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. - News and Press Release Dated:- 28-10-2016 - News - Benami Property Transactions Act, 1988 has been amended by the Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). The rules and all the provisions of the BTP Amendment Act shall come into force on 1st November, 2016. After coming into effect of the BTP Amen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dment 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owner. 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 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 of the PMLA 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 Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer and Administrator, 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 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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