Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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
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