Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
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Benami transaction requirements are satisfied where property is held in a benamidar's name, consideration is provided by the beneficial owner, and the property is held for that owner's immediate or future benefit. Concealment of ownership, benefit to a third party, and use of illegitimate funds are not required; legitimate funds routed through bank accounts may qualify if those elements exist. Routing demonetised cash through benamidars and returning acceptable currency for beneficial owners' benefit falls within this concept. Review jurisdiction requires an error apparent on the face of the record; disagreement based on a mistaken view of these elements does not justify review, resulting in dismissal of the review applications.
Benami transaction requirements are satisfied where property is held in a benamidar's name, consideration is provided by the beneficial owner, and the property is held for that owner's immediate or future benefit. Concealment of ownership, benefit to a third party, and use of illegitimate funds are not required; legitimate funds routed through bank accounts may qualify if those elements exist. Routing demonetised cash through benamidars and returning acceptable currency for beneficial owners' benefit falls within this concept. Review jurisdiction requires an error apparent on the face of the record; disagreement based on a mistaken view of these elements does not justify review, resulting in dismissal of the review applications.
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