Reasonable Cause for Late Return: penalty under section 271(1)(c) unsustainable where disclosure, audit filing and voluntary offer showed no concealme...
Proceeds of crime and property equivalent in value: failure to explain lawful source sustains attachment; lack of required notice can vitiate confirma...
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The Appellate Tribunal held that flats purchased with consideration paid by the appellant, but registered in the names of others who did not pay for them, fell within the statutory definition of benami transaction. It further held that the amended definition under Section 2(9)(A) covered property still held in benamidars' names after the 2016 amendment, so the challenge based on pre-amendment origin failed. The objection that provisional attachment concerned non-existent property was also rejected because allotment letters were issued, consideration was paid, and registered agreements existed. Provisional attachment and its confirmation were upheld, and the appeal was dismissed.
The Appellate Tribunal held that flats purchased with consideration paid by the appellant, but registered in the names of others who did not pay for them, fell within the statutory definition of benami transaction. It further held that the amended definition under Section 2(9)(A) covered property still held in benamidars' names after the 2016 amendment, so the challenge based on pre-amendment origin failed. The objection that provisional attachment concerned non-existent property was also rejected because allotment letters were issued, consideration was paid, and registered agreements existed. Provisional attachment and its confirmation were upheld, and the appeal was dismissed.
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