Corporate Veil can be lifted if attempt is to ‘evade’ taxes

the Tribunal was right in holding that a sum of Rs. 1,25,00,000/- representing the value of technical know-how is liable to tax under the head Long Term Capital Gain the context of Section 45 read with Section 55 of the Income Tax Act, 1961.

M/s. Indo Tech Electric Co. Versus The Deputy Commissioner of Income-Tax TAX CASE (APPEAL) NOS. 2209 AND 2210 OF 2006

PRAYER: Tax Case Appeals filed Under Section 260-A of the Income-Tax Act, 1961, against the orders of the Income-Tax Appellate Tribunal “A” Bench, Chennai, passed in I.T.A. No. 2092/Mds/1998 and I.T.A. No. 115/Mds/1999 respectively, dated 23.12.2005 for the assessment year 1995- 96.

COMMON  JUDGMENT

M.M.SUNDRESH, J

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