FINAL ORDER

26.04.2024

1. The appeal has been preferred under section 46 of Prohibition of Benami Property Transaction Act, 1988 (in short, the “Act of 1988”)

against the order 28.2.2019 passed by the Adjudicating Authority.

2. By the impugned order, the Adjudicating Authority refused to confirm the attachment of the properties of the non appellants and accordingly rejected the reference. The appeal has been filed by the Department.

3. The learned counsel for the appellant submitted that M/s Danodia Investments and Finance Limited was a Company incorporated on 26.09.1994, having its registered office at Shahadra, New Delhi. The Company was subsequently transferred to Kolkata with registered office at Chowringhee Road, Kolkata.

4. The appellant received reference letter dated 07.08.2017 from the Deputy Director, Income Tax (Investigation), Kolkata along with the details of the properties of Square Four Group and the source of the investment. The reference letter was sent after a search and seizure operation conducted on 03.02.2017 under section 132 of Income Tax Act, 1961. It was noted that M/s Danodia Investments and Finance Limited has raised capital through certain companies which were