Purchase of property by Co. with share capital money cannot be said to be a Benami Transaction: HC

INCOME TAX/BENAMI ACT: Purchase of property by a company in its own name with share capital money cannot be said to be a benami transaction on the basis that it is a purchase of property in company's name with consideration provided by others(shareholders) since share capital contributions received by a company from its shareholders are company's own funds and assets; hence company cannot be treated as benamidar of its shareholders in respect of property held in its name

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