Benami Transactions (Prohibition) Act, is an Act of the Parliament of India that prohibits To address these deficiencies, several years later, in , the Govt of India introduced “Benami Transactions (Prohibition) Bill, “. Benami Transactions (Prohibition) Bill, Purpose: To prohibit holding property Benami and restrict the right to recover or transfer such property. THE BENAMI TRANSACTIONS (PROHIBITION) ACT, An Act to prohibit benami transactions and the right to recover properly held benami and for.

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How you can make this new year special. India has witnessed benami transactions since a long time.

August 02, These provisions do not apply to any transaction entered into by an individual in the name of his spouse, brother or sister, or any lineal ascendant or descendant may not be considered benami.

The act is clearer and has stringent punishments for offenders. Enforceability of Non-Disclosure Agreements in India.

Vide this act, all the benami transactions are prohibited and made an offence against the state. In addition, no person shall be able to re-transfer such property to the beneficial owner. Any person aggrieved by an order of the Adjudicating Officer shall appeal to the Appellate Tribunal. Any person who enters into benami transactions, or abets or induces another person to enter into such transactions shall be punishable with an imprisonment for six months to two years, and liable to a fine of up to 25 per cent of the fair market value of prohibitioj property held in benami.

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All About Benami Properties And Recent Legal Developments

The Benami Transactions Prohibition Act, An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto. The Judicial Member must have been a Member of the Indian Legal Service and must have held the post of Additional Secretary or equivalent post in that Service, and an Administrative Member must have been a Member of the Indian Revenue Service and must have held the post of Chief Commissioner of Income-tax or equivalent post in that Service.

The Bill also specifies certain cases will be exempt from the definition of a benami transaction.

The author discusses recent legal developments concerning benami properties. Retrieved 26 July An effort was made again in the year to bsnami The Benami Transactions Prohibition Amendment Bill, which was successfully passed in both the houses and therefore, the Benami Transactions Prohibition Amendment Act, was enforced on 1 st November These include cases when a benaim is held by: The Initiating Officer or the Adjudicating Authority may impound or retain any books of accounts that it may feel is required for the inquiry, for a period not exceeding three months from the date of attachment of the property.

Benami Transactions (Prohibition) Act, 1988

Any person aggrieved by the Appellate Tribunal in turn may appeal to the High Court. Just complete this form…. Archived from the original PDF on The act came into force on 5 September In fact, the Federal Court in the case of Panjab Province v.

A benamidar is a person or fictitious person in whose name the property is prohibittion or transferred. Defined under Section 4 9a benami transaction means any transaction which is transferred to or held by one person, but the consideration for it is paid by another.


Benami Transactions (Prohibition) Act, – Wikipedia

In addition, any person who wilfully gives false information shall be liable to an imprisonment of three months to two years and a fine of up to 10 per cent of the market value of the property. The chairperson must be ttansactions sitting or retired judge of a High Court who has completed at least five years of service.

From Wikipedia, the free encyclopedia. However, the bill failed to pass. They shall follow the principles of natural justice and shall have the power to regulate their own procedures. Under the Act, the penalty for entering into benami transactions is imprisonment up to three years, or a fine, or both. It shall have the powers of a civil court while transations matters with respect to [13]:.

The Benami Transactions (Prohibition) Bill, | PRS

Views Read Edit View history. Benami is a South Asian word that means “without name” or “no name”. The Bill defines benami transaction as an arrangement where a property is held by a person other than in fiduciary capacity on behalf of another person who has paid for it; or b the transaction is made for a property in a fictitious name; or c the owner of the property is not aware of or denies knowledge of such ownership.

Unlawful Activities Prevention Act.