Home Highlights March 2012 Year 2012 This

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1. 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...

2. 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...

3. Tax Planning versus Tax Avoidance - Finance Lease / Operating lease - No straight jacket formula can be adopted to say that every case of sale and lease back...

4. 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...

5. Disallowance of long term capital loss on sale of shares - sham transactions or genuine transactions - - It seems to be a case of tax planning by the assessee, though...

6. 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...

7. Income accrued in India - Capital gain - the new double taxation avoidance agreement has come into force much letter then the transaction took the place. In the new...

8. Set off of capital loss - tax planning vs tax avoidance - shares were held by assessee for long period - transaction has not been doubted - sold at a price which was...

9. Sale and a lease back transaction - the lease transactions were genuine and that the Department failed to adduce any evidence to prove that the transaction was not...

10. Tax avoidance, Tax evasion or Tax planning - when there are material evidences to substantiate that the shares were issued to foreign investors, and the conversion of...

11. Long term capital loss on sale of shares - Just because of assessee sold shares to daughter and sister concern, it cannot be considered that the transactions are sham...

12. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

13. Validity of Assessment Order u/s 143(3) once the Resolution Plan is approved under the Code - CIRP proceedings under IBC - The resolution plan approved by the NCLT is...

14. Retraction of surrender of LTCG - Transaction were accepted as bogus but later claimed as Genuine - Subsequent event of the SEBI order holding the transaction in the...

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