https://www.taxtmi.com/caselaws?id=758474 Cash found in lockers in the names of alleged benamidars was held not to constitute a benami transaction, because the recorded statements showed that the locker holders did not claim ownership and the alleged beneficial owners ed the cash as theirs and stated it was kept with employees for safe custody. The tribunal applied the statutory exception for property held in a fiduciary capacity under the Prohibition of Benami Property Transactions Act, 1988, and read fiduciary capacity broadly to cover relationships based on trust and confidence. On those facts, the safe-custody arrangement fell within the exception, so the attachment was not confirmed. en-us Mon, 09 Sep 2024 00:00:00 +0530 Thu, 12 Sep 2024 16:50:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758474 Cash found in lockers in the names of alleged benamidars was held not to constitute a benami transaction, because the recorded statements showed that the locker holders did not claim ownership and the alleged beneficial owners ed the cash as theirs and stated it was kept with employees for safe custody. The tribunal applied the statutory exception for property held in a fiduciary capacity under the Prohibition of Benami Property Transactions Act, 1988, and read fiduciary capacity broadly to cover relationships based on trust and confidence. On those facts, the safe-custody arrangement fell within the exception, so the attachment was not confirmed. Case-Laws Benami Property Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758474