https://www.taxtmi.com/caselaws?id=766896 The Appellate Tribunal under SAFEMA upheld the provisional attachment of cash worth Rs. 98,93,34,581 and 166.27 kg gold bullion as benami properties. The Tribunal rejected the respondent's retractions and explanations, noting the suspicious timing of recoveries shortly after demonetization, lack of proper accounting records, and coordinated position changes among partners. The Tribunal found the seized movable properties constituted benami transactions under Section 2(9)(D) of PBPTA, where the respondent held properties for undisclosed beneficial owners. The adjudicating authority's order refusing confirmation of provisional attachment was set aside, and the appeal was allowed. en-us Thu, 30 Jan 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766896 The Appellate Tribunal under SAFEMA upheld the provisional attachment of cash worth Rs. 98,93,34,581 and 166.27 kg gold bullion as benami properties. The Tribunal rejected the respondent's retractions and explanations, noting the suspicious timing of recoveries shortly after demonetization, lack of proper accounting records, and coordinated position changes among partners. The Tribunal found the seized movable properties constituted benami transactions under Section 2(9)(D) of PBPTA, where the respondent held properties for undisclosed beneficial owners. The adjudicating authority's order refusing confirmation of provisional attachment was set aside, and the appeal was allowed. Case-Laws Benami Property Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766896