« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.