Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
A company remains a separate juristic entity from its shareholders, and share ownership does not itself confer ownership of the company's assets or income. On the facts, the shareholders had invested through permitted banking channels, while the company borrowed funds, acquired the properties, earned rental income and realised capital gains on sale. The Revenue could not, in the absence of statutory authority, assess the company's rental income, capital gains and other income in the hands of the shareholders by invoking substance over form or piercing the corporate veil. Fiscal liability must rest on the statute, and the Tribunal's view was affirmed; the additions were held unsustainable and the Revenue's appeals were dismissed.
A company remains a separate juristic entity from its shareholders, and share ownership does not itself confer ownership of the company's assets or income. On the facts, the shareholders had invested through permitted banking channels, while the company borrowed funds, acquired the properties, earned rental income and realised capital gains on sale. The Revenue could not, in the absence of statutory authority, assess the company's rental income, capital gains and other income in the hands of the shareholders by invoking substance over form or piercing the corporate veil. Fiscal liability must rest on the statute, and the Tribunal's view was affirmed; the additions were held unsustainable and the Revenue's appeals were dismissed.
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