IT department identifies 400 benami transactions

In a bid to implement the new Benami Act, the Income Tax Department on Wednesday said it has identified more than 400 benami transactions and attached properties worth Rs 600 crore in over 240 cases.

According to an IT Department statement, it has started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016, from November 1, 2016.

"The IT Directorate of Investigations has identified more than 400 benami transactions up to May 23. These include deposits in banks accounts, plots of land, flat and jewellery," it said.

The IT Department also said it has attached properties in more than 240 cases. Their market value is Rs 600 crore. The department has also set up 24 dedicated Benami Prohibition Units (BPUs) all over India last week.

It department said that it has carried out searches on 10 senior government officials in the last one month, keeping in view its policy to unearth black money earned through corrupt practices.

--IANS

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