« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  Currency derivatives: The happening scare in the accounting... CTT to come into force by July... » Cos cant split contract to evade tax, rules ITAT May, 08th 2008 A company cannot split a contract and execute different parts through sister concerns to evade taxes, Income Tax Appellate Tribunal has said in a ruling pertaining to an Italian company. The tribunal held that Italy-based Ansaldo Energia had split a composite contract it got from state-owned Neyveli Lignite Corp into four parts for part execution by Ansaldo Services Private (ASPL). We are of the opinion that ASPL was a facade created for the purpose of taxation, ex consequenti, its corporate veil be lifted for consolidating the four contracts, it held. Though the contracts were split into four parts, the intention of the parties was very clear that these are to be executed on the pattern of composite contract, it added.