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Question 10 A corporate assessee, who inadvertently failed to claim deduction under section 80IB during the initial years, cannot claim deduction under the said section for the remaining years during the period of eligibility, inspite of fulfillment of stipulated conditions. Examine the above statement in the light of judicial decision.Question 9 Examine the taxability of the following receipts with reference to Income tax Act, 1961: a) Bonus shares received by equity shareholder. b) Bonus shares received by preference share holder. c) Medical allowance received by an employee, the entire amount of which has been spent by him for medical treatment. d) Gift of a plot of land given to a company secretary by one of his clients. The company secretary has been fully compensated for his services and this gift has been given in appreciation of his personal qualities. e) Receipt of a cash gift of Rs. 60,000 from a friend on the occasion of wedding anniversary. () Contribution to provident fund recovered from an employee by an employer but not deposited in his PF Account.Question 8 X Ltd. owns a barren land of 9,000 sq. mtrs., adjacent to the factory premises. It enters into an agreement with Y Ltd. for granting of the above land on lease to Y Ltd. for a period of 12 years. Under the terms of the agreement, Y Ltd. had to build a factory building, pay an annual rent @ Rs.100 per sq. mtr. of the leased land of 9,000 sq. mtrs. and surrender the building to X Ltd. at the end of the lease without any consideration. Y Ltd. complied with the terms and conditions of the lease agreement. The depreciated value of the building surrendered and taken possession by X Ltd. in June, 2019 was Rs. 4.22 crore. Accounts department of X Led. is of the opinion that an equivalent amount is to be taken in the accounts of the year 2019-20 as income received. Critically examine the matter in the light of decided case law, if any.Question 7 S Led., a subsidiary of H Ltds. has been incurring losses year after year. The holding company H Ltd. paid an amount of Rs. 1 crore to S Led. as a grant to recoup the losses. The assessing officer contends to consider this receipt as a trading receipt and includes it in the assessable income. Examine the case in the light of provisions of Income Tax Act and decided case law, if any.Question 10 Specify whether the following acts can be considered as (i) Tax planning; or (ii) Tax management; or (iii) Tax evasion. (i) P pays premium of Rs.10,000 for health Insurance policy so as to reduce his total income from Rs. 6,40,000 to Rs. 6,30,000 by claiming deduction u/s 80D (ii) SQL Ltd. pays advance tax by estimating his total income in previous year to ensure timely compliance. (iii) An individual tax payer making tax saver fixed deposit of Rs. 1,00,000 in a nationalized bank (iv) A bank obtaining declaration from depositors in Form No. 15G /15H and forwarding the same to income-tax authorities. (v) Z debits his household expenses as business expenses in the books.Question 9 Beaker Led. wants to acquire a machine on 1st April, 2015. If he purchases the same, it will cost Rs. 60 lakhs, have the expected useful life of 5 years and scrap value will be Rs.10,000. The company could either purchase the machinery with its own fund or borrowed funds. If the machine is purchased through borrowed funds, rate of interest will be 11.5% per annum and the loan will be repayable at the end of 5 years. If machine is acquired through lease, lease rent would be 16 lakh per annum. Profit before depreciation and tax is expected to be 4.50 crore every year. Depreciation is charged @ 15% on written down value. Besides, additional depreciation is available in the first year. Investment allowance is, however, not available. Average rate of tax may be taken at 32.445%. Advice Beaker Led. whether it should - (1) Acquire the machine through own funds or borrowed funds; or (ii) Take it on lease. Present value factor shall be taken @10%. At this rate present values of rupee one are - year 1 : 0.9091; year 2 : 0.8264; year 3 : 0.7513; year 4 : 0.6830; and year 5 : 0.6209.Question 8 Teerath Ltd. is a widely held company. It is currently considering a major expansion of its production facilities and the following alternatives are available: Particulars Alt-1 Alt-2 Alt-3 (Rs.) (RS.) (Rs.) Share capital 10,00,000 20,00,000 50,00,000 14% Debentures 15,00,000 20,00,000 18% Loan from Bank 25,00,000 10,00,000 Expected rate of return before tax is 30%. Rate of dividend of the company since 2000 has not been less than 22% and date of dividend declaration is 30th June every year. Corporate tax rate is 30%. Which alternative should the company opt with reference to tax planning