Benami transaction - source of carrying huge cash - The fact of ...

Direct Taxes

September 5, 2023

Benami transaction - source of carrying huge cash - The fact of the matter is that, here is the petitioner who is found to possess unexplained cash which he tries to explain through conflicting versions. Whether a person Sultan Foumi exists itself now comes under the scanner, since the response of the petitioner to the notice under Sec.24(1) of the Act seems to suggest something different. Could Sultan Foumi be a fictitious character? It is for the petitioner to explain. - Petition dismissed - HC

View Source

← Previous Next →

Benami transaction - source of carrying huge cash - The fact of ...

Direct Taxes

September 5, 2023

You may also like:

Benami transaction - The authority has purely gone on the premise that cash is transferred from one person to another, with an object to defeat demonetization. This is...

Benami transactions - The existence of the “benami” transaction has to be proved by the authorities i.e. the person who alleges the transaction - The transaction where...

Addition u/s 68 - cash deposit in bank account - assessee claimed deposit relates to substantial cash withdrawn and out of opening cash in hand - in absence of any...

Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits – Very genuineness of the transaction was not...

Benami Transactions - family arrangement - exception in Section 4(3)(a) of the Benami Act - The bar of Benami under Benami Act requires examination of factual aspects...

Benami Property Transaction - title over the suit properties - Moreover purchase of a property by husband in the name of the wife cannot be called a benami transaction...

Benami transaction - commercial complex as been leased out to the company by the JDA - The entire fulcrum of this case, therefore, rests on misinterpretation of the...

Benami transactions - offence under Benami Act - onus of proving a benami transaction - after amendment, the onus of proving a benami transaction rests entirely on the...

Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

The transaction where cash is paid to person in lieu of a future promise cannot be a “benami” transaction as there is no lending of name. There can be no “benami”...

Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

Benami transaction - Validity of summons issued u/s 19 and the provisional order of attachment - The court found no ex facie erroneous assumption of jurisdiction by the...

Applicability of the Benami Transactions (Prohibition) Amendment Act, 2016

Prohibition of Benami Property Transaction - funds infused into the shell companies by multiple layering in the guise of share capital or loan - as contended on the side...

Quick Updates: