TMI BlogPenalty for Benami transaction.X X X X Extracts X X X X X X X X Extracts X X X X ..... UTION Penalty for Benami transaction. 53. (1) Where any person enters into a benami transaction in order to defeat the provisions of any law or to avoid payment of statutory dues or t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one year, but which may extend to seven years and shall also be liable to fine which may extend to twenty-five per cent. of the fair market value of the property. ***************** ..... X X X X Extracts X X X X X X X X Extracts X X X X
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