Imported cement concessional duty exemption under Notification 4/2006 challenged over RSP misdeclaration; demand, interest and s.114A penalty set asid...
Analysis focuses on benami transaction allegations and validity of a provisional attachment under the PBPT Act, 1988. The author finds the Initiating Officer failed to discharge the statutory burden to identify a benamidar, beneficial owner, the original benami property, or traceable proceeds; provisional attachment of bank accounts therefore suffers fundamental infirmities. Treating bank balances as equivalent value is rejected as inconsistent with the statutory scheme. Reliance on investigations by an external revenue authority without independent inquiry is insufficient to establish benami elements. Consequently, invocation of the PBPT Act to substitute for regulatory or fiscal breaches is unwarranted and meritorious benami findings were not made.
Analysis focuses on benami transaction allegations and validity of a provisional attachment under the PBPT Act, 1988. The author finds the Initiating Officer failed to discharge the statutory burden to identify a benamidar, beneficial owner, the original benami property, or traceable proceeds; provisional attachment of bank accounts therefore suffers fundamental infirmities. Treating bank balances as equivalent value is rejected as inconsistent with the statutory scheme. Reliance on investigations by an external revenue authority without independent inquiry is insufficient to establish benami elements. Consequently, invocation of the PBPT Act to substitute for regulatory or fiscal breaches is unwarranted and meritorious benami findings were not made.
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