DGGI Meerut Zonal Unit found entity engaged in supply of Laminates to many non-existent/dummy firms having taxable value of more than Rs. 5000 crores [ITC of Rs.900 crores (approx.)]
Income Tax Rules provide for maintenance and retention of books of accounts only by person carrying on specified profession
Business transaction are not in the nature of loan or advances and cannot be taxed as Deemed Dividend u/s 2(22) (e)
Non registration of Joint Development Agreement – No capital gain Taxation even if possession handed over