Home Highlights July 2013 Year 2013 This

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1. Exemption u/s 10(38) - If the share holder chooses to transfer the lands and part with the land to the purchaser of the shares, it would be a valid legal transaction in...

2. The circular modifies the consequences of a PAN becoming inoperative u/r 114AAA of the Income-tax Rules, 1962. Failure to provide Aadhaar number u/s (section) of the Act...

3. Tax planning versus Tax evasion - The Assessing Officer cannot disregard a transaction just because it results in a tax advantage to the assessee. Just as much as we...

4. Tax evasion in the guise of tax planning - Colourable Devise - arrangement to avoid payment of taxes on account of correct quantum of capital gain that would result on...

5. Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

6. Unexplained gifts - Donee denied to make gifts - burden to prove - The High Court has held that, gifts are not genuine and Tribunal has deleted the addition merely only...

7. Disallowance on loss on shares - colourable device - when all the parties to the transaction are genuine and the intention of the assessee in subscribing to the...

8. Computation of Long Term Capital Gains - There is nothing on record to substantiate the allegation of intention to avoid tax in the guise of transfer of shares....

9. Depreciation on boiler leased by the assessee - AO termed this as a colourable device to avoid tax - ITAT allowed claim - If it was not a bona fide business transaction,...

10. Tax planning versus Tax Avoidance - distribution of dividend, prior to sale of its shares by the assessee, even though tax advantageous cannot be termed as a colourable...

11. TDS u/s 195 - Transaction in question would not fall under the category of colourable device. If an assessee enters into a deal which does not violate any provision of...

12. Entitlement to Input Tax Credit - suppression of turnover or not - Bogus dealer - genuine purchase or not - There cannot be any dispute as to the burden cast on the...

13. Investment in Mutual Funds - merely because the transactions was put through Bank account, does not make it a genuine/bonafide transaction - AT

14. Unexplained gifts – Donee denied to make gifts – transaction is not genuine but colorable – money is routed indirectly from the firm to the assessee's account under...

15. Deletion of LTCG as non-genuine - transactions in shares - Deletion of undisclosed commission paid for arranging accommodation entries - assessee proves that...