Sugee Developers Vs DCIT (Appellate Tribunal Under SAFEMA at Delhi)
The present appeal was filed under Section 46 of the Prohibition of Benami Property Transactions Act, 1988 (PBPT Act) challenging the order dated 02.09.2021 of the Adjudicating Authority, which had confirmed the Provisional Attachment Order dated 27.08.2019 passed by the Initiating Officer. The attachment related to Rs. 1 crore lying in the IDBI Bank account of M/s Sugee Developers.
As per the Initiating Officer, large sums of demonetised currency amounting to Rs. 10.98 crore were deposited in the accounts of alleged benamidar companies—M/s Altimax Venture Pvt. Ltd. and M/s Homeground Marketing Pvt. Ltd.—and Rs. 1 crore was transferred from Altimax to the appellant. The appellant contended that the amount was a genuine loan received via RTGS on 19.11.2016 for 44 months at 11% interest through broker Pradeep Sawant, supported by a loan agreement and affidavit. It was argued that the amount was used for a construction project and paid to a landlord.
The appellant highlighted contradictions in statements of alleged dummy directors and contended that key persons, including Satish Pujari, were neither traced nor examined. It was further argued that there was no evidence linking the appellant to demonetised cash deposits, and that Benami law being punitive cannot rest on presumptions. The appellant also challenged reliance on certain statements introduced at appellate stage and alleged investigative lapses regarding shareholding patterns, directors, and authenticity of documents.
