Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Benami transaction findings were sustained where deposits and transfers arose from demonetization-linked routing and accommodation entries, and no credible source of funds or business activity was shown; the fiduciary-capacity exception was rejected because receipt of funds lacked any element of repayment. Creditworthiness and income-tax return analysis of the entities showed inability to account for large cash receipts, and conflicting statements under section 131 were noted. Operative effect: the adjudicating authority's conclusion that the transaction was benami was upheld and the appeal dismissed.
Benami transaction findings were sustained where deposits and transfers arose from demonetization-linked routing and accommodation entries, and no credible source of funds or business activity was shown; the fiduciary-capacity exception was rejected because receipt of funds lacked any element of repayment. Creditworthiness and income-tax return analysis of the entities showed inability to account for large cash receipts, and conflicting statements under section 131 were noted. Operative effect: the adjudicating authority's conclusion that the transaction was benami was upheld and the appeal dismissed.
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