Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
The dominant issue was whether the auction purchase funded through a purported loan constituted a benami transaction under the 1988 Act. The Tribunal held that routing consideration through banking channels did not rebut benami character where neither the purchasers nor the lender had demonstrated creditworthiness, and the lender's capacity to advance the huge loan was unsupported by its turnover and partners' knowledge. With no pleaded or proved legitimate source of funds, the consideration and beneficial ownership were treated as unknown, attracting s. 2(9)(D), to which the exception under s. 2(9)(A) was held inapplicable. Consequently, the provisional attachment was upheld and the appeals were dismissed. - AT
The dominant issue was whether the auction purchase funded through a purported loan constituted a benami transaction under the 1988 Act. The Tribunal held that routing consideration through banking channels did not rebut benami character where neither the purchasers nor the lender had demonstrated creditworthiness, and the lender's capacity to advance the huge loan was unsupported by its turnover and partners' knowledge. With no pleaded or proved legitimate source of funds, the consideration and beneficial ownership were treated as unknown, attracting s. 2(9)(D), to which the exception under s. 2(9)(A) was held inapplicable. Consequently, the provisional attachment was upheld and the appeals were dismissed. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
