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I-T dept can attach assets under benami law even if actual owner not traced: Authority
Millennium Post Delhi|New Delhi 15January2025
The Income Tax department can attach an asset under the anti-benami law even if the actual owner of such a property has not been identified as the Act has a specific provision to deal with untraceable or fictitious entities, a quasi-judicial body has said.

In its ruling dated November 26, 2024, the Adjudicating Authority set up under the Prohibition of Benami Property Transactions (PBPT) Act, 1988, has thus upheld a 2023 land assets attachment order issued by the Lucknow unit of the Income Tax department. The alleged benami assets case came to the fore after the department raided three Lucknow-based Realty groups that had “purchased big land parcels in the Kakori (Lucknow district) area by paying huge amounts of unaccounted cash”.

The Lucknow-based Benami Prohibition Unit (BPU) of the department issued a provisional order in October 2023, attaching five land parcels in Kakori valued at over Rs 3.47 crore and categorising them as “benami assets”.

This order was sent to the Authority for confirmation with the name of a ‘benamidar’ (in whose name a benami property is standing) apart from two companies and two individuals who were named as “interested parties” in the case. The provisional order did not mention the name of any beneficial owner.

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هذه القصة مأخوذة من طبعة New Delhi 15January2025 من Millennium Post Delhi.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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