DCIT (BPU) Vs Jitendra Rameshbhai Patel & Ors. (Appellate Tribunal Under Safema At New Delhi)
Demonetisation Cash Route Exposed – Fake Gold Sale Invoice Rejected- Tribunal Restores Benami Attachment on ₹9.5 Lakh Transfer
The Initiating Officer filed appeal u/s 46 of the Prohibition of Benami Property Transactions Act, 1988 (PBPT Act) challenging the order dated 16.03.2022 of the Adjudicating Authority, which had revoked Provisional Attachment Order No. 22.10.2021 concerning a ₹9.5 lakh cash transaction between Shri Jitendra Rameshbhai Patel (Benamidar) & M/s Om Gold Tradenet Ltd. (Beneficial Owner).
The case arose during demonetisation when ₹9.5 lakh in old currency was deposited in Patel’s Axis Bank account on 12.11.2016 & , the same day, transferred to Om Gold Tradenet Ltd.’s PNB account. Patel admitted that he had accepted cash from one Hitesh Parekh for depositing into his account & transferring it against a commission of ₹19,000. He confirmed he had no business dealing with Om Gold Tradenet Ltd. or its alleged associate, Brijesh Agarwal.
Om Gold Tradenet Ltd. claimed the payment represented consideration for sale of 328 grams of gold to Patel & that the amount was genuine business proceeds, not benami. It produced a sale bill dated 01.12.2016 purportedly issued on telephonic instructions from Brijesh Agarwal. However, Brijesh Agarwal denied any such purchase or delivery, & no supporting delivery note, CCTV evidence, or acknowledgment was furnished.
