B.A. LL.B. (Five Years) Sem 8 Taxation Laws Nov 2011 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: Answer the questions as per instructions given below.

Q.1 Q.1: Write short answer, not more than two sentences (20 Marks - 2 marks each)

1. (a) What is cost of acquisition under the Income Tax Act?
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2. (b) Define Dealer under the VAT Act.
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3. (c) How to determine the residential status of an Individual under the Income Tax Act?
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4. (d) What is gross total income under the Income Tax Act?
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5. (e) Define place of Business under the VAT Act.
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6. (f) Define Goods under the VAT Act.
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7. (g) Define Business under the Central Sales Tax Act.
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8. (h) Define Appropriate State under the Central Sales Tax Act.
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9. (i) What is Capital Receipt under the Income Tax Act?
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10. (j) When is Wealth Tax payable by an Assessee under the Wealth Tax Act?
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Q.2 Q.2: Write short notes, any four (20 Marks - 5 marks each)

1. (a) Return of Income under the Income Tax Act.
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2. (b) Wealth Tax Assessment under the Wealth Tax Act.
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3. (c) Clubbing of Income under the Income Tax Act.
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4. (d) Sales Price under the VAT Act.
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5. (e) Dealer under the Central Sales Tax Act.
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6. (f) Appeal under the Income Tax Act.
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Q.3 Q.3: Solve the following with reasons (12 Marks - 6 marks each)

1. (a) As on 31-03-2010 Mr. 'A' owned gold and jewellery worth more than Rs. 30 lakhs. Notice is issued to Mr. 'A' for payment of Wealth Tax. Mr. 'A' denies Wealth Tax liability. Decide.
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2. (b) Whether the following transactions are regarded as sales under the Central Sales Tax Act: (i) Transfer of property in goods involved in execution of a Works Contract. (ii) Delivery of goods on hire purchase.
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3. (c) Whether the following persons are liable to be registered as Dealer under the VAT Act: (i) Government Department selling old stores. (ii) Agriculturist cultivating land personally.
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Q.4 Q.4: Answer the following elaborately (48 Marks - 12 marks each)

1. (a) Explain the different kinds of Assessment under the Income Tax Act.
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2. (b) Discuss the provisions of the Income Tax Act in regard to payment of Advance Tax.
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3. (c) Discuss Return of Wealth and explain wealth escaping assessment under the Wealth Tax Act.
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4. (d) Discuss the scheme of taxation under the Central Sales Tax Act.
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5. (e) Discuss the powers and functions of the Sales Tax Authority under the VAT Act.
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6. (f) Discuss the provisions relating to settlement commission under the Income Tax Act.
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