Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
The Tribunal held that the impugned land transfers satisfied section 2(9)(A) of the PBPTA because the Trusts provided the consideration, the properties stood in Shri Lamba's name, and the arrangement was for the Trusts' immediate and future benefit. It rejected the section 53A-based exclusion, finding that the statutory carve-out applies to a seller-buyer part-performance situation and not to a tripartite arrangement involving a third-party beneficiary. The fiduciary capacity exception also failed, as the MoUs showed deliberate name lending to bypass the prohibition on Trusts buying agricultural land. The later Karnataka law amendment did not alter the benami character.
The Tribunal held that the impugned land transfers satisfied section 2(9)(A) of the PBPTA because the Trusts provided the consideration, the properties stood in Shri Lamba's name, and the arrangement was for the Trusts' immediate and future benefit. It rejected the section 53A-based exclusion, finding that the statutory carve-out applies to a seller-buyer part-performance situation and not to a tripartite arrangement involving a third-party beneficiary. The fiduciary capacity exception also failed, as the MoUs showed deliberate name lending to bypass the prohibition on Trusts buying agricultural land. The later Karnataka law amendment did not alter the benami character.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
