https://www.taxtmi.com/caselaws?id=766147 The Appellate Tribunal under SAFEMA dismissed an appeal challenging provisional attachment of property under the Prohibition of Benami Property Transactions Act. The case involved a Rs. 1 crore RTGS transfer from an account holder for gold purchase, but delivery was made to a different person who was the appellant's business partner. The Tribunal found the transaction suspicious due to circumstances including the account holder depositing cash at a branch where she had no account, gold being delivered to someone else, and the appellant's firm account being closed shortly after with proceeds transferred to another firm involving the same partner. The Tribunal concluded the appellant failed to establish legitimate delivery and could not claim good faith, upholding the benami transaction finding. en-us Thu, 30 Jan 2025 00:00:00 +0530 Wed, 19 Feb 2025 08:42:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766147 The Appellate Tribunal under SAFEMA dismissed an appeal challenging provisional attachment of property under the Prohibition of Benami Property Transactions Act. The case involved a Rs. 1 crore RTGS transfer from an account holder for gold purchase, but delivery was made to a different person who was the appellant's business partner. The Tribunal found the transaction suspicious due to circumstances including the account holder depositing cash at a branch where she had no account, gold being delivered to someone else, and the appellant's firm account being closed shortly after with proceeds transferred to another firm involving the same partner. The Tribunal concluded the appellant failed to establish legitimate delivery and could not claim good faith, upholding the benami transaction finding. Case-Laws Benami Property Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766147