Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Where an assessee permits its bank account and charitable status to be used for routing funds and claims exemption under sections 11 and 12 on that basis, it cannot avoid taxability by describing itself as a mere conduit. The Tribunal found that the assessee was a party to the arrangement by which donations were routed through its account and shown as application for educational purposes, while the funds were effectively taken back by the beneficiary group. The reliance on an earlier pass-through case was held distinguishable. The addition was upheld in the assessee's hands, the plea that only the ultimate beneficiary could be taxed was rejected, and the appeal was dismissed.
Where an assessee permits its bank account and charitable status to be used for routing funds and claims exemption under sections 11 and 12 on that basis, it cannot avoid taxability by describing itself as a mere conduit. The Tribunal found that the assessee was a party to the arrangement by which donations were routed through its account and shown as application for educational purposes, while the funds were effectively taken back by the beneficiary group. The reliance on an earlier pass-through case was held distinguishable. The addition was upheld in the assessee's hands, the plea that only the ultimate beneficiary could be taxed was rejected, and the appeal was dismissed.
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