https://www.taxtmi.com/caselaws?id=768211 The Appellate Tribunal under SAFEMA dismissed appeals by bullion companies (beneficial owners) involved in converting demonetized currency worth over Rs. 35 crores through benami transactions. The Tribunal found companies created backdated entries and lacked matching gold stock, rejecting their defense of legitimate gold transactions. However, appeals by abettors were allowed as their attached properties could not be proven as benami property under the Act. While abettors remain liable for prosecution under section 53, their property attachments were set aside since only benami property can be attached under the framework. en-us Mon, 10 Mar 2025 00:00:00 +0530 Thu, 03 Apr 2025 07:50:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768211 The Appellate Tribunal under SAFEMA dismissed appeals by bullion companies (beneficial owners) involved in converting demonetized currency worth over Rs. 35 crores through benami transactions. The Tribunal found companies created backdated entries and lacked matching gold stock, rejecting their defense of legitimate gold transactions. However, appeals by abettors were allowed as their attached properties could not be proven as benami property under the Act. While abettors remain liable for prosecution under section 53, their property attachments were set aside since only benami property can be attached under the framework. Case-Laws Benami Property Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768211