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...
Income-tax search material can be relied on in benami proceedings absent any statutory bar, and the fact that the material originated in tax proceedings does not require a separate independent enquiry as a precondition to benami adjudication. The Tribunal held that routed accommodation entries, supported by connected statements and corroborating electronic records, established a benami transaction; retraction alone did not displace those statements where no satisfactory basis for retraction was shown. It also held that income-tax assessment and benami adjudication operate in distinct fields, so tax treatment of undisclosed income does not preclude a parallel benami finding. The provisional attachment was therefore sustained and the appeals were dismissed.
Income-tax search material can be relied on in benami proceedings absent any statutory bar, and the fact that the material originated in tax proceedings does not require a separate independent enquiry as a precondition to benami adjudication. The Tribunal held that routed accommodation entries, supported by connected statements and corroborating electronic records, established a benami transaction; retraction alone did not displace those statements where no satisfactory basis for retraction was shown. It also held that income-tax assessment and benami adjudication operate in distinct fields, so tax treatment of undisclosed income does not preclude a parallel benami finding. The provisional attachment was therefore sustained and the appeals were dismissed.
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