State with brief reason, whether the following relate to tax planning, tax avoidance or tax evasion: Businessman claiming depreciation on a refrigerator purchased for residential use.
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2018
State with brief reason, whether the following relate to tax planning, tax avoidance or tax evasion: Businessman claiming depreciation on a refrigerator purchased for residential use.
Answer & Explanation:
Businessman claiming depreciation on a refrigerator purchased for residential use is an act of Tax Evasion because of wrongly claiming depreciation on personal assets by showing as business assets.
Topics: Income Tax Act, 1961
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