Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Whether the paper company is engaged in any tax evasion? - Income Tax Act has been amended by incorporating the provisions of PoEM, GAAR for bringing such transactions under the net of tax. However, the provisions are not applicable to the year under consideration. Therefore, we are of the view that until and unless there is any violation of the provisions of law, it cannot be alleged that the assessee by adopting the colourable device has diverted the profit. - As we have decided the issue that profit attributable to RFZC belongs to DRC companies, then the question of the colourable device used by the assessee for diverting its profit does not arise. - AT
Whether the paper company is engaged in any tax evasion? - Income Tax Act has been amended by incorporating the provisions of PoEM, GAAR for bringing such transactions under the net of tax. However, the provisions are not applicable to the year under consideration. Therefore, we are of the view that until and unless there is any violation of the provisions of law, it cannot be alleged that the assessee by adopting the colourable device has diverted the profit. - As we have decided the issue that profit attributable to RFZC belongs to DRC companies, then the question of the colourable device used by the assessee for diverting its profit does not arise. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
