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2. [2026] 166 taxmann.com 672 (SAFEMA – New Delhi)
DCIT (BPU-1), Mumbai v. Jiten Pujari
Date of Order: 09.09.2024
Where the beneficial owners did not disown the cash but claimed the cash to be theirs, it was held that where the cash was found in the lockers of the employees of the beneficial owners, which employees were alleged to be benamidars, the employees were holding the cash in fiduciary capacity and such holding would fall under the exception given under section 2(9)(A)(ii) of the PBPT Act
FACTS
A search was conducted on M/s. Trigon Hotels and Resource Private Limited (THRPL) under section 132 of the Income-tax Act, 1961. During the course of search, several bank lockers standing in the name of alleged benamidars were searched, and cash amounting to Rs.9.94 crores was found.
During the search, the statement of the Respondent Benamidar was recorded, wherein he stated that the cash found in the locker belonged to one RKS, the Beneficial Owner. The statement of one VS was also recorded, who stated that the keys to the lockers in which the cash was found were with the Respondent and that the cash belonged to RKS. The statement of one SRP
