Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequences.

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....Analysis of alleged benami transaction focusses on beneficial ownership, source of consideration, and documentary versus circumstantial evidence. Tribunal applied the doctrine of sham/fraudulent transactions and found that payment by nephews and post-registration transfers evidenced benami layering, negating the lineal ascendant/descendant exception because the property benefited the payors, not the registered holder; consequence: findings attract PBPTA consequences. Procedural compliance with Rule 5 was held immaterial where substantive benami elements are established, with bank statements, agreements and admissions satisfying the evidentiary burden; consequence: procedural objections do not vitiate the substantive determination of benami ownership.....