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BENAMI ACT
Informal ‘benami’ investments may now face confiscation; Supreme Court ruling puts family property deals under scannerWhere family arrangements are involved, they must comply with legal conditions, including joint ownership where required. Informal arrangem...- Income Tax department provisionally attached Anil Parab’s Ratnagiri Resort under Benami ActParab, who belongs to the Uddhav Thackray faction of the Shiv Sena, is facing cases of corruption and money laundering. The people said thi...
- Centre seeks review of Supreme Court verdict striking down provisions of Benami Act"This is an unusual request. We seek an open court hearing of the review. Due to this judgement, a lot of orders are being passed even thou...
- Delhi High Court closes all proceedings against Satyendar Jain under Benami ActJain had filed the petition in 2017 and said that these alleged transactions took place between 2011 to March 2016 and therefore the amendm...
- SC ruling on retro effect of Benami Law keenly awaitedA plethora of transactions like cash transfers, property deals, and share issuances have come under the lens with the invocation of the Ben...
- Happy belated returns from I-T dept, but only if you pay up the extra taxBased on a trust-based governance mechanism, the Finance Bill has now allowed taxpayers to file an 'Updated Return' within two years from t...
- GIFT needs LRS, Rupee ECB, will try to convince RBI, consult IT: Injeti SrinivasOn the applicability of harsh Indian laws like PMLA, Black Money Act and Benami Act, the IFSCA chairman said, “No one is saying KYC should ...
- Ordinance promulgated to give effect to extension of time limits under Taxation and Benami actsExtension of several time limits related to direct and indirect tax filings have been extended to June 30, so has the date for passing of o...
- Plots attached, top builder challenges Benami Act rulesThe company said the properties were purchased with its money by its land aggregator, Nilesh Thakur, appointed in 2007. Nilesh is the broth...
- Income Tax Dept attaches 900 benami properties worth over Rs 3,500 crore: Finance Ministry"Income Tax Department has attached properties worth more than Rs 3,500 crore, including immovable properties of more than Rs 2,900 crore, ...
- Taxman may invoke Benami Act for unexplained credits, investmentsTax experts, however, said even now a distinction between unexplained tax credits, where higher tax is applicable, and a benami transaction...
- Benami assets: I-T scanning profiles of property registered over Rs 30 lakhAction against illicit asset holders is set to intensify under the provisions of the anti-Benami Act. The taxman has already attached 621 p...
- CBI, ED likely to slap charges against some accused in Narada sting under Benami Act"Some of the ministers have tried to convince the investigators saying that they had taken money for election funds or for some charity pur...
- Income tax department unearths 400 benami deals, attaches Rs 600-crore propertiesThe department started initiating actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1 last year.
- Benami Act violators to face double whammy of legal actionBenami property "may be attached and confiscated by the government" and these actions are in "addition to actions under other laws such as ...
- Benami assets: I-T registers 230 cases, attaches assets worth Rs 55 croreViolations of the Act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
- Benami act another step in the abiding fight against black money: Nirmala SitharamanCarpet makers, handicraft, weavers and metal scrap aggregators had a feeling that due to shortage of currency, the payments were affected.
- Cabinet okays Benami Bill amendments for immunity under Income Disclosure SchemeThe amendment removes conflict between provisions of the IDS that provided immunity from Benami Act condition to transfer of property to ac...
- Changes in Benami Act will block black money in realty: Jayant SinhaThe Budget has proposed a new and comprehensive Benami Transactions (Prohibition) Bill, which is likely to be introduced in Parliament in t...
- New Benami Act aims to curb terror fund flowThe government was considering making changes in the Benami Act following pressure building from international quarters to tighten anti-lau...
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