Benami Property - the Adjudicating Authority appointed u/s 6(1) of the Prevention of Money-laundering Act, 2002 shall discharge the functions of the Adjudicating Authority under the Benami Act. - 77/2018 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION NO. 77/2018 New Delhi, the 1 st November, 2018 S.O. 5608(E).- In exercise of powers conferred by section 71 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) (hereafter referred to as the said Act) and in suppression of notification number S.O. 3288(E) dated the 25th October, 2016 , except as respects things done or omitted to be done before such suppression, the Central Government hereby notifies that,- (i) the Adjudicating Authority appointed under sub-section (1) of section 6 of the Prevention of Money-laundering Act, 2002 (15 of 2003) shall discharge the functions of the Adjudicating Authority under the said Act , for the period beginning on 1st day of November, 2016 and ending on the date preceding the date on which the Adjudicating Authority appointed under the said Act commences discharging the functions of the Adjudicating Authority under the said Act , in respect of cases in which references have been received by it; (ii) notwithstanding anything to the contrary contained in clause (i), the Adjudicating Authority appointed under sub-section (1) of section 6 of the Prevention of Money-laundering Act, 2002 (15 of 2003) shall pass order under sub-section (3) of section 26 of the said Act in respect of case in which the said order is required to be passed before the expiry of two months from the end of the month in which the Adjudicating Authority appointed under the said Act commences discharging the functions of the Adjudicating Authority under the said Act ; (iii) the Appellate Tribunal referred to in section 25 of the Prevention of Money-laundering Act, 2002 (15 of 2003) shall discharge the functions of the Appellate Tribunal under the said Act , for the period beginning on 1st day of November, 2016 and ending on the date preceding the date on which the Appellate Tribunal established under the said Act commences discharging the functions of the Appellate Tribunal under the said Act , in respect of cases in which appeals have been filed before it. This Notification shall come into effect from the date of its publication. [F.No.370149/194/2017-TPL] PRAVIN RAWAL, Director (Tax Policy Legislation)