Transfer pricing comparability: one support-services company accepted, government-owned and facility-management comparables excluded, forex loss claim...
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The article explains that the amended definition of 'benami transaction' covers holding as well as transfer, and the amendment applies where property is held after the amendment; outcome: the amendment governed the holdings in question. It states sale proceeds and related bank receipts from disposal of benami immovable property constitute benami property and are attachable; outcome: attachment sustained. It analyses the fiduciary exception, concluding fiduciary capacity requires no personal benefit and was not established where the alleged fiduciary exercised dominion, retained title deeds and received sale proceeds; outcome: exception rejected. The Initiating Officer discharged the onus to prove benami holding; outcome: adjudication upheld.
The article explains that the amended definition of 'benami transaction' covers holding as well as transfer, and the amendment applies where property is held after the amendment; outcome: the amendment governed the holdings in question. It states sale proceeds and related bank receipts from disposal of benami immovable property constitute benami property and are attachable; outcome: attachment sustained. It analyses the fiduciary exception, concluding fiduciary capacity requires no personal benefit and was not established where the alleged fiduciary exercised dominion, retained title deeds and received sale proceeds; outcome: exception rejected. The Initiating Officer discharged the onus to prove benami holding; outcome: adjudication upheld.
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