State with reason, whether the following acts can be considered as an act of Tax Planning, Tax Management, Tax Avoidance or Tax Evasion : (b) Transferring of assets to another person without adequate consideration.
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2019
State with reason, whether the following acts can be considered as an act of Tax Planning, Tax Management, Tax Avoidance or Tax Evasion : (b) Transferring of assets to another person without adequate consideration.
Answer & Explanation:
Transferring of assets to another person without adequate consideration is an act of Tax Avoidance because element of malafide motive is involved to avoid payment of tax.
Topics: Income Tax Act, 1961
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