https://www.taxtmi.com/caselaws?id=799866 Ownership established under Benami law does not itself justify release of cash seized in an income-tax search. The first proviso to section 132B(1)(i) permits a third-party claimant to seek release even where assets were seized from another person, subject where necessary to indemnity for competing claims. Release requires an application within the stipulated period and a satisfactory explanation to the Assessing Officer of the nature and source of acquisition. Benami findings that cash is not benami establish ownership only for those proceedings and do not displace the income-tax inquiry into its source. Questions concerning the statutory time limit, non-decision of an application, and deficient applications remain for Larger Bench determination. en-us Thu, 24 Sep 2026 00:00:00 +0530 Mon, 28 Sep 2026 08:12:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799866 Ownership established under Benami law does not itself justify release of cash seized in an income-tax search. The first proviso to section 132B(1)(i) permits a third-party claimant to seek release even where assets were seized from another person, subject where necessary to indemnity for competing claims. Release requires an application within the stipulated period and a satisfactory explanation to the Assessing Officer of the nature and source of acquisition. Benami findings that cash is not benami establish ownership only for those proceedings and do not displace the income-tax inquiry into its source. Questions concerning the statutory time limit, non-decision of an application, and deficient applications remain for Larger Bench determination. Case-Laws Income Tax Thu, 24 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799866