https://www.taxtmi.com/caselaws?id=761638 The Appellate Tribunal under SAFEMA dismissed the appeal challenging attachment of gold and silver articles from lockers under the Prohibition of Benami Property Transaction Act. The appellant failed to prove ownership of the assets or disclose the source of acquisition. The tribunal found that the appellant and the locker service provider (SVPL) were acting in collusion to mislead authorities. SVPL's failure to obtain mandatory KYC documents from 2016 and delayed name change from the original locker holder despite multiple requests raised suspicions. The tribunal rejected the appellant's claim that proper notice under section 24(1) was not given, finding that adequate opportunity for hearing was provided throughout the proceedings. en-us Mon, 28 Oct 2024 00:00:00 +0530 Thu, 14 Nov 2024 08:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761638 The Appellate Tribunal under SAFEMA dismissed the appeal challenging attachment of gold and silver articles from lockers under the Prohibition of Benami Property Transaction Act. The appellant failed to prove ownership of the assets or disclose the source of acquisition. The tribunal found that the appellant and the locker service provider (SVPL) were acting in collusion to mislead authorities. SVPL's failure to obtain mandatory KYC documents from 2016 and delayed name change from the original locker holder despite multiple requests raised suspicions. The tribunal rejected the appellant's claim that proper notice under section 24(1) was not given, finding that adequate opportunity for hearing was provided throughout the proceedings. Case-Laws Benami Property Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761638