Give the one, the other will follow. Seems like benami properties will leave all counts behind. IT department identified more than 400 benami transactions including bulk deposits in bank accounts, plots of land, flats or jewelry. The Act, Benami property comprises movable or immovable property, tangible or intangible property, corporal or incorporeal property.
The Central Board of Direct Taxes, chief direct taxes body, put up 24 dedicated benami prohibition units or BPUs across India last week. All these units have been led by prime directors of investigation to empower rapid actions. Impermanent attachment of properties under this law has been realized in more than 240 cases which have market value of properties under attachment is more than 600 crore.
Out of these assets only immovable properties have been attached in 40 cases, with a total value of more than Rs530 crore in Kolkata, Mumbai, Delhi, Gujarat, Rajasthan and Madhya Pradesh. On Wednesday, May 24, Income Tax department released an official statement.
It’s grotesque to discover a driver owning land worth Rs7.7 crore and the beneficial owner was a Madhya Pradesh-based listed company. In another case, a jeweler in Rajasthan was found to be the beneficial owner of nine immovable properties in the name of his ex employee. Properties bought through shell companies have been attached too by Kolkata IT department.
The Benami Transactions (Prohibition) Amendment Act, 2016 came into force from November. The Act empowers provisional attachment and consequent exclusion of benami properties. It also sets aside for prosecution of the beneficial owner, the benamidar, the abettor and the inducer to benami transactions, which may upshot in strict imprisonment up to seven years and fine up to 25% of fair market value of the property.
- Somani Realtors News Network