Benami Transaction - Law Dictionary Search Results
Home Dictionary Name: benami transactionBenami transaction
Benami transaction, means any transaction in which property is transferred to one person for a consideration paid or provided by another person. [Benami Transactions (Prohibition) Act, 1988 (45 of 1988), S. 2 (a)]...
Benami
Benami, the word 'benami' issued to denote two classes of transactions which differ from each other in their legal character and incidents. In one sense, it signifies a transaction which is real, as for example, when A sells properties to B but the sale deed mentions X as the purchaser. Here the sale itself is genuine, but the real purchaser is B, X being his benamidar. This is the class of transactions which is usually termed as benami. But the word 'benami' is also occasionally used, perhaps not quite accurately, to refer to a sham transaction, as for example, when A purports to sell his property to B without intending that his title should cease or pass to B. The fundamental difference between these two classes of transactions is that whereas in the former there is an operative transfer resulting in the vesting of title in the transferee, in the latter there is none such, the transferor continuing to retain the title notwithstanding the execution of the transfer deed. It is only in ...
Lie
Lie, in Collins English Dictionary, 1979 Edition, the word 'lie' has been defined in connection with suits and proceedings . At page 848 of the Dictionary while dealing with topic No. 9 under the definition of term 'lie' it is stated as under:for an action, claim appeal etc. to subsist; be maintainable or admissible, R. Rajagopal Reddy v. Padmini Chandrasekhran, AIR 1996 SC 238 (243): (1995) 2 SCC 630. [Benami Transactions (Prohibition) Act, 1988, s. 4(1)]It means 'to have foundation in the law; to be legally supportable, sustainable, or proper', (Black's Law Dictionary)....
Property
Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...
Transaction
Transaction, includes a decree, as a decree may, under certain circumstances create the relationship of lender and borrower, Radha Kishen Chamria v. Keshardeo Chamria, AIR 1954 Cal 105: (1953) 92 Cal LJ 197.Transaction, is a group of acts so connected together as to be referred to by a single legal name as a crime, a contract, a wrong or any other subject of inquiry which may be in issue, A.N. Mukerji v. State, AIR 1969 All 489: 1969 Cr LJ 1203.Transaction, is something already done and com-pleted; a 'proceeding' either something which is now going on, or if ended, is still contemplated with reference to its progress on successive stages. A transaction in the ordinary sense of the words, means some business or dealing which is carried on, or transacted between two or more persons. A transaction is something which has been concluded between persons by a cross or reciprocal action, as it were, Channoo Mehta v. Jang Bhadur Singh, AIR 1957 Pat 293: 1956 BLJR 197.Means 'carrying through' an...
Same transaction
Same transaction, between a series of acts seems to be an essential ingredient for those acts to constitute the same transaction, State of Andhra Pradesh v. Cheemalapati Ganeswara Rao, AIR 1963 SC 1850: (1963) 2 Cr LJ 671.Means in order that a series of acts be regarded as parts of 'the same transaction', they must be connected together in some way, for instance, by proximity of time, unity of place, unity or continuity of purpose or design, or continuity of action. Proximity of time and unity of place are not essential, though they furnish good evidence of what unites several acts. If any of these things happens and the whole process is begun over again, it is not the same transaction but a new one, in spite of the fact that the same general purpose may continue, Shapurji Sorabji v. Emperor, AIR 1936 Bom 154; Debi Prasad v. Emperor, 212 IC 135: Raj Kishore Tewari v. Rex, AIR 1949 All 139; Faiz Mohammad v. Emperor, (1945) ILR 1945 Ker 100.Same transaction, suggests a continuity of acti...
step transaction doctrine
step transaction doctrine : a doctrine in tax law: a series of separate but related transactions may be viewed as a single transaction and the tax liability may be based on that transaction rather than the individual transactions in the series ...
Speculative transaction
Speculative transaction, a transaction is not 'speculative' within the meaning of sub-s. (5) of s. 43, Income Tax Act, 1961 where there is a breach of the contract and on a dispute between the parties damages are awarded as compensation by an arbitration award. The definition of 'speculative transaction' in s. 43(5) has to be interpreted by importing the sense conveyed by the law relating to the contracts, Commissioner of Income Tax v. Shantilal Pvt. Ltd., AIR 1983 SC 952 (954): (1983) 3 SCC 561: (1983) 3 SCR 470. [Income Tax Act, 1961, s. 43(5)]Explanation 2 to s. 24(1) of the Income Tax Act defines a speculative transaction as 'a transaction in which a contract for purchase and sale of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips .......'. It is apparent that what is contemplated is a real or factual delivery or transfer, and not a notional delivery or transfer, Jute Invest...
sham transaction
sham transaction : a transaction that is made to mislead or deceive others : a transaction having no economic effect that is made to create tax benefits NOTE: The Internal Revenue Service may deny tax benefits for sham transactions. ...
Current account transaction
Current account transaction, means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes--(i) payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business,(ii) payments due as interest on loans and as net income from investments,(iii) remittances for living expenses of parents, spouse and children residing abroad, and(iv) expenses in connection with foreign travel, education and medical care of parents, spouse and children. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (j)]...
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