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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 provisions of any law or to avoid payment of statutory dues or to avoid payment to creditors, the beneficial owner, benamidar and any other person who abets or induces any person to enter into the benami transaction, shall be guilty of the offence of Benami .....

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