Tag: lifting corporate veil

We cannot be blind to reality of money laundering through accommodation entries, mere paper trail not enough – ITAT In a recent judgment upholding the addition u/s 68, the Tribunal held that it cannot be blind to the reality of money laundering through accommodation entries, and it was …

Shareholders are only owners of the shares of the company therefore, income from properties earned by the company cannot be treated to be an income of the shareholders. In a recent judgment, Hon’ble High Court has held that shareholders of the company are only owners of the shares …

Private company director held liable for tax defaults by lifting corporate veil us 179 of Income-tax if in true sense company not acted as public limited company ABCAUS Case Law Citation: ABCAUS 1149 (2017) (02) HC The Grievance: The petitioner, had challenged the legality, validity and propriety of …

In a recent judgment, ITAT Mumbai has opined that merely because an income has been taxed in the hands of recipient , does not mean that it is a deductible expenditure in the hands of the person making the payment instead the deduction is required to be examined …