https://www.taxtmi.com/caselaws?id=447804 The Appellate Tribunal for SAFEMA at New Delhi upheld the Provisional Attachment Order under the Prohibition of Benami Property Transactions Act. Two appellant companies failed to prove legitimate financial sources for their investments in shares after 2013-14, operating as mere paper companies with no business activities. The tribunal found that control over these companies was acquired in 2014-15 with finances infused by a promoter for benami transactions. Despite share transfers occurring before the 2016 amendment, the continued holding of shares post-amendment fell within the benami transaction definition. The tribunal rejected arguments regarding procedural violations and confirmed the attachment was properly executed following applicable rules. en-us Fri, 15 Dec 2023 00:00:00 +0530 Wed, 13 Nov 2024 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447804 The Appellate Tribunal for SAFEMA at New Delhi upheld the Provisional Attachment Order under the Prohibition of Benami Property Transactions Act. Two appellant companies failed to prove legitimate financial sources for their investments in shares after 2013-14, operating as mere paper companies with no business activities. The tribunal found that control over these companies was acquired in 2014-15 with finances infused by a promoter for benami transactions. Despite share transfers occurring before the 2016 amendment, the continued holding of shares post-amendment fell within the benami transaction definition. The tribunal rejected arguments regarding procedural violations and confirmed the attachment was properly executed following applicable rules. Case-Laws Benami Property Fri, 15 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447804