https://www.taxtmi.com/caselaws?id=70057 The Tribunal concluded that the assessment order was not barred by limitation as the necessary proceedings were initiated within the prescribed time frame. It held that capital gains arising from benami properties could be taxed in the hands of the real owner and that the Act did not have retrospective effect. The Tribunal found that the assessee was given sufficient opportunity to be heard and rejected claims of denial of the right to cross-examine key witnesses. It upheld the correctness of the sale consideration and determined the assessee as the sole beneficiary of the sale proceeds. The Tribunal dismissed the reference application, stating that the issues raised did not warrant reference to the High Court. en-us Mon, 27 Apr 1998 00:00:00 +0530 Wed, 25 Dec 2019 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70057 The Tribunal concluded that the assessment order was not barred by limitation as the necessary proceedings were initiated within the prescribed time frame. It held that capital gains arising from benami properties could be taxed in the hands of the real owner and that the Act did not have retrospective effect. The Tribunal found that the assessee was given sufficient opportunity to be heard and rejected claims of denial of the right to cross-examine key witnesses. It upheld the correctness of the sale consideration and determined the assessee as the sole beneficiary of the sale proceeds. The Tribunal dismissed the reference application, stating that the issues raised did not warrant reference to the High Court. Case-Laws Benami Property Mon, 27 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70057