Benami s.26(5) — the law in short
What the courts have decided on section Benami s.26(5), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Shrenik Shah v Initiating Officer, DCIT BPU, Ahmedabad
ITATHelps taxpayerNo later treatment found
The Adjudicating Authority has dropped my client as beneficial owner and recast him as an abettor, but kept the attachment on his own property. Can it?
No. The Appellate Tribunal held that the Act allows attachment of benami property in the hands of the benamidar or the beneficial owner, and does not allow property to be attached merely because it is in the hands of an abettor without a finding that the property itself is benami. Once the Adjudicating Authority accepted that the appellant was an abettor and that someone else was the beneficial owner, the continued attachment of his personal assets could not stand and the appeal was allowed.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.
