RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
