Paper6 IBS Case Study Index As Per Atul Sir Book

IBS CASE STUDY INDEX
AS PER ATUL SIR BOOK

Note
➢ This index is relevant for only
those students who are using the
Atul sir book for IBS if you are
using the compilation then you
can use the normal case study
index from Gdrive here
➢ This index covers 3 columns

1. Questions,
2. Page number from Atul sir book
amd
3. Page number from our case
study compilation for reference.
Page 1
IBS CASE STUDY INDEX
Features
• Includes all questions from case studies issued by ICAI (Sample case studies, Past year paper,
MTPs, RTP, Case study digest & Student journal) (covering 150+ unique case studies)
• All questions are segregated according to relevant subject and sorted A-Z.
Why this index is useful?

In old course paper 6F (Now Paper 6: IBS), IC!I has repeated case studies from previous year paper,
MTPs, journal & case study digest but since there are 10+ case studies (including case studies from
old paper 6F) it's difÏcult to solve all the case studies released by IC!I and recall it during 3 hours of
exam so, this index will help you to identify from where examiner has given/ repeated the case study
and you can score full marks in that repeated case study Qn;
IC!I has repeated case study Qn in last few attempts (Nov 2020, May 2021 & Dec 2021) as below –
Exam (Suggested Answer) Case study repeated from

Suggested Answer.Dec 2021.Case Study 5.Q5.5 Suggested Answer.May 2019.Case Study 3.Q3.5
Suggested Answer.May 2021.Case Study 2 Suggested Answer.Nov 2020.Case Study 4
Suggested Answer.May 2021.Case Study 4 Suggested Answer.Nov 2019. Case Study 3
Suggested Answer. May 2021. Case Study 5 Journal.Oct20. Case Study 1
Suggested Answer.Nov 2020. Case Study 1 MTP.April 2018. Case Study 1
Suggested Answer. Nov 2020. Case Study 2 MTP.April 2018. Case Study 2
- It is probable that in upcoming IBS exams also, IC!I will repeat some case studies but do not rely on
index only and prepare for new case studies as well;
How to use this index?

1. Carry this index and case study compilation in exam.
2. When you get the Qn paper in exams, start with Qn1, skip the MCQ, read the first descriptive Qn.
3. Identify the subject from where the Qn is asked.
4. Come to this index, go to relevant chapter, and find the Qn by matching the initial few words (All
questions are sorted A-Z in index).
Note: some questions are started with some generic words (for eg. “With reference to the
information given under Para 2”, “In the light of the information provided in para (b) above,”), in
such cases – skip this generic part and identify where actual question start then search the actual
question.
5. Once you find from where the Qn is repeated and the page no., open that case study from case study
compilation and do copy paste. (Do some spot check to verify if ICAI has updated any details)
Page 2
Page Number
Sr.No. Subject Pg no.
1 Introduction 1–3
2 FR 4–7
3 AFM 8
4 Audit 9 – 11
5 DT 12 – 14
6 IDT 15 – 16
7 Law 17 – 18
8 SCMPE 19
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Page 3
CA Final IBS Case Study Index (Telegram channel: CA Rohit Chipper)
FR By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter FR
Atul sir book Compilation Descriptive Question (Sorted A to Z)
675 Advise on the Board’s decision regarding its meeting held in London
After reading and understanding the information provided in the case study, answer the questions that follow: (a) Are Indian
5.13 570
Accounting Standards applicable on Cheerful & Healthy Limited from 01/04/20
After the havoc caused by a devastating Tsunami in Andaman & Nicobar islands, a group of companies undertake during the
590
period from October 2019 to December 2019 various commercial activities, with co
After the havoc caused by a devastating Tsunami in Andaman & Nicobar islands, a group of companies undertake during the
1164
period from October 2022 to December 2022 various commercial activities, with co
in Atul sir add. file 1399 analyse and state how the revenue should be recognised in respect of sale of T-shirts by RPL to JML.
5.76 463 analyse the situation in accordance with relevant Ind AS?
Analyse whether the accounting treatment made by the accountant w.r.t. revenue recognition in the case of sale made to Mars
2.247 1315
Ltd. by Saman Pvt. Ltd., is in compliance of the Ind AS. If not, advise the
Analyse whether the activities as narrated by CA Puru to Mrs. Bansuri Devi w.r.t Khetibaadi Ltd. fall within the scope of Ind AS 41
1.44 942
with proper reasoning.
as a Chartered Accountant, give your comments to the disclosures made by the Company which adopted Ind AS for compilation
3.12 282
of Fin
As per the given facts, ABC Ltd. is providing advertisement services to XYZ Ltd., one of its primary customer. ABC has entered
766
into an agreement with XYZ which is effective from calendar year January
As Tanu and Manu are not well versed with Ind AS, with reference to business combinations, they want to understand about: (i)
1.58 50
Determination of acquisition date (ii) Ascertainment of control
Assuming that if the company has already expanded its business in and outside India by opening its branches. If the branches
745
located in India had not earned any profit since 2013 -2014, whether the pr
Assuming that there are no other transactions, you are required to: (a) Pass journal entries in the books of Technologies Ltd. (b)
1.81 980
Prepare the Balance Sheet of Technologies Ltd. after the entries in (
Based on your review of the aforesaid case, Analyse the various adjustments & also items which do not require any adjustments
367
in your view, to the draft financial statements of the company.
CA Karan Nayyar tells the Directors of Mahima Consumer Products Limited that expenditure on certain activities cannot be
590
considered as a CSR Expenditure as per Companies (CSR) Rules, 2014. Mention 4 s
CA Nayyar said that he would discuss the accounting of the Revenue expenditure for Corporate Social Responsibility made in the
1163
current financial year with the accounts department in the due course of
Calculate the closing value of investment in Chandra Suppliers Ltd. of RA Ltd using the equity method of accounting as per IND
2.141 1124
AS 28 on the basis of Para (1).
Calculate the gain or loss, Kavya Hotels Ltd. will make on acquisition of Anupama Hotels Ltd., if their deal is finalised. Also show
2.20 897
the Journal entries for accounting of its acquisition. Also calcula
Calculate the gain or loss, Kavya Hotels Ltd. will make on acquisition of Anupama Hotels Ltd., if their deal is finalised. Also show
in Atul sir add. file 897
the Journal entries for accounting of its acquisition. Also calcula
calculate the goodwill / capital reserve on the date of acquisition of share in KTL and PBL’s share in the profit and other
5.18 516
comprehensive income for the year.
calculate the impairment loss, if any, to be provided in the books of SBL with respect to the machinery bought for performing the
2.222 1279
special job of K
Calculate the non-controlling interest in the books of Iktara limited for the investment made in Maya private limited by both the
2.202 1239
methods mentioned in Ind AS 103.
2.75 1033 calculate the share-based payment value as per Ind AS 102?
2.28 908 Can INR be presumed as the Functional Currency for SIMCO, since it is located in India?
in Atul sir add. file 908 Can INR be presumed as the Functional Currency for SIMCO?
Comment on the presentation of the Balance Sheet as laid before CA Amit by Varsha’s accountant w.r.t. Varsha Pvt. Ltd. in terms
2.194 1229
of Division II of Schedule III.
Comment whether the classification referred in para (5) above is correct or not in the light of Schedule III to the Companies Act,
3.48 179
2013
in Atul sir add. file 1353 Comment whether the entity would require to recognize any liability in respect of leaves.
Compute the carrying amount of the factory in the Balance Sheet of Goyal Textiles Ltd. as at 31st March, 2022. You should
559
explain your treatment of all the amounts referred to in this part in your ans
Compute the deferred tax liability as on 31st March, 2022 and the charge/credit to the Statement of Profit or Loss and/ or Other
106
Comprehensive Income on head office property.
3.166 37 Compute the gain from disposal of shares of QR Ltd, which XYZ Limited has to record in its Consolidated Financial Statements.
3.108 128 Define 'Lease' as per Ind AS and explain its various components
3.96 112 Define qualifying asset for capitalising the borrowing cost and explain when the capitalisation should commence and cease
5.18 516 determine how PBL should account for the sale transaction of machinery to VPL in its books.
DETERMINE the transaction price of KG Airlines in the given case, as per Ind AS 115. How should it recognize revenue of tickets
1335
related to scheduled future flights?
Discuss in brief about the provisions/ requirements of the relevant Ind AS, which is required for preparation of S Limited's opening
3.70 207
Balance Sheet as on the date of transition.
discuss the potential ethical conflicts which may arise in respect of the lease arrangement and the ethical principles which would
guide how the finance manager, CA Manoj, should respond to the situation.
discuss whether the classification of Aviskrutya Ltd. as held for sale and its presentation as a discontinued operation is
5.86 468
appropriate, by referring t
Does KG Airlines have to pay GST on airport levies like user development fee, passenger service fee, etc. collected from the
1335
passengers? Briefly DISCUSS.
Does KG Airlines have to pay GST on the collection charges of ` 5 charged for the collection service provided by the airline to the
1335
airport operators? Briefly DISCUSS.
5.76 463 evaluate this under the definition of financial instrument.
3.41 246 evaluate whether the accounting treatment made by the Management is in compliance with the applicable Ind AS. If not, advise th
522 examine the applicability of accounting standards to Supatra Foundation, particularly in respect of its non-commercial activities?
examine whether the cost of new component (server) be recognized as an asset and if so, what should be the carrying value of
3.53 186
the plant at the
examine whether the cost of new component (server) be recognized as an asset, and, if so, what should be the carrying value of
276
the plant at the end o
3.96 112 Explain "Variable Consideration" and how it will be accounted for in terms of Ind AS.
3.12 283 explain how should the Company account for revaluation of Plant and Machinery and depreciation subsequent to reva
Explain in words what the below mentioned transactions represent in relation to Cash Flow Statement of Stable and Efficient
2.183 1212
Limited for the financial year ended on 31.03.2023:
Explain the accounting treatment of, if any, for the two grants received and the flood-related compensation in the books of
2.96 1061
accounts of Spectra Limited as on 31st March, 2023, to be worked out by Shiv
3.101 118 Explain the term 'Fair Value' in terms of Ind AS. Also define the term 'Principal Market' and how it is determined.
Page 4
Following the provisions of Ind AS 23 ‘Borrowing Costs’, calculate the amount of interest to be capitalized and pass necessary
2.149 1150
journal entry for capitalizing the cost and borrowing cost in respect of
Following the provisions of Ind AS 23 ‘Borrowing Costs’, calculate the amount of interest to be capitalized with respect to the new
530
building and pass necessary journal entry for capitalizing the cost
3.128 89 Give examples of temporary differences transactions that may affect taxable profit or loss of an enterprise
298 Give your comments on the disclosures (as, extracted) made by the Company in its draft financial statements under Ind AS
how much excess CSR expenditure has been made by YPL during F.Y. 2022-23 and whether such excess CSR expenditure can
1137
be carried forward to the nex
1.36 932 How should Luminous Ltd. recognise the government grants in its books of accounts for the F.Y. 2023-24?
1.103 721 How should such plucked tea leaves be initially measured?
5.50 494 how should the Asayam Ltd. account for the lease entered with Havanti Ltd. in its books of accounts?
527 How should the company account for the above investment property as on 31st March, 2022?
How should the discontinuation of old defined pension plan be accounted in the financials of Brightstar Limited for the year ended
106
31st March 2022 as per Ind AS
5.82 466 how should XLL determine the transaction price?
How UBA Private Limited is required to account for the security deposit in its books of accounts, for the rent agreement made
2.69 1022
between it and the complex owner. Pass journal entries for the entire dura
How will Shivalik Construction Private Limited recognize revenue as per the relevant Ind-AS, if performance obligation is met over
1.51 952
a period of time.
3.124 83 How will you disclose the information relating to trade payables provided in para no 3 of the case study in the financial statements
If BIL and Sysma Inc are covered under transfer pricing and arm's length price is required to be determined for their transactions,
3.154 21
what will be the factors for the purpose of selecting the most appro
If Company finalised any project under its CSR initiatives which require funds @ 5 % of average net profit of the company for last
745
three financial years. Will such excess expense be counted in subsequ
In case investment in DEF Limited has been done in a way other than cash, do you think that transaction would also have been
3.128 89
reported in Cash Flow Statement? Which are non-cash transactions relating t
In respect of the data provided in para (i) above, examine whether the cost of new component (server) be recognized as an asset,
276
and, if so, what should be the carrying value of the plant at the end o
In respect of the information provided in para (c) above, examine whether the cost of new component (server) be recognized as
3.53 186
an asset and if so, what should be the carrying value of the plant at the
In the background of facts mentioned in the issue 5 above, explain the accounting for such contracts, with reference to the
3.148 14
relevant Ind AS.
1.75 70 In the background· of facts stated in issue 5, compute the value of option under the share based payment as per Ind AS 102.
In the context of the case study, explain the provisions and requirement relating to formation of CSR Committee by the company
83
under the Companies Act, 2013
In the draft management prepared Balance Sheet of M/s. Artha Techno Plast Limited (ATPL) as at 31st March, 2018, comment
664
on the presentation of the Balance Sheet in terms of Schedule III to the Compan
In the draft Management prepared Balance Sheet of Omega Soft Tech Limited as at 31st March, 2020, comment on the errors
254
that the Company has made in the presentation of the draft Balance Sheet as at 3
In the light of Ind AS 16, explain how should the Company account for revaluation of Plant and Machinery and depreciation
3.29 231
subsequent to revaluation?
In the light of information provided in para (D)- 'Other Inputs' above, as a Chartered Accountant, give your comments to the
3.12 282
disclosures made by the Company which adopted Ind AS for compilation of Fin
In the light of information provided in para (E) - 'Other Inputs' above and Ind AS 16, explain how should the Company account for
3.12 283
revaluation of Plant and Machinery and depreciation subsequent to reva
In the light of the information given in para (f) above, state whether the lease constitute a finance lease and also calculate
327
unearned finance income in terms of Ind AS 17.
IndAS 41 applies to agricultural produce, which is the harvested product of the entity’s biological assets, only at the point of
harvest”. State the exceptional circumstances as mentioned in the IndAS
Mr. Daivignay wants to know from you the legal position on certain matters relating to Corporate Social responsibility (CSR) under
353
the provisions of the Companies Act, 2013. Accordingly, in the light
Mr. Parimal approaches you to provide him with a sample format to draft the Annual Report on CSR Activities on behalf of the
590
Board of Directors of Mahima Consumer Products Limited for the year 2019-20
Mrs. Singh, as seen in the above case is into Dairy Farming. She owns a dairy herd, of 3 years old cattle as at April 1, 2018 with a
fair value of R 13,750 and the no. of the cattle in the herd was 25
1305 Nature of Related Party Relationships and Transactions
Prepare Ind AS Impact analysis report of HIM Limited for presentation to the management wherein you are required to show the
2.170 1193
corresponding differences between Earlier IGAAP (AS) and New GAAP (Ind AS)
prepare necessary entries in respect of Jas Jagish Ltd. as at 31st March 2022, taking current and deferred tax into account. The
5.32 522
tax rate is 25%. Also prepare the tax reconciliation
Prepare transition date Balance Sheet of S Limited as per Indian Accounting Standards, according to the format prescribed in
3.70 207
Division II - Ind AS Schedule III to the Companies Act, 2013.
Prepare transition date Balance Sheet of Shaurya Limited as per Indian Accounting Standards, according to the format prescribed
in Division II - Ind AS Schedule III to the Companies Act, 2013.
Provide summary introduction in short of the relevant Ind AS, which is required for preparation of Shaurya Limited’s opening
Balance Sheet as on the date of transition.
Provide the accounting treatment w.r.t. transaction between ABCD Ltd. and PQRS Ltd. in their respective books of accounts. Also
1.30 920
show its impact on consolidated financial statements. Support your answe
3.154 21 Recompute the EPS of the Company for the financial year 2022-23
5.18 516 Referring Para 2, determine how PBL should account for the sale transaction of machinery to VPL in its books.
Referring Para 2, prepare necessary entries in respect of Jas Jagish Ltd. as at 31st March 2022, taking current and deferred tax
5.32 522
into account. The tax rate is 25%. Also prepare the tax reconciliation
Referring Para 3, calculate the goodwill / capital reserve on the date of acquisition of share in KTL and PBL’s share in the profit
5.18 516
and other comprehensive income for the year.
Referring Para 5, examine the applicability of accounting standards to Supatra Foundation, particularly in respect of its non-
522
commercial activities?
Sahana is intrigued by the concept of impairment and wants to understand, if an asset once impaired, can it be reversed. In this
1.64 57
context: (i) Explain in brief the accounting for reversal of impairment
Sales of products from Mahajan Food Products Ltd. to ABC Ltd. in the two-month period from 1st April 2022 to 31st May 2022
2.240 1304
totaled ` 16,00,000. Following the share purchase by Mrs. Birla, Mahajan Food
Shares are usually included in the weighted average number of shares from the date consideration is receivable. What will be the
21
date of inclusion in the following circumstances?
2.135 1114 Should PQR Ltd. consider the reclassification of building from PPE to investment property as a change in the accounting policy?
Page 5
Show necessary explanation for each of the items presented by chief financial officer in the form of notes, which may or may not
207
require the adjustment as on the date of transition
Show necessary explanation for each of the items presented by chief financial officer in the form of notes, which may or may not
3.70 710
require the adjustment as on the date of transition.
show the statement of profit and loss and balance sheet extracts in respect of the grant received by YPL for first year under both
4.18 1138
the methods as
Special Purpose Machines (SPM) have been the major capex for the firm. What are the disclosure requirements as per relevant
5.4 634
IND ASs in respect of SPMs?
State how the benefit to be attributed for the employee service for the Iast 20 years, 10 and 20 years and within 10 years, be
measured.
State the non-disclosures made by the Company in para 2 (a) to (d) above pursuant to financial statements disclosure
254
requirements as enshrined in Schedule III to the Companies Act, 2013. You may provi
327 state whether the lease constitute a finance lease and also calculate unearned finance income in terms of Ind AS 17.
State with reasons, the accounting treatment to be followed in the financial year 2018-19 in respect of refund of government grant
327
due to non-fulfillment of certain conditions attached to it as discus
Suppose if during the year 2016-17, the company has so far spent CSR expenses to the tune of 1.10 percent of the average net
745
profits of the company made during the three preceding immediately financia
The CFO wants to understand, how to record revenue at the end of seventh year as per the Ind AS 115. Also, prepare a brief note
1.58 50
explaining the accounting for revenue when the contract is modified
The Chief Accounts Officer has informed you that the Company did not provide for the decline in the value of investments in the
291
Indian subsidiary because the overall investment portfolio in subsidiari
The Company had earlier purchased a small bottle manufacturing plant meant for storing medicines for ` 24 lakhs on 1st April,
339
2016. The useful life of the plant was 8 years. On 30th September, 2018, t
The Company had two trademarks - 'X' and 'Y'. One month before, the Company had come to know through its marketing
340
managers that these two trademarks have allegedly been infringed by other competitors
The Company has requested you to suggest the accounting treatment of the above arrangement and transaction of acquisition of
106
shares in CASA Ltd
The Company on 1st April, 2015 had issued 50,000, 7% convertible debentures of face value of ` 100 per debenture at par. The
340
debentures were redeemable at a premium of 10% on 31st March, 2020 or these
The firm has lodged its claim with PSU insurer consisting of damages to building, machinery and stocks. Besides, the firm has
2.12 881
also included in its claim bill lodged with insurers certain un-incurred e
The management of HPNR has approached you to help them in deciding as to how animated objects created by the firm shall be
3.81 160
accounted for in the books of accounts and how the same shall be valued for r
The treatment of CSR Expenditure made towards a Capital Asset is a bit different under AS and Ind AS which CA Nayyar said he
590
would discuss with the Accounts Department in due course of time. You being
4.8 1335 To recognize ticket sales from the flights KG Airlines operates, you are required to answer the following questions:
353 Under what circumstances, are the provisions with regard to CSR applicable to Foreign Companies?
2.216 1261 What advice should CA Kumar give to Mr. Anand on the question posed by him regarding deviation from the IND AS?
What are the disclosure deficiencies, if any, in the Management prepared financial statements that could impact the true and fair
415
view of the financial statements? Please provide the basis for your as
What are the disclosure requirements which you would like to verify from the financial statement of XYZ Limited for the year
3.77 154
ended 31.03.2021 with respect to its transactions with CDE Limited? Whether
447 What are the ideal considerations for a reverse merger and state its relevance to 'Magnum'?
447 What are the risk factors to be considered in the matter of merger of 'Magnum' with 'Yamuna'?
What is the cost of SPM used for Mango, if all the SPMs were funded by bank (invoice value only) at a cost of 10% p.a.?
5.4 634
Assuming that it took 13 months for the machines to get ready for the intended u
1279 what shall be the correct presentation of the items for which Mr. Amrit had observed errors?
1.103 721 What will be subsequent measurement of such tea leaves in line with Ind AS 41 and Ind AS 2? [VERB- APPLY]
488 What will be the fair value of Vratam Ltd.’s investment in Kiyat Ltd. as on the balance sheet date? Refer Para 2.
367 What will be your response to the CEO on his proposals regarding various matters and explain the basis for your conclusion
what would be the treatment of Building A and Building B in the Balance Sheet of Kundan Gems Pvt. Ltd. for FY 2021-22?
527
Provide detailed disclosures and computations in line w
What would be the treatment of Building A and Building B in the Balance Sheet of Shanaya Limited? Provide detailed disclosures
2.61 1012
and computations in line with relevant Indian accounting standards. Treat
What would be the treatment of Building A and Building B in the Balance Sheet of Shanaya Limited? Provide detailed disclosures
and computations in line with relevant Indian accounting standards. Treat
what would be the treatment of the short-term compensating absences, profit-sharing plan and the defined contribution plan in the
5.64 459
books of Upal Ltd? W
Whether an activity which a company is required to do as per its statutory obligations under any law, would be termed as CSR
353
activity?
Whether Hamba Manufacturers Ltd. should include cost of the air conditioners in measure of its progress of performance
2.188 1219
obligation? How should revenue be recognised for the year ended March, 2023?
whether SBL needs to recognize provision for the costs to be made with respect to the contaminated soil area and if so, what shall
2.222 1279
be amount of pr
Whether the company's accounting treatment of cost for creation of provision towards onerous contracts is in line with the
3.119 142
provisions of Ind AS 37
Whether the cost of Buyer Furnished Equipment's (BFE's) supplied by XYZ Private Limited to Defence Innovators Limited for
3.86 164
installing the same in the ships can be considered as 'inventory' by Defence I
Whether the financial statements of Softbharti private limited are correctly presented as per the applicable financial reporting
2.202 1239
framework. If not, prepare the revised financial statements of Softbhar
Whether the provisions of Section 135 of the Companies Act, 2013 is required to be complied by the Company including its
353
Holding or Subsidiary Company?
1.103 721 Whether these plucked tea leaves are agriculture produce as per Ind AS 41 or not?
whether Upal Ltd. is required to remeasure its provision and what would be the accounting treatment of the cost that will be
5.64 458
recovered by Upal Ltd., w
Whether Vratam Ltd. is required to remeasure its provision and what would be the accounting treatment of the cost that will be
489
recovered by Vratam Ltd., which has already been charged to the Statement
Whether XLL’s performance obligation is met over period of time? (3 Marks) (b) Analyse the fair value of leasing containers upon
5.82 466
initial recogniti
With reference to information given under Para 1, whether Upal Ltd. is required to remeasure its provision and what would be the
5.64 458
accounting treatment of the cost that will be recovered by Upal Ltd., w
5.76 463 With reference to information given under Para 2, evaluate this under the definition of financial instrument.
With reference to information given under Para 2, what would be the treatment of the short-term compensating absences, profit-
5.64 459
sharing plan and the defined contribution plan in the books of Upal Ltd? W
Page 6
5.76 463 With reference to information given under Para 3, analyse the situation in accordance with relevant Ind AS?
With reference to information given under Para 4, (a) Whether XLL’s performance obligation is met over period of time? (3 Marks)
5.82 466
(b) Analyse the fair value of leasing containers upon initial recogniti
With reference to information given under Para 4, discuss whether the classification of Aviskrutya Ltd. as held for sale and its
5.86 468
presentation as a discontinued operation is appropriate, by referring t
5.82 466 With reference to information given under Para 5, how should XLL determine the transaction price?
With reference to Para 1, what would be the treatment of Building A and Building B in the Balance Sheet of Kundan Gems Pvt.
527
Ltd. for FY 2021-22? Provide detailed disclosures and computations in line w
5.50 494 With reference to Para 3, how should the Asayam Ltd. account for the lease entered with Havanti Ltd. in its books of accounts?
With reference to the information given under Para 2, calculate the impairment loss, if any, to be provided in the books of SBL
2.222 1279
with respect to the machinery bought for performing the special job of K
With reference to the information given under Para 3, how much excess CSR expenditure has been made by YPL during F.Y.
1137
2022-23 and whether such excess CSR expenditure can be carried forward to the nex
2.75 1033 With reference to the information given under Para 4, calculate the share-based payment value as per Ind AS 102?
With reference to the information given under Para 4, show the statement of profit and loss and balance sheet extracts in respect
4.18 1138
of the grant received by YPL for first year under both the methods as
With reference to the information given under Para 4, whether SBL needs to recognize provision for the costs to be made with
2.222 1279
respect to the contaminated soil area and if so, what shall be amount of pr
With reference to the information given under Para 5, what shall be the correct presentation of the items for which Mr. Amrit had
1279
observed errors?
With reference to the inputs provided in the Gist of Discussion-2 above, evaluate whether the accounting treatment made by the
3.41 246
Management is in compliance with the applicable Ind AS. If not, advise th
With respect to information given in Issue 1, discuss the potential ethical conflicts which may arise in respect of the lease
arrangement and the ethical principles which would guide how the finance manager, CA Manoj, should respond to the situation.
With respect to information given in Para 2, analyse and state how the revenue should be recognised in respect of sale of T-shirts
by RPL to JML.
106 With respect to SUN Limited, what will be the deferred tax and where will it be impacted
Would the reclassification of liabilities from non-current to current in the comparative amounts be considered to be correction of
2.68 1022
an error? Would the entity, UBA Private Limited need to present a thi
You have been asked to explain regarding appropriate accounting treatment under Ind AS for amortisation of the goodwill by the
3.115 136
company and that whether the accounting treatment as suggested in paragra
You have observed that 1 of the Company's units located in a coastal area had faced interruption in production during the second
291
quarter of FY 2019-20 due to cyclone and floods. On the basis of the in
You observe that the Company has been making estimates in the carrying amount of an asset or a liability. On perusal of the
340
estimates made by the Company you feel that the estimates made by the Compan
Page 7
AFM By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter AFM
Analyse working capital position of the firm vis-à-vis last year by discussing each component of working capital cycle and overall
2.12 881
working capital requirements of firm including effect of incident of
Based on the Business Case details provided by Quick & Qual Sys, what would be the potential value that can be placed for the
399
Company?
Being the referred Management Consultant, what are some of the ways you would suggest STAS management to finance their start-
3.53 186
up?
3.133 95 Calculate the Enterprise value of ARP Limited using entity value as the base under relative valuation method
in Atul sir add. file 1400 Calculate the expected loss, if the hedging is not done. How the position will change, if the firm takes forward cover?
in Atul sir add. file 1358 Calculate the NAV per unit of the Scheme Purnarth
CESL was considering the replacement of its existing machine with a new machine. On the basis of the inputs given in para (2)
3.35 239
above, advise on the viability of the proposal
28 Compute the current market price of the bond
239 Determine the equivalent earnings per share of XYZ Ltd.
determine the incremental value due to adoption of the new strategy in line with the strategic financial management principles
3.48 179
adopted by the company
239 Determine the market value of the merged firm, assuming its P/E multiple remains unchanged
in Atul sir add. file 1358 Explain any three advantages as well as drawbacks of investing in Mutual Funds as would have been narrated by Mr. Yashdeep.
3.159 28 Explain Maculay's duration and compute the duration
Explain the concept of reverse merger and advise the management of JKL the benefits, if any, in case merger of JKL with Machine
3.133 95
Industries Limited (MIL) is done following the suggestion of financial c
303 How will you carry out the company analysis of Paper Board Private G Limited using the statistical techniques
How would you rate Quick & Qual Sys based on the information provided and elucidate various positive and negative aspects that
399
needs to be considered in the overall evaluation of the investment by Din
If the proposed merger takes place, what would be the new earnings per share for Gangotri Ltd. (assuming the merger takes place
192
by exchange of Equity Shares and the Exchange Ratio is based on the Curr
If the spot rates on March 31, 2024 are: INR/US $ = ` 66.25 JPY/US $ = JPY 110.85 Is the decision to take forward cover justified?
Note: For cross rate of `/¥ round off up to 4 decimal points.
3.35 239 In respect of the acquisition by SFL (another subsidiary of CESL) of XYZ Ltd, you are required to calculate:
In respect of the inputs given in para (12) above, determine the incremental value due to adoption of the new strategy in line with the
3.48 179
strategic financial management principles adopted by the company
3.58 192 Limited as above
1.122 732 PTPL seeks your ADVISE on the option to be chosen to hedge the foreign exchange risk.
Start-up GrowFine is also planning to approach other investors to fund its business requirements. What specific points shall be
1.9 839
considered while carrying out due diligence of such start-up for picking
Suppose if Mr. Harsh has been asked to suggest approaches that may be used while appraising the project under inflationary
conditions. Explain these approaches.
239 The number of equity shares to be issued by SFL., for acquisition of XYZ Ltd.
239 What is the expected market price per share of SFL., after the acquisition, assuming its P/E multiple remains unchanged
192 What is the present EPS of both the companies?
239 What would be the EPS of SFL., after the acquisition?
3.3 313 What would be typical categorisation of various securitisation instruments handled by Clean and Sweep
Which project would have been recommended by Mr. Harsh? Explain whether his opinion will change, if coefficient of variation is
used as a measure of risk.
3.58 192 With reference to the inputs given for Gangotri Limited as above
You are required to identify different types of Risk faced by Quick & Qual Sys and also assess the Risk critically to facilitate
399
investment decision by Ding Dong.
Page 8
Audit By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter Audit
AAI plans to enter into a joint venture with PGL from 1st April, 2024. TAPL is new vehicle for this purpose. What role internal audit
function can play in such a joint venture?
analyse the issues involved and give your views as to whether or not the auditor, DRT & Co., could accede to the request of the
management
analyze the issues involved and give your views as to whether or not the Auditors could accede to the request of the Board of
327
Directors for
327 analyze the issues involved and state how the Auditor should decide on this matter.
Apara wants to draw the attention of the readers of the financial statements by way of an Emphasis of Matter (EOM) paragraph in
the Audit Report issued by them indicating the fact of their appointment due to resignation of the existing auditor. Explain the
1.70 63
circumstances in which an auditor may consider to include an Emphasis of Matter (EOM) paragraph in their audit report. Is
approach of Apara proper?
Are there any matter(s) that need to be reported with unfavourable response under the Companies (Auditor's Report) Order, 2016-
415
(CARO, 2016)? If so, explain the same with relevant rationale
As a joint auditor of Zemka Ltd, how should CA. Gudia address the disagreement with other joint auditors? Explain in the
3.166 37
background of relevant Standards on Auditing.
As a Statutory Auditor state with reasons whether you would accede to the request of the Chief Accountant not to seek
664
confirmation from certain trade payables citing disputes.
664 As a Statutory Auditor, how would you deal when you find huge differences between the control accounts and subsidiary records?
as a user auditor i.e. as an auditor of Upal Ltd., what information would you obtain about controls at a sub-service organization,
5.64 459
Paryupasna HR & Acc
As an auditor of Rising Star Limited, state the matters to be reported under Rule 11 of the Companies (Audit and Auditors) Rules,
415
2014? What are those matters and how would you report them?
As regards transaction with Mr. D, one of the directors, state few audit procedures pertaining to transaction to be performed by CA
1.30 921
Krit Garg. Discuss probable purpose of such audit procedures also.
As the Statutory Auditor of the XYZ Limited, what audit procedures should CA Gudia perform for the Show Cause Notice received
3.166 37
from the State Pollution Board?
Assume that during course of audit, CA Madhusudan suspects that there may be non-compliance by NGO in relation to some
aspects of FCRA, 2010. How he should proceed in such a situation?
Assume that Mr. H, an individual Chartered Accountant, is appointed as an auditor of Stable and Efficient Limited. After
1212
completion of term as an auditor as mentioned in Rotation of Auditor, for how m
Auditors are required to assess the risks of material misstatement at two levels”. Briefly explain the same and state the
2.20 897
procedures to be followed by Komal regarding validity of account balances rela
Auditors are required to assess the risks of material misstatement at two levels”. Briefly explain the same and state the
procedures to be followed by Komal regarding validity of account balances rela
3.18 216 Based on the audit observation (10), state the matters where specific enquiry may be conducted to evaluate subsequent events.
Being Lakshya, how you would strengthen the Company’s internal controls as suggested by the management to make the system
2.52 991
robust by framing the company’s policy with respect to expense reimbursement?
By when, Kiramji Ltd. should have ceased capitalizing the interest costs related to the building and how such matter will be
530
qualified in the audit report by the auditor of the company? Describe the m
CA Grace Pahwa, at the start of the Statutory Audit of Mahajan Food Products Ltd. deliberates to her Audit team on how to
2.240 1305
conduct the audit as per the relevant requirements of the Companies Act and SA
CA Vani would conduct the Due Diligence work w.r.t ABC Ltd. as required by Mr. Hari Mehta. Help her list outthe contents of Due
2.149 1150
Diligence Review Report that she may submit.
Can PQRST & Co. accept the appointment as an auditor in 80 private companies having paid-up share capital less than ` 100
1220
crore which has not committed default in filing its financial statements under
Comment on the reply given by CA Kumar to Mr. Dutta in response to his request of not following Standards on Auditing while
2.216 1261
carrying out the audit of their Company in terms of provisions of the Charte
comment on whether communication made with the previous auditor is in line with relevant clause of Schedule to the Chartered
3.48 179
Accountants Act, 1949 and Code of Ethics.
Considering the inputs in Discussion 1 as an advisor, what factors would be considered by you in formulating the audit strategy of
3.91 170
the Company
Differentiate between the two types of Audit functions as performed by CA Ravi Mehta and CA Hariharan as discussed in the
2.232 1292
above case of Annapurna Trading Pvt. Ltd.
Differentiate between the two types of Audit functions as performed by CA Ravi Mehta and CA Hariharan as discussed in the
595
above case of Annapurna Trading Pvt. Ltd.
2.247 1315 Discuss the differences between the types of audit as carried out by CA Rupali & CA Bhawanmeet.
Discuss what is understood by “quick mortality” and also list out reporting requirements in respect of such accounts in LFAR to be
889
submitted by the auditor. What could be probable significance of such
due to presence of what type of factors, Mr. Praveen might have considered to retest the controls and not to rely upon the audit
855
evidence obtained
Due to some unavoidable reasons YZ and Associates resigned from being the auditor of HW Limited for the financial year 2019-
582
20. Keeping the above situation in mind answer the questions that follow:
2.3 855 due to what legal restrictions, Rao & Co. would not be able to provide internal audit services to VPL?
1.103 721 ENUMERATE some circumstances, change of which would prompt inquiries from the management of RTL.
Enumerate the procedure for appointment of the statutory auditors in case of casual vacancy. Apara wants to draw the attention
63
of the readers of the financial statements by way of an Emphasis of Matte
Explain about the professional misconduct as defined in Part I of the First Schedule to the Chartered Accountants Act regarding
3.108 128
accepting a position as an auditor previously held by another chartered
3.101 118 Explain the constitution of Audit Committee as per the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations 2015
explain which of the group companies are required to appoint an internal auditor under the provisions of the Companies Act,
3.91 170
2013?
From the information given in Para II, where key audit matters have been addressed by the auditors, describe principal audit
623
procedures that may have been followed by the auditor regarding material un
How should M/s XYZ, Chartered Accountants indicate in its report for responsibilities of their work and M/s ABC, Chartered
2.69 1023
accountants work in the course of audit, so that the concerned stakeholders c
367 How will you deal with the issues raised by the company secretary from the financial reporting and compliance perspective?
Identify the existing risk at each stage, at different levels and control procedures in the given format of Risk Control Table for : (i)
791
purchase to pay process (ii) order to cash process.
If you are the auditors of ABC, then how would you address the matter related to similar invoices for expenses incurred on
766
contractual manpower charges in the conduct of the statutory audit? Also eval
Page 9
In background of Merun’s discussion with Tan and Kan, answer the following: (i) Can the financial statements and audit report
1.88 76
signed by Merun be reviewed by some other Chartered Accountant? If yes, wh
In case of client 6, the auditor has proposed another person of firm as his representative in the annual general meeting. Whether
1205
auditor can do such kind of arrangement?
70 In case you are appointed as CFO of the company:
In respect employee and employer's contribution towards Employee State Insurance contribution for the Company's units 1 to 3,
291
explain whether the contention of the Chief Accounts officer is correct ?
In respect of the expenses not applied towards the objects of the Trust referred in a para (a), examine whether the action of the
327
previous Auditor by informing the Board of Trustees through a separate
In the background of provisions of the Chartered Accountants Act, 1949, explain the types of misconduct. Also, comment whether
3.148 14
Mr. Safe is guilty of any professional misconduct
In the context of this Mahajan Food Products Ltd.'s Related parties, the potential effects of inherent limitations on CA Grace's
1305
ability to detect material misstatements are greater than usual. Give 2
In the light of the information given in para (h) above, analyze the issues involved and state how the Auditor should decide on this
327
matter.
In the light of the information provided in para (b) above, analyze the issues involved and give your views as to whether or not the
327
Auditors could accede to the request of the Board of Directors for
In the light of the inputs given above in Discussion 3, explain which of the group companies are required to appoint an internal
3.91 170
auditor under the provisions of the Companies Act, 2013?
In your view what are the responsibilities of the Joint Auditors appointed under the Companies Act, 2013 with respect to division of
308
work, reliance on the work carried out by other joint auditors, tre
70 Indicate the areas for establishing and maintaining internal controls for financial reporting which will be certified by you
70 Mention the aspects that you would certify to the Board of directors along with the Chief Executive Officer of the Company
Mr. X and Mr. Y had certain opinions on appointment of tax & internal auditor. After reading and understanding those opinions
5.13 571
answer the following questions: (a) Is it correct that tax auditor of a co
On the basis of overall description of case study, what factors should be considered by CA Madhusudan while assessing audit
risk of DBS Trust during course of audit for financial year 2023-24?
Provide a brief summary of items to be reported to those in-charge of governance, where applicable, based on your audit findings
415
for Rising Star Limited, duly considering the Auditing Standards and th
Provide an answer to the following questions relating to Special Audit of Cheerful & Healthy Limited: (a) Chartered Accountant for
5.13 570
the purpose of Special Audit would be appointed by whom?
in Atul sir add. file 1358 provide some illustrative steps for performing audit of the blockchain-based system.
1220 Provide the maximum number of Audits remaining in the name of “PQRST & Co.”
1220 Provide the maximum number of Audits remaining in the name of individual partner i.e. “Mr. P”, “Mr. Q”, Mr. R, Mr. S and Mr. T.
5.18 516 Referring Para 5, what kind of opinion should the statutory auditors issue in the case of Samya Ltd.? Please draft the same.
Referring the presentation made by the auditor regarding Emphasis of Matter paragraph in the Auditor’s Report, state the
629
conditions for including such paragraph. Also give certain examples of cases wh
Referring the presentation made by the auditor regarding Emphasis of Matter paragraph in the Auditor’s Report, state the
conditions for including such paragraph. Also give certain examples of cases wh
Since the point of board meetings has come up during the audit, the directors had a detailed discussion on the same with the
585
member of your firm who’s taking care of company law matters. What are the
Summarise the material misstatements, if any; on the management prepared financial statements which could impact the true and
415
fair view of the financial statements. Please provide the basis for your a
Summarize the material mis-statements/disclosure deficiencies, if any, on the Management prepared financial statements which
3.18 216
could impact the true and fair view of the financial statements. Please pro
Suppose WY and Associates, a Partnership Firm of Chartered Accountants is appointed as an auditor of Stable and Efficient
1212
Limited, after completion of that term as an auditor as is mentioned for Rotat
The auditor is also required to report auditors’ report whether the company has adequate internal financial controls system in
767
place and the operating effectiveness of such controls. Identify the cont
889 The auditors want to change asset classification from “Standard” to “Sub-Standard” for M/s Poriborton Industries. Discuss.
The executive and non-executive directors have different roles and responsibilities. The responsibility of independent directors
1.64 58
with reference to financial reporting and approval, as part of an Audit
The previous Statutory Auditors of CESL made an adverse statement in their certificate as the Audit Committee of the Company
239
did not meet four times a year. State a few other circumstances that might
What all matters are discussed in the Management Discussion and Analysis Report? What is the responsibility of CA Om with
1252
respect to the request of Mr. Rahul asking CA Om to verify the non- financial
What are the factors to be considered for using negative confirmation requests in the scenario mentioned in the audit observation
3.18 216
(1)
What is the difference between Risk Assessment, Due Diligence and Valuation exercises which you need to carry out on behalf of
399
Ding Dong in connection with their potential investment in Quick, & Qual
What is the role and the responsibility of the statutory auditors in connection with the laws and regulations under the applicable
383
auditing standards in India / Indian Companies Act, 2013 ?
5.76 463 what kind of opinion should the statutory auditors issue in such case?
5.18 516 what kind of opinion should the statutory auditors issue in the case of Samya Ltd.? Please draft the same.
1124 What manner and procedure shall be followed in RA Ltd for selection and appointment of ABC & Associates? Refer Para (2).
4.18 1137 what Mr. Kailash should have evaluated in addition to performing procedures as per SA 330?
What shall the audit team inspect for indications of the existence of related party relationships or transactions that management
1305
has not previously identified or disclosed to them?
76 What should be the contents of the review policy and procedures, if Merun's firm is required to establish such policy?
What specific factors for online shopping would be considered by CA Puru in formulating the audit strategy of the company in the
1.44 942
above case keeping in mind the concern raised by Mr. Prabhudeva?
what was the responsibility of Mr. Praveen in the given case with respect to his planning to use the audit evidence from the
855
previous audit and wh
3.41 246 what will be your areas of verification and the procedure to be followed for verification of defalcation of inventory?
367 What will be your response to the Statutory Auditors regarding various matters highlighted by them as part of the audit process?
What would be the implications in company’s audit report as a reporting by the company’s auditor, for default committed by Lotus
2.52 991
private limited in non-deposit of service tax dues amounting to ` 30,00
383 What would be your advice to Ringing Bell in developing a framework for ensuring compliance with laws and regulations in India ?
What would be your response to Thompson regarding the specific requirements of the Indian Companies Act, 2013 relating to •
383
Need for setting up a compliance and governance committee • Compliance audit
where key audit matters have been addressed by the auditors, describe principal audit procedures that may have been followed
623
by the auditor regarding material un
Page 10
Whether Chandhriv Ltd. could have made such contribution to Krut Foundation? (3 Marks) (b) Whether Mr. Matvar can be held
5.70 461
guilty of professional m
Whether M/s ABC can accept the new statutory audit assignment of Big Private Limited as suggested by the management of Big
1193
Private Limited. Explain the answer with relevant provisions of Companies Act
792 Which applications that are deployed by PQR Ltd for business activities are relevant for the audit? Give reasons.
With reference to information given in Para D, analyse the issues involved and give your views as to whether or not the auditor,
DRT & Co., could accede to the request of the management
With reference to information given under Para 1, (a) Whether Chandhriv Ltd. could have made such contribution to Krut
5.70 461
Foundation? (3 Marks) (b) Whether Mr. Matvar can be held guilty of professional m
With reference to information given under Para 1, as a user auditor i.e. as an auditor of Upal Ltd., what information would you
5.64 459
obtain about controls at a sub-service organization, Paryupasna HR & Acc
5.76 463 With reference to information given under Para 4, what kind of opinion should the statutory auditors issue in such case?
With reference to the accounting estimates (given under Para 2) that might give rise to significant risks, what Mr. Kailash should
4.18 1137
have evaluated in addition to performing procedures as per SA 330?
With reference to the case study, comment on whether communication made with the previous auditor is in line with relevant
3.48 179
clause of Schedule to the Chartered Accountants Act, 1949 and Code of Ethics.
With reference to the information given in Para 7, provide some illustrative steps for performing audit of the blockchain-based
system.
With reference to the information given under Para 4, due to presence of what type of factors, Mr. Praveen might have considered
855
to retest the controls and not to rely upon the audit evidence obtained
With reference to the information given under Para 4, what was the responsibility of Mr. Praveen in the given case with respect to
855
his planning to use the audit evidence from the previous audit and wh
With reference to the information given under Para 5, due to what legal restrictions, Rao & Co. would not be able to provide
2.3 855
internal audit services to VPL?
With reference to the inputs provided in the Gist of Discussion-1 above, what will be your areas of verification and the procedure
3.41 246
to be followed for verification of defalcation of inventory?
1212 With respect to applicability of Rotation of Auditor, answer the questions that follow:
Would your answer be different, if out of those 80 private companies, 65 companies are having paid-up share capital of ` 125
1220
crore each?
You are required to guide CA Ms. Shweta how she should approach in case of JKL when the management has neither provided
3.133 95
the investigation report nor any representation in respect of suspected fraud
Page 11
DT By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter DT
Advise Aggarsain Spinners Private Ltd. on treatment of interest payment made on loan and depreciation allowable for the
1.95 1002
Assessment Year 2024-25. Assume that this machine is the only machine in the rel
in Atul sir add. file 1395 Allowable deduction for salary paid to partners the assessment year 2024-25.
Amount paid by the Govt. of India for use of a Patent developed by ‘Ahuja Designs Incorp.'(UK) is taxable in India U/s 9 of the
645
Income Tax Act, 1961.
5.57 496 answer the following in terms of Income Tax Act, 1961:
Are there any exceptions to the rule that the income of the previous year shall be assessed in the subsequent assessment year?
352
If yes, state the exceptions
As per CBDT Circular no. 8/2017, dated 23-02-2017, POEM guidelines shall not apply to Ahuja Designs Ltd. if its Turnover or
645
Gross receipts are Rs. 100 Crores or less in a Financial Year.
ascertain the tax liability, which would arise from slump sale to Sensque Technologies Pvt. Ltd., assuming it does not opt for
527
Section 115BAA.
Assume that in financial year 2019-20, capital gain arising after the land was transferred was ` 65 lakhs and the company decided
581
to invest the whole amount of 65 lakhs in long term specified bonds of
Being the direct tax head of Surya Limited, what are your observations in respect of Form 3CD prepared by the assistant of tax
2.86 1048
auditor. You are required to discuss the points which need the attention
Calculate the amount of Capital Gain chargeable to tax in A.Y. 2020-21 for: (a) STYZ Limited on Machinery 20 transferred to SZ
615
Limited on 11/7/2019. (b) SZ Limited on Machinery 34 transferred to STYZ
Calculate the book profit of the partnership for the purpose of calculation of allowable deduction for salary paid to partners as per
the Income Tax Act, 1961
2.177 1205 Calculate the income tax payable by client 2 - Rohit for assessment year 2023-24.
Calculate the Net Profit of RA Ltd. chargeable to tax under PGBP after making the adjustments for the transactions given above
2.141 1124
in Para (3).
Calculate Total Comprehensive Income and evaluate whether MAT is applicable. Transition amount need not be calculated.
792
Ignore MAT on transition amount
Can STAS seek revision under Section 264 of the Income Tax Act, 1961 in respect of the matters other than those preferred in
186
appeal?
Can the assessee company seek revision under Section 264 of the Income Tax Act, 1961 in respect of the matters other than
276
those preferred in appeal?
Can the Commissioner make a revision under Section 263 of the Income Tax Act, 1961 both in respect of matters covered in
3.53 186
appeal and other matters
Can the Commissioner make a revision under Section 263 of the Income Tax Act, 1961 both in respect of matters covered in
276
appeal and other matters?
compute Profits and Gains from Business or Profession for the Assessment Year 2019-20 indicating reasons for treatment of
622
each item and ignoring the provisions re
Compute the amount of advance tax payable along with due date for payment of instalments of advance tax during the previous
2.61 1012
year 2022-23 as per the provisions of Income-tax Act, 1961.
Compute the amount of advance tax payable along with due date for payment of instalments of advance tax during the previous
year 2022-23 as per the provisions of Income-tax Act, 1961.
2.102 1071 Compute the amount of TCS which needs to be collected from- • Kunal Textiles Ltd., & • Madhu Textiles Ltd
Compute the book profit tax under Section 115JB on the assumption that the consolidated figures of two divisions were given in
432
Schedule III to Companies Act, 2013.
432 Compute the business income of fabrics and cloth business for the Assessment Year 2018-19
432 Compute the business income of soft toys manufacturing business for the Assessment Year 2018-19
2.135 1114 Compute the capital gain for the A.Y. 2023-24 with respect to the slump sale made by M/s Sunstar Enterprises
3.138 100 Compute the capital gain in respect of property sold in point (4) of the case study
Compute the Company’s income under the head Profits and Gains of Business or Profession. ((giving reasons for treatment of
819
each item) Ignore MAT provisions
Compute the Company’s income under the head Profits and Gains of Business or Profession. (giving reasons for treatment of
675
each item) Ignore MAT provisions
in Atul sir add. file 1409 compute the deduction available to Ms. Disha under appropriate provisions of the Income-tax, 1961 for A.Y. 2024-25.
compute the income chargeable to tax for Assessment year 2023-24 of Annapurna Trading Pvt. Ltd, ignoring MAT and provisions
595
of section 115BAA. Support your answer
Compute the income chargeable to tax for Assessment Year 2023-24 of Ranjan Pvt. Ltd, ignoring MAT and provisions of section
2.157 1170
115BAA. Support your answer with working notes for CA Ankit.
Compute the Income chargeable to tax for AY 2021-22 of Riddhi Siddhi Traders Pvt. Ltd. with supporting reasons. Ignore
559
provisions of section 115BAA and MAT.
compute the income from house property of Mr. Dishant and Mr. Jayesh for A.Y. 2022-23, assuming all the conditions under Rule
530
4 are satisfied. Ignore, any alternate view for the same
Compute the profit of FIL for tax purposes, along with detailed notes, considering all the eligible deductions based on the facts
3.143 6
mentioned in the case study.
819 Compute the total income and tax payable by SZ Ltd. for the A.Y. 2018-19.
Compute the total income in the hands of Mr. Tinuraj for the A. Y. 2020 – 21 if he were a Resident and ordinarily resident or
Resident but not ordinarily resident or Non-resident considering the addit
Compute the total income of CURE Pharma Pvt. Ltd. for the A.Y. 2018-19. Cost inflation Index - FY 2013-14: 220; FY 2017-18:
675
272
3.166 37 Compute the total income of Mr. Siraj for the financial year 2022-23.
Compute total income and tax liability of Shanaya Limited for the assessment year 2023-24, as per provisions of Income-tax Act,
2.61 1012
1961. Ignore the provisions of Minimum Alternate Tax.
Compute total income and tax liability of Shanaya Limited for the assessment year 2023-24, as per provisions of Income-tax Act,
1961. Ignore the provisions of Minimum Alternate Tax.
compute total income and tax liability of Waqt Ltd. for Assessment Year 2022-23, if it does not opt for section 115BAA or section
5.38 486
115BAB of the Income Tax Act, 1961 and its total inc
Compute total income of MVS Private Limited for Assessment Year 2023-24 and tax payable under Income Tax Act on such
1.51 952
income indicating reasons for treatment of each item. Ignore the provisions relatin
432 Compute total income of the Assessee for the Assessment Year 2018-19
Compute total income of the company for the Assessment Year 2018-19 stating the reasons for each item. Ignore provisions
782
relating to Minimum Alternate Tax
Considering the Balance Sheet of VayuSanchar Limited and ‘Other information’ as provided along with the facts mentioned below,
630
construct a statement of cash flows under indirect method. (i) Income tax
Considering the Balance Sheet of VayuSanchar Limited and ‘Other information’ as provided along with the facts mentioned below,
construct a statement of cash flows under indirect method. (i) Income tax
Page 12
decide whether provisions relating to deduction of tax at source are attracted for the payments made to agent and civil engineer
5.70 461
during the financial
908 Determine the residential status of Raj Pharma AG for A.Y.2023-24, as per the Indian Income tax law
2.28 908 Determine the residential status of Raj Pharma AG for A.Y.2024-25, as per the Indian Income tax law.
Determine the residential status of RPP Ltd. for A.Y.2023-24, if during the F.Y.2022-23, eight board meetings were held–3 in India
2.149 1150
and 5 in Thailand.
2.37 962 Determine the tax liability, which would arise to Creations Ltd. from slump sale assuming it does not opt for section 115BAA.
5.32 522 determine the taxable income of Supatra Foundation for the assessment year 2022-23.
1071 Discuss about the due dates of filing TCS Returns and furnishing of certificates to the buyer.
Discuss implications, if any, in its hands, of payments made by ABC Private Limited to Hum log Enterprises under Income tax law
1.88 76
and GST law
496 discuss the correctness of the action taken by Assessing Officer in respect of notice issued to Pranidhan Ltd.
327 Discuss the direct tax implications in the hands of Joe Weider Incorporation due to presence of BPO in India
Discuss the provisions of section 147/148 of the Income Tax Act, 1961, and evaluate whether Assessing Officer was justified in
270
completing the Assessment Proceedings u/s 147/143(3) of the Income Tax Ac
Discuss the provisions of section 153C of the Income Tax Act, 1961 and evaluate in the light the assessment order passed by the
270
Assessing officer.
2.211 1252 Discuss the tax implications/ TDS implications of the payment made to Techno Inc. by Sudarshan Ltd. if:
Discuss, with reasons, whether the contention of the Assessing Officer in the case explained to CA Kumar by Mr. Praveen Dhakal
2.216 1261
is correct or not. Also, explain the tax treatment of the emergency spare
due to application of rollback provisions, income for P.Y. 2019-20 was getting reduced to ` 6,300 lakhs. In this case, how the
5.38 486
rollback provisions would be applied?
During the financial year 2019-20, HW Limited transferred a land and invested the 70% of the amount of capital gain arising from
581
transfer of land. Keeping in mind the scenario given in the case study,
3.3 313 Evaluate the matters arising out of the income tax raid of Swatch and its allowability under the Income Tax Act, 1961.
Examine the allowability of the two expenditures incurred by Whirlsonic Ltd., under the relevant provisions of the Income Tax Act,
2.44 971
1961, related to payment of sales commission and secret commission wi
examine the applicability of the provisions of TDS in cases of employees of Asayam Ltd. in respect of life insurance policies taken
5.50 494
by them.
in Atul sir add. file 1404 examine the correctness of the action of Assessing Officer in respect of the interest expenditure claimed by MTL.
in Atul sir add. file 1409 examine the obligation of Subham Ltd. to deduct tax at source while paying/ crediting salary to Ms. Disha.
in Atul sir add. file 1353 examine whether the action of the Commissioner in case of Khwab Pharma Ltd.is justified as to the second notice.
645 Examine with reasons whether the following statements are correct/incorrect :-
Explain about the Income tax audit provisions applicable to a charitable trust & help CA Lalita in chalking out an Audit Programme
2.254 1269
to carry out the audit of “Serving the Poor” as requested to her by t
3.138 100 Explain 'not-ordinarily resident' status of an Individual.
Explain the compliance, M/s. Telecom Inc., shall have to make under the Income Tax Act, 1961 while filing its Return of Income
148
for its first financial year ended 31-3-2021
383 Explain the difference between Tax Planning and Tax Evasion using the 4 specific issues raised by Ram kumar
Explain 'Virtual Digital Asset' as per the Income-tax Act, 1961 and the taxability of such assets. Also, compute the tax liability of
3.159 29
SAK for the sale and purchase of bitcoins made during the year.
From the information given in Para 2, compute the income chargeable to tax for Assessment year 2023-24 of Annapurna Trading
2.232 1292
Pvt. Ltd, ignoring MAT and provisions of section 115BAA. Support your answer
From the information given in Para 2, compute the income chargeable to tax for Assessment year 2023-24 of Annapurna Trading
595
Pvt. Ltd, ignoring MAT and provisions of section 115BAA. Support your answer
From the information given in Para I, compute Profits and Gains from Business or Profession for the Assessment Year 2019-20
622
indicating reasons for treatment of each item and ignoring the provisions re
From the information given in the case study, determine the residential status of Mr. Tinuraj by stating the relevant provisions of
the Income Tax Act, 1961 for the Assessment Year 2020 - 21.
Gopi grows sugarcane and uses the same for the purpose of manufacturing sugar in his factory. 30% of sugarcane produced is
sold for R 10 lacs, and the cost of cultivation of such sugarcane is R 5 lacs
GrowFine has issued equity shares to individuals having face value of `10/-per share at a price of ` 50/-per share. What are
1.9 838
income tax implications for the same for GrowFine? What is such tax commonl
5.70 461 guide CA Matvar in reporting the said transactions under the relevant clauses in Form No. 3CD.
Haryali Private Ltd.'s total turnover & Profits and gains from its eligible Start-up Business turn out to be as follows for the P.Y.
638
2018-19 to P.Y. 2024-25:
2.95 1061 Help Pratham in working out the applicability of Income tax Audit on PQR Ltd.
How much amount of equalisation levy needs to be deposited for December Quarter and also by what date it needs to be
5.44 491
deposited, in case if:- (i) Fsell Inc. has PE in India (ii) Fsell Inc. does not hav
How much income tax is to be payable by Shivani’s sister Reena? Calculate the taxable income of Reena to be shown in her
1023
income tax return as per the information mentioned in question and calculate in
HW Limited made payments to various individuals during the financial year 2019-20. When payment is made by the company,
582
whether T.D.S. would be deducted or not and if it would be deducted then what wo
If the Reverse Merger scheme is duly approved under the Companies Act, 2013 evaluate the impact of the same under the
447
Income Tax Act, 1961 for 'Yamuna
In light of provisions of Income-tax Act, compute the amount of depreciation allowable as deduction on building and plant &
2.12 881
machinery for the previous year 2022-23.
In respect of certain financial information given by the management team in respect of the Company's subsidiary as at 31st
353
March, 2019 as above, compute the total income of the company for the Assessm
186 In respect of the information provided in para (g) above, please answer the following questions:
In respect of the information provided in para (j) above, please answer the following questions with reference to the latest
276
provisions applicable to A.Y. 2019-2020:
In respect of US $ 250 million from Chase Inc. to invest in one of its ongoing building of highway projects in India, state with
3.30 231
reasons whether the income of the non-resident is deemed to accrue or a
In the financial year 2022-23, there was a shifting of industrial undertaking of Stable and Efficient Limited from urban area of State
2.183 1212
H to rural area of State H of India. In this regard answer the qu
In the given case study, as a Tax auditor how will you report in Form 3CD the employees' contribution to provident fund and any
3.124 82
disallowance which is to be made as per section 40(a) (ii) of the Income
In the light of the information given in summary of discussion (C) - 'Other Inputs' above, provide the course of action required on
3.12 282
the part of the company,
2.164 1178 Kindly inform Sabyaschi Ltd how much credit of tax paid in USA and Canada be obtained in India.
Mr. D discusses some items to be debited to the Income & Expenditure account of their Firm with all the Partners while finalizing
2.128 1104
the Books of Accounts for the year F.Y. 2022-23. You are required to c
Page 13
Mr. P has also plan to invest further amount of `10 crores in MTL Low Duration Fund and Bon India Low Duration Fund taken
1.4 831
together in FY 2023-24. What are tax implications on redemption of above inves
Mr. Pardeep provides the sources of his various income and seeks your opinion to know about his liability to income tax thereon
1.81 980
in India in assessment year 2024-25 assuming that he has exercised the o
One tax expert opined Ratio International Inc that the capital gain earned by it shall be assessed as an AOP. As the said AOP
2.164 1179
was not a tax resident entity of Netherlands, benefits under the India-Net
Please also explain how HVCL shall consider the warranty clause in the supplies of equipment made to ABIL in preparation of
3.119 143
computation of taxable income for A.Y. 2018-19?
276 please answer the following questions with reference to the latest provisions applicable to A.Y. 2019-2020:
186 please answer the following questions:
Please explain how provision for onerous contract made in the books of account have to be dealt with in preparation of
3.119 142
computation of taxable income by HVCL for A.Y. 2018-19?
Please explain with reasoning, whether the disallowance of depreciation made and the income being assessed under the head
3.77 154
'Income From House Property' instead of Business Profits by the Assessing Offi
3.12 282 provide the course of action required on the part of the company,
Referring Para 4, compute the income from house property of Mr. Dishant and Mr. Jayesh for A.Y. 2022-23, assuming all the
530
conditions under Rule 4 are satisfied. Ignore, any alternate view for the same
Referring Para 4, compute total income and tax liability of Waqt Ltd. for Assessment Year 2022-23, if it does not opt for section
5.38 486
115BAA or section 115BAB of the Income Tax Act, 1961 and its total inc
5.32 522 Referring Para 4, determine the taxable income of Supatra Foundation for the assessment year 2022-23.
Since Mr. P wants to redeem his entire portfolio in month of October 2023, what should be the advice of CA. M to him regarding
1.4 831
income tax implications of such redemption? (Do not calculate income tax
2.96 1061 State all the TDS provisions applicable on ABC Developers Ltd. w.r.t. their transactions as stated in the above case scenario.
State with reasons whether the following statements are correct/incorrect:(i) Income arising to Mr. Harnek Singh from transfer of
Agricultural land situated in urban area is agricultural income.
Suggest modification of the restructuring plan of Creations Ltd., without changing the amount of sales consideration, so as to
962
make it more tax efficient.
The promoters of the company are law compliant and do not want to be seen on the wrong side of law. However, they are also
1.22 868
prudent minded and want to take benefits/deductions/exemptions available lega
The survey team has raised the matter regarding non-deduction of tax at source on ocean freight paid to shipping agents of non-
1.15 847
resident foreign shipping companies in its show-cause notice. How can CA
To handle the growing Indian Business more effectively, Mr. Ramesh Ahuja decides to permanently shift to India with his family
645
and decides to manage the UK business from India itself. He returned to I
496 What action the DDI shall be taking in respect of the seized papers relating to Deshavart Ltd., Jaipur?
432 What are the essential conditions for claiming exemption for newly established units in Special Economic Zones
383 What do you understand by the term Round Tripping under the Tax laws and explain the same with an example.
What is the amount of exemption available to the company for the A.Y. 2020-21, after 70% of the amount of capital gain arising
581
from transfer of land is invested in the manner as specified in the case
What is the difference between exemptions under section 10 and deductions provided under Chapter -VIA under the Income-tax
352
Act, 1961?
in Atul sir add. file 711 What is the income chargeable to tax in the hands of Mr. Arnav as per Income-tax Act, 1961?
in Atul sir add. file 711 What is the income chargeable to tax in the hands of Mr. Raghav during FY 2019-20 as per Income-tax Act, 1961?
496 What presumption shall be drawn in respect of the papers which indicate transactions not recorded in the books?
What should be proper advice of CA Madhusudan to Mr. Z regarding implications of proposed sale of a capital asset and
acquisition of another capital asset as described in case study?
What would be your advice as a tax-consultant to make the restructuring plan of the company more tax-savvy, without changing
527
the amount of sale consideration?
What would happen if HW Ltd. transferred the long term specified bonds of Rural Electrification Corporation Limited in the
581
financial year 2021-22?
Whether deposits with A Ltd., an Indian company, would still be construed as a foreign exchange asset eligible to claim the
579
benefit of special provisions applicable to non –resident?
496 Whether the contention raised by Mr. Prasidh as to cash money found from his bedroom will be acceptable?
With reference to information given in Para E, examine the correctness of the action of Assessing Officer in respect of the interest
expenditure claimed by MTL.
With reference to information given under Para 2, decide whether provisions relating to deduction of tax at source are attracted for
5.70 461
the payments made to agent and civil engineer during the financial
With reference to information given under Para 4, guide CA Matvar in reporting the said transactions under the relevant clauses in
5.70 461
Form No. 3CD.
5.57 496 With reference to Para 2, answer the following in terms of Income Tax Act, 1961:
With reference to Para 2, ascertain the tax liability, which would arise from slump sale to Sensque Technologies Pvt. Ltd.,
527
assuming it does not opt for Section 115BAA.
With reference to Para 2, discuss the correctness of the action taken by Assessing Officer in respect of notice issued to
496
Pranidhan Ltd.
With reference to Para 2, examine the applicability of the provisions of TDS in cases of employees of Asayam Ltd. in respect of
5.50 494
life insurance policies taken by them.
With reference to Para 4, due to application of rollback provisions, income for P.Y. 2019-20 was getting reduced to ` 6,300 lakhs.
5.38 486
In this case, how the rollback provisions would be applied?
With respect to information given in Issue 4, compute the deduction available to Ms. Disha under appropriate provisions of the
Income-tax, 1961 for A.Y. 2024-25.
With respect to information given in Issue 4, examine the obligation of Subham Ltd. to deduct tax at source while paying/ crediting
salary to Ms. Disha.
With respect to information given in Para 7, examine whether the action of the Commissioner in case of Khwab Pharma Ltd.is
justified as to the second notice.
With the help of data provided by the Head Accountant of Kavya Hotels Ltd. and the following additional information, compute
2.20 897
profits and gains of business or profession of Kavya Hotels Limited for the
With the help of data provided by the Head Accountant of Kavya Hotels Ltd. and the following additional information, compute
profits and gains of business or profession of Kavya Hotels Limited for the
You are requested to provide detailed response to the 3 specific clarifications sought by Thompson in connection with the
383
Transfer Pricing aspects under the Indian regulatory requirements.
You are required to calculate the tax liability in the hands of “Serving the Poor” trust arising as a result of merger with MSNV Pvt.
2.254 1269
Ltd. with the help of the information given in the Case scenario a
You are required to compute the income from business or profession (ignore the provisions of section 115BAA) of Hamba
2.188 1219
Manufacturers Ltd. for the Assessment year 2023-24, after considering the informat
Page 14
You are required to state income tax implications of withdrawals from deposit account during financial year 2023-24 relevant for
1.44 942
assessment year 2024-25
You have also been requested to explain whether in respect of payments made for on-line digital assets purchased by the firm
3.81 160
and payments made for on-line services taken by the company for special vis
Page 15
IDT By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter IDT
Analyze the issue of Lotus Private Limited for the billing done to customers and accordingly compute the net GST liability to be
2.52 991
paid for the month of April 2022. Support your answer with detailed wor
Being Akshay, help the accountant to find the liability of statutory dues to be paid in the Government treasury for the month of
2.120 1093
March 2023
Being the IDT manager, what are your observations under the scope of GST rules and regulations for the manual Invoice issued
2.86 1048
by your assistant.
CA Ankit has provided various Consultancy and Assurance services during the year as follows. Determine the time of supply in
1171
the following cases assuming that rate of GST changes from 18% to 20% w.e.f
CA Vivek bags a contract of providing financial and management consultancy to a group of companies for an annual retainership
2.157 1171
fee of ` 15 lakh. He is given a room in the head office of the group for i
compute the amount of net ITC available with HappyHomes Ltd. for the month of April with necessary explanations for the
5.25 520
treatment of various items as per the provisions of
Compute the CGST and SGST or IGST payable, as the case may be, on the machinery purchased by PQR Ltd from L Ltd along
3.24 224
with explanatory notes.
Compute the GST payable by Varsha Pvt. Ltd. for the given month. Assume the rates of GST to be as under: Hiring out of
2.194 1229
excavators – 12% Supply of manpower services and soil-testing and seismic evaluat
Compute the Input Tax credit admissible under GST law to IGT Private Ltd. in respect to various inputs purchased/ input services
1.95 1002
availed during month of February, 2024.
819 Compute the net GST payable by the company during the tax period. Make suitable assumptions as required.
Compute the taxable value of televisions supplied by Saman Pvt. Ltd. to Shah Electronics during the quarters April-June and July-
2.247 1315
September assuming the rate of tax applicable on the televisions as 18%
determine the GST payable in cash of Supatra Foundation for the month of March, 2021 if rate of GST is 18% assuming that the
5.32 522
opening balance of ITC for relevant tax period is ` 30,00
2.37 962 Determine the maximum amount of Refund admissible to Sai Kripa International Ltd. for the given tax period.
determine the place of supply in respect of transactions involved in the work order delivered by SBL and also comment on the tax
2.222 1279
levy to be made f
in Atul sir add. file 1353 Determine the place of supply(ies) between Khwab Pharma Ltd., Rajratna Medicines and Saras Med Pvt. Ltd.
determine the value of supply for Stambh Forex Private Limited at the time of USD sold as well as purchased to/from Mr. Prasidh,
5.57 496
in terms of rule 32(2)(a) and rule 32(2)(b) o
782 Determine the value of taxable supply made by Total Tea Ltd to More Tea Ltd.
discuss from what sources CA Devanshi can obtain reliable audit evidence in respect of the export revenues particularly for the
in Atul sir add. file 1399 four export invoices of current year. How can she challenge management’s assertion regarding the completeness of export
revenues for the F.Y. 2023-24?
Discuss the taxability of Export transactions as are being planned by Mr. Rahul Dev to be carried out in near future as told by him
1.30 921
to CA Nitin Garg under the GST Law
During the financial year 2019-20, HW Limited supplied tables and chairs to Mr. F. Determine the value of supply of tables and
582
chairs supplied by the company to Mr. F in the following situations as pe
Examine the applicability of GST in case of cash contribution made by the co-ventures in the JV and used it for purchasing the
5.18 516
machinery? Also, discuss in which scenario, GST would have been applicabl
Explain briefly the chief reasons on the basis of which the proper officer can raise doubts on the truth or accuracy of the declared
value as happened in the case of MTL.
Explain how GST would be levied and what would be the nature of supply in case of import of the electronic chip to be made by
2.44 971
Whirlsonic Ltd.? Also examine, whether the view of the management of the c
Explain the circumstances when a supplier is required to seek registration under the Goods and Services Tax Act 2017 and can
3.108 128
avail the benefit of Composition Scheme.
in Atul sir add. file 1404 Explain the rate of duty applicable for clearance for home consumption.
Explain with a reason what would be the place of supply regarding furniture manufactured and supplied by STYZ Limited during
615
the financial year 2019-20, in the following scenarios: (a) When furniture
From the inputs given in the Statement of Profit and Loss for the year ended March 31, 2019, prepare a Value Added Statement
263
for the year ended on that date. Also, show the reconciliation between tota
Historically, FIL had not exported through a merchant exporter." Explain the meaning of Merchant exporter. Under what
3.143 6
circumstances goods can be supplied to merchant exporter at concessional rate of G
How BFEs shall be dealt with under GST Act by Defence Innovators Ltd. in its books when it is certain that these shall not be sent
3.86 165
back to XYZ Pvt. Ltd. till the constructed ships are delivered? Expla
792 Identify changes required in process and controls due to implementation of GST.
Identify whether the opinions formed by Mr. T and Mr. N w.r.t. maintenance of production records and accounts are correct or
2.183 1213
incorrect in the context of CGST Rules. Also give reason in order to explai
If a supply is exempted from tax according to relevant provisions of the CGST Act, 2017, the output suffers no tax, however, the
inputs and input services have suffered tax and since availment of tax
Instead of sending material for job work, if capital goods were sent to the job worker, would any GST liability arise as on March 31,
3.148 14
2023? On what date goods will be deemed to be supplied in case of
579 Kindly explain the GST Provisions to M/s Dushyant & Co regarding payment made to Radheshyam Tiwari & Co.
Kindly tell Abbottt & Co, Radhika Drug and M/s Mahaveer Medical as to how to deal with the input tax credit by them in the month
2.164 1178
of May, 2022.
Mr Q, before accepting the appointment as a director, discussed with the Company about the implications of GST on his
1.75 70
appointment and emoluments. Explain if the services provided by the directors are
Mr. Arvind, asked the accountant to use Form GST PMT-09 for making a transfer from IGST head to respective CGST & SGST
heads. Examine the said scenario.
Mr. X and Mr. Y had certain opinions on GST registration. (a) Is the opinion of Mr. X in this regard correct? Provide proper
5.13 571
explanation for your answer. (b) Are the thoughts of Mr. Y appropriate? Giv
Pass complete Journal entries at the time of initial recognition of transactions in the books which relate to TDS after the
2.120 1093
consideration of provisions or rules as the case may be whether of accountin
Purva Ltd. has approached the CA firm for seeking advice regarding the Order passed by the Joint commissioner on the 3 queries
2.128 1104
raised by its Board of Directors. Help Mr. B out by resolving all the que
Referring Para 5, determine the GST payable in cash of Supatra Foundation for the month of March, 2021 if rate of GST is 18%
5.32 522
assuming that the opening balance of ITC for relevant tax period is ` 30,00
Sahana wants to know if her Company missed some invoices while claiming GST ITC, till what time that ITC can be claimed. She
1.64 58
believes the same may be taken till filing GSTR 3B return for the month of
The buyer of goods are demanding credit of taxes paid by them while buying the goods from Rain wear & Co. Kindly guide Rain
579
wear & Co. as to what steps should be taken to resolve the issues of buyer.
The company has exported made-ups on payment of IGST. Discuss whether there was any other legally permissible way to export
1.22 868
its goods keeping in view provisions of GST law. Also make a cross compariso
Page 16
IDT By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter IDT
The company seeks your advice for computing the applicable import duties/taxes on the machine imported from Iceberg
745
Germany. The company also desires to know whether it can avail input tax credit of s
The company seeks your advice for computing the applicable import duties/taxes on the machine imported from Iceberg
807
Germany. The company also desires to know whether it can avail input tax credit of s
The GST team has pointed out that the company is required to reverse the ITC on common input services relating to exempt
1.15 847
supplies of duty credit scrips. What is your opinion on this issue considering
Under what circumstances Innovative papers limited is legally- entitled to the OST refunds and can also retain such amounts
303
without having the requirement to pass it on to anybody else
Under what circumstances IP limited is legally entitled to the GST refunds and can also retain such amounts without having the
3.63 196
requirement to pass it on to anybody else? Also brief about what are allo
in Atul sir add. file 711 What is the amount of input tax credit that can be taken for the month of May, 2020 by M/s Bishon Rainwear?
in Atul sir add. file 703 What is the value of supply of service rendered by IIMs chargeable under the GST Act?
in Atul sir add. file 703 What is the value of supply rendered to Glaxosd Ltd. by McLeod?
What shall be the consequences for the company in respect of amount of ` 25.00 crore stuck up with one of its clients in an export
889
trade for which duty draw back had been availed under Customs laws?
what shall be the place of supply and time of supply with respect to supply of steel TMT bars in an over dimensional cargo made
2.222 1033
by Aspan Ltd. to P
1033 what shall be the value of supply with respect to the supply made by Aspan Ltd. to PSU?
2.135 1114 What should be the value of the taxable supply in case of goods sold by Sarvagya Ltd. to Maharaja Ltd.?
What should CA Om tell Mr. Rahul about the latter’s query about the GST implication with respect to place of supply? Also, what
2.211 1252
clarifications should CA Om give with respect to the prospective export
1071 what will be the consequence for non-issuance of e-way bill?
What would be the entitlement of input tax credit of CURE Pharma Pvt. Ltd. for month of December, 2017 under the CGST Rules
675
and also calculate the amount to be added to output tax liability of CURE Ph
When should Jain Sweets pay GST on the vouchers distributed to employees of Glaxosd Ltd. for the month of August 2019 and
when should Glaxosd Ltd. pay GST on advance received by them from Jain Sweets?
Whether any GST compliances are required to be made with respect to onIine digital assets purchased and on-line services
3.82 160
availed ? Also explain whether use of such online digital assets purchased and
2.102 1071 Whether e-way bill in respect of material sent to Raju in Haryana is required to be generated?
Whether stock transfers between Kirti Nagar factory and Chandni chowk showroom would be considered as supply in the light of
2.170 1193
GST provisions.
Whether the management’s understanding related to the transfer of solar panel to the company’s retail showrooms, correct, in
1.36 932
view of the GST law? Also determine the place of supply in case of services
Whether the rate of exchange on 1st September could be adopted for purpose of conversion of foreign currency into local
currency?
With reference to information given in Para 4, discuss from what sources CA Devanshi can obtain reliable audit evidence in
in Atul sir add. file 1399 respect of the export revenues particularly for the four export invoices of current year. How can she challenge management’s
assertion regarding the completeness of export revenues for the F.Y. 2023-24?
1071 With reference to last part of para no. (4), what will be the consequence for non-issuance of e-way bill?
With reference to Para (4), compute the amount of net ITC available with HappyHomes Ltd. for the month of April with necessary
5.25 520
explanations for the treatment of various items as per the provisions of
With reference to Para 3, determine the value of supply for Stambh Forex Private Limited at the time of USD sold as well as
5.57 496
purchased to/from Mr. Prasidh, in terms of rule 32(2)(a) and rule 32(2)(b) o
With reference to the information given under Para 1, determine the place of supply in respect of transactions involved in the work
2.222 1279
order delivered by SBL and also comment on the tax levy to be made f
With reference to the information given under Para 5, what shall be the place of supply and time of supply with respect to supply
2.222 1033
of steel TMT bars in an over dimensional cargo made by Aspan Ltd. to P
With reference to the information given under Para 5, what shall be the value of supply with respect to the supply made by Aspan
1033
Ltd. to PSU?
3.24 224 Work out the assessable value of the machine and customs duty payable by N Ltd. with appropriate working notes.
Page 17
Law By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter Law
Advise Mr A, Director of the Company SZ Ltd, on the matter with reference to the provisions of the Companies Act, 2013, whether
820
guarantee given by the company would be allowed
2.177 1205 Advise Shashank (client 4) whether he can get Foreign Exchange and if so, under what condition(s)?
1334 ADVISE the Board, keeping in view the provisions of the Companies Act, 2013, with respect to appointment of Mr. Stephen.
Ahuja Designs Ltd., sets up its Indian Principal Place of business in New Delhi. It is required to deliver various documents to ROC
644
under the provisions of the Companies Act,2013:
819 Applying the provisions of the Companies Act, 2013, answer the following:
447 Are there any other options available Instead of Reverse Merger Option? If so, please explain the same with your rationale.
Based on the information provided in first para on page 18 (of printed copy of Question Paper. “The terms of appointment of Mr.
341
‘A’ -------------- effective capital of the Company is ` 250 crores.”) a
Certain matters have been highlighted in case study which may have ramifications for renewal of registration of trust under the
FCRA. At the time of applying for renewal of registration of a person under the FCRA, 2010, Central Government is empowered to
make inquiry in respect of wide range of matters. Discuss those matters. Do matters highlighted in case study fall among such
matters?
231 Compute the effective capital for payment of managerial remuneration
compute the overall managerial remuneration payable under the provisions of Companies Act, 2013 subject to provisions under
2.102 1071
Schedule V.
Considering the information given in Para (5), you are required to calculate the overall managerial remuneration payable under
5.25 520
section 197 of the Companies Act, 2013 subject to the provisions under Sc
Describe in the light of provisions contained in the Companies Act, 2013, whether the proposal to appoint Mr. Brijesh as a small
1.95 1001
shareholders’ director can be adopted by the company and also brief the
5.44 491 discuss whether: (i) The company is bound to pay compensation to Mr. Himanshu and, if so, how much?
Draft a “Board Resolution” for charging Mr. W, Chief Accountant, with the duty of Compliance with the provisions of Companies
675
Act, 2013 regarding books of accounts and Balance Sheet and Statement of P
491 Draft a board resolution for appointment of Mr. Himanshu in Apsflon Limited.
2.75 1033 examine how the scheme for amalgamation was approved by the required majority of members of Aspan Ltd.?
675 Examine the validity of Chairman’s decision to adjourn the meeting
298 examine the validity of the application filed by the Income Tax Assessing Officer before the NCLT.
Explain in brief but in sequential manner, various steps required to be taken by Telecom Inc. under the Companies Act, 2013 and
148
the Foreign Exchange Management Act, 1999 before commencing its business
Explain the circumstances under which an arbitration agreement can be terminated. Will the Company be successful in invoking
76
the arbitration clause against Humlog Private Ltd
2.3 855 explain the manner in which VPL would have appointed Mr Divarkar and Mr. Devraj, respectively?
3.138 100 Explain the reasons for which a Managing Director or the whole time director may be denied the compensation for loss of office.
Explain what CA Mehta would have briefed to Mr. Somesh relating to the Risk Management Committee in terms of the LODR
2.44 971
(Listing Obligations and Disclosure Requirements) Regulations?
explain what statutory requirements, Mr. Praveen would have explained to Mr. Devraj that would have made him change his
855
contention?
1334 FIND the maximum time period within which the proposed appointment of Mr. Stephen can be made in the company.
For shares issued during the year, whether the Company is required to submit any statement to Stock exchange under SEBI
3.154 21
(LODR) Regulations 2015? Which authority of the Company should review those fili
If yes, state the documents CA Nitin Garg is required to furnish on behalf of the company, on the establishment of the office at
921
Surat.
In case the AGM of the company is not held within the stipulated time, decide whether Mr. K who was appointed by the Board as
820
additional director, for the first time, can continue to act as a director
In respect of the data given for M/s. Rubber Technologies and Solutions Limited (RTSL), analyse the borrowing powers of the
664
Board, of Directors and the procedure to be followed by the Company in the l
276 In respect of the data provided in para (h) above,
In respect of the information provided in point 3 above, examine whether the declaration submitted by Mr. Ramanthan to the
291
Company is in order for his. appointment as an additional director w.e.f. 01.
In terms of case study given, explain whether the scheme got proper approval of the members or not. Also explain the procedure
3.101 118
for compromise or arrangements with creditors or members as per the provi
In the case study given above the director Mr. W decided to resign from his office as a director of STYZ Limited. In such a
615
scenario what are the duties or the responsibilities of each of the followin
In the given case study, suppose the company earns huge profits and falls within the purview of section 135 of the Companies
745
Act, 2013 and has to necessarily constitute the Corporate Social Responsibi
In the light of the certificate of compliance of conditions of Corporate Governance to be issued to a listed entity, give your
327
comments/responses to the situations given in para (e) above.
In the light of the information given in summary of discussion 3 above, examine the validity of the application filed by the Income
298
Tax Assessing Officer before the NCLT.
In this case the Articles of association of the Company has prescribed the maximum number of directors as 9. Suppose, the
807
Board of Directors of the company proposes to increase the number of Directors
In view of reluctance of statutory auditor to attend the Audit Committee meeting in the given case study, you are required to
3.128 88
comment on the Role of Auditor in Audit Committee. Also comment whether th
Jay feels it is not appropriate for Shahi to seek funds for election in such a manner. With reference to the Foreign Contribution
1.88 76
(Regulation) Act, 2010, explain who are prohibited from taking any con
639 List the provisions of the Companies Act, 2013 w.r.t. holding of Board Meetings by Haryali Pvt. Ltd.
Mr. Amit Juneja wants to know from CA Parminder, the various modes of payment he can use, to make payment to Malta
2.28 908
Constructions for importing “XALTI”. Also, he requests her to guide on the time-limit
Mr. Amit Juneja wants to know from CA Parminder, the various modes of payment he can use, to make payment to Malta
Machineries for importing “XALTI”. Also, he requests her to guide on the time-limit f
1.4 831 Mr. Christopher, a non-resident, is planning to sell his villa in Goa. Examine validity of transaction w.r.t FEMA, 1999.
Mr. Josch, the director of the company goes abroad for a period of more than 3 months and an alternate director ‘Mr. Neeraj’ has
807
been appointed in his place. During the period of his absence, a board
On 19th October 2023 Mr. K.B. resigned after working about 45 days as a director. The Board wishes to fill up the said vacancy
4.8 1334
by appointing Mr. Stephen in the capacity of independent director in the
On the basis of the facts and figures of "Status One Highway Limited" (SOHL) advise in respect of the following under the
3.29 230
provisions of the Companies Act, 2013
PEL proposed to pay 5% of net profits as commission to its directors (other than managing and whole time directors). Comment
3.148 14
whether PEL can pay such commission, as per the Companies Act, 2013.
Provide the priority order which Mr. C would have laid for distributing the proceeds w.r.t. Roy LLP as per the provisions of the
2.128 1104
governing Code.
Page 18
Law By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter Law
Referring Para 1, state whether the parties under the joint venture agreement will be able to refer the dispute, if any, to the
516
arbitration considering the given scenario and the provisions of the Arb
5.44 491 Referring Para 2, discuss whether: (i) The company is bound to pay compensation to Mr. Himanshu and, if so, how much?
Regarding fIexi-deposit linked current account with various banks, the Management wants to present the book overdraft under
664
current liabilities and flexi-deposits under cash & bank balances. What are
Sampad discussed with Apara and thought that it would be handy and easy to explain the clients the details of Liberalised
1.70 63
Remittance Scheme (LRS), if they have standard document. Draft a note covering
276 State how a qualified and an independent Audit Committee should be constituted?
State the type of arbitration agreement made between Vratam Ltd. and the other party. What will happen if the agreement does
489
not have any clause relating to arbitration?
state whether the parties under the joint venture agreement will be able to refer the dispute, if any, to the arbitration considering
516
the given scenario and the provisions of the Arb
The CFO believes that a loan to directors is prohibited under the Companies Act, 2013. Can M&A Private Ltd extend the
1.58 50
proposed loan to Shyam? Comment
The company can recover the amount of 4 lakhs paid on the ground that Mr. Himanshu is not entitled to any compensation,
491
because he is guided by corrupt practices.
1033 to what amount of compensation, Mr. Rohit will be eligible to get from Aspan Ltd.?
231 Validity of the appointment of Mr. 'X' as Whole Time Director
What are the compliances which XYZ Limited, must have taken to comply with the provisions of the Companies Act, 2013 for
3.77 154
entering into an agreement for contract manufacturing for CDE Limited?
136 What are the formalities under the Foreign Exchange Management Act, 1999 for setting up a jointly controlled entity abroad?
298 What is the maximum salary that. could be offered to Mr. Ravi to tum around the loss making Associate Company ?
3.115 136 What is the process of acquiring of shares of an existing company abroad under the Foreign Exchange Management Act, 1999?
What is your assessment of Kumar's view as regards the ability of the courts under the Companies Act, 2013 to interfere with the
308
internal management of companies acting within their powers
3.41 246 what is your view with regard to the stand taken by NCLT in admitting the application of GL for initiating insolvency proceedin
what kind of factors might be there that would have indicated existence of certain transactions entered into by YPL for which Mr.
4.18 1137
Kailash was requ
932 What will be your answer in case at the adjourned meeting, the resolutions for re-appointment of these directors were lost?
what would be his residential status under the Foreign Exchange Management Act, 1999 during the Financial Years 2022-23 and
5.82 466
2023-24?
819 Whether Mr. K’s appointment as additional director by the Board of Directors is valid
932 Whether such directors can continue in case the directors do not call the Annual General Meeting?
921 Whether the branch office of the Alpha Units LLC set up in Surat will be considered as a company incorporated outside India
Whether the Company’s Annual General Meeting can appoint Mr. K as the additional director when the proposal to appoint comes
819
before the meeting for the first time?
276 Whether the present constitution of the Audit Committee can continue post listing of its securities in the Stock Exchange
1.36 932 Whether the retiring directors shall be deemed to have been re-appointed at the adjourned meeting?
whether there were any restrictions for VPL to sale its machinery to Mr. Devraj in exchange of a vehicle and if yes, then what legal
2.3 855
requirements
Who are the stakeholders impacted because of the Reverse Merger proposal to whom the required notices have to be
447
sent/consent to be taken before the sanctioning of the Scheme?
With reference to information given under Para 3, you are required to examine with reference to the provisions of the Companies
5.86 468
Act, 2013 the validity of the such proposals?
With reference to information given under Para 6, what would be his residential status under the Foreign Exchange Management
5.82 466
Act, 1999 during the Financial Years 2022-23 and 2023-24?
With reference to para no. (2), compute the overall managerial remuneration payable under the provisions of Companies Act,
2.102 1071
2013 subject to provisions under Schedule V.
With reference to the information given under Para 2, examine how the scheme for amalgamation was approved by the required
2.75 1033
majority of members of Aspan Ltd.?
With reference to the information given under Para 2, explain the manner in which VPL would have appointed Mr Divarkar and Mr.
2.3 855
Devraj, respectively?
With reference to the information given under Para 2, what kind of factors might be there that would have indicated existence of
4.18 1137
certain transactions entered into by YPL for which Mr. Kailash was requ
With reference to the information given under Para 2, whether there were any restrictions for VPL to sale its machinery to Mr.
2.3 855
Devraj in exchange of a vehicle and if yes, then what legal requirements
With reference to the information given under Para 3, explain what statutory requirements, Mr. Praveen would have explained to
855
Mr. Devraj that would have made him change his contention?
With reference to the information given under Para 3, to what amount of compensation, Mr. Rohit will be eligible to get from Aspan
1033
Ltd.?
With reference to the inputs provided in the Gist of Discussion-3 above, what is your view with regard to the stand taken by NCLT
3.41 246
in admitting the application of GL for initiating insolvency proceedin
With the reference to the decision to acquire P B Private Limited by T limited, discuss the powers to acquire shares of
3.62 196
Shareholders dissenting from scheme or contract approved by Majority and also di
you are required to calculate the overall managerial remuneration payable under section 197 of the Companies Act, 2013 subject
5.25 520
to the provisions under Sc
5.86 468 you are required to examine with reference to the provisions of the Companies Act, 2013 the validity of the such proposals?
Page 19
SCMPE By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter SCMPE
A delivery van of the kind the company uses for supplying its finished goods to two companies currently, is available at a finance
5.8 568
cost of 8% p.a. for a price of Rs. 6 Lacs to be repaid over 4 years.
A third customer and a couple of others are in the pipeline and due for conversion any time soon. The management wants to
5.8 568
know the customer-level profitability of Tada Motors and Force Motors so that
3.58 192 analyze the proposal and suggest if it would be beneficial for the Company to implement it
in Atul sir add. file 1365 Assess each of the hard and soft elements based on the McKinsey 7s Framework.
Based on the costing related information provided by Mr. Abhinandanan, Manager (Finance) as above, examine the new quality
353
control proposal and recommend the acceptance or otherwise of the proposal bo
By using Marginal Costing approach, reconcile the budgeted profit and the actual profit and also provide a statement of
3.8 262
reconciliation
2.110 1082 Calculate the commission to be paid by Aakashvani to its respective travel agents for FY 2022-2023.
192 Calculate the current cost and profit per unit and identify the non-value added activities in the production process
Calculate the following in respect of Budget : (i) The Production Budget for the month of May 2017 (in quantity) (5 Marks) (ii) the
782
Raw Material Purchase Budget for May 2017 (in quantity)
Calculate the impact of your plan in improving the profitability of IECL Limited and the key considerations that need to be factored
670
by the management before implementation of the same.
192 Calculate the new target cost per unit for a sales price of ` 675 if the profit per unit is maintained.
Calculate the revenue receivable for FY 2022-23 of Aakashvani, from the packages subscribed by customers as per its revenue
2.110 1082
model.
3.91 170 compute a Cost and Price Statement, indicating the price that should be quoted to the customer
in Atul sir add. file 1358 compute the cost of the inventory? Substantiate your answer with appropriate reasons and calculations, wherever required.
CONSTRUCT a Balanced Scorecard table for KG Airlines, identifying two goals along with corresponding performance measures
4.8 1334
for each perspective. EVALUATE the relevance of these goals and performance me
1.112 727 Critically ANALYZE this statement and ILLUSTRATE whether it is always true.
3.96 112 Explain profit sharing plan, as performance management tool and group incentive plan.
Fresh Foods is in the service industry, where it is essential to link strategy to the management of human resources. The partners
in Atul sir add. file 1395 would like to have a framework based on the Building Block model to assess performance management. Using performance
management system as proposed by the model EVALUATE the following questions:
3.58 192 Gee Industries Limited,
807 Give your views on the approach of Josch to diversify to printing business?
744 Give your views on the approach of Raman Bal to diversify to printing business?
in Atul sir add. file 1395 How to set the standards (benchmarks) for the dimensions determined for Fresh Foods?
If the firm wants to achieve break even in the first year of operation, what would be break-even no. of farmers subscribing to the
5.4 634
App? Assume that each farmer will buy 10 numbers of only the 2-test p
In the light of the inputs given above in Discussion 2, compute a Cost and Price Statement, indicating the price that should be
3.91 170
quoted to the customer
Namira has been asked to prepare an environmental report under the government’s new environmental policy. Identify factors of
807
environmental costs to be included in environmental report.
One of the Marketing Managers believes that a product can also be sold below marginal cost. Is his view appropriate? Indicate
3.143 6
the situations where pricing below marginal cost can be adopted.
One of the suggestions given was that packaging tea into smaller packets increases the cost. Packaging is not really adding value
731
to the company. Instead of having smaller packages, why not have one l
Prepare a Buildup statement of Operating Income of Quick & Qual Sys by taking 2017 as a base and arrive at 2018 operating
399
income by deriving the extent of change in operating income from 2017 to 2018
Prepare an Application Statement of the Value added by IECL for the years ended 31st March, 2018 and 31st March, 2017 and
670
provide a reconciliation of value added with Profit before tax for the YE 31st
1.122 731 Provide a critical ANALYSIS of the difference in profitability of each customer.
3.3 313 Provide your inputs in evaluating the outsourcing proposal of Guru duly considering its pros and cons
Ramnik requests you to: (i) Compute the incremental cost of Greenly Ltd. which may be taken as a base for quoting the minimum
1.70 63
price per suit. (ii) Indicate the aspects to be considered for making lowe
Since you have studied different methods of pricing as part of your CA course, you are confident of advising your client on value-
585
based pricing instead of digging-up the cost factors from the scratch.
Sulekha has been asked to prepare an environmental report under the government’s new environmental policy. Identify factors of
744
environmental costs to be included in environmental report.
The directors are obsessed with the thought that in-house manufacturing will reduce the overall cost of the product on per unit
585
basis. At the same time, they are unsure about the demand that will meet
What are the characteristics of rewards system needed to motivate employees to achieve the standards determined for Fresh
Foods?
What dimensions of performance should Fresh Food measure? Dimensions are the goals that the firm wants to achieve based on
its overall strategy, those goals that define its success
1.121 731 What is the rationale behind adopting the new distribution channel of doing business directly with SGSs? ANALYSE.
Whether the current practice of procuring the component from third party vendor is better than in -house production of the
5.8 568
component to be used in the company’s products, in financial terms? Evaluate.
With reference to the information given in Para 8, compute the cost of the inventory? Substantiate your answer with appropriate
reasons and calculations, wherever required.
3.58 192 With reference to the inputs given for El Gee Industries Limited,
With reference to the inputs given for KG Limited above, analyze the proposal and suggest if it would be beneficial for the
3.58 192
Company to implement it
Write a brief note addressed to the senior management, ADVISE critical points that need to be attended to in order to resolve this
1.112 725
issue.
X’ and ‘Y’ are two Prime Customers of Haryali Pvt. Ltd. who purchase a special category of Plant Saplings from the Company to
639
distribute in various societies of the city under ‘Green India Initiative’
You are being the Deputy Manager (Finance & Strategy) at RTL, have been requested to provide your explanation behind the
1.103 719
rationale behind this business decision taken in the mid-1980s. Also, based on
You are required to reconcile the budgeted profit and the actual profit through marginal costing approach and provide a statement
670
of reconciliation
You have been requested to ADVISE ways to reduce the collection period from the current average of 50 days to 30 days without
1.112 726
creating any acrimony with distributors.
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