I-T dept set up 24 Benami Prohibition Units across India

The Benami Transactions (Prohibition) Amended Act, 2016 empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated.

The Income-Tax department has set up 24 Benami Prohibition Units across India in the last week under Benami Transactions (Prohibition) Act, 2016.

The IT Directorate of Investigation identified 400 benami transactions till 23 May. Till date, properties Attachment worth Rs 600cr done 240 cases.

In ongoing high profile case, the IT department has issued summonses to RJD chief Lalu Prasad's MP daughter Misa Bharti and her husband in connection with its probe in Rs 1,000 crore alleged benami land deals and a tax evasion case. The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the Enforcement Directorate on May 22. Agrawal is alleged to have aided in illegal transactions involving Lalu's kin.

Benami Transactions (Prohibition) Amended Act:

The Benami Transactions (Prohibition) Amended Act, 2016 empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated. Besides, if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25% of the fair market value of the property.

The act came into effect from 1st November 2016.

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