Benami Transactions

PBPT: Prerequisites For A Valid Provisional Attachment

Income Tax - One of the draconian facet of the amended Prohibition of Benami Property Transactions Act, 1988 is the provisional attachment provided under Section 24 of the PBPT Act. In this piece we will discuss the prerequisites for valid provisional attachment under Prohibition of Benami Property Transactions Act, 1988....

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Benami Transactions: Burden of Proof Lies Upon Whom

Income Tax - Ashutosh Gupta and Gaurav Rana The burden of proof of a fact is the most crucial aspect in any legislation and disputes or litigation arising in the implementation of the legislation. Entire thrust of the litigation and also the fate of the parties to the litigation depends on this fundamental issue. In this piece we […]...

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Benami Property Amendment Act 2016: Retrospective or Prospective

Income Tax - Prohibition of Benami Property Transactions Amendment Act, 2016 will not be applicable retrospectively in both set of litigation i.e. pending cases (whether before trial court or appellate court) and fresh cases pertaining to past transactions...

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Analysis of Issues Involved in Retrospective Applicability of Benami Law

Income Tax - The retrospective applicability of Benami law has been a subject matter of controversy, particularly after the amendments introduced in year 2016. In this article, an attempt is being made to identify and analyse various issues involved, and discuss the present judicial stand on such issues pending final verdict by Hon’ble Supreme Court...

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Benami Transactions – Meaning and Consequences

Income Tax - Benami transaction means; a transaction or an arrangement, where the property is transferred to or held by a person, and consideration for such property has been provided or paid by another person....

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Provisional Attachment Order to safeguard from creation of third party interest was justified

Tulsiram Vs ACIT (Chhattisgarh High Court) - The issue under consideration is whether the Provisional Order of Attachment for Pending Adjudication is justified in law?...

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Benami Law- Amended Provision of 2016 has no relevance without provisions of Act of 1988

Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court) - Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court) To decide the core issue whether the amended Benami Transactions (Prohibition) Amendment Act, 2016 can be made applicable for initiating proceedings against the petitioner in respect of the properties which were purchased or acquired pr...

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Adjudicating authority obliged to examine stand of alleged Benamindar: HC

Kailash Assudani Vs CIT (Madhya Pradesh High court) - Kailash Assudani Vs CIT (Madhya Pradesh High court) A plain reading of Sub-section (3) of Section 26 of Prohibition of Benami Property Transaction Act, 1988 makes it clear that the adjudicating authority is obliged to examine the stand of alleged Benamindar in reply to the show cause notice. He is f...

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Adjudicating Authority only can decide on Benami nature of property

Kailash Assudani Vs CIT (Madhya Pradesh High Court) - Kailash Assudani Vs CIT (Madhya Pradesh High Court) High Court held that It is the Adjudicating Authority who is to decide the question of Benami nature of the property. The proceedings under Section 24 of the Act contemplates the issuance of show cause notice as to why the property specified in the...

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‘Benami’ property: HC refuses to interfere against provisional attachment order

Simmant Kohli Vs Union Of India (Madhya Pradesh High Court) - Simmant Kohli Vs Union Of India (Madhya Pradesh High Court) The Court opined that pending final adjudication whether property is in the name of petitioner are ‘Benami’ property or not, the authorities concerned have passed an order of provisional attachment as a matter of precaution, until the d...

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Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019

Notification No. 101/2019-Income Tax [G.S.R. 885(E)] - (29/11/2019) - (1) These rules may be called the Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019. (2) They shall come into force from the date of their publication in the Official Gazette....

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Recent Posts in "Benami Transactions"

PPT on Benami Transactions

Benami Transactions One should not enter into any benami transaction as its consequences are severe and unescapable. Please find attached herewith insights on the Prohibition of Benami Property Transactions Act, 1988. Benami property means any property which is the subject matter of a benami transaction and also includes the proceeds f...

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Posted Under: Income Tax |

PBPT: Prerequisites For A Valid Provisional Attachment

One of the draconian facet of the amended Prohibition of Benami Property Transactions Act, 1988 is the provisional attachment provided under Section 24 of the PBPT Act. In this piece we will discuss the prerequisites for valid provisional attachment under Prohibition of Benami Property Transactions Act, 1988....

Read More
Posted Under: Income Tax |

Benami Transactions: Burden of Proof Lies Upon Whom

Ashutosh Gupta and Gaurav Rana The burden of proof of a fact is the most crucial aspect in any legislation and disputes or litigation arising in the implementation of the legislation. Entire thrust of the litigation and also the fate of the parties to the litigation depends on this fundamental issue. In this piece we […]...

Read More
Posted Under: Income Tax |

Benami Property Amendment Act 2016: Retrospective or Prospective

Prohibition of Benami Property Transactions Amendment Act, 2016 will not be applicable retrospectively in both set of litigation i.e. pending cases (whether before trial court or appellate court) and fresh cases pertaining to past transactions...

Read More
Posted Under: Income Tax |

Analysis of Issues Involved in Retrospective Applicability of Benami Law

The retrospective applicability of Benami law has been a subject matter of controversy, particularly after the amendments introduced in year 2016. In this article, an attempt is being made to identify and analyse various issues involved, and discuss the present judicial stand on such issues pending final verdict by Hon’ble Supreme Court...

Read More
Posted Under: Income Tax |

Benami Transactions – Meaning and Consequences

Benami transaction means; a transaction or an arrangement, where the property is transferred to or held by a person, and consideration for such property has been provided or paid by another person....

Read More
Posted Under: Income Tax | ,

Insights into Prohibition of Benami Property Transaction Act, 1988

Generally,due to following reasons, people enter into benami transactions: a) To invest unaccounted money. b) To invest money earned from illegal means, that is, through corruption, etc. c) To hide the ownership of the property from banks or creditors....

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Posted Under: Income Tax |

Intricacies in Benami Law

In recent times, the most complex question which has been pondered upon is in relation to the implications of Benami Law and Income Tax Act on the issues of share capital, loans, gift, gold/ jewellery, cash, immovable property or any investment/expenditure....

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Posted Under: Income Tax |

Provisional Attachment Order to safeguard from creation of third party interest was justified

Tulsiram Vs ACIT (Chhattisgarh High Court)

The issue under consideration is whether the Provisional Order of Attachment for Pending Adjudication is justified in law?...

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Comprehensive Analysis of Definition of Benami Transaction

A journey into the evolution of the definition It is natural that the comprehensive analysis of the definition of benami transaction in the benami act has to start with reproducing the definition itself. Section 2(9) of Prohibition of Benami Transactions Act, 1988 defines Benami Transaction. As per this, Benami Transaction means: A. A tra...

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Posted Under: Income Tax | ,

Benami Transactions (Prohibition) Amendment Act, 2016- Brief Analysis

The Benami Transactions (Prohibition) Act, 1988 came into force on 19th day of May, 1988. It extends to the whole of India except the State of Jammu and Kashmir. The act was only in paper and was not implemented for the reason for which it was enacted. And due to operational difficulties, non-formation of rules and relation, the Act could...

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Posted Under: Income Tax |

Details of Relatives in Whose Name Benami Property can be Held

‘Benami’ transactions were treated as valid transactions by various courts, prior to promulgation of Ordinance in 1988. We know that word ‘Benami’ is a Persian compound word, made up of ‘be‘ which means without and ‘name‘ which means name that is ‘Benami’ means ‘Without nam...

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Posted Under: Income Tax |

Benami Property- Simplified Meaning

As the name indicates Benami property means a property without a name. In such kind of a transaction, the person who pays for the property does not buy it under his/her own name and motive behind such a transactions of this nature is to evade payment of tax....

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Posted Under: Income Tax |

Eligibility to appoint member of Adjudicating Authority -Benami Law

Expanding the eligibility criteria for appointment of member of Adjudicating Authority under the Prohibition of Benami Property Transaction Act, 1988. The existing provisions of section 9 of the PBPT Act, inter-alia, provides that, a member of the Indian Revenue Service who has held the post of Commissioner of Income-tax or equivalent pos...

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Posted Under: Income Tax |

Benami Law, 2016

Benami Property: Any property which is the subject matter of a benami transaction and also includes the proceeds from such property. Benamidar: A person or a fictitious person, as the case may be, in whose name the benami property is transferred or held and includes a person who lends his name....

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Posted Under: Income Tax |

What is Benami Transactions and Its Impact on Common Man

Where a property held by a person (Benamidar) and consideration has been paid by another person (Benefiacial owner) & The property is held for the immediate or future benefit, directly or indirectly for the person who has paid the consideration....

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Posted Under: Income Tax |

Benami Law- Amended Provision of 2016 has no relevance without provisions of Act of 1988

Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court)

Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court) To decide the core issue whether the amended Benami Transactions (Prohibition) Amendment Act, 2016 can be made applicable for initiating proceedings against the petitioner in respect of the properties which were purchased or acquired prior to 01.11.2016, it would be necessary...

Read More

Adjudicating authority obliged to examine stand of alleged Benamindar: HC

Kailash Assudani Vs CIT (Madhya Pradesh High court)

Kailash Assudani Vs CIT (Madhya Pradesh High court) A plain reading of Sub-section (3) of Section 26 of Prohibition of Benami Property Transaction Act, 1988 makes it clear that the adjudicating authority is obliged to examine the stand of alleged Benamindar in reply to the show cause notice. He is further obliged to make further […...

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Adjudicating Authority only can decide on Benami nature of property

Kailash Assudani Vs CIT (Madhya Pradesh High Court)

Kailash Assudani Vs CIT (Madhya Pradesh High Court) High Court held that It is the Adjudicating Authority who is to decide the question of Benami nature of the property. The proceedings under Section 24 of the Act contemplates the issuance of show cause notice as to why the property specified in the notice should not […]...

Read More

‘Benami’ property: HC refuses to interfere against provisional attachment order

Simmant Kohli Vs Union Of India (Madhya Pradesh High Court)

Simmant Kohli Vs Union Of India (Madhya Pradesh High Court) The Court opined that pending final adjudication whether property is in the name of petitioner are ‘Benami’ property or not, the authorities concerned have passed an order of provisional attachment as a matter of precaution, until the dispute is finally resolved, no interfere...

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Retrospective Operation of Prohibition of Benami Act

Note on Retrospective Operation Of Benami Transactions (Prohibition) Act, 1988: Section 1(3) provides that ‘the provisions of section 3, 5 and 8 shall come into force at once (5th September 1988) and the remaining provision of this Act shall be deemed to leave come into force on the 19th day of May,1988. The decision of […]...

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Posted Under: Income Tax |

Statute cannot have any retrospectivity unless expressly provided therein

Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court)

Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court) By an amendment an existing Act is supplemented by new provisions adding to or subtracting from it. It is usual that parts of the existing Act are retained. Say for example, there is a provision in the existing Act for penalty in […]...

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Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019

Notification No. 101/2019-Income Tax [G.S.R. 885(E)] (29/11/2019)

(1) These rules may be called the Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019. (2) They shall come into force from the date of their publication in the Official Gazette....

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Benami Transaction (As Amended By Finance (No. 2) Act 2019)

Background: This Act called The Prohibition of Benami Property Transaction Act 1988 (w.e.f Sept-1988) subsequently name substituted by THE Benami Transaction (Prohibition) Amendment Act, 2016 ( w.e.f Nov-2016). Benami Transaction (As Amended By Finance (No. 2) Act 2019) DEFINITION (u/s 2) BENAMI PROPERTY: Any property which is subject ma...

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Posted Under: Income Tax |

Benami Transactions Prohibition Amendment Act, 2016 Retrospective or Prospective

Introduction : The Benami Transaction (Prohibition) Act, 1988 (Unamended Benami Act) was a small Act with only 9 sections. Through introduction of The Benami Transactions (Prohibition) Amendment Act, 2016, w.e.f. 1st November, 2016, the Unamended Benami Act was amended wherein the sections were increased from 9 to 72 sections and the name...

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Posted Under: Income Tax |

Insight Into Benami Transactions (Prohibition) Amendment Act, 2016

A. Background: Corruption has been a social evil which has been bothering the world at large in various degrees. India has also not been spread by the sigma of corruption. After Independence the euphoria that had been generated in the fight against the British, gradually decreased and the ability to wield power at all costs […]...

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Posted Under: Income Tax |

Benami Law and Its Implications

Various steps have been taken for removal of unaccounted assets by Government like The Black Money Foreign Income and Asset Act, 2015, Income Disclosure Scheme 2016, Demonetization of high denomination currency, Prime Minister Garib Kalyan Yojna, by amendments in Income Tax Act, by amendments in Money Laundering Act, Implementation of GST...

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Posted Under: Income Tax |

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