https://www.taxtmi.com/caselaws?id=761639 The Appellate Tribunal under SAFEMA dismissed the appeal in a benami property case. The appellant, earning Rs. 15,000 monthly, could not justify investments totaling Rs. 1,41,37,500. Despite claiming legitimate sources through subsequent IT returns and assessments for 2011-12 to 2021-22, the Tribunal held that post-facto income tax assessments cannot validate benami transactions under the 1988 Act. The Adjudicating Authority's findings regarding cash payments without disclosed sources were upheld. The appellant's reliance on GanpatiDealcom judgment failed as the SC had recalled it. The Tribunal confirmed the properties were benami, dismissing the appeal for lack of credible evidence establishing income sources. en-us Tue, 05 Nov 2024 00:00:00 +0530 Wed, 13 Nov 2024 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761639 The Appellate Tribunal under SAFEMA dismissed the appeal in a benami property case. The appellant, earning Rs. 15,000 monthly, could not justify investments totaling Rs. 1,41,37,500. Despite claiming legitimate sources through subsequent IT returns and assessments for 2011-12 to 2021-22, the Tribunal held that post-facto income tax assessments cannot validate benami transactions under the 1988 Act. The Adjudicating Authority's findings regarding cash payments without disclosed sources were upheld. The appellant's reliance on GanpatiDealcom judgment failed as the SC had recalled it. The Tribunal confirmed the properties were benami, dismissing the appeal for lack of credible evidence establishing income sources. Case-Laws Benami Property Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761639