February,22,2017:
I-T department also simultaneously attached assets worth Rs.55 Crore.
The Income Tax (IT) dept. has registered more than 230 cases across India under new Benami Transactions (Prohibition) Amendment Act, 2016, officials said on Wednesday.
Officials further said that along with registering the cases, the IT department also attached assets worth ₹55 crore.
In July last year the Lok Sabha had passed the bill which seeks to amend the definition of Benami transactions, establish adjudicating authorities and appellate tribunal.
The purpose of this bill is to discourage activity of acquiring the properties in name of fictitious & other people.
This bill also specifies penalty and prosecution for entering into benami & proxy transactions.
This new law, replacing the 1988 Act, has 71 sections instead of 9 along with more strengthened punishment clauses.
Picture Source :
