05 October 2013
sir
as per section 175 of income tax act
person trying to alienate his assets with a veiw to avoid tax will be taxed in P.Y. itself.
how property are taxed in this act and how he can avoid tax?
05 October 2013
Notwithstanding anything contained in section 4, if it appears to the 2[Assessing] Officer during any current assessment year that any person is likely to charge, sell, transfer, dispose of or otherwise part with any of his assets with a view to avoiding payment of any liability under the provisions of this Act, the total income of such person for the period from the expiry of the previous year for that assessment year to the date when the [Assessing] Officer commences proceedings under this section shall be chargeable to tax in that assessment year, and the provisions of sub-sections (2), (3), (4), (5) and (6) of section 174 shall, so far as may be, apply to any proceedings in the case of any such person as they apply in the case of persons leaving India.
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