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New Delhi : The Income-tax Department (ITD) has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016. The Prohibition of Benami Property Transactions Rules, 2016, have been framed in this regard.
As per the Act, Benami property includes movable or immovable property, tangible or intangible property, corporeal or incorporeal property. It empowers provisional attachment and subsequent confiscation of benami properties. It also allows for prosecution of the beneficial owner, the benamidar, the abettor and the inducer to benami transactions, which may result in rigorous imprisonment up to 7 year and fine up to 25% of fair market value of the property, according to a PIB release.
The Income-tax Directorates of Investigation have identified more than 400 benami transactions up to May 23, 2017. These include deposits in bank accounts, plots of land, flat and jewellery. Provisional attachment of properties under the Act has been done in more than 240 cases. The market value of properties under attachment is more than Rs 600 crore. Immovable properties have been attached in 40 cases with total value of more than Rs 530 crore in Kolkata, Mumbai, Delhi, Gujarat, Rajasthan and Madhya Pradesh, said the PIB release.
In one case in Jabalpur, the benamidar, a driver, was found to be owner of land worth Rs 7.7 crore. The beneficial owner is a Madhya Pradesh based listed company, his employer. In Mumbai, a professional was found to be holding several immovable properties in the name of shell companies which exist only on paper. In another case in Sanganer, Rajasthan, a jeweller was found to be beneficial owner of nine immovable properties in the name of his former employee, a man of no means.
The government is keen to implement the new Benami Act in an effective manner with visible outcomes on the ground. For this purpose, 24 dedicated Benami Prohibition Units (BPUs) were set up all over India last week.
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