Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Cash can fall within the statutory meaning of "property" where it is a movable asset used for acquisition or transfer of value. On the facts, routing demonetised cash through a third party's bank account and receiving it back through banking channels satisfied the ingredients of a benami transaction because one person held the property while another provided the consideration and benefited from the transfer. The Tribunal held that immediate retransfer did not take the arrangement outside the Act. It also modified the provisional attachment by restricting it to the reduced amount after giving credit for sums already paid under the disclosure scheme and deposited in interest-free bonds, while permitting tracing and attachment of any remaining balance if unavailable in the appellant's account.
Cash can fall within the statutory meaning of "property" where it is a movable asset used for acquisition or transfer of value. On the facts, routing demonetised cash through a third party's bank account and receiving it back through banking channels satisfied the ingredients of a benami transaction because one person held the property while another provided the consideration and benefited from the transfer. The Tribunal held that immediate retransfer did not take the arrangement outside the Act. It also modified the provisional attachment by restricting it to the reduced amount after giving credit for sums already paid under the disclosure scheme and deposited in interest-free bonds, while permitting tracing and attachment of any remaining balance if unavailable in the appellant's account.
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