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......................................................................................................................... Contents Income from House Property 1. Allowability of HRA and Interest on Housing Loan for Self-Occupied Property 2. Whether Notional Interest on interest-free deposit has to be considered as rent for the purpose of computing A.L.V. of a let out property? Business Income 3. Depreciation allowance in the case of new business 4. Higher rate of depreciation for motor buses/motor lorries 5. When depreciated asset is gifted by the assessee, and the block of asset continues then whether the value of the block has to be reduced? 6. Whether depreciation is available on assets acquired on hire-purchase basis? 7. Whether condition of user of asset in section 32 should be satisfied with reference to the Block of Assets or Individual Assets? 8. Allowability of bad debts under section 36(1)(vii) of the Income-tax Act, 1961 9. Provision for bad & doubtful debts - Whether deductible under section 36(1)(vii) of the Income-tax Act, 1961 10. Write off of advances whether allowable as bad debts? 11. Bad Debts in the hands of the successor 12. Contribution towards provident fund paid before the end of accounting year - Whether admissible even if paid after the due date 13. Deferred Revenue Expenditure - Whether deductible in full in the first year itself 14. Fees paid to Chartered Accountant for preparation and filing of income-tax return - Whether allowable under section 37(1) of the Income-tax Act, 1961 15. Whether donation made by the assessee is an allowable business expenditure under section 37(1) or has to be claimed only as a deduction under section 80G of the Income-tax Act, 1961? 16. Allowability of interest paid on unpaid purchase price of property 17. Allowability of expenditure under section 35 in connection of assets transferred to Scientific Research 18. Allowability of expenditure incurred on the issue of convertible debentures 19. Allowability of interest on borrowed funds where interest-free advances are made to sister concerns 20. Whether Travel Expenses of the wife of a director is deductible as business expenditure in the hands of the company? 21. Deduction allowable - Whether remuneration computed under section 40(b)(v) of the Income-tax Act or remuneration actually debited in the books of account? 22. Revaluation of fixed assets and section 40(b) 23. Whether expenditure on development of software is capital expenditure or revenue expenditure - An update 24. Subsidy from State - Capital or Revenue Receipt? 25. Disallowance of sales tax under section 43B of Income-tax Act, 1961 when sales tax collected is credited to a separate account 26. When liabilities unclaimed have not been written back - Whether provisions of section 41(1) of the Income-tax Act, 1961 applicable 27. Valuation of inventory for the purpose of section 145A - Would mean valuation of opening stock as well as closing stock 28. Interest on current capital - Whether specific mention required in partnership deed for claim of deduction under section 40(fo) of the Income-tax Act 29. Excise duty included in closing stock - Applicability of section 43B 30. Taxability of excise duty refund received under protest 31. Actual cost of depreciable asset in case of non-payment of amount borrowed for acquisition of asset 32. Whether write back of loan is liable to be taxed under section 41(1) or section 28(iv) or any other sections of Income-tax Act? 33. When gross profit addition is made whether separate addition for stock difference is possible 34. Explanation to section 30 - Current repairs vis-a-vis Capital Expenditure 35. Set off of losses - Optional or Mandatory 36. Losses from speculation business - Whether a single transaction can be treated as| constituting speculation business 37. Loan or deposit received/repaid by way of journal entries -Whether provisions of sections 269SS and 269T attracted 38. Whether Explanation to section 73 applies to profits from trading of shares? 39. Explanation to section 73 - Whether applicable to loss arising on account of decline in value of shares ? Capital Gain 40. Indexed cost of acquisition when asset sold is acquired by the way of gift, inheritance etc. 41. Gold and silver Utensils - Whether capital assets under section 2(14) 42. Purchase and sale of shares - Business income vis-a-vis capital gains 43. Trading in Futures and Options - Whether Speculative upto assessment year 2005-06? 44. Provisions of section 45(1 A) - Applicability to depreciable assets 45. Amount paid to tenant for vacating property - Whether allowable deduction for computing capital gains 46. Sale of beneficial interest in a specific trust - Liable to capital gains tax 47. Interest paid on loan taken for acquiring shares - Whether deductible 48. Revaluation of assets prior to conversion of a partnership firm into a company under Chapter DC of Companies Act, 1956 -Whether chargeable to capital gains tax 49. When trust is dissolved and assets are allotted to the beneficiaries of the trust - Whether capital gain liability arises under section 45(4) of the Income-tax Act, 1961? 50. When bonus shares are acquired before 1-4-1981 and thereafter sold, whether cost of bonus shares for the purpose of computation of capital gains can be deducted? 51. Purchase of new depreciable asset and applicability of section 50 52. Exemption under section 54 - Whether available for more than one residential house 53. Exemption under section 54EC - Whether available if the investment in specified assets is made within 6 months of the date of receipt of sales proceeds? 54. Investment made after the due date in specified bonds as required under section 54EC of the Income-tax Act, 1961, whether entitled to deduction? 55. Section 45(4) - Whether applicable on retirement or death of a partner? Cash Credits – Section 68 56. Foreign gifts - Whether covered by section 68 of Income-tax Act, 1961 57. Share capital vis-a-vis section 68 58. Credits in Partner's Account: Where assessable - Firm or partner? Minimum Alternate Tax 59. Whether provision for bad and doubtful debts is allowable under section 115JA/115JB of the Income-tax Act, 1961 60. Capital gains directly credited to capital reserve - Position under section 115 JB 61. Carry forward and set off of losses in the year of payment of taxes under MAT Deduction under Section 80HHC 62. Brought forward losses and deduction under section 80HHC 63. Allowability of interest earned on fixed deposits for computation of deduction under section 80HHC Penalties 64. Surrender of cash credits and penalty under section 271(1)(c) 65. Loss return and penalty - Can penalty be imposed under section 271(1)(c) when loss is incurred? 66. Whether recording of satisfaction in the assessment order is mandatory for charging of penalty under section 271(1)(c) of the Income-tax Act, 1961 for concealment of income? Hindu Undivided Family 67. HUF with female members 68. Single coparceners status of HUF 69. Can a female member become karta of HUF? Miscellaneous 70. Transfer fees charged by a Co-operative Housing Society 71. Re-assessment - Section 147 vis-a-vis section 143(3) 72. Opportunity of hearing to the assessee before Directions are issued by Assessing Officer for special audit under section 142(2A)? 73. Whether instructions of C.B.D.T. are binding in nature 74. Whether interest amount on loan taken for acquiring shares can be disallowed under section 14A? Practical Case Statutes • Wealth-tax • Hindu undivided family • Business income • Capital gains .........................................................................................................................
