IT Dept Attaches Benami Property Worth Rs 43 Billion From Across India

| June 26 , 2018 , 11:25 IST

The Income-tax Department on Tuesday found over 1500 unaccounted properties worth Rs. 43 billion across corners of the country in the span of one and half years after the introduction of the amendment of benami legislation act.

Jaipur and Mumbai topped the list with attachments of 200 properties each.

Patna has seen the least number of attachments at 30, followed by Lucknow at 50, while in Kolkata, Chandigarh and Hyderabad 144, 110 and 100 properties were attached respectively.

"The IT department will continue to curb the corruption and will continue to search such benami property in the name of dealers, hawala operators, bankers, and politicians,” an associated official said.

A driver from Jabalpur was found to be a 'benamidar' owing property worth Rs 77 million. The beneficial is the employer of a driver.

In one more case in Sanganer, Rajasthan, a former employee of jeweller was found to be the benamidar owing nine immovable properties. Certain properties were purchased through shell companies.

A professional from Mumbai was also holding several immovable properties in the name of Shell Companies which only existed on paper.

Also Read: Lok Sabha Passes Bill To Check Benami Transactions

The Benami Transactions Act exists since 1988 and was amended on November 1, 2016. The act prohibits illegal Benami transactions and provides imprisonment up to seven years and fine for the violation of the Act. PMO India is yet to form adjudicating authority.

“We have begun the process to put in place a dedicated benami adjudication authority. The large volume of cases requires swifter hearing and adjudication, which the PMLA is unable to handle as it is short-staffed for the volumes that are flowing in. The law provides for a benami authority," said a government official.