Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Share premium received by a company with no real business activity and later traced into loans, advances and immovable property can be treated as benami property in converted form, because share premium is movable property capable of transformation into other assets or proceeds. The Tribunal sustained attachment to the extent of the bogus share premium and its converted form, but held that the specifically identified immovable property was wrongly attached because it was not shown to have been acquired by the company. A misdescription in the show cause notice did not invalidate the proceedings where the notice had clearly targeted the bogus share premium and its subsequent utilisation. The impugned order was modified to release the wrongly attached property while permitting attachment of the benami funds and their transformed assets.
Share premium received by a company with no real business activity and later traced into loans, advances and immovable property can be treated as benami property in converted form, because share premium is movable property capable of transformation into other assets or proceeds. The Tribunal sustained attachment to the extent of the bogus share premium and its converted form, but held that the specifically identified immovable property was wrongly attached because it was not shown to have been acquired by the company. A misdescription in the show cause notice did not invalidate the proceedings where the notice had clearly targeted the bogus share premium and its subsequent utilisation. The impugned order was modified to release the wrongly attached property while permitting attachment of the benami funds and their transformed assets.
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