Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Alleged benami sale of agricultural land was upheld where the payment trail showed the beneficial owner - not the named transferee - furnished consideration, negating a fiduciary or temporary holding claim; outcome: attachment confirmed and appeal dismissed. Reconstitution and partnership documents lacked genuine participation or signatures by the named transferee, supporting that the transferee held title as a benamidar in name only, and financial records showed no capacity to fund the purchase, reinforcing benami inference. On these bases the tribunal found the statutory definition of benami property satisfied and declined to disturb the impugned order confirming provisional attachment.
Alleged benami sale of agricultural land was upheld where the payment trail showed the beneficial owner - not the named transferee - furnished consideration, negating a fiduciary or temporary holding claim; outcome: attachment confirmed and appeal dismissed. Reconstitution and partnership documents lacked genuine participation or signatures by the named transferee, supporting that the transferee held title as a benamidar in name only, and financial records showed no capacity to fund the purchase, reinforcing benami inference. On these bases the tribunal found the statutory definition of benami property satisfied and declined to disturb the impugned order confirming provisional attachment.
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