Dictated by: Rajesh Malhotra

The present appeal u/s 46 (2) of the Prohibition of Benami Property Transactions Act, 1988, is filed by the appellant against the order u/s 26(3) dated 27.07.2018 passed by the Adjudicating Authority in Reference No. R-87/2017, whereby account of the appellant in HDFC Bank Ltd., Ashok Vihar, Phase-II, Delhi, vide account No. 50100136054076 was confirmed for attachment to the extent of Rs. 50,00,000/-, whereas the immovable properties in lieu of said amount were released.

As per the allegations, Deputy Director of Income Tax (Inv.)-II/ Ghaziabad, on 18.01.2017 informed the O/o the Initiating Officer, Benami Prohibition Unit, Kanpur that A/c No. 05190100000698 maintained with J&K Bank, Ghaziabad, pertaining to M/s. Shyama Trading Company, Prop. Shri Ghanshyam Patel had been used for deposit of the de-monetized currency to the extent of Rs.50,00,000/-, which was subsequently transferred to five other accounts, including the account of the present appellant.

Shri Ghanshyam Patel in his statement recorded u/s 134(4) of the Income Tax Act, 1961 during the course of search on 18.01.2017 informed that the transactions in the said bank account of M/s.