Benami hunt: Why Narendra Modi govt's latest move could spring a surprise on detractors of demonetisation
6 years, 3 months ago

Benami hunt: Why Narendra Modi govt's latest move could spring a surprise on detractors of demonetisation

Firstpost  

Action under the benami law for deposit of demonetised notes disabuses the naïve notion that all bank deposits automatically become sanitised and legit The law on benami properties prohibits entering into benami transactions. It is against this backdrop that the Narendra Modi government’s seemingly belated drive against large deposits of demonetised notes during the heady and tumultuous days of demonetisation into various bank accounts is going to be watched closely by the tax sleuths, the commentators and the Opposition. Full marks to Prime Minister Modi and Union Finance Minister Arun Jaitley for pursuing dubious deposits under the new-fangled benami law and not under the staid Income Tax law. Action under the benami law for deposit of demonetised notes disabuses the naïve notion that all bank deposits automatically become sanitised and legit.

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History of this topic

Former Uttar Pradesh minister Gayatri Prajapati on I-T radar after 18 more ‘benami’ properties identified
Trending News
1 month, 3 weeks ago

Former Uttar Pradesh minister Gayatri Prajapati on I-T radar after 18 more ‘benami’ properties identified

Live Mint  

Former Uttar Pradesh cabinet minister Gayatri Prajapati, who is in jail in a gang rape case, is facing fresh trouble. The move came three days after the department identified Gayatri Prajapati’s four ‘benami’ properties valued at ₹1.21 crore in the form of plots at different locations in Lucknow. Recently, the I-T department attached 18 ‘benami’ properties of the former minister …

Approver Under Benami Law: To Be, Or Not To Be?
4 months, 2 weeks ago

Approver Under Benami Law: To Be, Or Not To Be?

Live Law  

The process of obtaining evidence from persons involved in crime by granting them immunity is well known in criminal law both in India and abroad. While investigating and prosecuting benami cases, the income tax authorities often find it difficult to decipher the real transaction hidden behind the façade due to lack of documentary evidence and general secrecy surrounding such transactions. …

Benami law—the long arm of tax authorities
4 years ago

Benami law—the long arm of tax authorities

Live Mint  

The word benami means “without a name”. As an example, a benami property is a property bought by a person in the name of another person. Legislative backdrop The Benami Transactions Act, 1988 was introduced to prohibit benami transactions and to recover the property held as benami. Let us now look at some of its key provisions: Benami transactions Under …

P&H HC Directs States To Decide On Linking Of Aadhaar Cards With Property Documents/Transactions [Read Order]
5 years, 3 months ago

P&H HC Directs States To Decide On Linking Of Aadhaar Cards With Property Documents/Transactions [Read Order]

Live Law  

The High Court of Punjab and Haryana on Tuesday directed the governments of Punjab, Haryana and Chandigarh to decide the issue of linking Aadhaar cards with property Documents/Transactions, as urged by the Petitioner, within a month. Accordingly, the bench of Acting Chief Justice Rajiv Sharma and Justice H. S. Sidhu said, "the Petitioner has already made four representations for redressal …

Uttarakhand to enact law against benami properties
5 years, 5 months ago

Uttarakhand to enact law against benami properties

The Quint  

Dehradun, July 21 Uttarakhand Chief Minister Trivendra Singh Rawat said, here on Sunday, his government would bring a benami property bill in the Assembly to check corruption. "We will bring a strong law against benami property to control corruption," Chief Minister said at a function. The Chief Minister pointed out that Parliament had already passed the Benami Transactions Act, which …

IT dept attaches Rs 400 crore 'benami' plot in Noida belonging to Mayawati's brother, wife
5 years, 5 months ago

IT dept attaches Rs 400 crore 'benami' plot in Noida belonging to Mayawati's brother, wife

India TV News  

The Income-Tax Department has attached a 'benami' plot worth Rs 400 crore in Noida belonging to BSP supremo Mayawati's brother and his wife, an official order said. The provisional order for the attachment of the seven-acre plot, "beneficially owned" by Anand Kumar and his wife Vichiter Lata, was issued on July 16 by the Delhi-based Benami Prohibition Unit of the …

‘61 individuals declared gross income of over ₹100 crore in AY2017-18’
5 years, 11 months ago

‘61 individuals declared gross income of over ₹100 crore in AY2017-18’

The Hindu  

There were only 61 individuals who declared an income of more than ₹100 crore during assessment year 2017-18, though the number has risen sharply from 38 in the previous year. The number of individuals disclosing a gross total income of more than ₹100 crore in a year in his/her return of income filed with the Income Tax Department was 24 …

Revenue department sends notices to about 10,000 people under the benami law
6 years, 3 months ago

Revenue department sends notices to about 10,000 people under the benami law

Op India  

The revenue department, while scrutinizing data on deposits of demonetized currencies has issued notices to about 10000 people under the benami law seeking sources of their income, as reported by The Economic Times. “Not just income tax but several government departments can now use the data for future investigations.” Experts have reportedly stated that the Income Tax department is focusing …

Government crackdown on benami properties is welcome but who will chase the politicians?
6 years, 6 months ago

Government crackdown on benami properties is welcome but who will chase the politicians?

Firstpost  

Businessmen, industrialists are easy targets but politicians, while being easy to malign, are difficult to proceed against About Rs 4,300 crore worth of benami properties have reportedly been attached thus far, after the refurbished Prohibition of Benami Properties Act came into effect on 1 November 2016. It has so far upheld 100 attachments, which means the government can now confiscate …

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