Pay Tax dept steps up activities under preclusion of Benami Act

New Delhi, Jan 11 The Income Tax Department on Thursday stepped up actions under the preclusion of Benami Property Transactions Act (Benami Act), which gives temporary connection and consequent appropriation of benami properties, regardless of whether movable or immovable.

The demonstration, which came into constrain from November 1, 2016, takes into account indictment of the helpful proprietor, the benamidar and the abettor to benami exchanges, which may bring about thorough detainment up to seven years and fine upto 25 percent of honest estimation of the property.

The division had set up 24 devoted Benami Prohibition Units (BPUs) under its Investigation Directorates all finished India in May, 2017 to guarantee quick activity in regard of Benami properties.

Due to intensive efforts undertaken by the Department, temporary connection has been made in more than 900 instances of properties under the Act. These incorporate plots of land, pads, shops, gems, vehicles, stores in financial balances, settled stores and so forth.

The value of properties under attachment is more than Rs. 3500 crore including relentless properties of more than Rs. 2900 crore.

In five cases, the temporary connections of Benami properties, adding up to more than Rs. 150 crore have been affirmed by the Adjudicating Authority. In one such case, it was set up that a land organization had obtained around 50 sections of land of land, esteemed at more than Rs.110 crore, utilizing the names of specific people of no methods as benamidars.

This was confirmed from the merchants of the land and the dealers included. For another situation, post demonetization, two assessees were discovered keeping demonetized money into various ledgers in the names of their workers, partners and so on to be at last transmitted to their financial balances.

The aggregate sum endeavored to be transmitted to the helpful proprietors was about Rs. 39 crore. In yet another case, a money measure of Rs. 1.11 crore was captured from a vehicle with a man who precluded the possession from securing this money. Therefore, nobody guaranteed responsibility for money and it was held to be benami property by the Adjudicating Authority.

The office is resolved to proceed with its coordinated drive against dark cash and activity against Benami exchanges will keep on being strengthened.