Direct Tax Laws & International Taxation - November 2022

M/s PRK LLP, a limited liability partnership, set up a unit in Special Economic Zone (SEZ) on 1* April, 2019 to develop and export computer software. The unit complied with all the conditions of section 10AA. The net profit of the unit as per Statement of Profit & Loss for the year ended 31S March, 2022 was ® 65 lakhs after “ debiting/crediting the following items : (i) Profit on sale of import entitlement % 9 lakhs. (ii) Remuneration to…

The Head of Accounts of Fit Me Foundation, a trust, established for 4 the purpose of promotion of Yoga has approached you to guide him about the tax implications of the following : (2 (i) During the financial year 2021-22 it received a voluntary contribution of % 125 lakhs with a specific direction that it should form part of the corpus of the trust. The trust invested such amount in the shares of M/s Bend and Blend Private Ltd., a…

5. (a) Answer any two out of the following three sub-parts, viz. (i), (ii) and (iii). 4x2 Your answer should cover =8 (a) Issue involved = (b) Provision applicable (c) Analysis «* (d) Conclusion (i) During the scrutiny assessment of Refresh Me Ltd., a company engaged in manufacture and distribution of packaged juices, the KBF2 _ PTO. (12) Assessing Officer (AO) are the assessee filed an order of demand. Aggrieved bY ™ f A.O. Asse appeal to CIT(A), who confirmed…