Answer is C Final Results

Answer is C

As per section 43(1) 2nd proviso

Provided further that where the assessee incurs any expenditure for acquisition of any asset or part thereof in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost.

So 50k payment in cash on 2.1.19 won't be considered in cost so actual cost would be 3.50 lakh


271DA

. (1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt:

269ST

. No person shall receive an amount of two lakh rupees or more—

(a) in aggregate from a person in a day; or

(b) in respect of a single transaction; or

(c) in respect of transactions relating to one event or occasion from a person,

otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:

So penalty would be ₹2 lakh

Answer is B (18% are right)

Since it is car 43(1) explanation 5 is not applicable here.

there is no provision of taking actual cost of asset as FMV.

Asset was put to use for less then 180 days but for half rate of depreciation asset need to be acquired in same year but here asset is acquired long before so full rate depreciation is allowed.

2lakh*15%=30k

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Answer is sec80jjaa is not applicable to assessee who is carrying proffession because sec80jja says like this Where the gross total income of an assessee to whom section 44AB applies,
includes any profits and gains derived from *business*.it not cover proffession

Answer is deemed to accrue or arise in india because as per explanation1(e) to sec9(1)(i) it is applicable to foreign company.it says like this in case of foreign company engaged in business of mining of diamonds no income shall be deemed to accrue or arise in india

45% were correct

73% are right A is answer

In section 72A It is said accumulated losses and unabsorbed dep c/f allowed in case of such conversion

Now section says accumulated loss means loss under PGBP except speculative losses

Loss under the head "Profits and gains of business or profession" (not being a loss sustained in a speculation business)

Answer is 5lakh

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