https://www.taxtmi.com/caselaws?id=18536 A finding that shares were held benami cannot rest on an unproved understanding or a self-serving statement alone; evidence is required, and conjecture or surmise cannot sustain such a conclusion. The assessee's wealth-tax return, which treated the shares as his own, was also a relevant and inconsistent earlier position that could not be ignored when assessing the nature of the holding. On that reasoning, the contrary Tribunal view was disapproved and the transfer was treated as falling within section 4(1)(a) of the Gift-tax Act, 1958. en-us Thu, 01 Feb 1996 00:00:00 +0530 Thu, 01 Oct 2009 15:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18536 A finding that shares were held benami cannot rest on an unproved understanding or a self-serving statement alone; evidence is required, and conjecture or surmise cannot sustain such a conclusion. The assessee's wealth-tax return, which treated the shares as his own, was also a relevant and inconsistent earlier position that could not be ignored when assessing the nature of the holding. On that reasoning, the contrary Tribunal view was disapproved and the transfer was treated as falling within section 4(1)(a) of the Gift-tax Act, 1958. Case-Laws Income Tax Thu, 01 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18536