Mr. Keshav Ganesh Balakrishnan (KGB) is a dynamic information technology (IT) professional with expertise in developing security software for use of defence staff and others. He was part of a team that developed the initial indigenous radar system for defence services. Mr. Raju Ganesh Balakrishnan is the younger brother of KGB and is a doctor by profession who went to the United States around ten years back. Balakrishnan family has its roots in Kerala where Mr. Ganesh Balakrishnan, father of KGB, was a school teacher (since, when it was Travancore). Around a decade back, KGB got his latest posting at DRDOs headquarter as a joint project director and he was also appointed as a cyber-security advisor to the PM office. KGB got furnished accommodation from the office itself. Post-retirement, KGB wants to settle in NCR (National Capital Region), only because both his children are working there. KGB booked an apartment for him and his family to live in after his retirement in Silver Oak Residency in Greater Noida. Only one and half months are pending for the retirement of KGB. Silver Oak Residency is developed based upon the European style of the architect with lush green gardens and a landscape capable of amusing anyone irrespective of age. There is plenty of other common areas available to resident allottees. The project was started on time and development also took place as per the time mention in the plan furnished to the relevant state RERA authority. Sujata Builders and Developers (P) Ltd. (developer of the project Silver Oak Residency) is known for its quality construction and timely possession. After completion of construction activities and provisioning of civic infrastructures such as water, sanitization, and electricity, Sujata Builders and Developers (P) Ltd. obtained an occupancy certificate on 31st August 2020 from the competent authority for Silver Oak Residency permitting the occupation of the building. The same was informed to the allottees (KGB being one of these allottees) immediately on the same day for the physical occupation of the property by issuing a letter as well as through mail & SMS. KGB obtains the superannuation age on 14th August 2020 and is supposed to retire on the last working day of August 2020. But on the 10th of August, his tenure was extended by another six months because some of the projects for which he is a project director are on the verge of maturity. As his service period got extended KGB decided to take physical possession of the apartment after his retirement only. Sujata Builders and Developers (P) Ltd. got Completion Certificate on 16th November 2020 for the project, Silver Oak Residency. An association of allottees was formed in the month of July 2020, which was registered on 5th September 2020 as a resident society. Documents, including plans and possession of common area including park and landscapes, were handed over to such resident society on 28th December 2020. Local laws are silent on the provisions relating to handing over the possession of documents and common areas. KGB was married to Heena Kachroo, an IRS officer. Kachroo family is a joint family with persons from four generations and is presently staying in Delhi, but has roots in Kashmir. The father of Heena, Mr. Rajesh Kachroo was also a bureaucrat who later turned into a statesman figure. He migrated to Delhi in the early 70s. Kachroo family inherited the undivided estate from their lineal ascendants which in their testaments was transferred in the favour of the undivided family. Uncle of Mr. Rajesh Kachroo is acting as the Karta of the undivided family, but substantial financial control lies in the hands of Mr. Rajesh Kachroo. Mr. Rajesh Kachroo bought a farmhouse in the valley of Kashmir during the winters of 2019 & 2020 in his personal name, where he wishes to establish his party office. The entire family continued to stay in their house situated in Delhi and have never visited the farmhouse since its purchase. The fair market value of the property as of the date of registration was INRs 2.25 crores. The large portion of the purchase consideration to acquire this property was paid out of the funds realised from such impartial estate of the undivided family. Since, Mr. Rajesh Kachroo is a public figure, holding immovable property of such a huge value might create unnecessary issues and so he transferred the farmhouse property to the pool of the impartial estate of the undivided family. Sister of KGB, Ms. Swapnika is married to G V Reddy, who is a promoter of a company named SR Auto Part Limited which is engaged in the business of manufacturing automobile parts and is an exclusive supplier to the countrys largest four-wheel manufacturer. The demand for four-wheelers declined sharply in the last 5 years. The last couple of years were the worst for the industry, which affected the businesses of many auto-part suppliers and SR Auto Part Limited being one amongst them. In the later part of 2019, on account of failure to serve the debt, the corporate insolvency resolution process was initiated against SR Auto Part Limited by the adjudicating authority on an application from the concerned financial creditors. G V Reddy is keen to survive the business and is eagerly waiting for a resolution plan from the resolution professional; but in the first meeting of the committee of creditors, the interim resolution professional was appointed as the resolution professional intimated the adjudicating authority of the decision of the committee of creditors to liquidate SR Auto Part Limited with only seventy-one percent of voting share of the financial creditors. G V Reddy challenged such a decision of the financial creditors by writing a letter to the adjudicating authority. Ms. Swapnika is a management consultant in Marcus Port & Shipping Limited which is an associate company of Anandy Holding Limited which holds forty percent of the voting rights in Marcus Port & Shipping Limited (40% stake was acquired on 10th April 2018) and so it is having a right to appoint four out of total ten directors at the board of Marcus Port & Shipping Limited. The management and daily affairs of the Marcus Port & Shipping Limited are purely independent. Marcus Port & Shipping Limited is contributing a major portion to the group profits. Marcus Port & Shipping Limited is willing to enter the domain of operation of airports alongside the sea-port business because the market of domestic travel has been multifold in a previous couple of years and is yielding juicy profits to the airport operators. Hence, in the first week of September, it acquires the air-port of the financial capital of the country along with one subsidiary company from the BMR Group. Presently, no one stays at the ancestral house of the Balakrishnan family, which is situated in Kerala (India). Mr. Raju Ganesh Balakrishnan is staying in Texas along with his wife and children. His family has got citizenship in the United States. The needs of the family are growing as children are getting older, hence Mr. Raju decided to buy a more spacious house for his family, for which he required money and so he requested his elder brother KGB to help him. Considering the needs of his younger brother and his own decision to settle in NCR, KGB decided to sell the house; despite being attached to the ancestral house very much. This is the only immovable property in India in which Mr. Raju holds interest. As per the testament (will) of their father, the property of Ganesh Balakrishnan was divided into four equal parts (one part for KGB, one for Raju, another one for Swapnika, and the last for the trust of school, where he was a teacher). After the sale of the property, the sale proceeds were shared accordingly. The house was sold to a local, who converted the building into a resort and leased the same to a travel and tourism company of Hong-Kong for a period of 4 years without permission from RBI. Raju contacted the Indian branch of his local bank in the state (Texas) to remit the money. The banker gave him certain forms to fill, which he was unable to understand. He decided to take consultancy from a Chartered Accountant. Whether the property acquired in own name by Mr. Rajesh Kachroo utilized funds realised from the undivided estate of the undivided family and then transferring it to pool of the impartial estate of the undivided family can be considered as a benami transaction as suspicion arises with respect to the purpose and nature of the transaction. How do you see the present transaction? Highlight the commonly applicable circumstances which guide, whether a transaction is benami or not? Is there any litmus test to determine whether the transaction is benami or not?