Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Benami Transactions - The Tribunal held that the demonetized currency notes recovered from third parties were benami properties held on behalf of Appellant, the beneficial owner. Initially, the Appellant claimed the cash did not belong to him, but later admitted it was his income declared under the Pradhan Mantri Garib Kalyan Yojana, 2016. The Tribunal rejected Appellant's arguments that the demonetized notes had no fair market value, the findings were contrary to records, and the cash was held in fiduciary capacity. The Tribunal upheld the Adjudicating Authority's order attaching the demonetized currency as Appellant's benami property.
Benami Transactions - The Tribunal held that the demonetized currency notes recovered from third parties were benami properties held on behalf of Appellant, the beneficial owner. Initially, the Appellant claimed the cash did not belong to him, but later admitted it was his income declared under the Pradhan Mantri Garib Kalyan Yojana, 2016. The Tribunal rejected Appellant's arguments that the demonetized notes had no fair market value, the findings were contrary to records, and the cash was held in fiduciary capacity. The Tribunal upheld the Adjudicating Authority's order attaching the demonetized currency as Appellant's benami property.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
