Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The AT upheld the findings of benami transactions against the appellant and dismissed the appeal. It held that substantial cash deposits in a dummy bank account of a benamidar firm, with no genuine business activity and no supporting sale agreement or documented transaction, established that the appellant was the beneficial owner of the funds. The appellant's plea of ignorance, alleging that her husband operated the bank account, was rejected as legally untenable. The AT further held that subsequent reassessment or surrender of amounts as undisclosed income under s.148 of the Income-tax Act, 1961, could not retrospectively nullify or regularize the earlier benami transactions under the Prohibition of Benami Property Transactions Act, 1988.
The AT upheld the findings of benami transactions against the appellant and dismissed the appeal. It held that substantial cash deposits in a dummy bank account of a benamidar firm, with no genuine business activity and no supporting sale agreement or documented transaction, established that the appellant was the beneficial owner of the funds. The appellant's plea of ignorance, alleging that her husband operated the bank account, was rejected as legally untenable. The AT further held that subsequent reassessment or surrender of amounts as undisclosed income under s.148 of the Income-tax Act, 1961, could not retrospectively nullify or regularize the earlier benami transactions under the Prohibition of Benami Property Transactions Act, 1988.
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