2023 (11) TMI 135 - SCH - Income Tax

Ownership of benami assets - company in liquidation - as appellant submits that in this case, the company which is under liquidation is not the owner of any benami property. Purchase of the shares in a company under liquidation does not make the company itself the owner of the benami property. Issue notice Notice will be served by all modes, including dasti. We clarify that we have not stayed the appellate proceedings, which will continue in accordance with law.

Summary

The Supreme Court condoned the delay and clarified that the company under liquidation is not the owner of any benami property. The purchase of shares in a company under liquidation does not make the company the owner of the benami property. The appellate proceedings will continue as usual in accordance with the law.