Benami Transactions

PMLA, 2002 & Benami Transactions (Prohibition) Amendment Act, 2016

Income Tax - Prevention of Money Laundering Act (PMLA), 2002 and The Benami Transactions (Prohibition) Amendment Act, 2016 in India A. Prevention of Money Laundering Act (PMLA), 2002  1. Introduction on the PMLA (i) Definition of PMLA is given under section 3 of the PMLA, 2002 where any activity of Money Laundering is involved for the purpose of [&he...

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Will property become Benami if you purchase in Relatives name?

Income Tax - It is very common to purchase property in the name of our close relatives like spouse, children, parents and siblings. However it is important for us to understand from the legislative perspective, are we allowed to purchase the property in name of our relatives? If we are allowed to purchase the property on behalf of […]...

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Adjudicating authority under the PBPT Act

Income Tax - Section of the 71 of the Prohibition of Benami Property Transactions Act (PBPT)  Act, inter alia, provides that the Central Government may, by notification, provide that until the Adjudicating Authorities are appointed and the Appellate Tribunal is established under the PBPT Act, the Adjudicating Authority appointed under sub-section (1)...

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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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Member of Indian Legal Service cannot be appointed as a Judicial Member under Benami Transaction Act

V. Vasanthakumar Vs Union of India (Madras High Court) - V. Vasanthakumar Vs Union of India (Madras High Court) Section 32(2)(a) of the Prohibition of Benami Property Transactions Act, 1988, postulates the qualifications for appointment of a Judicial Member and, as per the said provision, a Member of the Indian Legal Service who held the post of the Addit...

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Benami Act, 1988, would not extend to properties purchased by the company

Kalyan Buildmart Pvt. Ltd. Vs Initiating Officer (Rajasthan High Court) - In present facts of the case the Hon’ble High Court have allowed the writ petition filed by the Company, wherein it was held that so far as the ownership of land is concerned, each company has right to purchase property and the Benami Act, 1988, would not extend to properties purchased by the comp...

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Writ not maintainable if due procedure followed by Authorities

K.Nagarajan Vs Adjudication Authority (Madras High Court) - In present facts of the case, the Hon’ble High Court dismissed the writ petition by making observations that the due procedure of law was followed by the Respondents under Section of the 24(4)(a)(i) of the Benami Transactions (Prohibition) Amendment Act, 2016....

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Amendment to Prohibition of Benami Property Transactions Act, 1988 – Prospective or retrospective?

Deific Abode LLP Vs Union of India (Calcutta High Court) - Deific Abode LLP Vs Union of India (Calcutta High Court) The fundamental point of contention, as advanced by Mr. Khaitan, learned Senior Advocate, appearing on behalf of the petitioners, is the unconscionable and illegal ‘retrospective applicability’ of the 1988 Act, leading to these proceedings...

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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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Govt notifies jurisdiction for Competent Authorities under Benami Act

Notification No. 02/2021 [G.S.R. 499(E).) - (19/07/2021) - Central Government allocates jurisdiction among Competent Authorities authorized under section 5(1) of Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 for the purpose of section 7 of the Prohibition of Benami Property Transactions Act 1988 MINISTRY OF FINANCE (Departme...

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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"

Member of Indian Legal Service cannot be appointed as a Judicial Member under Benami Transaction Act

V. Vasanthakumar Vs Union of India (Madras High Court)

V. Vasanthakumar Vs Union of India (Madras High Court) Section 32(2)(a) of the Prohibition of Benami Property Transactions Act, 1988, postulates the qualifications for appointment of a Judicial Member and, as per the said provision, a Member of the Indian Legal Service who held the post of the Additional Secretary or equivalent post in th...

Read More

PMLA, 2002 & Benami Transactions (Prohibition) Amendment Act, 2016

Prevention of Money Laundering Act (PMLA), 2002 and The Benami Transactions (Prohibition) Amendment Act, 2016 in India A. Prevention of Money Laundering Act (PMLA), 2002  1. Introduction on the PMLA (i) Definition of PMLA is given under section 3 of the PMLA, 2002 where any activity of Money Laundering is involved for the purpose of [&he...

Read More
Posted Under: Income Tax |

Will property become Benami if you purchase in Relatives name?

It is very common to purchase property in the name of our close relatives like spouse, children, parents and siblings. However it is important for us to understand from the legislative perspective, are we allowed to purchase the property in name of our relatives? If we are allowed to purchase the property on behalf of […]...

Read More
Posted Under: Income Tax |

Benami Act, 1988, would not extend to properties purchased by the company

Kalyan Buildmart Pvt. Ltd. Vs Initiating Officer (Rajasthan High Court)

In present facts of the case the Hon’ble High Court have allowed the writ petition filed by the Company, wherein it was held that so far as the ownership of land is concerned, each company has right to purchase property and the Benami Act, 1988, would not extend to properties purchased by the company....

Read More

Writ not maintainable if due procedure followed by Authorities

K.Nagarajan Vs Adjudication Authority (Madras High Court)

In present facts of the case, the Hon’ble High Court dismissed the writ petition by making observations that the due procedure of law was followed by the Respondents under Section of the 24(4)(a)(i) of the Benami Transactions (Prohibition) Amendment Act, 2016....

Read More

Govt notifies jurisdiction for Competent Authorities under Benami Act

Notification No. 02/2021 [G.S.R. 499(E).) 19/07/2021

Central Government allocates jurisdiction among Competent Authorities authorized under section 5(1) of Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 for the purpose of section 7 of the Prohibition of Benami Property Transactions Act 1988 MINISTRY OF FINANCE (Department of Revenue) (COMPETENT AUTHORITY CELL...

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Amendment to Prohibition of Benami Property Transactions Act, 1988 – Prospective or retrospective?

Deific Abode LLP Vs Union of India (Calcutta High Court)

Deific Abode LLP Vs Union of India (Calcutta High Court) The fundamental point of contention, as advanced by Mr. Khaitan, learned Senior Advocate, appearing on behalf of the petitioners, is the unconscionable and illegal ‘retrospective applicability’ of the 1988 Act, leading to these proceedings. When the matter was last taken up, Mr....

Read More

Adjudicating authority under the PBPT Act

Section of the 71 of the Prohibition of Benami Property Transactions Act (PBPT)  Act, inter alia, provides that the Central Government may, by notification, provide that until the Adjudicating Authorities are appointed and the Appellate Tribunal is established under the PBPT Act, the Adjudicating Authority appointed under sub-section (1)...

Read More
Posted Under: Income Tax |

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 |

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