Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The AT affirmed the provisional attachment of agricultural lands and bank accounts as benami transactions. The tribunal found that the properties were transferred to and held by alleged benamidars, with consideration provided by the beneficial owner. The transaction met key definitional requirements: property transferred/held by another, consideration paid by the beneficial owner, and property indirectly benefiting the person providing consideration. The tribunal rejected arguments of fiduciary exceptions, noting the beneficial owner's tight control over transactions through original documents, powers of attorney, and financial records. Consequently, the AT dismissed the appeals and confirmed the attachment under the Prohibition of Benami Property Transactions Act.
The AT affirmed the provisional attachment of agricultural lands and bank accounts as benami transactions. The tribunal found that the properties were transferred to and held by alleged benamidars, with consideration provided by the beneficial owner. The transaction met key definitional requirements: property transferred/held by another, consideration paid by the beneficial owner, and property indirectly benefiting the person providing consideration. The tribunal rejected arguments of fiduciary exceptions, noting the beneficial owner's tight control over transactions through original documents, powers of attorney, and financial records. Consequently, the AT dismissed the appeals and confirmed the attachment under the Prohibition of Benami Property Transactions Act.
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