Income Tax Department identifies over 400 benami transactions so far

The Income Tax Department (I-T) has announced on Wednesday of identifying over 400 benami transactions which include deposits in bank accounts, plots of land, flat and jewellery.

The Income Tax Deparment (I-T) had initiated actions under the new Benami Transactions (Prohibition) Amendment Act , 2016 on November 1 last year. Representational Image. Image Source: ZeeBiz WebDesk

Highlights:
1. Over 400 identified benami transactions include deposits in bank accounts, plots of land, flat and jewellery, cited CBDT

2. Immovable properties have been attached in 40 cases with total value of more than Rs 530 crore in Kolkata, Mumbai, Delhi, Gujarat, Rajasthan and Madhya Pradesh

The Income Tax Department (I-T) has said on Wednesday of identifying over 400 benami transactions till May 23 this year.

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“The Income-tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017. These include deposits in bank accounts, plots of land, flat and jewellery. Provisional attachment of properties under the Act has been done in more than 240 cases,” Meenakshi J Goswami official spokeperson of central board of direct taxes (CBDT) said in a press release.

ALSO READ: Benami Act to come into effect from November 1; here’s what you need to know

“The market value of properties under attachment is more than Rs 600 crore. Immovable properties have been attached in 40 cases with total value of more than Rs 530 crore in Kolkata, Mumbai, Delhi, Gujarat, Rajasthan and Madhya Pradesh,” Goswami further said.

The Income Tax Deparment (I-T) had initiated actions under the new Benami Transactions (Prohibition) Amendment Act , 2016 on November 1 last year.

According to the Act, the Benami property includes movable or immovable property, tangible or intangible property, corporeal or incorporeal property.

It also allows for prosecution of the beneficial owner, the benamidar, the abettor and the inducer to benami transactions, which may result in rigorous imprisonment up to seven years and fine up to 25% of fair market value of the property.

“In addition, the Income-tax Department, has undertaken searches on 10 senior government officials during the past one month, keeping in view its policy to unearth black money earned through corrupt practices and introduce accountability and probity in public life,” it further said.

ALSO READ: Benami Act to come into effect from November 1; here’s what you need to know

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