AT dismissed the appeal and affirmed that Rs. 92,00,000...

AT dismissed the appeal and affirmed that Rs. 92,00,000 constituted benami property under the PBPT Act. The Tribunal found the cash, though briefly deposited in the alleged benamidar's bank account, was transferred to and held for the benefit of the alleged beneficial owner company, satisfying the statutory requisites of a benami transaction. The fiduciary-capacity exception was rejected because the purported fiduciary relationship was not established: the individual was an independent businessman, not an employee, and admitted the cash purpose to defeat demonetisation. The AT further held cash falls within the definition of "property" under Section 2(26) of the PBPT Act and consequently dismissed the appeal.

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