https://www.taxtmi.com/highlights?id=81319 Interpretation of "fiduciary capacity" in the context of benami transactions. It clarifies that fiduciary capacity cannot be used as an exception in all circumstances, particularly when property is transferred for illegal purposes or when a concluded contract passes title to others. The fiduciary exception applies only in cases where money is kept with another person on trust for safe custody, and not where there is a conflict of interest or profit motive. The Adjudicating Authority's analysis of witness statements and the Income Tax assessment supporting the respondent's position are also mentioned. The key legal principles regarding benami transactions and the scope of the fiduciary capacity exception are elucidated. en-us Sat, 14 Sep 2024 08:24:38 +0530 Sat, 14 Sep 2024 08:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81319 Interpretation of "fiduciary capacity" in the context of benami transactions. It clarifies that fiduciary capacity cannot be used as an exception in all circumstances, particularly when property is transferred for illegal purposes or when a concluded contract passes title to others. The fiduciary exception applies only in cases where money is kept with another person on trust for safe custody, and not where there is a conflict of interest or profit motive. The Adjudicating Authority's analysis of witness statements and the Income Tax assessment supporting the respondent's position are also mentioned. The key legal principles regarding benami transactions and the scope of the fiduciary capacity exception are elucidated. Highlights Benami Property Sat, 14 Sep 2024 08:24:38 +0530 https://www.taxtmi.com/highlights?id=81319