Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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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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