Income Tax Department attaches properties worth Rs 3,500 crore

Mangalore Today News Network

New Delhi, Jan 11, 2018 : The Income Tax Department has come down heavily on benami properties across the country. It has made provisional attachments in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’).

 

These attachments include plots of land, flats, shops, jewellery, vehicles, deposits in bank accounts, fixed deposits etc. The value of properties under attachments is more than Rs 3,500 crore including immovable properties of more than Rs 2,900 crore.

In five cases, the Income Tax Department has made provisional attachments of more than ₹150 crore.

In one such case, it was established that a real estate company had acquired about 50 acres of land, valued at more than Rs 110 crore, using the names of certain persons, who have no mean to own large property, as benamidars. This was corroborated from the sellers of the land as well as the brokers involved.
In another case, a cash amount of Rs 1.11 crore was intercepted from a vehicle with a person who denied the ownership of this cash. Subsequently, no one claimed ownership of this cash and it was held to be a benami property by the adjudicating authority. In a press statement, the Income Tax Department said, “Income Tax Department is committed to continue its concerted drive against black money and action against benami transactions will continue to be intensified.” The department has set up 24 dedicated Benami Prohibition Units (BPUs) under its investigation directorates all over India in May, 2017 to ensure speedy action with regard to benami properties. As per the ‘Benami Act’, which came into force on 1 November 2016, benami properties can be provisionally attached and subsequently confiscated. It also allows for prosecution of the beneficial owner, the benamidar and the abettor to benami transactions, which may result in rigorous imprisonment of up to 7 years and a fine up to 25% of fair market value of the property.


courtesy:Yahoo