https://www.taxtmi.com/caselaws?id=757886 The Appellate Tribunal under SAFEMA dismissed the appeal filed by the Deputy Commissioner, Income Tax challenging the Adjudicating Authority's refusal to confirm provisional attachment under section 24(4)(a)(i) of the 1988 Act. Following an IT Department search under section 132, cash and gold were found with non-appellants who held the property for safe custody without claiming ownership. The Tribunal found the transaction fell under the exception to benami transaction definition in section 2(9)(A), as the property was held for safe custody rather than as a benami transaction. While disagreeing with the Adjudicating Authority's reasoning, the Tribunal reached the same conclusion that attachment could not be confirmed, ultimately rejecting the reference and dismissing the appeal. en-us Tue, 13 Aug 2024 00:00:00 +0530 Mon, 02 Sep 2024 16:59:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757886 The Appellate Tribunal under SAFEMA dismissed the appeal filed by the Deputy Commissioner, Income Tax challenging the Adjudicating Authority's refusal to confirm provisional attachment under section 24(4)(a)(i) of the 1988 Act. Following an IT Department search under section 132, cash and gold were found with non-appellants who held the property for safe custody without claiming ownership. The Tribunal found the transaction fell under the exception to benami transaction definition in section 2(9)(A), as the property was held for safe custody rather than as a benami transaction. While disagreeing with the Adjudicating Authority's reasoning, the Tribunal reached the same conclusion that attachment could not be confirmed, ultimately rejecting the reference and dismissing the appeal. Case-Laws Benami Property Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757886