tax evasion

Demand for additional tax u/s 143(1-A) IT Act can be made only if assessee intended to evade tax: SC

Demand for additional tax u/s 143(1-A) IT Act can be made only if assessee intended to evade tax: SC

The Supreme Court has observed that Section 143(1-A) of the Income Tax Act can only be invoked when the lesser amount stated in the return filed by the assessee is a result of an attempt to avoid tax lawfully payable by the assessee. The opinion taken in this appeal was that the 20% additional tax…

I-T Dept seizes bungalow, funds of Ratul Puri & his father

I-T Dept seizes bungalow, funds of Ratul Puri & his father

The Income Tax department has seized a Rs.300-crore bungalow in Delhi under the anti-Benami law in its probe against Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath. The tax department also seized foreign funds worth $40 million. The bungalow, located at APJ Abdul Kalam Road in Delhi’s posh Lutyens’ zone, is in the name…