Prohibition of Benami Transactions - Provisional attachment ...

Case Laws     Benami Property

April 27, 2024

Prohibition of Benami Transactions - Provisional attachment order was confirmed - Who is the beneficial owner of property? - The Tribunal held that while the properties were indeed purchased before the 2016 amendment, they were held by the benamidar beyond this date. Under the amended Act, if a benami property is held after the amendment, then the new provisions apply. The Tribunal found substantial evidence supporting the claim that the properties were purchased benami. Statements from various sellers indicated that the beneficial owner, not the appellant, provided the funds for the purchases. The appellant's income and financial capacity were also deemed insufficient for the property acquisitions cited. - The Tribunal dismissed the appeal on several grounds but corrected the record regarding the identification of the beneficial owner for properties purchased later.

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