Benami transaction law applies to continued holding of property after amendment; provisional attachment upheld.

The amended benami transaction definition was held to cover not only an original transfer but also continued holding of property where consideration was paid by another person. On the admitted facts, the flats were acquired through consideration paid by the appellant, while the agreements stood in other names and the property remained held after the amendment came into force. The Tribunal rejected the retrospectivity objection because the statutory focus was on the continuing holding after amendment, and it also rejected the claim that no property existed in light of the allotment, consideration, and registered arrangements on record. The provisional attachment was therefore upheld.

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Issues: Whether the confirmed provisional attachment was liable to be set aside on the grounds that the flats were not existing or transferable in the relevant sense and that the amended definition of benami transaction could not be applied to a transaction originating before the amendment but continuing as held property after the amendment.

Analysis: The Tribunal held that the amended definition of benami transaction is not confined to a case of transfer alone and also covers a property that is held by a person while the consideration has been paid by another. On the admitted facts, the consideration for the flats was paid by the appellant, the agreements stood in the names of other persons, and the property continued to be held after the amendment came into force. The Tribunal further held that the argument based on retrospectivity did not assist the appellant because the relevant statutory emphasis is on the continued holding of the property after the amendment. The contention that no property existed was rejected in view of the allotment, consideration, and registered arrangements admitted on record.

Conclusion: The benami transaction provisions applied to the facts, and the confirmation of the provisional attachment was upheld against the appellant.

Ratio Decidendi: Where consideration for property is provided by one person and the property continues to be held by another after the amendment, the amended benami definition applies prospectively to the continuing holding and not merely to the original transfer.

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