https://www.taxtmi.com/caselaws?id=785491 Issue concerned whether statutory requirements for a benami transaction and provisional attachment under the PBPT Act, 1988 were satisfied. The IO failed to identify an original benami property transferred to a nominee company for the immediate or future benefit of the alleged beneficial owner group, and treating bank balances as "equivalent value" was rejected as not recognised under the statutory scheme; consequence: the provisional attachment was infirm. Reliance on Income Tax investigations without independent inquiry under the PBPT Act was inadequate, and invoking the PBPT Act to police regulatory or fiscal breaches was inappropriate; consequence: no case under section 2(9)(A) was made and the appeal was dismissed. en-us Mon, 05 Jan 2026 00:00:00 +0530 Sat, 24 Jan 2026 08:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785491 Issue concerned whether statutory requirements for a benami transaction and provisional attachment under the PBPT Act, 1988 were satisfied. The IO failed to identify an original benami property transferred to a nominee company for the immediate or future benefit of the alleged beneficial owner group, and treating bank balances as "equivalent value" was rejected as not recognised under the statutory scheme; consequence: the provisional attachment was infirm. Reliance on Income Tax investigations without independent inquiry under the PBPT Act was inadequate, and invoking the PBPT Act to police regulatory or fiscal breaches was inappropriate; consequence: no case under section 2(9)(A) was made and the appeal was dismissed. Case-Laws Benami Property Mon, 05 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785491