Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
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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