https://www.taxtmi.com/caselaws?id=192060 Benami ownership is determined chiefly by the source of consideration and by who actually enjoyed the property, with admissions and surrounding documentary evidence carrying substantive weight. Where the purchaser cannot credibly prove that he supplied the purchase money or exercised ownership, the apparent holder may be treated as only the ostensible owner and the real provider of funds as beneficial owner. A later transfer will also be treated as sham where the surrounding facts show a hurried arrangement, existing liability, prior attachment efforts, and control by persons seeking to place the asset beyond creditors' reach. en-us Wed, 27 Oct 1976 00:00:00 +0530 Thu, 11 May 2017 12:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192060 Benami ownership is determined chiefly by the source of consideration and by who actually enjoyed the property, with admissions and surrounding documentary evidence carrying substantive weight. Where the purchaser cannot credibly prove that he supplied the purchase money or exercised ownership, the apparent holder may be treated as only the ostensible owner and the real provider of funds as beneficial owner. A later transfer will also be treated as sham where the surrounding facts show a hurried arrangement, existing liability, prior attachment efforts, and control by persons seeking to place the asset beyond creditors' reach. Case-Laws Indian Laws Wed, 27 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192060