Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
AT dismissed the appeals and upheld the provisional attachment of the impugned property, finding a benami transaction under Section 2(9)(A). The Tribunal held that (1) consideration was transferred from the beneficial owner to the benamidar's account, (2) title was recorded in the benamidar, and (3) the acquisition was for the future benefit of the beneficial owner, satisfying all limbs of the statutory definition. Alleged loan evidence and a collaboration agreement were absent or unsubstantiated, and the belated induction of the benamidar's son into a partnership was seen as contrived. The AT found no error in the respondents' actions and affirmed the attachment.
AT dismissed the appeals and upheld the provisional attachment of the impugned property, finding a benami transaction under Section 2(9)(A). The Tribunal held that (1) consideration was transferred from the beneficial owner to the benamidar's account, (2) title was recorded in the benamidar, and (3) the acquisition was for the future benefit of the beneficial owner, satisfying all limbs of the statutory definition. Alleged loan evidence and a collaboration agreement were absent or unsubstantiated, and the belated induction of the benamidar's son into a partnership was seen as contrived. The AT found no error in the respondents' actions and affirmed the attachment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
