ITAT quashes ex-cricketer Srikanth’s tax planning; sale of shares by minor sons clubbed in his income

INCOME TAX : Where in a company assessee's minor sons held 99% shares and assessee held only 125 shares, when entire shareholding was sold, sale proceeds would belong to minor sons of assessee and same was required to be brought to tax by invoking provisions for clubbing income of minors

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194582/itat-quashes-ex-cricketer-srikanth’s-tax-planning-sale-of-shares-by-minor-sons-clubbed-in-his-income.aspx