Our assurance services include Statutory audit, Tax audit and Special audits. We carry out audit of financial statements prepared in accor
| 17 Transactions between related parties | |
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17 Transactions between related parties
If –
(a) a registered dealer sells or gives goods to a related person; Inserted vide DVAT (Second Amendment) Act, 2005; No.F.14(29)/LA/2005/333 dated 16.11.2005 w.e.f. 16.11.2005. Inserted vide DVAT (Amendment) Act, 2005; No. F.14(6)/LA-2005/112, dt. 28.03.2005 w.e.f. 01.04.2005.
(b) the terms or conditions of the transaction have been influenced by the relationship; and
(c) the related person had purchased the goods, the related person would not be entitled to a tax credit for the purchase, or the amount of the tax credit would be reduced under sub-section (3) of section 9 of this Act; the transaction shall be deemed to be a sale made by the registered dealer and the sale price of the goods shall be deemed to be their fair market value.
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