Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The Tribunal upheld provisional attachment of property under Section 24(4)(b)(i), holding that the provision permits protective attachment with prior approval and does not require an additional pre-attachment show-cause notice where no prior attachment exists under Section 24(3). It also accepted the department's case that routed funds, accommodation entries, bogus security premium, capital, loans and income heads disclosed a benami arrangement through layered transactions, and rejected the view that connected beneficial ownership defeated the charge. Acquittal or discharge in criminal proceedings was held not determinative in benami proceedings, which apply a different standard. The impugned adjudication was set aside as perverse and contradictory, and the appeals were allowed.
The Tribunal upheld provisional attachment of property under Section 24(4)(b)(i), holding that the provision permits protective attachment with prior approval and does not require an additional pre-attachment show-cause notice where no prior attachment exists under Section 24(3). It also accepted the department's case that routed funds, accommodation entries, bogus security premium, capital, loans and income heads disclosed a benami arrangement through layered transactions, and rejected the view that connected beneficial ownership defeated the charge. Acquittal or discharge in criminal proceedings was held not determinative in benami proceedings, which apply a different standard. The impugned adjudication was set aside as perverse and contradictory, and the appeals were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
