Tribunal Upholds Attachment of Assets Worth ₹5.30 Crore Linked to Void Declarations

The Appellate Tribunal under SAFEMA rejected three separate appeals and upheld the attachment of assets valued at ₹5.30 crore following invalid filings under the Income Declaration Scheme. Adjudicating authorities successfully traced the properties to specific benamidars and identified the true beneficial owner behind the transactions.

This ruling clarifies the legal standing of properties attempted to be regularized through void disclosure applications under amnesty schemes. Under the Benami Transactions (Prohibition) Amendment Act, authorities retain the clear mandate to seize assets where beneficial ownership is obscured, separating legitimate tax compliance from illegal asset holding.

Legal practitioners and tax consultants must advise clients against relying on void statutory filings for asset protection. Professionals should review documentation trails carefully and monitor tribunal directions for further enforcement actions or recovery proceedings relating to attached properties.