Benami transaction case involving beneficial ownership of ...

Benami transaction - Currency's true owner contested, courts upheld evidence trail.

Case Laws     Benami Property

September 14, 2024

Benami transaction case involving beneficial ownership of currency seized. Appellant argued lack of evidence to prove beneficial ownership. Court held initial statement under Income Tax Act corroborated by Bikky Kumar Singh, quoted in impugned order, showing appellant's involvement. Appellant disowned currency but filing appeal indicates interest. Court found material on record considered by Adjudicating Authority, rejecting first argument. Delay in recording subsequent statement under Benami Act not an issue in absence of statutory period mandate. On adjudication timeline, court clarified reference received in April 2018, notice issued same month, order passed within one year from month-end of reference receipt as required u/s 26(7). Notice copy given to beneficial owner as per Section 24(2) requirement, appellant admitting receipt. Competent Authority approval for continuing provisional attachment as required u/s 24(4)(a)(i) found on record. All arguments rejected, appeal dismissed.

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