Tax evasion through colourable devices is not Tax Planning: Telangana HC

Ayodhya Rami Reddy Alla Vs PCIT (Telangana High Court) The Telangana High Court’s judgment in the case of Ayodhya Rami Reddy Alla vs PCIT revolves around the challenge to proceedings initiated under Section 144BA of the Income Tax Act, 1961. Here are the key points from the judgment: Background of the Case: The petitioner, Ayodhya Rami Reddy Alla, contested the initiation and continuation of income tax assessment proceedings for the assessment year 2019-2020. This was based on transactions involving the sale of shares of Ramky Estate and Farms Limited (REFL) and Ramky Enviro Engineers Li...