 "I-T department to probe 300 cases under Benami Act")
The income tax department has started a multi-city crackdown against owners of “benami” assets, who parked their ill-gotten wealth in the name of others.
According to sources, the department has identified 300 cases that could face action under the Benami Transactions (Prohibition) Act. The Act empowers taxman to confiscate and prosecute the depositor and the person whose illegal money was accommodated in bank accounts.
The move came after Prime Minister Narendra Modi in a recent meeting directed the tax department to take stringent action against benami owners identified during Operation Clean Money — an ongoing exercise to detect
According to sources, the department has identified 300 cases that could face action under the Benami Transactions (Prohibition) Act. The Act empowers taxman to confiscate and prosecute the depositor and the person whose illegal money was accommodated in bank accounts.
The move came after Prime Minister Narendra Modi in a recent meeting directed the tax department to take stringent action against benami owners identified during Operation Clean Money — an ongoing exercise to detect
