Assets Seized in Benami Case: Appeals Dismissed Due to Unsubstantiated Income Claims and Non-Filing of Tax Returns.

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....Benami transaction - Attachment of funds towards chit funds in appellants' name and another maturity value. Reliance on sworn statement u/s 132(4) of Income Tax Act permissible even in proceedings under 1988 Act, not just for prosecution. Revenue proceedings differ from criminal proceedings, no necessity to follow CrPC or Evidence Act. Initiating Officer considered issues raised before Adjudicating Authority. Appellant's argument of chit funds from disclosed sources rejected, admission of operation at instance of third party. Appellant failed to prove income from poultry or agriculture, VEO certificate based on information, not revenue records. Benami transaction rightly held. Appellant's income above taxable limit, no ITR filed. Each aspect considered by Adjudicating Authority, lame excuses rejected. No error found, appeals dismissed.....