10-14-2004, 01:58 AM
Hi
It has been held under various decisions of superior courts that the exemptions are valid if only laws are followed. Where ever their is a departure from law, the income will be taxed. IN the instant case, the department will come to know about the incident through assessment of an assessees personal income specially if the assessee is also a director. Then the company financila statements shall be called and error detected. Subsequently it shall be added to income as taxed as non exempt income.
Thanks
Aamer Sikandar
It has been held under various decisions of superior courts that the exemptions are valid if only laws are followed. Where ever their is a departure from law, the income will be taxed. IN the instant case, the department will come to know about the incident through assessment of an assessees personal income specially if the assessee is also a director. Then the company financila statements shall be called and error detected. Subsequently it shall be added to income as taxed as non exempt income.
Thanks
Aamer Sikandar
