TaxTMI 
TaxTMI 
2025 (11) TMI 884
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.... and movable properties given at Table `A' and `B' of the impugned order are reproduced hereunder: Table-A Immovable Properties purchased/constructed in the name of Shri Suresh Kumar Uikey, S/o Shri Akloo Uikey S. No. Khasra No. Area (in Hect ares) Location of Prope rty Date of registry/ Transfer Purchaser Seller Sale Value (SV) Amount & stamp duty (SD) paid (Rs.) The then circle rate including stamp duty (Rs.) 1 78 0.13 Vill- Kohka Teh- Kurai, Distt. Seoni 21.06.2022 Shri Suresh Kumar Uikey S/o Shri Alkoo Uikey, R/o Tilak Ward, Nagpur Road, Seoni, M.P. Shri Ramdas Pendor, S/o Shri Namdeo Pendor, R/o Village Kohka, Tehsil Kurai, District Seoni, M.P. Sale Value 1,37,55,000/- (As per DVO's report, the FMV of the property is Rs. 1,90,52,242/ -) Stamp Duty & other charges 25,40,019/- Total 1,62,95,019/- Mode: 1. Rs. 70,00,000/- vide RTGS on 11.03.2022. 2. Rs. 40,00,000/- vide RTGS on 21.06.2022. 3. Rs. 24,67,450/- vide RTGS on 21.06.2022. These transactions have been done through ICICI Bank A/c No.0993055002 24 of Shri Suresh Kumar Uikey 4. Cash payment of Rs. 1,50,000 2,92,77,0 19/- 2 82 1.55 3 252 5.41 4....
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....count opened in the name of Suresh Kumar Uikey. In view of the above, the consideration for purchase of the property was paid by the beneficial owner and the land was registered in the name of benamidar. The transaction was for the future benefits of the beneficial owner and accordingly the case falls under Section 2(9)(A) of the Prohibition of Benami Property Transactions Act, 1988 (hereinafter referred to as "the Act of 1988"), as amended by the Amending Act of 2016. 6. The bank account opened in the name of Suresh Kumar Uikey was operated and used by Anil Bhojwani. It was even confirmed by the seller of the property. The provisional attachment of the properties was made thereupon after causing notice to the benamidar with a copy to the beneficial owner. It was found that the purchase of the property by Suresh Kumar Uikey on 21.06.2022 was for a total consideration of Rs. 1,62,95,019/- inclusive of stamp duty and registration charges though as per the circle rate, the property was worth of Rs. 2,92,77,019/-. The consideration was paid through the ICICI Bank account of Shri Suresh Kumar Uikey to the seller Ramdas Pendam Pendor. Finding a case of benami transaction, the referenc....
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....(A) are not satisfied in this case but ignoring the legal and factual aspect of the matter, the Adjudicating Authority passed the order holding it to be a case of benami transaction. Arguments of counsel for the respondents: 9. The appeal was contested by the counsel for the respondents. It was submitted that the facts and the material available on record are sufficient to prove a case of benami transaction. The beneficial owner transmitted the money to the benamidar. At the first instance, a sum of Rs. 70,00,000/- was transferred in the bank account of Suresh Kumar Uikey. Before that transaction, a cash of Rs. 1,50,000/- was paid. The further transfer was of Rs. 40,00,000/- directly in the bank account of the benamidar. It was a day before the execution of the sale deed of the land in question. The last payment was made again on 21.06.2022 in the bank account of the benamidar. It was a sum of Rs. 24,67,450/-. After receiving the amount of consideration, the land was purchased in the name of benamidar Suresh Kumar Uikey. No independent source to purchase the land could be disclosed by the benamidar. It was submitted that a commercial transaction does not mean that even if it ....
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....to prove and substantiate the aforesaid facts. It is more so when the total amount of consideration is more than Rs. 1.62 Crores. The story of loan taken in oral arguments remain for the sake of it because appellant was intended to purchase the property in the tribal area but finding restriction for purchase of the property by a person other than a tribal, the amount of consideration was first transferred in the account of benamidar. The sale deed was then executed in his name. The two steps referred to above make out a case of benami transaction. The consideration was first transferred by the beneficial owner to the benamidar. The property was purchased by the benamidar out of it to make out a case of benami transaction. The transfer of money in the bank account of the benamidar was by none else but the beneficial owner. The registered Sale Deed was then entered on 21.06.2022. In view of the above, two ingredients of benami transaction were satisfied. If we advance the story of extension of loan, the counsel for the appellants failed to show loan agreement and repayment of the loan amount by the benamidar. 14. We may go a further step to analyze the issue. If the benamidar had ....
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.... an arrangement- (a) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person; and (b) the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration, except when the property is held by- (i) a Karta, or a member of a Hindu undivided family, as the case may be, and the property is held for his benefit or benefit of other members in the family and the consideration for such property has been provided or paid out of the known sources of the Hindu undivided family; (ii) a person standing in a fiduciary capacity for the benefit of another person towards whom he stands in such capacity and includes a trustee, executor, partner, director of a company, a depository or a participant as an agent of a depository under the Depositories Act, 1996 and any other person as may be notified by the Central Government for this purpose; (iii) any person being an individual in the name of his spouse or in the name of any child of such individual and the consideration for such property has been provided or p....