9911796707
TMI BlogProhibition of Benami Property Transactions Act, 1988 –reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... Prohibition of Benami Property Transactions Act, 1988 –reg. X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Act, the existing Benami Transactions (Prohibition) Act, 1988 shall be renamed as Prohibition of Benami Property Transactions Act, 1988 (PBPT Act). 2. The PBPT Act defines benami transactions, prohibits them and further provides that violation of the PBPT Act is punishable with imprisonment and fine. The PBPT Act prohibits recovery of the property held benami from benamidar by the real owner. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Properties held benami are liable for confiscation by the Government without payment of compensation. 3. An appellate mechanism has been provided under the PBPT Act in the form of Adjudicating Authority and Appellate Tribunal. The Adjudicating Authority referred to in section 6(1) of the Prevention of Money Laundering Act, 2002 (PMLA) and the Appellate Tribunal referred to in section 25 of the PM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LA have been notified as the Adjudicating Authority and Appellate Tribunal, respectively, for the purposes of the PBPT Act. 4. A Joint / Additional Commissioner of Income-tax, an Assistant / Deputy Commissioner of Income-tax and a Tax Recovery Officer in each Pr. CCIT Region have been notified to perform the functions and exercise the powers of the Approving Authority, Initiating Officer and Admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nistrator, respectively under the PBPT Act.
5. All the notifications have been uploaded on the website of the Department at www.incometaxindia.gov.in
(Meenakshi Goswami)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT X X X X Extracts X X X X X X X X Extracts X X X X
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