By Shailesh Yadav New Delhi [India], Feb.22 : The Income Tax Department has identified large number of benami transactions and properties.
Till mid-February, the number of such cases exceeded 235. Out of the benami transactions already identified, the units set-up under the Prohibition of Benami Property Transactions Act have already been issued show cause notices for attachment of benami properties in 140 cases.
Properties of about Rs. 200 crore are involved in such benami transactions. Out of these notices, in 124 cases, benami properties worth more than Rs. 55 crores has already been provisionally attached. Benami properties attached include deposits in bank accounts, agricultural and other land, flat and jewellery etc.
It may be recalled that the Benami Transactions (Prohibition) Amended Act of 2016 empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated.
Besides, if a person is found guilty of offence of benami transaction, he or she shall be punishable with rigorous imprisonment for a term not less than one year, but which may extend to seven years and shall also be liable to fine which may extend to 25 percent of the fair market value of the property.
Source: ANI
