Final PN-15 DIT Quiz 4

1. A search was conducted in the premises of Harichand Jewellers on 21.01.2025. The following unaccounted items were found during the course of search

• Cash on hand 30 lakh;
• Promissory notes 70 lakh;
• Land documents 120 lakh; and
• Excess jewellery (stock in trade) 180 lakh

Which of the following could not be seized in a search under section 132?

2. A charitable institution, engaged in education of Yoga in India, registered under section 12AB of the Income-tax Act, 1961 for the previous year ended 31 March 2025, received donation of Rs.30,00,000 Out of Which Rs.8,00,000 is Anonymous donations What amount of anonymous donations would be taxable @30% as per Section 115BBC of the Income Tax Act, 1961.

3. Transfer pricing provision should not be applied in cases where the adoption of the arm’s length price would result in a –

4. Rs. 15,000 arising in country B with which India has DTAA, has been taxed in the hands of Mr. kabir as well as Ms. Yamini. This is an instance of   and the remedy for the same is through               .

5. In the assessement of Laxmi (P) Ltd. there was increase in income by way of arm's length price adjustment of Rs. 200 lakhs. The assessee decided to pay additional inome-tax instead of making secondary adjustment . What is the tax rate at which the additional income-tax is payable by assessee ?

6. Tax haven is a place where –

7. GAAR stands for -

8. Ram Ltd., Kolkata having international transactions exceeding Rs. 100 crore omitted to furnish report required under section 92E. How much is the penalty leviable for the failure to furnish report under section 92E ?

9. As per Section 92CD modified return for first of PY in respect of rollback year shall be furnished within                months from the end of the month in which Advance Pricing Agreement was entered.

10. The pre-filing consultation :-

11. The CBDT may declare Advance Pricing Agreement to be void ab initio, with the approval of Central Government where : –

12. The maximum validity period of Advance Pricing Agreement shall be :-

13. In case of secondary adjustment, where international transaction is denominated in foreign currency then the interest income on excess money available with Associated Enterprise shall be computed as per rate of interest :-

14. In case of secondary adjustment, where international transaction is denominated in INR, then the interest income on excess money available with Associated Enterprise shall be computed as per which of the following rate of interest :-

15. Secondary Adjustment shall be made when Primary Adjustment to transfer price:-

16. Secondary Adjustment means :-

17. The order of the Transfer Pricing Officer determining the arm’s length price of an international transaction or specified domestic transaction is binding on the :-

18. The aggregate of Specified Domestic transactions entered into by the assessee in the previous year should exceed a sum of                             to be considered as specified domestic transaction.

19. Failure to keep and maintain information and documentation as required by Section 92D would attract penalty u/s 271AA for :-

20. The International transaction shall be in nature of :

21. Under transfer pricing, International Transaction “Means”

22. Two enterprises shall be deemed to be associated enterprises when –

23. Zero India Private Ltd. borrowed Rs 500 crores from an Indian Bank. Y Inc. (USA) guaranteed the borrowings of Indian Company. Select the correct statement:

24. Two enterprises shall be deemed to be associated enterprises if a loan advanced by one enterprise to the other enterprise constitutes –

25. Generally, two enterprises shall be deemed to be associated enterprise when one enterprise holds, directly or indirectly 26% or more        in the other enterprise