TMI BlogThe transaction where cash is paid to person in lieu of a future promise cannot be a “benami”...The transaction where cash is paid to person in lieu of a future promise cannot be a “benami” transaction as there is no lending of name. There can be no “benami” transaction if the future benefit is due from the person who is also the holder of property. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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