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Issue of benami property transactions and the appellant's failure to prove the source of income for acquiring properties worth Rs. 1,41,37,500/-. The Initiating Officer alleged that the appellant, an employee with a meagre salary, acquired benami properties. The Adjudicating Authority found that the appellant could not produce documents to substantiate the source of income for purchasing the properties. The appellant tried to rely on an income tax assessment order, but the Tribunal held that it cannot be used for adjudication under the Benami Transactions Act. The Adjudicating Authority's detailed findings revealed the benami nature of the properties acquired largely in cash without disclosing the source. The appellant failed to submit material proving the source of income before the authorities. The Tribunal dismissed the appeal, finding no favorable material for the appellant, and rejected the reliance on the Supreme Court's recalled judgment in Ganpati Dealcom case.
Issue of benami property transactions and the appellant's failure to prove the source of income for acquiring properties worth Rs. 1,41,37,500/-. The Initiating Officer alleged that the appellant, an employee with a meagre salary, acquired benami properties. The Adjudicating Authority found that the appellant could not produce documents to substantiate the source of income for purchasing the properties. The appellant tried to rely on an income tax assessment order, but the Tribunal held that it cannot be used for adjudication under the Benami Transactions Act. The Adjudicating Authority's detailed findings revealed the benami nature of the properties acquired largely in cash without disclosing the source. The appellant failed to submit material proving the source of income before the authorities. The Tribunal dismissed the appeal, finding no favorable material for the appellant, and rejected the reliance on the Supreme Court's recalled judgment in Ganpati Dealcom case.
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