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No Benami Without Ownership: Tribunal Rejects Attachment Based on Mere Agreement to Sell
The Appellate Tribunal under SAFEMA held that a mere agreement to sell, unsupported by a registered sale deed or actual possession, does not constitute a benami transaction under section 2(9)(A) of the Benami Act. In setting aside the provisional attachment, the Tribunal reaffirmed settled law that partial payments and unproven cash transfers do not suffice to trigger Benami Act consequences.
Mar 213 min read
Appellate Tribunal Holds Unexecuted Agreement Not Benami under Section 2(9)(A) of the Benami Act
In a significant ruling under the Benami Act, the SAFEMA Appellate Tribunal quashed a provisional attachment order where no sale deed was executed and ownership never transferred. The case reinforces that partial payment and mere intent to purchase do not amount to a benami transaction under s. 2(9)(A), absent legal title or possession.
Jan 314 min read
SAFEMA Tribunal Clarifies Fiduciary Capacity under the Benami Act
The Tribunal clarified that holding assets in a fiduciary capacity can exempt transactions from being classified as benami under the law.
Sep 23, 20243 min read
Allahabad High Court Quashes Unreasoned Summoning in Benami Case: Emphasizes Judicial Scrutiny
The Allahabad HC stresses the need for reasoned summoning orders in benami cases, ensuring proper judicial scrutiny and legal adherence.
Aug 24, 20244 min read
From Toothless Tiger to a Tiger with Teeth: The Evolution and Impact of the Amended Benami Transactions Act
Explore how India's Benami Act evolved to effectively combat economic crimes and enhance legal clarity.
Jul 29, 202415 min read
Amendment Aftermath: SAFEMA Appellate Tribunal Clarifies Applicability of 2016 Amendment in Benami Law
Introduction In a recent ruling by the Appellate Tribunal ( ‘Tribunal’ ) for the Smugglers and Foreign Exchange Manipulators (Forfeiture...
Mar 16, 20243 min read