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- Re dinshaw maneckji petit case essay in 2021
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What did the Advocate General contend in Dinshaw Maneckjee vs Unknown?
2. The Advocate General on the other hand contends that the alleged disposition by the assessee in favour of each family company is a sham, as is also the declaration of trust, that the transactions are all paper transactions and not real.
Why did Sir Dinshaw Manockji Petit v Commissioner of income tax?
By it the family company practically bound itself hand and foot to do no business, for its cash immediately on receipt was to be handed back to its vendor and promoter at a fixed rate of interest. And yet there was no even a minute on the subject.
What was the income of Sir Dinshaw Maneckjee Petit?
In re Sir Dinshaw Maneckjee Petit (1927), Sir Dinshaw Petit was a rich man having dividend and interest income. He was assessed for super-tax on an aggregate income of Rs. 11,35,302 arising in the previous year. He wanted to avoid income-tax.
What are the facts of Maneckji Petit case?
Facts of the Case – The Associated Rubber Industry Ltd. had purchased, some years back, shares of INARCO Ltd. by investing a sum of Rs 4,50,000. They were getting annual dividends in respect of these shares and the amount so received was shown in the profit and loss account of the company year after year.
Last Update: Oct 2021