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4. 2026(5) TMI 936 – Appellate Tribunal under SAFEMA
Yoosaf NA. v. The Initiating Officer (BPU), Kochi
Date of Order : 14.5.2026
Possession of unaccounted cash or cash without ownership cannot go scot-free from the purview of the PBPT Act - the same is covered under the Act.
Unaccounted cash, the source of which is unexplained, falls within the definition of `benami property’.
Only two parties, namely, the `benamidar’ and the `beneficial owner’ are sufficient to constitute a benami transaction - The contention that three parties are required for every benami transaction is devoid of merit.
Section 2(9)(D) of the PBPT Act is clearly attracted because the IO could not trace the source from which the appellant collected the cash.
Mere filing of, or an intention to file, an ITR does not exonerate a person from the application of the PBPT Act.
FACTS
On 27.3.2017, during a routine police vehicle check, cash of Rs 50,13,000 was found in possession of the appellant, S
