Benami Transactions This article is for all those who have done any transaction which may resemble any of the following transactions; a. The gold purchased by you and the bill paid by your friend, who is not traceable b. A NRI gifted Rs. 10 lacs to his father. His father invested it in shares of a listed company, with an intention to gift back to son in future. c. A NRI invests in shares of a listed company jointly with his wife from an account which was not disclosed to Tax Authorities d. A property has been sold, the part consideration of which was credited to the account and part received in cash. The cash portion invested in wife’s name in a Mutual Fund. e. Deposits have been in the name of married daughter, who on enquiry denies any knowledge of the deposits made in her name. f. A NRI sells Benami property abroad and remit the amount to NRO account g. A Benami property was owned since 2008 and continued to be held e
The cheque issued by Mr. Ravi wrongly dishonoured by the bank. Ravi made an enquiry with the bank, but b ank initially did not bother to reply him. He pursued the matter with bank's higher authorities, but it ended with a vague reply. Mr. Ravi has to blame his fate, but he was waiting for an opportune moment to get his accounts shifted to other bank. Mr. Rajesh got a communication from the Bank offering certain add on benefits to his Credit Card (which he never requested for). Mr. Rajesh never utilized any of the the so called add on benefits. To his surprise, next credit card bill came with charges for those add ons, which Mr. Rajesh never utilised. He refused to make the payment for the same, as he never requested for any such add-ons. He made a written request to the bank to reverse the charges, which the Bank bluntly refused. The charges got compounded with each subsequent bills. Bank started pursuing Mr. Rajesh to adjust the same. Mr. Rajesh agai