Benami Transactions - The Tribunal held that the demonetized ...

Demonetized cash held by proxies deemed benami property of beneficial owner.

December 5, 2024

Case Laws     Benami Property     AT

Benami Transactions - The Tribunal held that the demonetized currency notes recovered from third parties were benami properties held on behalf of Appellant, the beneficial owner. Initially, the Appellant claimed the cash did not belong to him, but later admitted it was his income declared under the Pradhan Mantri Garib Kalyan Yojana, 2016. The Tribunal rejected Appellant's arguments that the demonetized notes had no fair market value, the findings were contrary to records, and the cash was held in fiduciary capacity. The Tribunal upheld the Adjudicating Authority's order attaching the demonetized currency as Appellant's benami property.

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