Wrong approach of tax authorities to brand transactions resulting into loss as bogus or device to avoid tax.

Wrong approach of tax authorities to brand transactions resulting into loss as bogus or device to avoid tax. https://www.taxtmi.com/article/detailed?id=1131 Once a transaction is found to be genuine and supported by market consideration, it cannot be recharacterised as a colourable device merely because it yields a tax advantage; tax planning is distinct from tax evasion. Related-party dealings, timing of sales or purchases, and tax consequences are relevant but not conclusive indicators of sham. Assessments must evaluate the totality of facts, commercial purpose, and objective evidence rather than rely on selective disbelief of loss-making transactions. en-us Sat, 12 Feb 2011 00:00:00 +0530 Mon, 14 Feb 2011 07:02:09 +0530 TaxTMI RSS Generator Wrong approach of tax authorities to brand transactions resulting into loss as bogus or device to avoid tax. https://www.taxtmi.com/article/detailed?id=1131 Once a transaction is found to be genuine and supported by market consideration, it cannot be recharacterised as a colourable device merely because it yields a tax advantage; tax planning is distinct from tax evasion. Related-party dealings, timing of sales or purchases, and tax consequences are relevant but not conclusive indicators of sham. Assessments must evaluate the totality of facts, commercial purpose, and objective evidence rather than rely on selective disbelief of loss-making transactions. Articles Income Tax Sat, 12 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=1131