https://www.taxtmi.com/caselaws?id=425485 The Tribunal held that the share trading business conducted in the name of M/s Dindayal Associates was a benami operation for Sureshbhai Gadecha, not Mukesh Rasiklal Shah, leading to the denial of the business loss claim by Shah. The reassessment proceedings against Shah were invalidated, and the proceedings under section 158BD against Gadecha were deemed invalid. Additionally, the addition of Rs.1,05,00,000 to Gadecha's income was deleted due to the lack of evidence of cash withdrawals. en-us Fri, 22 Jul 2022 00:00:00 +0530 Tue, 26 Jul 2022 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425485 The Tribunal held that the share trading business conducted in the name of M/s Dindayal Associates was a benami operation for Sureshbhai Gadecha, not Mukesh Rasiklal Shah, leading to the denial of the business loss claim by Shah. The reassessment proceedings against Shah were invalidated, and the proceedings under section 158BD against Gadecha were deemed invalid. Additionally, the addition of Rs.1,05,00,000 to Gadecha's income was deleted due to the lack of evidence of cash withdrawals. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425485