Income tax dept attaches benami properties worth Rs 3,500 crore
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Intensive efforts have led to the provisional attachment in more than 900 cases of properties including land, flats, shops, jewellery, vehicles and deposits in bank accounts worth more than Rs3,500 crore, the tax department said in a statement. Immovable property accounted for the lion’s share of Rs2,900 crore.
The government is on a drive to crack down on benami properties, or assets held by proxies, invoking the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), that came into force on 1 November 2016.
On 30 November, Prime Minister Narendra Modi said the government will broaden the scope of Aadhaar, the 12-digit unique identification number, to crack down on benami properties.
“The department is committed to continue its concerted drive against black money and action against benami transactions will continue to be intensified,” said the tax department statement.
Sanjay Sanghvi, partner at law firm Khaitan & Co. said that after demonetisation, tough action is being taken under the benami law. “While the benami law is a welcome legislation and has given much needed teeth to the adjudicating authorities, one hopes that this law is implemented in the right spirit,” said Sanghvi.
In one case, the department said a real estate firm acquired about 50 acres of land valued at more than Rs110 crore, using the names of people who couldn’t have afforded it as proxies.
Officials corroborated this with the sellers and brokers. In another case, two persons were found to have deposited demonetized currency in multiple bank accounts in the names of their employees and associates, which they intended to ultimately recoup. #casansaar (Source - LiveMint)
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