The authority revokes the order of attachment of Benami against Shah Rukh Khan and considers that the I-T order is unfounded

New Delh i : The actor Shah Rukh Khan was acquitted of the charge of having been a beneficiary. a property of benami in the picturesque seaside town of Alibaug, in Maharashtra, as the appellant. The law "revoked" the garnishment order of the information technology department, calling it unfounded and colorful.

The Control Authority (AA) criticized the authority of the Income Tax Department for making the order against Khan and a company – in which he, his Gauri Khan's wife and her in-laws are shareholders – in February of last year, stating that a "commercial transaction initiated in the course of business by an independent entity can not be described as a benami transaction because it comes from loans. " 19659006] An AA division bench composed of D Singhai (chairman) and member (law) Tushar V Shah exonerated Khan and declared: "We have come to the conclusion that the properties mentioned, namely the agricultural lands of the village Thal, Taluka Alib The records in month 188 / A, 188 / 1B, 188/2, 188/3, 188/4, 187/1 and their structure are not the property of Benami. carried out by the investigating officer is revoked. "

The Tax Department had attached the farm and land, built on agricultural land to Alibaug, worth about 15 million rupees, and had called the company – Mrs. Deja Vu Farms Pvt Ltd. – a benamidar (on behalf of which is the property of benami and the actor aged 53, beneficiary (who pays a monetary counterpart) of a transaction concluded with Benami under the law prohibiting the real estate transaction of Benami.

Law promulgated in 1988 was implemented by the Modi government as of November 2016. A powerful impetus, stating that it was aimed at clamping down on black money and hiding holders.

The AA bench, in the order that PTI accesses, also insulted the Mumbai IT department investigator for apparently invoking "an article / online articles" that Khan acquired. Ownership for its benefit

"There is no basis to conclude that the property acquired by Deja Vu Farms Pvt Ltd. is being held for the immediate or future benefit, direct or indirect, of Shah Rukh Khan," the order of January 23 has been returned.

The Authority rejected the allegation of the computer department that all the operation of buying plots of land in Alibaug and the construction of a luxury farm on this one had been carried out on "Khan's desire and education" and "unsecured loans" of about 14.67 million rupees that he provided to the company .

The TI also reported that, having not been a farmer, Khan had sought to acquire the land by forming Deja Vu Farms Pvt Ltd, a facade entity, and giving it the color of 39, an enterprise of agriculture. "

The ministry had also indicated in its order that a person, Moreshwar Rajaram Ajgaonkar, was a" front "of Khan, the actor having used his skills as a farmer to buy the on the ground by making a claim in this category in front of Raigad's additional collector.

He had also been accused that the company had been incorporated "on the instructions" of Khan, as he was interested in the purchase of the goods. a property in Alibaug for the construction of a farm.

in his complaint, it was alleged that the purpose of the enterprise (Deja Vu) was to conduct agricultural activities on the land and that the State Government of Raigad District had authorized the purchase of these lands on the "condition" to be used within three years for the purposes of agriculture.

L & rsquo; AA also found "justified" the statement of Khan and his company was that a private company could borrow funds even from its shareholders and that there was no concealment of the loan granted by the actor that was "disclosed" by the latter in its annual reports for several years.

The Authority stated that it was "unmistakable" that the Alibaug property had been acquired and owned by the company in its own right and independent of any other person.

"There is no basis to conclude or presume in law that property owned by a corporation may be considered to be held for the benefit of its shareholder," the Authority ruled, acquitting Khan of criminal charges under the Act. strict law.

According to the anti-benami law, once it is proven, a benamidar (in whose name the property of benami is standing) and a beneficiary (who pay a pecuniary counterpart) are liable to prosecution and may make facing a severe sentence of imprisonment. up to 7 years is also required to pay a fine of up to 25% of the fair market value of the property benami.