The question whether a particular sale is a benami or not, is largely one of fact, and for determining the question no absolute formulas or acid test, uniformly applicable in all situations can be laid. After saying so, this Court spelt out the following six circumstances which can be taken as a guide to determine the nature of the transaction
| Posted on: September 9, 2022 |
When the persons come together with common object of housing, after formation of a Cooperative Society, they are governed under rules and bye-laws of Maharashtra Cooperative Societies Act. So far as the members are concerned, the Cooperative Housing Society can collect or increase its funds only by legally permissible charges or fees. The Society is not expected to indulge into profiteering business from the members and if such amount is earned, then it is taxable under the law. There is no bar for any member to pay donation to the Society, however, it should be voluntary without any compulsion and coercion. No manner the transfer fees can be charged under the pretext of donation
| Posted on: September 9, 2022 |
The commercial or business decision taken by the Liquidator for conducting the sale of the movable/ immovable assets of the Corporate Debtor in liquidation cannot be challenged. The Appellate Authority cannot don the mantle of a supervisory authority for overseeing the validity of the approach of the Liquidator in opting for a particular mode of sale of the assets of the Corporate Debtor.
| Posted on: August 26, 2022 |