‘Workers holding employers’ cash as fiduciaries are not benamidars’ TNN — Times of India

An appellate tribunal has ruled that employees can hold cash in a fiduciary capacity for employers without it being classified as a benami transaction. This decision emerged from a case where Rs 10 crore was found in employees’ bank lockers, later validated as holding for employers, thereby ensuring the money was taxed and not confiscated.An appellate tribunal has ruled that employees can hold cash in a fiduciary capacity for employers without it being classified as a benami transaction. This decision emerged from a case where Rs 10 crore was found in employees’ bank lockers, later validated as holding for employers, thereby ensuring the money was taxed and not confiscated. …Read More