In the wake of confrontations with income and service tax authorities last year, insurers and their agents are now facing the implications of the stringent benami law. In the past week, several companies serving as

In a recent advisory, the Central Board of Direct Taxes ( CBDT ) has warned the benami transactions which are illegal and punishable under the law. According to the advisory issued by the Board today,

The Show cause notices for provisional attachment of benami properties have been issued in 140 cases involving properties of the value of about Rs. 200 crore under Benami Transactions (Prohibition) Amended Act, 2016, said Santosh

Due to intensive efforts undertaken by the Income Tax Department, provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act, which came into force w.e.f 1st November,

The Finance Ministry has allocated the jurisdiction for Competent Authorities as Adjudicating Authority under Benami Act, 1988. The government empowered under section 7 of the Prohibition of Benami Property Transactions Act 1988 as amended by

The Income Tax Department has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 (the Act) w.e.f. 1st November, 2016. The Prohibition of Benami Property Transactions Rules, 2016 have been framed in this regard.

The Government of India has taken several steps to address the problem of benami transactions across the country. (i) The Benami Transactions (Prohibition) Act, 1988 (the Act) was comprehensively amended through the Benami Transactions (Prohibition)

The Central Board of Direct Taxes (CBDT) has announced Benami Transactions Informants Reward Scheme 2018 regulating grant for informants giving information of benami property actionable under Prohibition of Benami Property Transactions Act, 1988, as amended

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the appointment of Adjudicating Authority and establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act(PBPT), 1988. Salient Features: Appointment of an Adjudicating

The Income Tax Department to levy penalty of 7 years imprisonment for persons depositing money in other’s account during the 50 day window period. Sources reveals that the Department has decided to impose charges under

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,

The Supreme Court struck down section 3(2) of the Benami Transactions (Prohibition) Act 1988 which prescribes punishment for entering into Benami transactions on the ground of being manifestly arbitrary. The bench declared that Section 3(2)

The Madras High Court ruled that provisional attachment made after Benami Transactions (Prohibition) Amendment Act, 2016 valid even when Benami transactions took place before amendment. Mr.A.Iruthayaraj, counsel for the petitioner, K.Nagarajan, I.A.S contended that the

The Calcutta High Court held that the amendment to Prohibition of Benami Property Transactions Act, 1988 shall not be treated as final and only be treated as provisional until the pendency of the petition. The

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