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IT Dept. attaches properties worth Rs 3,500 Cr. IT Dept. attaches properties worth Rs 3,500 Cr.

IT Dept. attaches properties worth Rs 3,500 Cr.

Jan 12, 2018

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 with effect from November, 2016.

These attachments include plots of land, flats, shops, jewellery, vehicles, and deposits in bank accounts and fixed deposits among others.

The value of properties under attachment is more than Rs. 3,500 crore including immovable properties of more than Rs. 2,900 crore.

The Department had set-up 24 dedicated Benami Prohibition Units under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties.

In five cases, the provisional attachments of Benami properties, amounting to more than 150 crore rupees have been confirmed by the Adjudicating Authority.

In another case, post demonetization, two assessees were found depositing demonetized currency into multiple bank accounts in the names of their employees, associates.

Act also allows for prosecution of the beneficial owner, the benamidar and the abettor to benami transactions, which may result in rigorous imprisonment up to 7 years and fine upto 25% of fair market value of the property.

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