During relevant previous year, assessee-company along with a person Rajiv Rattan  purchased a property. The property purchased by assessee which had 95% stake in property was let out to  Raajiv Rattan  who had 5% stake in property for a monthly rent. During the course of assessment proceedings, the Assessing Officer alleged that the assessee acted as a Benamidar for beneficial owner of Rajiv Rattan    for property purchased and thus provisions of prohibition of Benami Properties Transaction Act were clearly applicable in case of assessee company.  Tribunal held that purchase of property by  Rajiv Rattan    was not inaccurate as he was one of joint owners of property as per registered sale deed. This fact was disclosed by assessee company itself in its books of accounts. Further, having acquired property, assessee company could have given it on rent to anybody and would have received fair market rentals. By giving it to Rajiv Rattan    nothing turned against assessee company. Assessee company had duly recorded asset as well as liabilities being source of acquisition of property in its audited books of accounts and assessee company was also seeking to maintain and protect its assets out of its own resources. Accordingly, Tribunal held that it could not be said that assessee company was not real owner of property and transaction entered into by assessee company could not be classified as benami transaction.  (AY. 2015-16)