ITAT Confirms Cash Seized as Benami Property Under PBPT Act

Uttam Kumar Saha Vs Initiating Officer (SAFEMA Delhi) Conclusion: Benami Act was intentionally drafted with a very broad and inclusive definition of property to ensure that all forms of assets, including cash, could be covered. A person could not be treated as a benamidar if they neither possess the property nor claim ownership of it; A property was considered benami when the purported real owner denies their ownership of it. No prior approval from a higher authority was needed for an inquiry if a show-cause notice had already been issued. An SCN was valid if based on existing material; no fr...