https://www.taxtmi.com/caselaws?id=413291 A company holding property in its own name cannot be treated as a benamidar merely because promoters or shareholders funded it or later transferred shares, since the company is a distinct juristic person and its assets are not the shareholders' assets. Strict proof of a benami transaction is required, and shifting statements alone are insufficient. Where land was resumed under the Rajasthan Land Revenue Act, converted to commercial use, and a registered lease deed was issued to the company, the attachment could not be sustained against the property as benami property. The benami proceedings, attachment, and confirmation orders were therefore quashed and the property was ordered to be restored to the company. en-us Wed, 06 Oct 2021 00:00:00 +0530 Fri, 24 Dec 2021 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413291 A company holding property in its own name cannot be treated as a benamidar merely because promoters or shareholders funded it or later transferred shares, since the company is a distinct juristic person and its assets are not the shareholders' assets. Strict proof of a benami transaction is required, and shifting statements alone are insufficient. Where land was resumed under the Rajasthan Land Revenue Act, converted to commercial use, and a registered lease deed was issued to the company, the attachment could not be sustained against the property as benami property. The benami proceedings, attachment, and confirmation orders were therefore quashed and the property was ordered to be restored to the company. Case-Laws Benami Property Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413291