6. Any person aggrieved by order of National Commission may prefer a). Appeal to Supreme Court
b) Review of Supreme Court
c) Special Leave to Appeal
d) Appeal to High Court
CII Institute of Logistics
PGDSCM/DSCM/ADSCM & CERTIFICATE PROGRAMS
Semester-end Examinations- December 2011
BUSINESS LAWS & TAXES
Time: 3 hours
Marks: 100
Part A
Answer all questions
(10 x 1 = 10 Marks)
7. Income Tax is computed on:
a) Capital
b) Wealth
c) Revenue
d) Income
1.
A contract means an agreement:
(a) Which involves competent parties
(b) Which involves consensus
(c) Which is forbidden by law
(d) Which is enforceable by law
8. The purpose of enactment of Environment (Protection) Act, 1986 is
a) Protection of environment
b) Improvement of environment
c) Protection and improvement of environment
d) Control of environment
2.
Which of the following terminates the original offer:
(a) Counter offer
(b) Cross offer
(c) Either (a) or (b)
(d) Both (a) and (b)
9. Customs duty is ……….
a) On import into India and export out of India
b) On import into India only
c) On export of goods out of India
d) On production of goods
3.
An agreement with minor is
(a) Void ab initio
(b) Voidable at the option of the minor
(c) Valid
(d) Voidable at the option of the Guardian
10. The Central Excise Act was introduced in the year:
a) 1944
b) 1947
c) 1956
d) 1961
4.
If a new contract is substituted in place of an existing contract, it is
called:
(a) Alteration
(b) Novation
(c) Rescission
(d) Waiver
5.
Issue of prospectus by a company is
(a) An offer
(b) An invitation to offer
(c) A proposal
(d) An acceptance
Part B
Answer any four
1.
2.
3.
4.
(4x15= 60 marks)
Define the term Consideration. Explain legal rules as to consideration.
Define the term ‘Promissory Note’. What are its essential elements?
What is Memorandum of Association? Also explain its importance and
contents?
Shorts notes on:
a. State Commission
b. Warehousing.
c. VAT
5.
6.
What is duty draw back? Enumerate the provisions of the customs Act,
1962 regarding duty drawback.
Write a note on The Environment Protection Act.?
Part C
Answer any two:
(2*15=30 marks)
1.
(a) X makes a promise to his wife Y to give her pocket money of Rs.1,000
per month. After 6 months, he stops making the payment. Can Y claim
damages from X?
(b) A draws a bill payable three months after sight on B. It passes
through several hands before X becomes its holder. On presentation by
X, B refuses to accept the bill. Discuss the rights of X?
2.
From the following information compute the Gross total income and
taxable income of Mr. Murugan of Chennai.
Income from Salary
Rs. 1,20,000
Interest on Government security
Rs. 20,000
Winning from lottery (Gross)
Rs. 30,000
Dividend
Rs. 40,000
Rent from house property –
Rs.60,000 p.a.
Municipal taxes paid
Rs. 10,000
Contribution to RPF
Rs. 30,000
Payment of life insurance premium of Mr. Murugan
Rs. 20,000
3.
(a) Briefly explain the concept of Duty draw back.
(b) The Articles of Association has contained a clause that A should be the
Financial Advisor of the company for a period of five years and he should not be
removed for misconduct. Kumaran acted as Financial Advisor for a period of two
years. Later, the company has removed him. Kumaran sues the company for
damages. Decide.
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