Allahabad HC Stays Benami Notice on Assessed Cash

Arpit Jagga Vs DCIT (Allahabad High Court) The Allahabad High Court has issued a stay on proceedings initiated under Section 24 of the Prohibition of Benami Property Transactions Act, 1988, against Arpit Jagga. The petitioner, Arpit Jagga, challenged the notice, arguing that it was issued without jurisdiction. The primary contention is that the same amount of cash, which is the subject of the benami proceedings, has already undergone assessment under Section 69 of the Income Tax Act, 1961. This suggests a potential overlap or double jeopardy, where the tax authorities are pursuing two differen...