S. P. MANDALI’S PRIN L. N.

WELINGKAR INSTITUTE OF MANAGEMENT

DEVELOPMENT & RESEARCH

ACADEMIC DELIVERABLES CELL (ADC)

TEACHING AND LEARNING PLAN (TLP)

Title of the Subject Legal and Tax Aspects of Business

Subject Code FIN 203
No. of Credits 4- 2 credits is for Legal Aspects and 2 credits is forTax Aspects
No. of Hours 40-20 hours is for Legal Aspects and 20 hours is for Tax
Aspects
No. of Sessions 20-10 each for Legal Aspects and Tax Aspects
Marks 100-50 Marks each for Legal Aspects and Tax Aspects
Pre-requisite Subject(s), if any -
Name of the Program/Division MMS Batch I and II
Specialization, if any -
Subject Revision No. -
Academic Year 2022-24
Trimester/Semester Semester II
Syllabus Revision No.
Name of the Faculty PROF PRAKASH GEHANI- Legal Aspects of Business
Faculty Email Address advocate.prakash@rediffmail.com
Faculty Mobile No. 9819359933

Description of the Subject:

Legal Aspects of business: Legal aspects are an indispensable part of any business in any
country. They reflect the policy framework and the mindset of the Governmental structure
of that country. They ensure that every business is functioning as per the statutory and legal
framework of the country.
Tax Aspects of business: This course largely deals with Income Tax Act provisions
applicable for doing business in India. It includes basic components and principles of
Direct Tax Laws- The Indian Income Tax Act, and the Indirect Tax Law- Goods &
Services Tax (GST).

Course Learning Objectives:

To familiarise students with the basic concepts of law, understand the main principles of
1 current applicable business laws and how it affects the functioning of different
businesses in India.

1
 2 To familiarise students with Fundamentals of Indian Income Tax Act.

3 To familiarise students with salient features of Goods and Services Tax.

Course Outcomes:

Blooms
CO
Course Outcome Taxonomy
No.
Level
Understand current business laws applicable in India. Understandin
CO1 g
Level 2
Analyse the implications of applicable sections of Indian Contract Act,
Analysing
CO2 Companies
Level 4
Act, Competition Act, etc.
Understand basic principle governing Indian Income Tax Act. Understandin
CO3 g
Level 2
Understand different heads of income and deductions available. Understandin
CO4 g
Level 2
Understand the fundamentals of Goods and Services Tax. Understandin
CO5 g
Level 2

Mapping of Course Outcomes (CO) to the AOL goals

Critical Role of Self in the Or-

Leader- Innova- Communica-
Analytical Global Perspective ganization & in Soci-
ship tion tion Skills
Thinking ety
CO1 3 2 2
CO2 3 2 2
CO3 3 2 2
CO4 3 2 2
CO5 3 2 2

Detailed Session Plan:

Session No. Topic and Subtopics to be Covered CO(s) Mapped Pedagogy
to the Topic
1 Basic Concept of Law (Definition of Law, CO1 Lecture Ses-
Classification, Writs U/Article 226 & 32), CO2 sions, Interac-
Jurisdiction of Courts (Civil & Criminal tion, Case Stud-
prevailing within Mumbai) – Basics of
ies, Presenta-
Evidence,(Oral, documentary, burden of proof,
Examination – in – Chief, Cross

2
 Examination, re – examination) – Principles tion,
of Natural Justice (Audi Alterem Partem, Rule
Against Bias, Speaking Order)
2 and 3 Indian Contract Act 1872 – Principles of CO1 Lecture Ses-
Contract, sections – 2 – 30, 56, quasi – CO2 sions, Interac-
contracts, damages /73 – 74. Special contracts tion, Case Stud-
(Indemnity, Guarantee, bailment, pledge,
ies, Presenta-
agency)
tion, Guest Lec-
ture.

4&5 Indian Companies Act 2013 – Salient Features CO1 Lecture Ses-
of the New Act CO2 sions, Interac-
tion, Case Stud-
ies, Presenta-
tion,

6 &7 Competition Act – 2002 – Definition & S/3. S/4 CO1 Lecture Ses-
and S/5 and Consumer Protection Act. CO2 sions, Interac-
tion, Case Stud-
ies, Presenta-
tion,

8 &9 Cyber Law- salient features-Information CO1 Lecture Ses-

Technology Act and e-commerce regulations CO2 sions, Interac-
tion, Case Stud-
ies, Presenta-
tion,

10 Intellectual Property Law- salient features - CO1 Lecture Ses-

relating to Intellectual Property Rights. CO2 sions, Interac-
tion, Case Stud-
ies, Presenta-
tion,.

11 & 12 Income Tax Act 1961 – Income, Residence, CO3

Heads of Income. CO4
Introduction to fundamentals of Income Tax:
Inclusion, its applicability, overview of different
heads of income, applicable sections, applicable
deductions, exemptions etc.

3
13 Tax Planning Concepts and principles: Meaning, CO3
Rationale, concepts and principles. CO4
14 ,15 Income under the head “Business or Profession”. CO3
(Section 28): Meaning, its applicability, items of CO4
expenditure which are to be allowed as deductions
while computing business income, Business
profits – : Sections 30, 31, 35, 35D, 36, 37, Etc.
16, 17 The concept of Depreciation under Income Tax CO3
Act: its applicability, methods, applicable rates CO4
etc.
18 The disallowances under Income Tax Act - CO3
Sections 40, 40A(2),40A(3), Practical Examples CO4
including Case Laws.
19 & 20 Fundamentals of Goods &Services Tax (GST), CO5
Principles, Procedures, structure etc.

Reference Text/Reading Material:

1 Elements of Mercantile Law- N D.Kapoor-34th Edition-:Sultan Chand & Sons.

2 Business Laws-N Kapoor- 30th Edition- 2015- Sultan Chand & Sons
Business Law, P.C.Tulsian and Bharat Tulsian-3rd edition- Publisher- Tata McGraw
3 Hill-2018

Company Law, by Singh Avtar., Edition: 17th , Publisher: Lucknow Eastern Book
4
2016.
Cyber Laws and Information Technology- Dr.Jyoti Rattan and Vijay Rattan-Bharat
5 Publication- 6th edition, 2017.

Intellectual Property Law by P.Narayanan, 3rd edition, Publisher: Kolkata Eastern

6
Law House 2002
Law relating to Intellectual Property Right- V.K.Ahuja-3rd Edition-LexisNexis
7
Publications-2017
Guide to Competition Act,2002. S.M.Dugar & Sudhanshu Kumar- 7th Edition-
8
LexisNexis Publication -2017
9 Bare Act of Income Tax..

10 Government Notifications, Rules, Circulars & Clarifications.

Students Guide to Income Tax including GST- Dr.Vinod Singhania- Taxman
11
Publication- for the current year.

Assessment Method:

Evaluation Schedule
Evaluation Methodology % of marks The Course Outcome that it will measure
assigned *
1. Surprise quizzes The

4
2. Case evaluation
3. Group presentations 20%-20 marks CO1,2
4. Mid Term Evaluation
5. Project
6. Any other evaluation
method : Please
specify :
7. End Term Exam 30% -30 marks CO1,CO2

Project/Assignment Details, if any: Class is divided in 5 groups.

Every group is given different topics from the syllabus.

CO(s) Mapped to CO1,2

Project/Assignment
Objective/s of the To analyze the concepts associated with the classical
Project/Assignment contract law in order to evaluate their relevance, to
trace the evolution of the business law with the
changing times in order to evaluate the role of equity
in law.

Assignment/Project Class presentations and handwritten projects.

Methodology

Outcome of the Students will demonstrate their understanding of concepts

Project/Assignment in la law. Students will showcase their ability to analyze and
review the given problem in Law.

TLP submitted by Approved by

Teaching Faculty Program Head Dean – Specialization
Name PRAKASH GEHANI Prof.Vanita Patel.
Signature Vanita Patel.
Date 05/02/2023 07/02/2023