Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Shares transferred under a MoU and share purchase agreement were held to be benami property because the arrangement was not a genuine arm's length commercial deal. The transferor had already funded the original acquisition, the transferee paid only a negligible upfront amount, and the balance depended on a future sale that never materialised. The lien and pledge terms kept effective control with the transferor, while the transferee lacked independent financial capacity and used dividends from the same shares to make payment. On these facts, both limbs of Section 2(9)(A) were satisfied, so the Adjudicating Authority erred in treating the transfer as genuine; the provisional attachment was restored.
Shares transferred under a MoU and share purchase agreement were held to be benami property because the arrangement was not a genuine arm's length commercial deal. The transferor had already funded the original acquisition, the transferee paid only a negligible upfront amount, and the balance depended on a future sale that never materialised. The lien and pledge terms kept effective control with the transferor, while the transferee lacked independent financial capacity and used dividends from the same shares to make payment. On these facts, both limbs of Section 2(9)(A) were satisfied, so the Adjudicating Authority erred in treating the transfer as genuine; the provisional attachment was restored.
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