Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
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Whether the transactions constituted a benami transfer: tribunal found essential ingredients of Section 2(9)(A) satisfied because consideration for land and shares credited to the ostensible transferee originated from and was controlled by the real transferor, funds were rotated among related entities, and claimed loan repayments were non-genuine; therefore the transfers were benami and subject to statutory consequences. Compliance with EMC shareholding conditions: majority control and redistribution of shareholding were orchestrated to evade the EMC scheme limits, supporting the benami finding. Appeals dismissed. - AT
Whether the transactions constituted a benami transfer: tribunal found essential ingredients of Section 2(9)(A) satisfied because consideration for land and shares credited to the ostensible transferee originated from and was controlled by the real transferor, funds were rotated among related entities, and claimed loan repayments were non-genuine; therefore the transfers were benami and subject to statutory consequences. Compliance with EMC shareholding conditions: majority control and redistribution of shareholding were orchestrated to evade the EMC scheme limits, supporting the benami finding. Appeals dismissed. - AT
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