BUSINESS
Benami transactions essentially mean black money is invested in properties in the names of others, even though the benefits are enjoyed by the investor concealing his/her ownership in the tax returns.
Over 1,500 ‘benami’ properties worth Rs 43 billion have been attached in the past 18 months by the Income Tax Department.
The properties have been attached in wake of the ‘benami legislation’ that was passed during the same time. According to a Business Standard report, Jaipur and Mumbai top the list, with attachments of 200 properties each.
Patna has seen the least number of attachments at 30, followed by Lucknow at 50, while in Kolkata, Chandigarh, and Hyderabad, 144, 110, and 100 properties got attached, respectively, the report added.
Benami transactions essentially mean black money is invested in properties in the names of others, even though the benefits are enjoyed by the investor concealing his/her ownership in the tax returns.
While the department has attached the properties, a report earlier this month suggested that over 780 benami asset attachments worth crores of rupees run the risk of being invalidated. The reason is the failure of the government to form an adjudicating authority for over a year-and-a-half since the stringent law was enforced.
The Benami Property Transaction Act, enacted in 1988, was revived and enforced by the current government from November 1, 2016, the month that also saw demonetisation of two big currencies of the country by a declaration made by Prime Minister Narendra Modi.
Section 7 of this law, that attracts a rigorous imprisonment of up to seven years and fine up to 25 per cent of the fair market value of the property, requires the government to create an independent 3-member Adjudicating Authority (like the one for PMLA) that will decide on the validity of the attachment of properties made under this legislation by the Income Tax Department (ITD).
In the absence of such an authority for over 1.5 years now, the government has entrusted the task of handling these cases on an ad-hoc basis and as a "transitional" arrangement to the already short-staffed and over-burdened Adjudicating Authority for the Prevention of Money Laundering Act (PMLA), a stringent law enforced by the Enforcement Directorate.
BIG challenge for Mukesh Ambani as Noel Tata makes this move after Ratan Tata's death, it is...
Neelam Kothari finally reveals if she was in relationship with Govinda: ‘In those days we were…’
SEBI's first reaction on Gautam Adani bribery case, begins inquiry into...
Meet Hyderabad girl who began NEET preparation in class 7, scored 99.9 percentile, secured AIR...
Badshah breaks his silence on dating rumours with Pakistani star Hania Aamir: ‘We have a lot of…’
Delhi pollution: Air quality deteriorates to 'severe' category in Delhi-NCR; AQI at 419
'I think bro is her EX': Man performs risky bike stunt with burqa-clad woman in Bangladesh, watch
Viral video: Little girl's power-packed dance to 'beer song' melts hearts online, watch
Explained: Why India must win the 1st Test against Australia in Perth
Raima Sen mourns Bharat Dev Varma's demise, pens emotional note for 'great father, great husband'
DNA TV Show: Ahead of Maharashtra poll results, MVA, Mahayuti engage in resort politics
Maharashtra: Stage set for assembly poll results; Mahayuti, MVA confident of their victories
All set for vote counting in Jharkhand tomorrow; NDA, JMM-led alliances confident of winning
Watch: Australia star inquires Rishabh Pant about his next IPL team, gets 2-word reply
Shah Rukh Khan’s house Mannat was first offered to his industry rival…, but he refused because...
The Visionary Who Promises a Blue Sky for India: Holger Thorsten Schubart’s G20 Climate Speech
The Surge of High-End Living: Luxury Residential Market to Outpace Other Segments
FeFCon 2024 to be Held in Bangalore: A Premier Event on Fever Management
'That’s wild': Noida man turns cigarette butts into teddy bears in viral video, watch
London Airport evacuates passengers over security threat, thousands stranded
The World’s First Innovative Iron Supplement to Combat Iron Deficiency and Anaemia
Meet grandmother who became fashion icon after trying on her granddaughter’s clothes
IND vs AUS: Rishabh Pant joins Virat Kohli, Rohit Sharma in elite WTC list, becomes 3rd Indian to...
'All scripted drama...': Puneet Superstar allegedly assaulted by influencers in viral video, watch
Actress Ana de Armas caught kissing Cuban President Miguel Díaz-Canel’s son in viral photos
Oreshnik's Shadow: Will Russia's hypersonic missile force west to back down?
‘You’re So Beautiful’: World’s tallest woman meets world’s shortest woman over tea, pics go viral
Delhi-NCR Air Pollution: Consequences of GRAP-4 are drastic, may have adverse effects, says SC
Delhi-NCR Air Pollution: Schools likely to stay closed till..., check city-wise update
Maharashtra: 3 killed, 9 hospitalised after gas leak at fertiliser plant in Sangli
THIS farm is selling a cup of coffee for Rs 28000, but there's a twist, it is...
Chhattisgarh: 10 Maoists killed after encounter with security personnel in Sukma
Mukesh Ambani's SUPERHIT plan for Jio users, offers unlimited 5G access for 1 year for just Rs...
IND vs AUS 1st Test: KL Rahul's dismissal sparks DRS controversy in Perth Test
Dense fog, heavy rain predicted in these states till November 25; check here
Oreshnik Hypersonic Missile: Which nations are within its range?
Bihar teacher, principal reach school in drunken state; know what happened next
'I have faced a lot of...': Arjun Kapoor REVEALS his biggest fear amid break up with Malaika Arora
How millions of Indians may get affected due to US indictment of Gautam Adani in bribery case
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says 'missing someone is okay but...'