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7. ‘A’ stands as a surety for the good conduct of ‘B’. Who is employed in a cooperative society ‘B’. Misappropriates some money. The Bank excuses him without informing ‘A’ of ‘B’s misconduct, ‘B’ again misappropriates Rs. 50,000/- the society files a suit against ‘A’ on the strength of the guarantee. Decide giving reasons.

1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered a) Section 133 – Discharge of Surety by Variance in Terms […]

37. Mrs. Y’ made certain cash gifts for her husband, which he invested in some interest yielding securities. The interest realized in securities was included in the income of Mrs. ‘Y’ by the income tax department, which was objected to by Mrs. ‘Y’. Discuss and decide whether the action of the assessing officer is correct.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 64(1)(iv) of the Income Tax Act, 1961 “In […]

31. Mr. Prakash is a member of HUF, and he throws his self-earned property into the common hotchpot of the family. The members are his elder brother, brother’s wife, their two minor sons and his own wife and two minor daughters. The self-earned property is Rs. 20,00,000 and it fetches income of Rs 3,00,000 Per annum. Asses taxable income of HUF.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Conversion of Self-Acquired Property into HUF Property Therefore, Mr. […]