9911796707
TMI BlogAvoidance of income-tax by transactions resulting in transfer of income to non-residents.X X X X Extracts X X X X X X X X Extracts X X X X ..... sequence of it,-- (a) either alone; or (b) in conjunction with associated operations, any income becomes payable to a non-resident, the provisions of this section shall apply. (2) If any person ("first mentioned person"), by means of any transfer referred to in sub-section (1), either alone or in conjunction with associated operations, acquires any rights,-- (a) by virtue of which he has, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, either alone or in conjunction with associated operations, shall be deemed to be the income of such first mentioned person for all the purposes of this Act, whether or not it would have been chargeable to income-tax under any other provisions of this Act. (4) Where any person has been charged to income-tax on any income deemed to be his under the provisions of this section and that income is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which, or obligation of any other person to whom, those assets, that income or those accumulations are or have been transferred; (b) any body corporate incorporated outside India shall be treated as if it were a non-resident; (c) a person shall be deemed to have power to enjoy the income of a nonresident if- (i) the income is in fact so dealt with by any person as to be calculated at some po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with or without the consent of any other person, the beneficial enjoyment of the income; or (v) such first mentioned person is able, in any manner whatsoever and whether directly or indirectly, to control the application of the income; (d) in determining whether a person has power to enjoy income, regard shall be had to the substantial result and effect of the transfer and any associated opera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) "benefit" includes a payment of any kind; (d) "capital sum" means- (i) any sum paid or payable by way of a loan or repayment of a loan; and (ii) any other sum paid or payable otherwise than as income, being a sum, which is not paid or payable for full consideration in money or money's worth. - Clause 174 of the Bill provides for avoidance of income-tax by transactions resulting in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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