Section 281 of ITA, 1961 : Section 281: Certain Transfers To Be Void
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma is a business owner and has been undergoing an income tax audit for the past few months. The Income Tax Department suspects that there may be some unpaid taxes. During this period, Mr. Sharma decides to transfer a piece of land worth ₹15,00,000 to his brother, Mr. Verma, without receiving any payment in return.
Under Section 281 of The Income-tax Act, 1961, if the Income Tax Department concludes ...
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