The Income Tax Department has stepped up actions under the Prohibition of Benami Property Transactions Act which came into force from 1st November last year. The Department had set up 24 dedicated Benami Prohibition Units under its Investigation Directorates all over India to ensure swift action in respect of Benami properties. <br/><br/>Due to intensive efforts undertaken by the Department, provisional attachment has been made in more than 900 cases of properties under the Act. These include plots of land, flats, shops, jewellery, vehicles, deposits in bank accounts, fixed deposits etc. The value of properties under attachment is more than 3500 crore rupees including immovable properties of more than 2900 crore rupees. <br/><br/>In five cases, the provisional attachments of Benami properties, amounting to more than 150 crore rupees have been confirmed by the Adjudicating Authority. In one such case, it was established that a real estate company had acquired about 50 acres of land, valued at more than 110 crore rupees, using the names of certain persons of no means as benamidars. <br/><br/>This was corroborated from the sellers of the land as well as the brokers involved. In another case, post demonetization, two assessees were found depositing demonetized currency into multiple bank accounts in the names of their employees, associates etc. to be ultimately remitted to their bank accounts. The total amount attempted to be remitted to the beneficial owners was about 39 crore rupees. <br/>In yet another case, a cash amount of 1.11 crore rupees 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 benami property by the Adjudicating Authority.<br/><br/>The Benami Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable. It also allows for prosecution of the beneficial owner, the benamidar and the abettor to benami transactions, which may result in rigorous imprisonment up to 7 years and fine upto 25 per cent of fair market value of the property.<br/><br/><br/><br/><br/><br/>