Cash recovered from the appellant's possession was held to be...

Cash recovered from the appellant's possession was held to be tangible movable property and capable of constituting benami property under the PBPT Act, which covers movable as well as immovable assets. The Tribunal rejected the argument that a benami transaction requires three parties, holding that a benamidar and beneficial owner alone are sufficient under the statutory scheme. It further found that Section 2(9)(D) applied because the persons allegedly providing the cash were not traceable and the source of consideration remained unexplained. The appellant's willingness to offer the amount to tax did not bar PBPT proceedings, as the Act operates independently of the Income-tax Act. The provisional attachment was upheld and the appeal dismissed.