Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: VAT Audit :: due date for vat payment :: TDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended

Immunity under VDIS not absolute
June, 14th 2007

The Supreme Court has held that taxpayers cannot claim absolute immunity from disclosing source of income under the Voluntary Disclosure of Income Scheme (VDIS) if they conceal facts while declaring assets.

While upholding a Bombay High Court ruling, a bench of Justice S B Sinha and Justice P K Balasubramanyan said: "Immunity granted pursuant to acceptance of a declaration made under the voluntary taxation scheme or Kar Vivid Samadhan Scheme, 1998 does not lead to a total immunity. The immunity granted under the scheme has its limitations."

Dismissing an appeal filed by a Mumbai-based partnership firm Tanna & Modi, the court said: "It is, however, also well settled that fraud vitiates all solemn acts. Fraudulent actions shall render the act a nullity."

The court observed that a partner represents a firm and he has an implied authority to take any action vis-a-vis the firm unless otherwise specific binds the firm itself.

Noting that each partner need not make a declaration in the event of a firm concealing its income, the court, however, said a firm in its declaration can cover the loopholes when a search warrant is issued in the name of a partner.

At the same time, the court made it clear, that in case of fraud it cannot be oblivious of the fact that each firm acts through its partner.

"A firm is the conglomeration of its partners, and is not a juristic person... As the income of a firm vis-a-vis its partners have a direct co-relation, in our opinion, while construing a statute granting immunity, it should not be construed in such a manner so as to frustrate its object," the apex court said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions