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Penalty for Benami transaction.

Section 53 - Act - OFFENCES AND PROSECUTION - Other Direct Tax / Income Tax - Section 53 - CHAPTER VII OFFENCES AND PROSECUTION 53. (1) Where any person enters into a benami transaction in order to defeat the provisi .....

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transaction. (2) Whoever is found guilty of the offence of benami transaction referred to in sub-section (1) shall be punishable with rigorous imprisonment for a term which shall not be less than one year, but which may extend to seven ye .....

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