Benami properties worth over Rs 3,500 crore attached

Income Tax department steps-up actions under Prohibition of Benami Property Transactions Act

GN Bureau | January 11, 2018


#Benami Property Act   #Income Tax   #Benami Property  


Provisional attachment has been made by the Income Tax department in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act, which came into force November 1, 2016.

These attachments include plots of land, flats, shops, jewellery, vehicles, deposits in bank accounts and  fixed deposits. The value of properties under attachment is more than Rs. 3,500 crore, including immovable properties of more than Rs. 2,900 crore, said a press release.

In five cases, the provisional attachments of benami properties, amounting to more than Rs. 150 crore have been confirmed by the adjudicating authority. In one such case, it was established that a real estate company had acquired about 50 acres of land, valued at more than Rs.110 crore, using the names of certain persons of no means as benamidars. This was corroborated from the sellers of the land as well as the brokers involved.

In another case, post demonetisation, two assessees were found depositing demonetised currency into multiple bank accounts in the names of their employees, associates to be ultimately remitted to their bank accounts. The total amount attempted to be remitted to the beneficial owners was about Rs. 39 crore.

In yet another case, cash of Rs. 1.11 crore was intercepted from a vehicle with a person who denied the ownership of the cash. Subsequently, no one claimed ownership of the cash and it was held to be benami property.

Earlier, the income tax department had stepped-up actions under the Prohibition of Benami Property Transactions Act, which provides for provisional attachment and subsequent confiscation of benami properties.

It also allows for prosecution, which may result in rigorous imprisonment up to 7 years and fine upto 25 percent of fair market value of the property.

The department had set-up 24 dedicated Benami Prohibition Units under its investigation directorates all over India in May, 2017 to ensure swift action in respect of benami properties.

Comments

 

Other News

Thus ends the Chidamba-Run!

The arrest of Palaniappan Chidambaram, former union minister of home & finance, by the CBI, albeit after his much dramatic disappearance and reappearance, has brought an end to his long run from the arms of law. As a finance minister, being at the other end of the law, the former ministe

What Imran’s rant against RSS tells us about Modi’s Kashmir policy

An unintended consequence of the inversion of Article 370 and the division of the state of Jammu and Kashmir into two union territories is the curious revival of Pakistan’s interest in Indian history and sociology. For the first time in decades, a Pakistan prime minister made the Rasht

On a Personal note with actor Neeraj Kabi

Neeraj Kabi, a critically acclaimed self-taught actor, theatre director, and acting teacher, has worked in Odiya, Hindi and international cinema, theatre, television and web series. In 2014 he was honoured with the best actor award at the 4th Sakhalin International Film Festival for his role in the fil

Talking to Trump, Modi hits out at Imran’s anti-India rhetoric

Prime minister Narendra Modi has told US president Donald Trump that Pakistan prime minister Imran Khan’s “incitement to anti-India violence” was not good for peace in south Asia. Modi and Trump had a telephonic conversation – their first since the Aug 5 move to chang

Paediatricians call for junking unhealthy food

As children are consuming more and more fast foods and sweetened beverages are becoming, leading to obesity and related non-communicable diseases (NCDs), the Indian Academy of Pediatrics (IAP) has come out with guidelines on such substances. The dietary guidelines under its nutrition chapter

Modi’s forward-looking I-Day speech lays down 5-year agenda

Contrast prime minister Narendra Modi’s first Independence Day speech in 2014 with his latest, the first in the second term, and you know the difference. His first speech was less about future and much about the basic needs like Swachch Bharat (clean India). His speech on Thursday, on the other hand,



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter