https://www.taxtmi.com/caselaws?id=779764 The AT dismissed the appeal, holding that cash deposited in the alleged benamidar's account constituted benami property under the PBPT Act and was not held in a fiduciary capacity. The tribunal found the appellants' shifting versions and admissions during search proceedings showed the cash was used to defeat demonetization by portraying unexplained old-currency receipts as legitimate business receipts. Cash was held to fall within the statutory definition of "property," transferred to and held by the benamidar for the benefit of the beneficial owner, so the fiduciary exception under section 2(9)(A)(ii) did not apply. en-us Tue, 25 Feb 2025 00:00:00 +0530 Mon, 13 Oct 2025 08:53:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779764 The AT dismissed the appeal, holding that cash deposited in the alleged benamidar's account constituted benami property under the PBPT Act and was not held in a fiduciary capacity. The tribunal found the appellants' shifting versions and admissions during search proceedings showed the cash was used to defeat demonetization by portraying unexplained old-currency receipts as legitimate business receipts. Cash was held to fall within the statutory definition of "property," transferred to and held by the benamidar for the benefit of the beneficial owner, so the fiduciary exception under section 2(9)(A)(ii) did not apply. Case-Laws Benami Property Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779764