sum of Rs.60,000I The assessing officer rejected the claim and levied tax. Is the assessing officer correct or not? As department counsel defends the assessing officer with reasons.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 80DDB of the Income Tax Act, 1961 B. […]
47. an importer at Delhi imported the goods from “Y” of London and after obtaining clearance from customs: he sold the goods to buyer in Indian and claimed exemption, but the sales tax officer rejecting the claim of “X’ levied tax under the Central Sales Tax treating.it as not a sale in the course of import. Whether the assessing officer is correct? Defend your client.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 5(1) and 5(2) of CST Act, 1956 B. […]
46. ‘X’ Ltd. is an Indian subsidiary of an American company manufacturing and selling copier machines. The Indian company among other things purchases and sells these copier machines also. Does any part of the profits of the sales of American company to the Indian company accrue or arise in India? Discuss.
1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 5 of the Income Tax Act, 1961 B. […]