You are here: Home » Economy & Policy » News
Business Standard

Keep away from benami transactions or face action, warns I-T dept

Titled 'Keep Away from Benami Transactions', the taxman's ad described black money as a 'crime against humanity'

Press Trust of India  |  New Delhi 

Tax

The Department on Wednesday warned people to "keep away" from transactions, cautioning that violations under the newly enacted law invite criminal prosecution and rigorous imprisonment up to seven years.

The department put out its alert in a public advertisement published in leading national dailies.

Titled "Keep Away from Transactions", it described as a "crime against humanity" and urged "conscientious citizens to help the government in eradicating it".

"Benamidar (in whose name proper is standing), beneficiary (who actually paid consideration) and persons who abet and induce transactions are prosecutable and may face rigorous imprisonment up to seven years besides being liable to pay fine upto 25 per cent of fair market value of property," the I-T advertisement said.

The department attached assets worth Rs 18.33 billion across the country, issued 517 notices and made 541 attachments, from November 1, 2016, to October 2017.

The department started initiating action under the new Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.

The advertisement added that "persons who furnish false information to authorities under Prohibition of Property Transactions Act, 2016, are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10 per cent of the fair market value of property".

It added that property "may be attached and confiscated by the government" and that this action will be in addition to prosecution under the Act of 1961 for evasion charges.

The I-T department is the nodal department to enforce the Act in the country.

First Published: Wed, January 10 2018. 14:41 IST
RECOMMENDED FOR YOU