Examine whether the following are chargeable to tax and the amount liable to tax: (i) Interest on enhanced compensation ₹ 3,00,000 received on 31.03.2022 from Government of Tamil Nadu towards urban land acquired by it. 40% of enhanced compensation interest pertains to previous year 2020-21. (ii) Narayanan transferred 1000 shares of BS Ltd to AB Pvt. Ltd on 01-06-2021 for a consideration of ₹2,00,000 when the fair market value of the same as on transaction date was ₹3,00,000. The indexed cost of acquisition of shares for Narayanan was ₹2,75,000. The transfer was effected off market on which securities transaction tax was not paid. BS Ltd is a closely held unlisted company. (iii) Mr. A received ₹5,00,000 on 1st March 2022 from Sree Pushpaka Charitable Trust for meeting his medical expenses. The trust is registered under section 12AB of Income-tax Act.

Ms. Priya, aged 61 years, has total income of ₹ 7,50,000, including income from profession, for A.Y. 2022-23, and has paid advance tax of ₹10,000 on 13.12.2021. She has filed her return of income on 15.06.2022. Calculate the self-assessment tax payable and the interest thereon u/s 234A, 234B and 234C, if any, by Ms. Priya.

Mr. X a resident, aged 56 years, till recently was a successful businessman filing his return of incomes regularly and promptly ever since he obtained PAN card. During the COVID-Pandemic period his business suffered severely and he incurred huge losses. He was not able to continue his business and finally on 1st January, 2022 he decided to wind-up his business which he also promptly intimated to the jurisdictional Assessing Officer about the closure of his business. The Assessing Officer sent him a notice to tax income of A.Y. 2022-23 during the A.Y. 2021-22 itself. Does the Assessing Officer have the power to do so? Are there any exceptions to the general rule “Income of the previous year is assessed in the assessment year following the previous year"? OR From the following transactions compute the total income of Mr. Raman and his wife Savita for the Assessment year 2022-23. (i) Mr. Raman had a fixed deposit of ₹5,00,000 in the bank. He instructed the bank to credit the interest on deposit @6% from 01-04-2021 to 31-03-2022 to the savings account of his brother's son for his education. (ii) Savita is a B.com graduate and working in the ABC Private Limited as an accountant with a monthly salary of ₹25,000. Raman holds 30% equity shares of the ABC Private Limited. (iii) Raman started proprietary business on 01-04-2000 with a capital of ₹10,00,000. He incurred a loss of ₹2,00,000 during the previous year 2020-21. To overcome the financial position, Savita gifted a sum of ₹4,00,000 to him on 01-04-2021 which was immediately invested in the business by Mr. Raman. He earned a profit of ₹3,00,000 during the previous year 2021-22 (iv) Sajan, younger son of Raman, aged 17 years won in a debate competition during the annual competitions held at his school and received a cash award of ₹10,000 and he also earned interest of ₹7,000 on balance maintained in his savings bank account.