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2008 (1) TMI 558 - KARNATAKA HIGH COURTAvoidance of tax- The assessee filed his return of income for the assessment year 1994-95. The assessing officer brought the amount transferred to M, a finance company by the assessee to tax. The Commissioner (Appeals) noticed that the money was received by the assessee to tax. The Commissioner (Appeals) noticed that the money was received by the assessee with a specific understanding that out of the income earned 45 percent. had to be shared with M and held the assessee did not adopt any colorable device. The Tribunal held that the transaction could not be treated as a colourable or sham transaction. Held that- dismissing the appeal, that the transaction between the assessee and the finance company was reflected in the returns filed by both the parties. The Revenue failed to establish the transaction as sham and colourable.
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