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Dear Subscriber,
Full And True Disclosure – A Fetter On The Power Of The AO To Reopen
Advocates Mahendra Gargieya and Hemang Gargieya have explained the law relating to "full and true disclosure of material facts" in the context of reopening under sections 147 and 148 of the Income-tax Act, 1961. The ld. authors have explained the fine distinction between the obligation of the assessee to disclose the "material facts" and the requirement to disclose the "inferences" to be drawn from those facts. They have opined, by relying on judgements of the Apex Court, that while the assessee is required to disclose the former, he is not obliged to disclose the latter See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Comprehensive Analysis Of The Definition Of A Benami Transaction
CA Tilak Chandna has analyzed in a meticulous manner the definition of the term "benami transaction" in section 2(9) of the Prohibition of Benami Transactions Act, 1988. He has explained precisely which transactions are, and which are not, covered by the definition of the term. All the important legal precedents on the issue, of the Indian Courts as well as that of the foreign courts, have been referred to__._,_.___
Posted by: "editor@itatonline.org" <itatonline.org@gmail.com>
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