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Posted October 27, 2013 by advocateguru in Learning Centre
 
 

Assessment of persons likely to transfer property to avoid tax

As per section 175 of Income Tax Act 1961

Notwithstanding anything contained in section 4, if it appears to the 2[Assessing] Officer during any current assessment year that any person is likely to charge,

Sell, transfer, dispose of or otherwise part with any of his assets with a view to avoiding payment of any liability under the provisions of this Act,

the total income of such person for the period from the expiry of the previous year for that assessment year to the date when the [Assessing] Officer commences

proceedings under this section shall be chargeable to tax in that assessment year, and the provisions of sub-sections (2), (3), (4), (5) and (6) of section 174 shall,

so far as may be, apply to any proceedings in the case of any such person as they apply in the case of persons leaving India.


advocateguru