Benami transactions
bhavya
(Querist) 14 December 2015
This query is : Resolved
Is that Benami ownership of sole propitiatory dealership petrol pump in eye of law if:
1) Income tax e-filed by Assessee.
2) Bank account on the name of firm and first signatory is sole proprietor of such firm.
3) Communication Letters with official of fuel corporation signed by the owner/dealer.
4) Deed of lease signed by authorized signatory.
but dealer would not been present on the pump site from the beginning of dealership.
What is consequences & penalty in above situation, if Authorized Signatory or officials of fuel corporation claimed such fuel station as "Benami".
P. Venu
(Expert) 14 December 2015
Please state the material facts.
Rajendra K Goyal
(Expert) 15 December 2015
If any letter received by the corporation, reply the same through your lawyer.
bhavya
(Querist) 15 December 2015
My question is such kind of behavior of Corporation and Auth. signatory with dealer is valid or not ?
These claimed by corporation is oral and authorized signatory is employee of land owner.
Dealer not physically present at any time, and work efficiently maintained by salaried staff.
K.S.Srinivas
(Expert) 18 December 2015
As per terms and conditions of dealership agreement.
T. Kalaiselvan, Advocate
(Expert) 24 December 2015
The situation is not at all a benami situation. The corporation cannot claim it so, if at all they send a notice you can give a reply objecting very strongly to their allegations. The authorized signatory is an employee of the petrol station, there is no legal infirmity in he managing the petrol bunk.
bhavya
(Querist) 25 December 2015
The divisional office of IOCL is strongly influenced with land owner and authorized signatory, they all have collusion to shut down my fuel station, can I transfer my dealership to another location and under another Divi. office of IOCl ?
