 "Govt to set up adjudicating authority for speedy disposal of benami cases")
The Cabinet on Wednesday set the ball rolling for the last institutional set-up for speedy disposal of cases related to benami transactions, as it approved setting up of an adjudicating authority looking into deals in a fictitious name.
The appellate tribunal, where the order of the authority could be challenged, was also given a nod. Currently, benami cases are being adjudicated by an authority set up under the Prevention of Money Laundering Act (PMLA). An order by the income-tax department to attach benami properties needs to be passed by the authority within one year, failing which it lapses.
Earlier this month, the government had notified sessions courts in 34 states and Union Territories, which will act as special courts for trial of offences under the benami transaction law.
Benami transaction refers transactions made in a fictitious name. According to an official release, the Adjudicating Authority and Appellate Tribunal will be based in the National Capital Territory of Delhi (NCTD). Benches of the adjudicating authority may sit in Kolkata, Mumbai and Chennai, and the necessary notification in this regard will be issued after consultation with the Chairperson of the proposed Adjudicating Authority.
“The approval will result in effective and better administration of cases referred to the Adjudicating Authority and speedy disposal of appeals filed against the order of the Adjudicating Authority before the Appellate Tribunal,” the release said.
The appointment of the adjudicating authority, it added, would provide first stage review of administrative action under the Prohibition of Benami Property Transactions Act (PBPT) Act. The rules and all the provisions of the new Benami Transactions (Prohibition) Act came into force on November 1, 2016.
After coming into effect, the existing Benami Transactions (Prohibition) Act, 1988, was renamed as the Prohibition of Benami Property Transactions Act, 1988.
According to official data, the income-tax department has attached benami properties worth Rs 43 billion till June 30 this year.
The appellate tribunal, where the order of the authority could be challenged, was also given a nod. Currently, benami cases are being adjudicated by an authority set up under the Prevention of Money Laundering Act (PMLA). An order by the income-tax department to attach benami properties needs to be passed by the authority within one year, failing which it lapses.
Earlier this month, the government had notified sessions courts in 34 states and Union Territories, which will act as special courts for trial of offences under the benami transaction law.
Benami transaction refers transactions made in a fictitious name. According to an official release, the Adjudicating Authority and Appellate Tribunal will be based in the National Capital Territory of Delhi (NCTD). Benches of the adjudicating authority may sit in Kolkata, Mumbai and Chennai, and the necessary notification in this regard will be issued after consultation with the Chairperson of the proposed Adjudicating Authority.
“The approval will result in effective and better administration of cases referred to the Adjudicating Authority and speedy disposal of appeals filed against the order of the Adjudicating Authority before the Appellate Tribunal,” the release said.
The appointment of the adjudicating authority, it added, would provide first stage review of administrative action under the Prohibition of Benami Property Transactions Act (PBPT) Act. The rules and all the provisions of the new Benami Transactions (Prohibition) Act came into force on November 1, 2016.
After coming into effect, the existing Benami Transactions (Prohibition) Act, 1988, was renamed as the Prohibition of Benami Property Transactions Act, 1988.
According to official data, the income-tax department has attached benami properties worth Rs 43 billion till June 30 this year.
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