The Minister of State for Finance in Rajya Sabha stated that the Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016 seeks to prohibit the Benami Transactions irrespective of the method by which the Benami Property is acquired. Such Benami Transactions include transactions in respect of movable as well as immovable properties.
He informed that as on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores.
The house was informed that the Government of India has taken various steps to identify Benami Properties. The Income-tax Department (ITD) has set-up 24 dedicated Benami Prohibition Units (BPUs) across India. These BPUs are involved in gathering information and matching the same with the data available for identifying the Benami Properties and taking effective action as per the provisions of Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016.
Source: PIB
When assessee failed to explain source of purchases expenditure, estimating profit rate was contrary to provision of Section 69C which…
Income Tax Department not trusted even upon its lawyers – SC slams ITD on adopting a long process resulting delay…
When goods are loaded in two trucks with one e-way bill specifically mentioning both truck numbers, no intention to evade…
GOI makes four new Labour Codes effective from 21st November 2025 Government of India has announced that the four Labour…
Provident fund dues definitely have a first charge over claim of bank under SARFAESI Act – Supreme Court In a…
CBDT notifies the Capital Gains Accounts (Second Amendment) Scheme, 2025 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT…