https://www.taxtmi.com/caselaws?id=6369 Findings of the income-tax appellate tribunal may be interfered with where they rest on no evidence, irrelevant material, conjecture, or a misreading or disregard of relevant evidence. On the facts discussed, the record showed serious infirmities in the tribunal's approach, including reliance on unproved letters, unsupported assumptions about bank transactions, and failure to consider material circumstances bearing on custody of the shares and movement of funds. A benami arrangement may be inferred from the cumulative surrounding circumstances, including absence of financial capacity, cash payment, non-production of the ostensible purchaser, continued possession of the shares by the assessee's concern, and routing of sale proceeds through an employee. en-us Tue, 19 Sep 1972 00:00:00 +0530 Thu, 15 Jan 2026 11:19:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6369 Findings of the income-tax appellate tribunal may be interfered with where they rest on no evidence, irrelevant material, conjecture, or a misreading or disregard of relevant evidence. On the facts discussed, the record showed serious infirmities in the tribunal's approach, including reliance on unproved letters, unsupported assumptions about bank transactions, and failure to consider material circumstances bearing on custody of the shares and movement of funds. A benami arrangement may be inferred from the cumulative surrounding circumstances, including absence of financial capacity, cash payment, non-production of the ostensible purchaser, continued possession of the shares by the assessee's concern, and routing of sale proceeds through an employee. Case-Laws Income Tax Tue, 19 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6369