LLB 3 Years Sem 4 Taxation Laws June 2018 Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Answer the questions as per instruction Figures to the right indicate full marks allotted Write Short Answers (Not more than two 20
   • a) What is “Short Term Capital Asset” under the Income Tax Act ?
   • b) Whatis "Annual Value" under the Income Tax Act Define the term “Goods" under the Act
   • d) State when an individual is treated as resident in India, Whal is the meaning of "Assessment" under the Income Tax Act? Define under the MVAT Act What is “Crossing the Customs Frontiers of under the CST Act?
   • h) What is "Deemed Let Out Property" under the Income Tax Act ? the meaning of under the Income Tax Act ? Whatis "Resale" under the MVAT Act ?
2. Q2 Write short notes on (any four) 20 marks
   • a) Transfer Sale and Sale Price under the MVAT Act Answer with giving reasons {any two) :— 12
   • i) Mr. Rohan filed his return of income. Later he discovered a wrong statement in it, Advise him about how to correct it li) Mr. Sukumar has incurred logs in speculative transactions, Can he adjust this loss against the profit from his normal business 7
   • b) State whether the following purchases are eligible for set off under the MVAT Act i} Interstate purchases of taxable goods for rasale
   • ii) Intrastate purchases of taxable goods for resale
   • ii) purchases of taxable goods for manufacture of goods, State whether the following transactions amount to "Sale" under the MVAT Act I} Sale of old capital goods as scrap il) Sale of damaged raw material as scrap ill) Sale of finished goods through mercantile agent Answer the following elaboratory (any four) :— 48 Discuss various sales tax authorities,
3. Q5 Explain "Sale or purchase in the course of interstate trade or and Discuss computation of under the head from Other Sources" Discuss any three deductions under Chapter @) Slate the provisions relating to registration under the MVAT Act f} Discuss computation of income under the head "Salaries",
   • Q.P.Code: 40047

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