Section 99 - Treatment of connected person and accommodating party. - Income-tax Act, 1961

3 [****] 5 [****] 6 [ 99. Treatment of connected person and accommodating party. For the purposes of this Chapter, in determining whether a tax benefit exists, (i) the parties who are connected persons in relation to each other may be treated as one and the same person; (ii) any accommodating party may be disregarded; (iii) the accommodating party and any other party may be treated as one and the same person; (iv) the arrangement may be considered or looked through by disregarding any corporate structure. ] *************** NOTES:- 1. Substituted vide Section 21 of the Finance Act 1964 w.e.f. 01-04-1964 before it was read as, super-tax has already been paid by the firm 2. Substituted vide Section 21 of the Finance Act 1964 w.e.f. 01-04-1964 before it was read as, (iv) if the assessee is a company, any dividend received by it from an Indian company, subject to the provisions contained in the Fifth Schedule. 3. Omitted vide Section 29 of the Finance Act 1965 w.e.f. 01-04-1965 before it was read as, B. Incomes forming part of total income on which no super-tax is payable Incomes not chargeable to super-tax 99. (1) Super-tax shall not be payable by an assessee in respect of the following amounts which are included in his total income (i) if the assessee is a partner of an unregistered firm, any portion of the assessee s share in the profits and gains of the firm computed in the manner laid down in section 67 on which 1 [ super-tax is payable by the firm ] ; (ii) if the assessee is a member of an association of persons or any other body of individuals, any portion of the amount which he is entitled to receive from the association or body, on which super-tax has already been paid by the association or body, as the case may be; (iii) any dividends received by the assessee from a co-operative society as a member thereof; 2 [ (iv) if the assessee is a company, any dividend received by it from an Indian company or a company which has made the prescribed arrangements for the declaration and payment of dividends (including dividends on preference shares) within India; ] (v) where the assessee is a co-operative society, any income in respect whereof no income-tax is payable by it by virtue of the provisions of section 81. (2) Super-tax shall not be payable by an assessee which is an authority constituted under any law for the time being in force for the marketing of commodities on any income derived from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities. 4. Inserted vide Section 41 of the Finance Act 2012 w.e.f. 01-04-2014 5. Omitted vide Section 25 of the Finance Act, 2013 w.e.f. 01-04-2014 before it was read as, 4 [99. Treatment of connected person and accommodating party . For the purposes of this Chapter, in determining whether a tax benefit exists (i) the parties who are connected persons in relation to each other may be treated as one and the same person; (ii) any accommodating party may be disregarded; (iii) such accommodating party and any other party may be treated as one and the same person; (iv) the arrangement may be considered or looked through by disregarding any corporate structure. ] 6. Inserted vide Section 26 of the Finance Act, 2013 w.e.f. 01-04-2016