L.M.R. Page No. 1
KALPESH CLASSES JUNE 2009 CA FINAL
LAST MINUTE REVISION MATERIAL C.A. FINAL STUDENTS Diamond Queen Building, 2nd Floor, Office No. 208, Prarthana Samaj, 198 Raja Ram Mohan Roy Marg Near Brahman Sabha Building, Mumbai – 400 004. Maharashtra. CENTRALISED ADMISSION AND INQUIRY DIAL – 2382 06 76, 2380 11 21 (022) CENTRALISED MOBILE : 99691 00000, 99694 00000 WEB-SITE. HTTP://WWW.KALPESHCLASSES.COM
(NOV 2009 / MAY 2010 / NOV. 2010 BATCH ADMISSION IN PROGRESS) (Both old and new course syllabus will be taken care of.) Dear students, Wishing you all the very best for the exams. Here is the promised material for the last minute revision. We hope that it would be of some help to revise your subject in no time with perfection at last moment. The material is presented in columnar form the left column is giving you the name of the judgment and underlined with a note “Important” that signifies that it is important and must not be omitted. Some of the recent cases / Circulars although covered but may not be marked as important, this is so in the opinion of Prof. KALPESH SANGHAVI. In some case you will find numbers like “736” that signifies that it is an circular of CBDT of that number. KNOW LAST MINUTE REVISION MATERIAL (L M R) FROM KALPESH CLASSES. LAST MINUTE REVISION MATERIAL – PART A Synopsis of Concepts based Case Laws and Circulars. Interpretation of Amendments. LAST MINUTE REVISION MATERIAL – PART B List of Important Sections to glance on the last day. Legal Updates (Very Recent) Legal Updates After the Last Print of our text book. Some very important announcement (if any) To be Accessed from www.kalpeshclasses.com on or after 26TH of month before the exam commences. It is free for any person to down load from our website. --do-- (will also be emailed to you if you are registered on our website) Supplement 1 (Enclosed Herewith) Supplement 2 (Enclosed Herewith)
NOW 200 hours ONLINE LECTURES AT www.kalpeshclasses.com WEALTH TAX
L.M.R. Page No. 2
SEC. 2(EA) DEFINITION OF ASSET Smt. Badhurani Deepinder Mere possession or joint possession unaccompanied by the right to be in Kaur (P&H) (Important) possession or ownership of property would therefore not bring the property within the definition of net wealth for it would not have been an asset belonging to the assessee. Ellis Bridge gymkhana (SC) No person can be taxed by implication. Section 3 of wealth tax expressly not Halai Menon Association including AOP/BOI in its scope and thus they are not taxable entity under the wealth tax. However after the introduction of 21AA the assessment can be (Mad) made on AOP/BOI when the shares of the members are indeterminate or unknown. Where the shares are determinate Section 4 will be applicable and value of interest in the association will be subject to clubbing provision. Chikmagalur Club (Kar) Assessee a club whose members were owners of assets. Individual shares of (Important) members indeterminate or unknown are exigible to tax as per 21AA. Anantharam Veerasinghaiah Intangible additions made in the income tax assessment on account of and Co (SC) undisclosed income constitutes real income of the assessee. It has same concrete existence. Such income also constitutes wealth for the wealth assessment. However it must be proved that it is asset as per 2(ea) of the wealth tax act. (Join Kalpesh Classes for CA - CPT / PCE and Final) Dr. K.M. Shah (Guj) Assessee had acquired piece of land which was sub-divided in to 4 sub-plots. (Important) Subsequently all plots of land are to be regarded as separate plot of land. Carbon Everflow Ltd. Incomplete building/building under construction cannot be added in net wealth (Mum) (AT) (Important) of assessee under 2(ea)(1). 2(ea)(i) refers to any building or land appurtenant thereto whether used for residential or commercial with some exceptions provided therein. Nowhere in 2(ea)(i) ‘assets’, an incomplete...