Practical Guide to the Prohibition of Benami Property (Transaction Act, 1988)

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Description
Along with 300+ FAQs
Benami transactions prevalent in India were an accepted custom in most of the communities and were even recognized by law. However, with the passage of time it was realized that the benami transactions are not always legal or harmless and these transactions are increasingly being used to avoid payment of taxes, to bypass some Central/state laws, to defraud the creditors or close relatives, etc. Indirectly, the benami transactions also contributed towards concentration of wealth (properties) in the hands of selected few. In the real estate sector, investments were often made in benami names. The Government of India has always been focussing to curb black money from the Indian economy. In view of the above discussed undesired developments, the government felt the need to enact a law for Benami, so that the objectionable /harmful benami transactions could be checked/curtailed. For example, it is expected that there would be more transparency in the real estate sector in view of less demand from the speculators, who used to park their black money through benami route. It was felt that there is a need of a book on this subject, which may satisfy the queries of common man in general and the practicing CAs, advocates, businessmen and the income tax officers in particular. Accordingly, keeping this perspective in mind, we have written this book. In this book, we have captured the legal provisions, explanations, frequently asked questions and the practical issues concerning the benami property and what the law speaks about it. As a result of implementation of the provisions of this Act and the enhanced awareness in the society, it is expected that the menace of benami transactions and its ill effects would be substantially reduced.
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Table of Contents
Introduction
Chapter 1 : Preliminary
Chapter 2 : Prohibition of Benami Property Transactions
Chapter 3 : Authorities
Chapter 4 : Attachment, Adjudication and Confiscation
Chapter 5 : Appellate Tribunal
Chapter 6 : Special Courts
Chapter 7 : Offences and Prosecution
Chapter 8 : Miscellaneous
Chapter 9 : Comparison with Other Acts and Suggestions
Chapter 10 : Appendices
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Author Details
Sunil Kumar Gupta is the Founder Chairman of SARC Associates and a Fellow Member of the Institute of Chartered Accountants of India (ICAI). He holds a Post Qualification Diploma in Information Systems Audit (DISA) and is a certified Forensic Auditor holding "Forensic Accounting & Fraud Detection" (FAFD) certificate and a certificate in "Arti Money Laundering Laws", issued by ICAL
He is also the Life Member of the Indian Council of Arbitration (ICA) and on the Panel of Arbitrators maintained by ICA and ICAI and Member of the Institute of Certified Public Accountants of Uganda (CPA-U). He is the co-founder of multinational business forums like Indo European Business Forum (IEBF). With over 37 years of experience in fields of Corporate Financing, Taxation, Banking, Education, Investment, Development and project implementations, he has also been a part of numerous international delegations and has participated in a number of international conferences.
Pawan Singh Tomar is a retired IRS Officer, who worked as Pr. Commissioner of Income Tax at Karnal, Panchkula and Delhi. He had the flair to work in the investigation wing and has been one of the most efficient and experienced officers. He has been also known in the department for his honesty, soft skills, pragmatic approach and motivating his juniors.
He held diverse assignments in the Income Tax Department and has also worked as under Secretary in the Ministry. Amongst other assignments, he worked for 6 years in Investigation wing (Delhi), 4 years in Directorate of Vigilance, 5 years as Zonal Director, Narcotics Control Bureau Ahmadabad and 4 years as Additional Commissioner in M.C.D
He joined State Bank of Travancore and SBI as PO followed by his association with the MP. Government as Dy. Collector in the year 1985.
Foreword by : Nirmala Sitharaman, Hon' ble Minister of Finance and Corporate Affairs, Government of India