Hon’ble Shri. Pramod Kumar, Accountant Member, Kolkata Bench, delivered a presentation on “Substance vs. Form – Judicial Perspective” at a seminar organized by Foundation for International Taxation on 6th to 8th December 2012. In the presentation, the Hon’ble Member has explained how the controversy over whether form should prevail over substance has evolved and how Courts have dealt with the controversy. The issue has been explained in the backdrop of the judgements of the Supreme Court in McDowell & Co Ltd 154 ITR 148, Azadi Bachao Andolan 263 ITR 706 & Vodafone International 341 ITR 1.
In particular, the Hon’ble Member has explained in what circumstances Courts are inclined to apply substance over form and what type of transactions are at risk.
The presentation will prove to be very useful to all tax professionals.
The other eminent speakers at the seminar included Ex Chief Justice S. H. Kapadia