NEW DELHI: The Adjudicating Authority (AA) slammed the income tax department authority for issuing the order against Mr Khan and a company-- in which he, his wife Gauri Khan and in-laws are shareholders-- in February last year, saying a "commerical transaction entered into course of business by an independent entity cannot be coloured as benami transaction because it had sourced the funds from loans." As case reported Actor Shah Rukh Khan has been dismissed of the charge of being a beneficiary of a benami property in the scenic beach town of Alibaug in Maharashtra as an appellate Authority under the law has "revoked" the attachment order of the I-T Department, calling it baseless and coloured.

A division bench of the AA comprising D Singhai (Chairperson) and Member (Law) Tushar V Shah exonerated Khan and said,  "We have come to the conclusion that the named properties, ie, agriculture land at village Thal, Taluka Alibaug bearing survey nos 188/A, 188/1B, 188/2, 188/3, 188/4, 187/1 and structure thereon are not a benami property and hence the attachment made thereof by the investigating officer is revoked hereby."

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While The tax department had frozen the farm house and plot as assets, built on an agricultural land in Alibaug worth about Rs. 15 crore, and had called the company-Ms Deja Vu Farms Pvt Ltd- a benamidar (in whose name benami property is standing). The tax department named Mr Khan a beneficiary (who pays money consideration) of a benami deal booked under the Prohibition of Benami Property Transaction Act.

The 1988 enacted law was implemented by the PM Modi-led government from November, 2016 with a strong impetus, saying it was aimed to crack down against black money and stash holders.

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