The Income Tax (IT) department has registered over 230 cases across the country under the new Benami Transactions (Prohibition) Amendment…
The Income Tax (IT) department has registered over 230 cases across the country under the new Benami Transactions (Prohibition) Amendment Act, 2016, officials said on Wednesday.
Along with registering the cases, the I-T department also attached assets worth Rs.55 crore, officials said further.
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The Lok Sabha had in July last year passed the bill which seeks to amend the definition of 'benami' transactions, establish adjudicating authorities and an appellate tribunal.
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The purpose of the bill is to discourage the activity of acquiring the properties in the name of fictitious and other people. The bill also specifies prosecution and penalty for entering into benami, proxy transactions.
The new law, which replaces the 1988 Act, has 71 sections instead of 9 along with strengthened punishment clauses.
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