Income Tax Act, 1962 (Act 58 of 1962)
Chapter III: General Provisions
Part IA: Advance Tax Rulings
76K. Rulings rendered void due to fraud, misrepresentation, etc (Repealed)
[Repealed by the Tax Administration Act, 2011 (Act No. 28 of 2011)].
|1)||Notwithstanding any provision to the contrary in this Act, a binding private ruling or binding class ruling is rendered void ab initio under any of the following circumstances—|
|a)||the facts stated in the application regarding the proposed transaction are materially different from the transaction actually carried out;|
|b)||there is fraud, misrepresentation or nondisclosure of a material fact; or|
|c)||any condition or assumption stipulated by the Commissioner is not satisfied or carried out.|
|2)||For purposes of this section, a fact is considered material if it would have resulted in a different ruling had the Commissioner been aware of it when the original ruling was made.|
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