https://www.taxtmi.com/caselaws?id=762658 The Appellate Tribunal under SAFEMA at New Delhi dismissed an appeal challenging attachment orders for demonetized currency. The appellant initially denied ownership of cash seized from three individuals, claiming they held it under fiduciary capacity. However, during adjudication proceedings, the appellant changed his position and declared ownership under the Pradhan Mantri Garib Kalyan Yojana, 2016. The Tribunal held that the money was channelized through shell companies for conversion purposes, not held in genuine trust. The Tribunal rejected arguments that demonetized currency lacked fair market value, noting it could be converted within the permitted timeframe. The appellant's changed stance transformed his status from benamidar to beneficial owner, and he could not benefit from his own inconsistent versions. en-us Tue, 05 Nov 2024 00:00:00 +0530 Wed, 04 Dec 2024 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762658 The Appellate Tribunal under SAFEMA at New Delhi dismissed an appeal challenging attachment orders for demonetized currency. The appellant initially denied ownership of cash seized from three individuals, claiming they held it under fiduciary capacity. However, during adjudication proceedings, the appellant changed his position and declared ownership under the Pradhan Mantri Garib Kalyan Yojana, 2016. The Tribunal held that the money was channelized through shell companies for conversion purposes, not held in genuine trust. The Tribunal rejected arguments that demonetized currency lacked fair market value, noting it could be converted within the permitted timeframe. The appellant's changed stance transformed his status from benamidar to beneficial owner, and he could not benefit from his own inconsistent versions. Case-Laws Benami Property Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762658