Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Disallowance u/s 40A(2) - with regard to the transaction between ...


Transactions Between Relatives u/s 40A(2) Are Bona Fide Unless Tax Evasion is Suspected by Officer.

July 22, 2015

Case Laws     Income Tax     HC

Disallowance u/s 40A(2) - with regard to the transaction between the relatives and associates is concerned, the same shall be treated as bona fide case unless the officer finds it that one of them is trying to evade payment of tax - HC

View Source

 


 

You may also like:

  1. Addition u/s 40A(2) - disallowance of interest claim of 9% - ITAT has rightly concluded that the provisions like Section 40A are meant to check evasion of tax through...

  2. Addition u/s 40A (2) (b) - exponential increase in the Directors’ remuneration - CBDT Circular clearly states that no disallowance is to be made u/s 40A (2) in respect...

  3. Assessee sold ancestral agricultural property for cash consideration to relatives, agriculturists. Though agricultural land sale proceeds exempt u/s 2(14), assessee bona...

  4. Gift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts received - relatives as defined under Section 2(g) of the Senior...

  5. The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

  6. The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

  7. Addition u/s 40A(2)(b) - Allegation of excessive and unreasonable salary paid to the relative of partner - The assessing officer questioned the legitimacy of this...

  8. Excess rent paid to the related party - Disallowance invoking the provision of section 40A(2)(b) - Since this definition provided u/s 56(2) is only for the said clause...

  9. Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT

  10. Revision u/s 263 - The records of the instant case speaks that no details were filed by the assessee before the Ld. A.O to prove the reasonableness of payments made to...

  11. 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...

  12. Petitioner challenged order passed u/s 129(3) of Goods and Services Tax Act, 2017 for alleged tax evasion due to typographical error in date on E-way Bill and Tax...

  13. Inquiry proceedings under Service Tax - apprehension of arrest - The summons issued to the petitioners / petitioner No.2, does not authorize the investigating officer to...

  14. Additions u/s 56 - The gifts received from the close relatives u/s 56(2)(v) are outside the scope of 56(2). - The surrender of the rights of the close relatives in...

  15. Addition u/s 56 - allotment of shares cannot be equated with receipt of shares - receipt of share there should be shares in existence and a person holding such share...

 

Quick Updates:Latest Updates