Law relating to Benami Property Transactions

Edition: 1st edn., 2022

ISBN: 978-93-93749-32-1

Pages: 680

Author: V.S. Wahi

Chapter IPreliminary1. Short title, extent and commencement 2. Definitions Chapter IIProhibition of benami transactions3. Prohibition of benami transactions 4. Prohibition of the right to recover property held benami 5. Property held benami liable to confiscation 6. Prohibition on re-transfer of property by benamidar Chapter IIIAuthorities7. Adjudicating Authority [8. Composition of Authority.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [9. Qualifications for appointment of Chairperson and Members.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] Section [10. Constitution of Benches of Adjudicating Authority.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [11. Power of Adjudicating Authority to regulate its own procedure.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [12. Term of office of Chairperson and Members of Adjudicating Authority.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [13. Terms and conditions of services of Chairperson and Members of Adjudicating Authority.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [14. Removal of Chairperson and Members of Adjudicating Authority.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [15. Member to act as Chairperson in certain circumstances.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [16. Vacancies, etc., not to invalidate proceedings of Adjudicating Authority.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] [17. Officers and employees of Adjudicating Authority.—Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] 18. Authorities and jurisdiction 19. Powers of authorities 20. Certain officers to assist in inquiry, etc 21. Power to call for information 22. Power of authority to impound documents 23. Power of authority to conduct inquiry, etc. Chapter IVAttachment, Adjudication and Confiscation24. Notice and attachment of property involved in benami transaction 25. Manner of service of notice 26. Adjudication of benami property 27. Confiscation and vesting of benami property 28. Management of properties confiscated 29. Possession of the property Chapter VAppellate TribunalSection 30. Establishment of Appellate Tribunal 31. Composition, etc., of Appellate Tribunal 32. Qualifications for appointment of Chairperson and Members of Appellate Tribunal 33. Terms and conditions of services of Chairperson and Members of Appellate Tribunal 34. Term of office of Chairperson and Members 35. Removal of Chairperson and Member from office in certain circumstances 36. Vacancies, etc., not to invalidate proceedings of Appellate Tribunal 37. Resignation and removal 38. Member to act as Chairperson in certain circumstances 39. Staff of Appellate Tribunal 40. Procedure and powers of Appellate Tribunal 41. Distribution of business amongst Benches of Appellate Tribunal 42. Power of Chairperson of Appellate Tribunal to transfer cases 43. Decision to be by majority 44. Members, etc., to be public servants 45. Bar of jurisdiction of civil courts 46. Appeals to Appellate Tribunal 47. Rectification of mistakes 48. Right to representation 49. Appeal to High Court Chapter VISpecial Courts50. Special Courts 51. Application of Code of Criminal Procedure, 1973 to proceedings before Special Court 52. Appeal and revision Chapter VIIOffences and ProsecutionSection 53. Penalty for Benami transaction 54. Penalty for false information 54A. Penalty for failure to comply with notices or furnish information 54B. Proof of entries in records or documents 55. Previous sanction Chapter VIIIMiscellaneous56. Repeal of provisions of certain Acts 57. Certain transfers to be null and void 58. Exemption 59. Power of Central Government to issue directions, etc. 60. Application of other laws not barred 61. Offences to be non-cognizable 62. Offences by companies 63. Notice, etc., not to be invalid on certain grounds 64. Protection of action taken in good faith 65. Transfer of pending cases 66. Proceedings, etc., against legal representative 67. Act to have overriding effect 68. Power to make rules 69. Laying of rules and notifications before Parliament 70. Power to remove difficulties 71. Transitional provision 72. Repeal and saving Division IIAPPENDICESAppendix 1 Benami Transactions (Prohibition) Amendment Act, 2016 Appendix 2 Amendments made by the Finance (No. 2) Act, 2019 Appendix 3 Amendments made by the Finance Act, 2020, w.e.f. 1-4-2020 Appendix 4 Amendments made by the Finance Act, 2021, w.e.f. 1-7-2021 Appendix 5 Prohibition of Benami Property Transactions Rules, 2016 Appendix 6 Prohibition of Benami Property Transactions (Conditions of Services of Members of Adjudicating Authority) Rules, 2019 Appendix 7 The Second Schedule: Procedure for Recovery of Tax Appendix 8 Notifications issued under the Act Appendix 9 Application of Cr PC to proceedings before Special Court Appendix 10 57th Report of Law Commission on Benami Transaction Appendix 11 130th Report of Law Commission on Benami Transaction