IndiaAction under Benami Act begins; IT issues 87 notices; attaches 42 assets

Action under Benami Act begins; IT issues 87 notices; attaches 42 assets

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NEW DELHI: Initiating a stringent action against black money holders post notes ban, the Income Tax department today said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.

Post the demonetisation order of the Government on November 8 last year, the department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone else's bank account saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property, that has been enforced from November 1, 2016.

“After in-depth investigations, the I-T department has issued 87 notices under section 24 of the said Act (notice and attachment of property involved in benami transaction). A total of 42 properties, largely monies worth crores in bank accounts and an immovable property, of  benamidars have been attached,” officials said citing an analysis report.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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