The law has been stretched to slap notices on corporates for buying properties in the name of local residents to circumvent state laws
The Income Tax Department has attached properties provisionally in more than 900 cases.
The Income Tax (I-T) department, has warned that those who undertake Benami transactions would invite rigorous imprisonment (RI) of up to 7 years and such violators would also stand to be charged under the R
The Income Tax (I-T) department has issued 87 notices under section 24 of the Benami Property Transactions Act, 1988, (which pertains to notice and attachment of property involved in benami transaction). A total of R
The Budget 2015-16 has proposed a new and comprehensive Benami Transactions (Prohibition) Bill, which is likely to be introduced in Parliament in the current session.