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Prohibition of Benami Property Transactions Rules 2016

Income Tax - 99/2016 - Dated:- 25-10-2016 - MINISTRY OF FINANCE (Department of Revenue) Notification No. 99/2016 New Delhi, the 25th October, 2016 G.S.R. 1004(E).-In exercise of the powers conferred by section 68 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.-(1) These rules may be called the . (2) They shall come into force on the 1st day of November, 2016. 2. Definitio .....

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Act, 1932 (9 of 1932), the Income-tax Act, 1961 (43 of 1961), the Depositories Act, 1996 (22 of 1996), the Prevention of Money-Laundering Act, 2002 (15 of 2003), the Limited Liability Partnership Act, 2008 (6 of 2009) and the Companies Act, 2013 (18 of 2013) or the rules made under those Acts, shall have the same meanings respectively assigned to them in those Acts and rules. 3. Determination of price in certain cases.-(1) For the purposes of sub-clause(ii) of clause (16) of the section 2 of th .....

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res = (A+B - L)× (PV)/(PE) where, A= book value of all the assets (other than bullion, jewellery, precious stone, artistic work, shares, securities and immovable property) as reduced by,- (i) any amount of income-tax paid, if any, less the amount of income-tax refund claimed, if any, and (ii) any amount shown as asset including the unamortised amount of deferred expenditure which does not represent the value of any asset; B= the price that the bullion, jewellery, precious stone, artistic w .....

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y amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulativ .....

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nder sub-section (1) of section 285BA of that Act to the Initiating Officer or such authority or agency authorised by the Initiating Officer on or before fifteen days from the end of the month in which said statement is received. 5. Provisional attachment.-For the purposes of sub-section (3) of section 24, the Initiating Officer shall provisionally attach any property in the manner provided in the Second Schedule of Income-tax Act, 1961 (43 of 1961). 6. Confiscation of property under second prov .....

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urposes of registration of such immovable property, intimating about the confiscation of the property; (ii) arrange to place copy of the notice at some conspicuous part of the immovable property for the benefit of general public mentioning clearly therein, in English and in vernacular language, that the property has been confiscated under the Act and vests absolutely in the Central Government; (iii) arrange to make a proclamation for the confiscation of immovable property at some place on or nea .....

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he leave of the concerned Adjudicating Authority, and deposit the sale proceeds in the nearest Government Treasury or branch of the State Bank of India or its subsidiaries or in any nationalised bank in fixed deposit and retain the receipt thereof: Provided that where the owner of the property furnishes the fixed deposit receipt of State Bank of India or its subsidiaries or a nationalised bank equivalent to the value of property in the name of Administrator, the authorised officer may accept and .....

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deposit the property consisting of cash, Government or other securities or bullion or jewellery or other valuables in a locker in the name of the Administrator or in the form of fixed deposit, as the case may be, in State Bank of India or its subsidiaries or in any nationalised bank and retain the receipt thereof; (iv) cause to get the property in the form of shares, debentures, units of Mutual Fund or instruments to be transferred in favour of Administrator; (v) issue a direction to the bank o .....

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roperty, ensure proper identification of such property with reference to its particulars mentioned in the order made under sub-section (1) of section 27. 8. Management of confiscated property under sub-section (1) of section 28.-(1) Where the property confiscated is of such a nature that its removal from the place of attachment is impracticable or its removal involves expenditure out of proportion to the value of the property, the Administrator shall arrange for the proper maintenance and custod .....

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rding entries in respect of moveable property, such as cash, Government or other securities, bullion, jewellery or other valuables. (4) The Administrator shall obtain a receipt from the Treasury or the bank, as the case may be, against the deposit of moveable properties stated in sub-rule (2). (5) The Administrator shall maintain a register containing the details in Form No. 2 annexed to these rules for recording entries in respect of property other than the properties referred to in sub-rule (2 .....

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3 annexed to these rules. (2) At the time of filing, every appeal shall be accompanied by a fee of ten thousand rupees. (3) The appeal shall set forth concisely and under distinct head the grounds of objection to the order appealed against and such grounds shall be numbered consecutively; and shall specify the address of service at which notice or other processes of the Appellate Tribunal may be served on the appellant and the date on which the order appealed against was served on the appellant .....

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ipt of properties: Description of properties (quantity, amount, estimated value): Name(s) and address(es) of the benamidar and beneficial owner, if his identity is known: Name and address of the Treasury or bank where the properties are deposited for safe custody: Date and time of deposit of confiscated properties in the Treasury or bank: Receipt number with date of the receipt obtained from the Treasury or bank: Remarks of the Administrator: (Signature of the Administrator) Name of the Administ .....

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