Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
A pleaded pre existing fiduciary relationship can fall within the statutory exception to benami prohibition, and whether a transaction is genuine fiduciary trust or a disguised benami is a mixed question of law and fact requiring evidence; summary dismissal at the plaint stage was inappropriate where issues had been framed and the onus to establish the statutory bar rested on the respondent. The trial court's reliance on the mere use of the word "benami" in pleadings to refuse adjudication was reversed; the impugned order is set aside and the matter returned for trial to decide the factual foundation of the fiduciary claim.
A pleaded pre existing fiduciary relationship can fall within the statutory exception to benami prohibition, and whether a transaction is genuine fiduciary trust or a disguised benami is a mixed question of law and fact requiring evidence; summary dismissal at the plaint stage was inappropriate where issues had been framed and the onus to establish the statutory bar rested on the respondent. The trial court's reliance on the mere use of the word "benami" in pleadings to refuse adjudication was reversed; the impugned order is set aside and the matter returned for trial to decide the factual foundation of the fiduciary claim.
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