https://www.taxtmi.com/highlights?id=102462 Cross-examination is required in benami adjudication where a retracted income-tax statement is the foundational evidence for alleging that another person provided the purchase consideration; reliance without testing the statement can undermine findings with confiscatory or penal consequences. Income-tax assessment and benami proceedings operate independently, so acceptance of an investment's source does not conclusively negate benami ownership, but an assessment addressing the same fund flow must be considered. For company-owned property, the Initiating Officer must establish that another person supplied consideration and would benefit from the property, and must give reasoned consideration to documented explanations based on reserves, loans and advances. en-us Fri, 07 Aug 2026 09:07:29 +0530 Fri, 07 Aug 2026 09:07:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102462 Cross-examination is required in benami adjudication where a retracted income-tax statement is the foundational evidence for alleging that another person provided the purchase consideration; reliance without testing the statement can undermine findings with confiscatory or penal consequences. Income-tax assessment and benami proceedings operate independently, so acceptance of an investment's source does not conclusively negate benami ownership, but an assessment addressing the same fund flow must be considered. For company-owned property, the Initiating Officer must establish that another person supplied consideration and would benefit from the property, and must give reasoned consideration to documented explanations based on reserves, loans and advances. Highlights Benami Property Fri, 07 Aug 2026 09:07:29 +0530 https://www.taxtmi.com/highlights?id=102462