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Co. couldn't be held beneficial owner as it returned sum received for supply of ceramics on finding co. not genuine

June 21, 2019[2019] 107 420 (PBPTA – AT)/[2019] 265 Taxman 364 (PBPTA – AT)

INCOME TAX/BENAMI PROPERTY ACT: Where applicant company returned an amount received from a company towards supply of ceramic tiles on finding out that said company was not genuine and it was involved in money laundering activity, applicant could not be held to be a beneficial owner of amount in question
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