Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Benami transaction challenge to a Provisional Attachment Order: the definition of a benami transaction under Section 2(9)(A) of the 1988 Act applies where property remained in the name of benamidars on and after the 2016 amendment, so the amendment's prospective character does not defeat attachment. The fiduciary capacity exception was not accepted on the facts; the benamidar was neither employee nor agent and the purchase was made for the benefit of the beneficial owner, including use of a Scheduled Caste nominee for registration. Consequently the tribunal found the statutory ingredients satisfied and dismissed the appeals.
Benami transaction challenge to a Provisional Attachment Order: the definition of a benami transaction under Section 2(9)(A) of the 1988 Act applies where property remained in the name of benamidars on and after the 2016 amendment, so the amendment's prospective character does not defeat attachment. The fiduciary capacity exception was not accepted on the facts; the benamidar was neither employee nor agent and the purchase was made for the benefit of the beneficial owner, including use of a Scheduled Caste nominee for registration. Consequently the tribunal found the statutory ingredients satisfied and dismissed the appeals.
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