Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
AT determined that M/s RK Emporium is not a shell company, and the absence of Benamidars does not create a presumption of impropriety. Despite suspicious circumstances like bank credits during demonetization, the investigation failed to establish evidence of a benami transaction under Section 2(9)(A) of PBPTA. Consequently, the tribunal set aside the impugned order, lifted the provisional attachment of Rs. 1.12 crore from the appellant's bank account, and allowed the appeal, finding insufficient proof to substantiate claims of a benami property transaction.
AT determined that M/s RK Emporium is not a shell company, and the absence of Benamidars does not create a presumption of impropriety. Despite suspicious circumstances like bank credits during demonetization, the investigation failed to establish evidence of a benami transaction under Section 2(9)(A) of PBPTA. Consequently, the tribunal set aside the impugned order, lifted the provisional attachment of Rs. 1.12 crore from the appellant's bank account, and allowed the appeal, finding insufficient proof to substantiate claims of a benami property transaction.
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