https://www.taxtmi.com/caselaws?id=109293 A beneficial interest in CANCIGO units arose where the units were applied for in others' names on behalf of a claimant, the consideration came from that claimant's funds, and the units and returns were treated as his property. That interest was transferable, and the scheme's transfer restrictions limited recognition by the trustee rather than creating an absolute bar on transfer. The Benami Transactions (Prohibition) Act did not extinguish the underlying beneficial interest on these facts, and the Special Courts Act could attach only property belonging to the notified person on the relevant date. A pre-existing third-party interest could not be overridden by automatic attachment, so the appellant's acquisition was valid and the attachment failed. en-us Fri, 03 Sep 2004 00:00:00 +0530 Wed, 15 Apr 2020 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109293 A beneficial interest in CANCIGO units arose where the units were applied for in others' names on behalf of a claimant, the consideration came from that claimant's funds, and the units and returns were treated as his property. That interest was transferable, and the scheme's transfer restrictions limited recognition by the trustee rather than creating an absolute bar on transfer. The Benami Transactions (Prohibition) Act did not extinguish the underlying beneficial interest on these facts, and the Special Courts Act could attach only property belonging to the notified person on the relevant date. A pre-existing third-party interest could not be overridden by automatic attachment, so the appellant's acquisition was valid and the attachment failed. Case-Laws Benami Property Fri, 03 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109293