Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Dominant issue: whether the provisional attachment under the Benami Transactions Act was supportable by evidence of a benami arrangement. The Tribunal held that the Initiating Officer bore the burden of proof and failed to adduce independent, admissible evidence (relying instead on Income-tax material and Section 131 statements) to pierce the corporate veil or show benefit passed to a beneficial owner; the target companies' own profitable business and assessed returns supported legitimate share allotment. Consequence: confirmation of the provisional attachment was rightly denied and the appeals dismissed. - AT
Dominant issue: whether the provisional attachment under the Benami Transactions Act was supportable by evidence of a benami arrangement. The Tribunal held that the Initiating Officer bore the burden of proof and failed to adduce independent, admissible evidence (relying instead on Income-tax material and Section 131 statements) to pierce the corporate veil or show benefit passed to a beneficial owner; the target companies' own profitable business and assessed returns supported legitimate share allotment. Consequence: confirmation of the provisional attachment was rightly denied and the appeals dismissed. - AT
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