Cash & gold found during IT search claimed as held for safe custody, not benami transaction. Adjudicating Authority refused attachment.

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....Benami transaction case involving cash and gold found during Income Tax search u/s 132. Statements recorded, including alleged beneficial owner Nagarajan. Adjudicating Authority refused to confirm provisional attachment order u/s 24(4)(a)(i) of 1988 Act. Exception u/s 2(9)(A) of 1988 Act applied as property held for safe custody, not benami transaction. Appellate Tribunal disagreed with Adjudicating Authority's reasoning but rejected reference and attachment, as transaction fell under exception to definition of "benami transaction." Property belonged to Nagarajan as per Income Tax assessment order. Appeal by Deputy Commissioner dismissed.....