Opting Legal Lowest tax liability alternative not amounts to Tax Evasion

Nanavati Constructions Vs DCIT (ITAT Mumbai) Conclusion: If the taxpayer was in a position to carry a transaction in two alternative ways, one of which would result in lower tax liability, the assessee would be at liberty to choose that particular method.  Pursuant to the terms of both the agreements, the transactions had been carried out and assessee as well as other 6 persons had offered their respective share of rental income in their own tax returns thus, the agreement could not be termed as sham agreement or an artificial structure with a view to evade tax liability. Held: Assessee bein...