Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Section 2(9)(C) of the Prohibition of Benami Property Transactions Act requires the purported owner to be unaware of, or deny knowledge of, ownership. Acknowledgements by alleged benamidars during cross-examination that they knew of share allotments and buy-backs, and received the consideration in their bank accounts, prevent the transactions from meeting that requirement. Such acknowledgements prevail over conflicting statements made in income-tax proceedings. Potential tax evasion reflected in trade-payable entries does not, by itself, establish a benami transaction. Consequently, provisional attachment cannot be confirmed where the statutory knowledge requirement is not satisfied.
Section 2(9)(C) of the Prohibition of Benami Property Transactions Act requires the purported owner to be unaware of, or deny knowledge of, ownership. Acknowledgements by alleged benamidars during cross-examination that they knew of share allotments and buy-backs, and received the consideration in their bank accounts, prevent the transactions from meeting that requirement. Such acknowledgements prevail over conflicting statements made in income-tax proceedings. Potential tax evasion reflected in trade-payable entries does not, by itself, establish a benami transaction. Consequently, provisional attachment cannot be confirmed where the statutory knowledge requirement is not satisfied.
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