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Benami transaction case involving appellant's purchase of assets including chit funds in name of Rajesh. Sworn statements u/s 132(4) of Income Tax Act accepted as evidence despite appellant's objections. Appellant failed to substantiate income sources like poultry or agriculture. Village Executive Officer's certificate based on inquiry, not revenue records. Bank account deposits linked to Rajesh's firm. Maturity amounts from chits transferred to Rajesh's firm without explanation. Discrepancies in agricultural land details. Adjudicating Authority's critical analysis upheld, finding benami transactions based on evidence like statements, fund transfers, and lack of proper income proof.
Benami transaction case involving appellant's purchase of assets including chit funds in name of Rajesh. Sworn statements u/s 132(4) of Income Tax Act accepted as evidence despite appellant's objections. Appellant failed to substantiate income sources like poultry or agriculture. Village Executive Officer's certificate based on inquiry, not revenue records. Bank account deposits linked to Rajesh's firm. Maturity amounts from chits transferred to Rajesh's firm without explanation. Discrepancies in agricultural land details. Adjudicating Authority's critical analysis upheld, finding benami transactions based on evidence like statements, fund transfers, and lack of proper income proof.
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