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

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

from www.taxmann.com Latest Case Laws https://ift.tt/2OHyAlb