| PBPT Act, 1988 |
Section 2 |
Smt. Saryu Miglani v. Initiating Officer, ACIT Benami Prohibition Unit |
Handing over demonetized cash to a third party to deposit in an entity’s bank account and routing it back via banking channels constitutes a benami transaction. Cash qualifies as ‘property’ under the Act. |
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| Income-Tax Act, 1961 |
Section 2(47) |
Sat Paul Bansal v. Deputy Commissioner of Income-tax |
Where full sale consideration was received and possession handed over by the deadline, the transfer is deemed complete under section 2(47)(ii) despite delays in registering the sale deed due to a lien. Capital gains tax and Section 54 deductions apply to that year. |
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| Income-Tax Act, 1961 |
Section 11 |
Bombay Prathana Samaj v. Union of India |
A 430-day delay in filing Form No. 10 for claiming income accumulation was condoned, as the delay stemmed from an inadvertent omission by an honorary accountant, and non-condonation would cause genuine hardship. |
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| Income-Tax Act, 1961 |
Section 14A |
ACG Associated Capsules (P.) Ltd. v. Deputy Commissioner of Income-tax |
Assessing Officers cannot increase book profits under Section 115JB by using disallowances computed under Section 14A read with Rule 8D. |
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| PBPT Act, 1988 |
Section 24 |
Smt. Saryu Miglani v. Initiating Officer, ACIT Benami Prohibition Unit |
The provisional attachment of a bank account must be restricted to the balance amount after accounting for taxes already paid under the PMGKY scheme and bonds deposited out of the alleged benami sum. |
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| PBPT Act, 1988 |
Section 24 |
Shrenik Shah v. Initiating Officer, DCIT BPU, Ahmedabad |
Continuance of provisional attachment on properties belonging to an alleged abettor (who is not the beneficial owner) is unsustainable without a specific finding that those properties themselves are benami. |
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| Income-Tax Act, 1961 |
Section 45 |
Commissioner of Income-tax-IV v. Vijaya Productions (P.) Ltd. |
Capital gains provisions under Section 45 read with Section 48 are inapplicable for A.Y. 2007-08 where JV/Shareholder agreements remained unregistered and unimplemented, with zero transfer of property or consideration flow. |
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| Income-Tax Act, 1961 |
Section 69 |
Raj Kumar Dogra v. Income-tax Officer |
Reassessment and unexplained investment additions based on loose excel sheets seized from a third party are unsustainable if tangible documentary evidence contradicts the source and the seized material was never confronted to the assessee. |
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| Income-Tax Act, 1961 |
Section 72 |
Orchid Pharma Ltd. v. Deputy Commissioner of Income-tax |
The “clean slate” principle of the IBC cannot be used to deny the carry-forward and set-off of brought-forward losses if those losses were a structural factor in the NCLT-approved resolution plan and no active tax dues were lodged. |
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