https://www.taxtmi.com/caselaws?id=410264 The Court dismissed the petition challenging the encashment of Fixed Deposit Receipts (FDRs) by the Income Tax Department, ruling that the FDRs were rightfully deemed 'benami transactions.' The lack of disclosed income sources and discrepancies in statements led to the conclusion that the FDRs were part of a scheme orchestrated by the employer in the name of the employee. The Court found in favor of the Income Tax Department, denying the petitioners' request for the return of the FDRs and emphasizing the benami nature of the transactions. en-us Tue, 20 Apr 2021 00:00:00 +0530 Wed, 28 Jul 2021 08:52:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410264 The Court dismissed the petition challenging the encashment of Fixed Deposit Receipts (FDRs) by the Income Tax Department, ruling that the FDRs were rightfully deemed 'benami transactions.' The lack of disclosed income sources and discrepancies in statements led to the conclusion that the FDRs were part of a scheme orchestrated by the employer in the name of the employee. The Court found in favor of the Income Tax Department, denying the petitioners' request for the return of the FDRs and emphasizing the benami nature of the transactions. Case-Laws Income Tax Tue, 20 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410264