https://www.taxtmi.com/caselaws?id=29135 The High Court of Punjab and Haryana ruled in favor of a transport company in a tax assessment dispute regarding bus ownership and income attribution. The court upheld that the bus rightfully belonged to an individual shareholder based on evidence presented, rejecting the tax authority's attempt to attribute the bus's income to the company. The judgment emphasized the validity of the arrangement between the company and the shareholder, highlighting that the transfer of the bus was not tax evasion but a legitimate transaction. Legal principles were applied to prevent unwarranted tax liabilities, and the court quashed previous orders against the company. en-us Mon, 14 Sep 1981 00:00:00 +0530 Thu, 11 Mar 2010 10:47:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29135 The High Court of Punjab and Haryana ruled in favor of a transport company in a tax assessment dispute regarding bus ownership and income attribution. The court upheld that the bus rightfully belonged to an individual shareholder based on evidence presented, rejecting the tax authority's attempt to attribute the bus's income to the company. The judgment emphasized the validity of the arrangement between the company and the shareholder, highlighting that the transfer of the bus was not tax evasion but a legitimate transaction. Legal principles were applied to prevent unwarranted tax liabilities, and the court quashed previous orders against the company. Case-Laws Income Tax Mon, 14 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29135