https://www.taxtmi.com/caselaws?id=782718 The AT under SAFEMA allowed the appeal, setting aside the Adjudicating Authority's order and declaring the attached immovable property as "benami property" under Section 2(9)(A) of the PBPT Act. It held that funds routed through a shell company as share application money, never resulting in share allotment and later shown as unsecured, interest-free loans, constituted a benami transaction, especially as the alleged debts became time-barred with no valid acknowledgment under Section 25(3) of the Contract Act or Section 18 of the Limitation Act. The AT found the overdraft facility and part repayment an eyewash, but expressly protected the prior, bona fide rights of Kotak Mahindra Bank. en-us Thu, 27 Nov 2025 00:00:00 +0530 Wed, 03 Dec 2025 08:57:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782718 The AT under SAFEMA allowed the appeal, setting aside the Adjudicating Authority's order and declaring the attached immovable property as "benami property" under Section 2(9)(A) of the PBPT Act. It held that funds routed through a shell company as share application money, never resulting in share allotment and later shown as unsecured, interest-free loans, constituted a benami transaction, especially as the alleged debts became time-barred with no valid acknowledgment under Section 25(3) of the Contract Act or Section 18 of the Limitation Act. The AT found the overdraft facility and part repayment an eyewash, but expressly protected the prior, bona fide rights of Kotak Mahindra Bank. Case-Laws Benami Property Thu, 27 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782718