Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
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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