Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Belated filing of audit reports led the tribunal to remand claims for charitable exemption under sections 11 and 12 for reconsideration in light of the assessee's condonation application; the tribunal emphasised that denial of exemption does not permit taxing gross receipts without allowing expenditures incurred for charitable purposes. Where assessed as an association of persons on a commercial basis, income must be computed under the commercial method and expenditures allowable under the relevant provisions must be deducted against gross receipts. Separately, a penalty for receipt of sale consideration in cash was held unsustainable where the assessing officer did not record requisite satisfaction before initiating penalty proceedings and where cash consideration at registration did not attract the prohibition invoked.
Belated filing of audit reports led the tribunal to remand claims for charitable exemption under sections 11 and 12 for reconsideration in light of the assessee's condonation application; the tribunal emphasised that denial of exemption does not permit taxing gross receipts without allowing expenditures incurred for charitable purposes. Where assessed as an association of persons on a commercial basis, income must be computed under the commercial method and expenditures allowable under the relevant provisions must be deducted against gross receipts. Separately, a penalty for receipt of sale consideration in cash was held unsustainable where the assessing officer did not record requisite satisfaction before initiating penalty proceedings and where cash consideration at registration did not attract the prohibition invoked.
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