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Value of benami properties decreased by 54% in the past three years

Show cause notices for provisional attachment of benami properties have fallen 18.9% since 2020

Income-tax department's Benami advertisement leave property owners jittery
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Illustration: Ajay Mohanty

Anoushka SawhneySamreen Wani New Delhi
On Tuesday, the Supreme Court struck down Section 3(2) of the Benami Transactions (Prohibition) Amendment Act, 1988 and called it “arbitrary” and violative of Article 20(1) of the Indian Constitution, which prohibits retrospective application of law. Under Section 3(2), a person with a benami transaction could be punished with imprisonment of up to seven years or a fine of up to 25 per cent of the fair market value of the property or both. The apex court also concurred with an earlier Calcutta High Court judgment that the law was only applicable prospectively. 

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First Published: Aug 23 2022 | 9:41 PM IST

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