Final PN-15 DIT Quiz 6

1. Beta Ltd. accepted primary adjustment of Rs.120 lakhs made by the Assessing Officer in respect of goods sold by it to its associated enterprise (AE) in Indonesia. It has an AE in Germany also. As regards repatriation of funds to be made which of the following statements is valid

2. Ravi sold his residential house on 15th May, 2024 for Rs.130 lakhs and earned long-term capital gains of Rs.60 lakhs. He bought a new residential house in March, 2025 for Rs.55 lakhs in order to claim eligible exemption under the Income-tax Act. What would you call this action of Ravi reinvesting the long-term capital gain by way of acquisition of a new residential house?

3. The Assessing Officer imposed penalty of Rs.50 lakhs under section 271AAD on Mr. Rohit. Can he provisionally attach the property of Mr. Rohit to protect the interest of the Revenue

4. Mr. Avinash has advertised on Instagram to promote his business of coaching. He is required to pay Rs.70,000 in the previous year 2024-25 to Instagram for the advertising services availed. What amount is required to be deducted as equalisation levy?

5. During the course of survey in the premises of Adarsh & Co. on 10.01.2025, stocks of goods purchased for Rs.10 lakhs were found to be not recorded in the books of account. The firm has brought forward loss of Rs.5 lakhs and incurred business loss of Rs.2 lakhs for the year ended 31.03.2025 without considering the unaccounted stock. The tax liability of the firm including the said unaccounted purchase would be  

6. Exemption under section 54 of the Income Tax Act, 1961 is available to

7. Who among the following is not mandated to file the return of income u/s 139 for A.Y. 2025-26?

8. Which of the following orders is not appealable before Commissioner (Appeals)?

9. While determining the ALP of the transactions between x Ltd., Hyderabad and its holding company Wax Inc., USA , there was an addition of Rs.300 lakhs to the total income of X Ltd. How much should be paid by way of tax (including surcharge and HEC) by X Ltd. in order to avoid secondary adjustment?

10. What is Berry Ratio in relation to the computation of the arm’s length price of an international transaction?

11. Mr. Shivam is a resident individual who owns an apartment in Dubai acquired on 06.07.2024. He had disclosed only 60% of its value in his income-tax returns. The Assessing Officer received this information of partial non-disclosure on 25.03.2025 and issued a notice under section 10 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 on 10.04.2025. What would be value of asset liable to tax under the said Act?

12. Sahayata Co-operative Society is engaged in manufacturing activity and was set up and registered on 10th April, 2024. Its total income (computed) for the previous year 2024-25 was Rs.22,50,000. How much is the income tax payable by it under section 115BAE of the Act? Note: Consider both surcharge and HEC.

13. Vikash, a resident sold Virtual Digital Asset (VDA) with the help of a broker through an Exchange. The sale consideration was Rs.7,20,000 (excluding GST / commission). How much is the amount of TDS applicable in respect of sale of VDA?

14. Which of the following method of computing arm’s length price is not a “Transaction Based Method’?

15. Arya Ltd., has spent a sum of Rs.40 lakhs towards meeting its corporate social responsibility (CSR) under the Companies Act, 2013. The amount of deduction available while computing the business income is .

16. ABC Co. Ltd., Mumbai, proposes to enter into a transaction for purchase of raw material from USA and sale of finished goods to its group company located in South Africa. It has obtained advance ruling in respect of the transactions but it is aggrieved with the ruling given by Board for Advance Rulings. What is the legal remedy available to ABC Co. Ltd?

17. Mr. Kamal, employed as Manager with Tripod Ltd., pays rent of Rs.50,000 per month to his landlord. Which of the following statements is correct?

18. While processing the return of income U/S 143(1), Which of the following cannot be adjusted in computation of total income ?

19. Income-tax authority having jurisdiction of Raj & Co conducted a survey under section 133A and seized the books of account and other documents on 10.10.2024. What is the maximum time limit that the books of account and other documents can be retained by the Income-tax authority without obtaining permission of higher authorities?

20. During the course of assessment in the case of A & Co (firm) the Assessing Officer found out one accommodation entry (bogus purchase) for Rs.7 lakh from another firm by name X & Co. Both A & Co and X & Co have admitted fake invoice and accommodation entry. What would be the penal consequence of the transaction? (Ignore HEC)

21. Benefit of taxation of presumptive income under the Income tax Act, 1961 would not be available to Vivek, a non-resident, in AY 2025-26, in respect of the related Indian income, if he is engaged in the business of

22. Assessment order in response to notice u/s 143(2) shall be completed within a period of

23. Rs.24,300 arising in country B with which India has DTAA, has been taxed in the hands of Mr. Raj as well as Ms. Susmita. This is an instance of and the remedy for the same is through

24. Mr. Surya is aggrieved by an order passed by the Commissioner of Income-tax imposing penalty under section 270A for under- reporting of income. What is the appellate remedy available to him under the Income-tax Act, 1961 and the specified time limit within which he has to file an appeal?

25. Dividend received by a real estate investment trust (REIT) from special purpose vehicle (SPV) and distributed to its unit holders is –