2026 (5) TMI 287

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.... Act, 1988, is filed by the appellant ACIT against the order u/s. 26(3) dated 27.07.2018 passed by the Adjudicating Authority in Reference No. R-89/2017, whereby the immovable properties, attached by complainant/IO, in lieu of said benami property/ amount were released. 2. As per the allegations, Deputy Director of Income Tax (Inv.)-II/ Ghaziabad, on 18.01.2017 informed the O/o the Initiating Officer, Benami Prohibition Unit, Kanpur that A/c No. 05190100000698 maintained with J&K Bank, Ghaziabad, pertaining to M/s. Shyama Trading Company, Prop. Shri Ghanshyam Patel (herein respondent no.1) had been used for deposit of the de-monetized currency to the extent of Rs. 30,00,000/-, which was subsequently transferred to five other accounts, in....

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....filed by Smt. Santosh Miglani is as under : - a) The amount so received from M/s Shyama Trading Company (Proprietor Shri Ghanshyam Patel) amounting to Rs. 5,00,000/- has been declared under Pradhan Mantri Garib Kalyan Yojna, 2016, during the course of search conducted by the Income Tax Department, Ghaziabad. b) Smt. Santosh Miglani has surrendered amount of Rs. 5,00,000/-appeared in bank account number 4/6315 at Khatri Co-operative Urban Bank Ltd., Karkardooma, Delhi-92 which is transferred from the bank account No. 0519010100000698 at J&K Bank, Ghaziabad, under section 199C(1) for Pradhan Mantri Garib Kalyan Yojna, 2016 on 24.03.2017 as per clarification on taxation and investment regime for Pradhan Mantri Garib Kalyan Yo....

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....ting Officer with prior approval of the approving authority i.e. JCIT (BPU), Kanpur. Thereafter, Reference no. R-89/2017 was sent to the Adjudicating Authority for confirmation. The Adjudicating Authority being satisfied with the allegations made in the reference along with the relied upon documents, issued the notices to benamidar, Shri Ghanshyam Patel and beneficial owner Smt. Santosh Miglani. They filed their respective replies which are reproduced in para 21 of the impugned order from page 19-25. The rejoinder filed by the Initiating Officer is also reproduced in the said para from page 25-33. After hearing the rival submissions, the Adjudicating Authority set aside the attachment qua the immovable properties, except the attachmen....

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....sale proceeds etc., do not have any different colour. Whatever are the receipts in the business; they have the colour of business receipts and have no separate identification. Sources have no concern whatsoever'. He pointed out that Section 6 of the PBPT Act prohibits a Benamidar to retransfer the Benami property which has been actually done in the present case by the benamidar, which was held in the bank accounts at J & K Bank, Ghaziabad. The benamidar is in violation of Section 6 of the PBPT Act, as he had transferred the benami property to the beneficial owner in her Khatri Bank account, where from the said money is assumed to have been siphoned off. This issue was highlighted to the Ld. Adjudicating Authority in writing in rejoin....