Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Benami Property - Highlights / Catch Notes

Home Highlights November 2024 Year 2024 This

Issue of benami property transactions and the appellant's ...


Crackdown on employee's undisclosed cash properties worth Rs. 1.4 crore.

Case Laws     Benami Property

November 14, 2024

Issue of benami property transactions and the appellant's failure to prove the source of income for acquiring properties worth Rs. 1,41,37,500/-. The Initiating Officer alleged that the appellant, an employee with a meagre salary, acquired benami properties. The Adjudicating Authority found that the appellant could not produce documents to substantiate the source of income for purchasing the properties. The appellant tried to rely on an income tax assessment order, but the Tribunal held that it cannot be used for adjudication under the Benami Transactions Act. The Adjudicating Authority's detailed findings revealed the benami nature of the properties acquired largely in cash without disclosing the source. The appellant failed to submit material proving the source of income before the authorities. The Tribunal dismissed the appeal, finding no favorable material for the appellant, and rejected the reliance on the Supreme Court's recalled judgment in Ganpati Dealcom case.

View Source

 


 

You may also like:

  1. Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

  2. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

  3. Sub-section (1) in Section 5 amended to not levy integrated tax on Extra Neutral Alcohol used for manufacturing alcoholic liquor for human consumption. Section 6A...

  4. Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

  5. Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned...

  6. The National Company Law Appellate Tribunal (NCLAT) held that the Resolution Plan must provide for payment of Provident Fund and Gratuity dues in accordance with Section...

  7. The GST Council in its 53rd meeting held on 22-06-2024 made significant recommendations. Key highlights include waiving interest and penalties u/s 73 of the CGST Act for...

  8. The petitioner sought regular bail in a money laundering case alleging that he had projected and concealed proceeds of crime related to a scheduled offense. The court...

  9. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

  10. Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

  11. Addition u/s 68 - cash capital introduced by partners shown to be loan taken - The cash component in which form the capital was introduced in the firm was small compared...

  12. The case pertains to a provisional attachment order issued u/s 24(4) of the Prohibition of Benami Property Transactions Act, 1988, involving a benami transaction. The...

  13. DRI busted Foreign Currency Smuggling Racket involving Foreign Nationals; Foreign Currencies worth ₹ 6.14 crore seized

  14. Service tax recovery from foreign government agencies for statutory fees/licenses - Petitioner's declaration under SVLDRS rejected - HC held pre-deposit amount during...

  15. Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account...

 

Quick Updates:Latest Updates