student help-book for commerce aspirants
CA Intermediate
Paper 4:
Taxation
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Sandeep Goswami
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Vishal Bhattad
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Deepak Gupta
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Farooq Haque
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Rajkumar Sir
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Test your preparation
Ques 1.
MLX Investments (P) Ltd. was incorporated during P.Y. 2016-17 having a paid up capital of Rs 10 lacs. In order to increase its capital, the company further issues, 1,00,000 shares (having face value of Rs 100 each) during the year at par as on 01-08-2018. The FMV of such share as on 01-08-2018 was Rs 85.
(i) Determine the tax implications of the above transaction in the hands of company, assuming it is the only transaction made during the year.
(ii) Will your answer change, if shares were issued at Rs 105 each?
(iii) What will be your answer, if shares were issued at Rs 105 and FMV of the share was Rs 120 as on 01-08-2018?
Ques 2.
Elaborate the conditions, non-fulfilment of which would render a return of income filed by an assessee not maintaining regular books of accounts, defective.