Cash deposits of Rs 15.93 crore made in a Delhi bank post demonetisation have been held as 'benami' property by a special court even as the depositor and the beneficial owner of the stash are "untraceable". The deposits were declared 'benami' in the ruling in one of the first adjudication cases of the new anti-black money law. The taxman found that immediately after the cash deposits were made, "demand drafts were issued to a group of non- descript individuals with a view to alienate the cash." Such an act, it had said, would attract criminal charges under the Benami Act, applicable on both movable and immovable properties. The I-T department is the nodal department to enforce the Benami Act in the country.

Source: dna November 26, 2017 11:56 UTC