Income Tax Action On Benami Properties: 42 Premises Attached

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The IT department yesterday alleged that it has issued 87 notices and attached bank deposits worth crores in 42 cases all over the country under the newly imposed Benami Transactions act commencing rigorous action adjacent to black money holders post note ban. After 8th November demonetisation budge, the IT department had warned public advertisements and citizens against dumping their unaccounted old currency in somebody else’s bank account. They alleged that such an act would assault criminal charges pertinent together on a movable and immovable property.

With demonetisation coerce done a grimed and several raids by authorities leading to spasms of thousands of crores in illegal wealth the IT department has commenced a new crackdown and this time it is on Benami properties. The department also declared that bank deposits valued crores have been impounded under the newly enforced Benami Transactions Act which magnetizes a heavy penalty and precise jail term.

According to officials’ After in-depth investigations, the IT department has issued 87 notices under section 24 and said, a total number of 42 properties largely monies worth crores in bank accounts and an immovable property of benamidars has been attached’. The conclusion they said, to spank the rigorous provisions of the Benami transaction Act was taken after observing serious cases where the illegalities were unconcealed and assumed cash was deposited either in Benami accounts or Jan Dhan or inactive accounts.

Officials said that the taxman has issued several summonses under the Benami Transaction Act and is in the progression of issuing more. The taxman had begun a worldwide operation to observe suspect bank accounts where huge cash deposits have been made post 8th November. The Benami Act offers that the Benamidar, the beneficial owner and any added person who supports or tempts the Benami transaction shall be liable to be punished with precise imprisonment for a period of one to seven years.

As per the officials, ‘ the Benami amount in the bank account deposited post demonetisation will be seized and confiscated and the accused will also be liable to fine which extends up to 25 percent of the fair market value of that Benami property’. Officials also told that ‘ Such an arrangements where the person deposits old currency of Rs 500 and Rs 1000 in the bank account of another person with an indulgent that the account holder shall return his money in fresh currency,  the transaction shall be the Benami transaction under the said Act’.

The new odious is meant to the pact with those who have chosen to invest unaccounted for funds in other assets as an alternative to keeping it in cash and in the process refute the government its dues in form of taxes. Mr. Modi has assaulted Congress for the failure of its government to enclose rules to implement the Benami Transactions Act alleging that the collapse to impose the law showed its lack of authenticity in attempting corruption.

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