Purchase of Shares in Liquidating Company Not Benami Ownership: SC

P. Eswaramoorthy Vs DCIT (Supreme Court of India)

In a recent judgment by the Supreme Court of India, the case of P. Eswaramoorthy vs. DCIT was addressed. The central issue revolved around whether the purchase of shares in a company under liquidation could be considered as benami property ownership. This article provides an in-depth analysis of the case and its implications.

Detailed Analysis:

1. Background: The case involved P. Eswaramoorthy, the appellant, who had purchased shares in a company undergoing liquidation. The question at hand was whether this acquisition of shares implied ownership of benami property.

2. Delay Condoned: Before delving into the core issue, the Supreme Court first condoned the delay in the case. With this procedural hurdle cleared, the court proceeded to address the substantive matter.

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