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Benami Transaction (Prohibition) Act 2016.

Allied Laws - Started By: - Aitha RajyaLakshmi - Dated:- 13-3-2017 Last Replied Date:- 13-3-2017 - Can anyone please explain me the definition of a Benami Transaction as per the new ammended Act ?2016 - Reply By YAGAY AND SUN - The Reply = What is benami transaction? The Benami transaction is any transaction in which property is transferred to one person for consideration paid by another person in other words, person who pays for the property does not buy it in his own name. The person in whose .....

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ing in benami transactions may face up to 7 years imprisonment and fine. Furnishing false information is punishable by imprisonment up to 5 years and fine Properties held benami are liable for confiscation by government without compensation Initiating Officer may pass an order to continue holding property and may then refer case to Adjudicating Authority which will then examine evidence and pass an order. Appellate Tribunal will hear appeals against orders of Adjudicating Authority. High Court c .....

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