Provisional attachment under Benami Transactions Act challenged for lack of independent evidence proving benami arrangement; attachment denied

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....Provisional attachment under the Benami Transactions Act was examined on whether evidence established a benami arrangement. The dominant legal reasoning was that the Initiating Officer bore the burden of proof and must produce independent, admissible evidence to pierce the corporate veil and demonstrate beneficial ownership; reliance on income-tax materials and statements under compulsion was insufficient. The consequence was denial of confirmation of provisional attachment and dismissal of appeals because the target companies' commercial activity and assessed returns supported legitimate share allotment rather than a benami transaction.....