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Report No. 57

6.20. Object of checking evasion of taxes already achieved.-

It may be noted that the object of checking evasion of taxes has been substantially achieved by the recent amendment1 of the Income-tax Act,2 it may also be noted that transferees of property for value without notice are protected even now.3 What remains now is the question of minimising litigation arising by reason of factual controversies.4

1. Section 281A, Income-tax Act, 1961, as inserted by the Taxation Laws Amendment Act, 1971 (45 of 1972).

2. See summary of the position (paras. 5.11 and 5.13, supra).

3. Sections 95, 96, Trusts Act.

4. c f. Chapter 5, supra.

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