Benami Transaction Examples

Section 2(9) of the Benami Transactions (Prohibition) Act, 1988 defines the scope of a “transaction” or “arrangement” labelled by Law as “Benami”. (A) a transaction or an arrangement :- (a) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another…More

SC Holds Benami Transactions Prohibition (Amendment) Act, 2016 to apply prospectively, leaves open challenge to Constitutional validity of the 2016 Amendment Act

The Hon’ble Supreme Court of India in the matter of Union of India & Anr vs M/s Ganpati Dealcom Pvt Ltd (CA 5783 of 2022) has considered the matter of retroactive applicability of the Benami Transactions Prohibition (Amendment) Act, 2016 w.r.t to “benami transactions” in the intervening period of 05 September 1988 (Commencement of the…More

Blockchain & Crypto friendly jurisdiction : Malta

Malta (a small Island country in Mediterranean Ocean, near Italy in Europe) is a Blockchain & crypto-friendly Jurisdiction. It has promulgated 3 progressive laws to transparently regulate Blockchain & Cryptocurrency & NFTs etc. The Laws include The Malta Digital Innovation Authority Act, The Technology Arrangements and Services Act and the Virtual Financial Assets Act. Further,…More

Validity of Gifts by Karta of ancestral property of HuF

The Supreme Court of India in the matter of KC Laxmana vs KC Chandrappa Gowda | 2022 LiveLaw (SC) 381 has HELD : “It is trite law that Karta/Manager of a joint family property may alienate joint family property only in three situations, namely, (i) legal necessity (ii) for the benefit of the estate and…More

Dispute Resolution for Small Assessee’s

The Finance Act, 2022 has amended Section 245MA therein in the Income Tax Act, 1962 wef 01 April, 2022 creating for a new procedure for Dispute Resolution for Small Assessee’s. The CBDT has further amended the Income Tax Rules, 1962, to introduce Part IX-A and new Rules 44DAA, 44DAB, 44DAC and 44DAD and Form 34BC…More

New Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs

The Finance Bill, 2022 has proposed a new Scheme for Taxation of Digital Assets such as Cryptocurrencies & NFTs. It may be duly noted that Transactions in Cryptocurrencies and NFTs were taxable in earlier years as well. The classification of Income under Heads of Income such as Business or Capital Gains or Other Sources with…More

Simplification of Tax Audit Report Forms – A Suggestion

The Income Tax Audit Report Forms 3CD alongwith applicable Forms 3CA / 3CB / 29B / 29C / 10B etc prescribed under Income Tax Rules are very expansive and seek a lot of details, which in many cases, are not applicable to the respective category of assessee’s. My submission is that instead of a combination…More

Partnership between Karta of HUF and Coparceners or Members

It is a well settled proposition applicable to Hindu law that members of the joint family and even co-partners can, without disturbing the status of the joint family or the coparcenary, acquire separate property or run independent business for themselves. Ratanchand Darbarilal vs Commissioner Of Income TaxAIR 1985 SC 1572, (1985) 48 CTR SC 349,…More