TaxTonic Session: Part II - Benami Act Nuances & Interplay with Tax Laws!
- Year of Publication: 2022
- ISBN: 0
Episode Duration:
110 minutes
Episode Background:
'TaxTonic', a new 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
1. Mr. Rohit Jain (Vaish Associates Advocates)
2. Mr. Aniket D. Agrawal (Vaish Associates Advocates)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
The Benami Transactions (Prohibition) Act was originally enacted in 1988 but remained dormant as it was toothless. In 2016, it was overhauled and christened as Prohibition of Benami Property Transactions Act whereafter we witnessed initiation of proceedings across the country. The life altering question that popped up during the Benami proceedings was the retrospective application of the amendments. After over 5 years, the Hon'ble Supreme Court authoritatively clarified the amendments to be prospective in nature.
In the next episode of TaxTonic, Taxsutra presents a deep dive into the amended Benami Act. The proceedings under Benami Act can have a ripple effect on the alleged Benamidars and Beneficial Owners under Tax Laws and vice versa. This makes it imperative to understand the nuances and interplay of Benami Act with Tax Laws.
In this episode of TaxTonic, the discussion on Benami Act is focused on unfolding the complexities on the subject with special emphasis on:
(a) Apex Court ruling on prospective application of amendments
(b) Interplay with the Tax Laws
(c) Prerequisites for invocation of actions under Benami Law and Tax Laws simultaneously
(d) Pendulum of Burden of Proof
(e) Parity and differences in the definition of “Relative”
(f) Consequences of Search and Survey under Tax Laws
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2022
- ISBN: 0
Episode Duration:
110 minutes
Episode Background:
'TaxTonic', a new 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
1. Mr. Rohit Jain (Vaish Associates Advocates)
2. Mr. Aniket D. Agrawal (Vaish Associates Advocates)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
The Benami Transactions (Prohibition) Act was originally enacted in 1988 but remained dormant as it was toothless. In 2016, it was overhauled and christened as Prohibition of Benami Property Transactions Act whereafter we witnessed initiation of proceedings across the country. The life altering question that popped up during the Benami proceedings was the retrospective application of the amendments. After over 5 years, the Hon'ble Supreme Court authoritatively clarified the amendments to be prospective in nature.
In the next episode of TaxTonic, Taxsutra presents a deep dive into the amended Benami Act. The proceedings under Benami Act can have a ripple effect on the alleged Benamidars and Beneficial Owners under Tax Laws and vice versa. This makes it imperative to understand the nuances and interplay of Benami Act with Tax Laws.
In this episode of TaxTonic, the discussion on Benami Act is focused on unfolding the complexities on the subject with special emphasis on:
(a) Apex Court ruling on prospective application of amendments
(b) Interplay with the Tax Laws
(c) Prerequisites for invocation of actions under Benami Law and Tax Laws simultaneously
(d) Pendulum of Burden of Proof
(e) Parity and differences in the definition of “Relative”
(f) Consequences of Search and Survey under Tax Laws
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
