Benami Transactions

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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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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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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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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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"

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 |

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....

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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 |

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