Taxmann Law Relating to Prohibition of Benami Property Transactions

Taxmann Law Relating to Prohibition of Benami Property Transactions

This book provides a comprehensive section-wise commentary on the law relating to the Prohibition of Benami Property Transactions. It is rendered in an easy to read & follow ‘FAQ’ format. It also includes the Legislative History and effective date of applicability based on given Case Laws. Flow charts & tables have been provided in this book for ease of reference.

This book is designed to be a handy referencer to the practitioners of the following laws:

• Civil Law
• Criminal Law
• Company Law
• Income-tax

The Present Publication is the 5^th Edition authored by CA Srinivasan Anand G. This book is amended by the Finance Act 2022, with the following noteworthy features:

[Extensive Analysis with Case Laws (from 2016 to March 2022)] specifically for the following topics:

• Pleadings which are required to avail the exceptions/exclusions to Benami transactions
• Shell companies
• Civil asset forfeiture regime
• Nature of confiscation
• Controversy over the date of order passed by authorities, whether passed within limitation or after but ‘backdated’ to show it was passed within the limitation
• Case Laws of similar/identically worded provisions from other Laws such as:
• Income-tax
• Civil Procedure Code
• Valuation Rules and methods

[Ready Reckoner] is provided for the following cases:

• In respect of the relatives in whose name property can be held without attracting the taint of Benami
• Benami Transaction in Shares Reckoner
• Alphabetical Ready Reckoner to Benami Law

[Benami Share Transactions] are explained in light of relevant provisions of the Companies Act 2013

[Analysis of Procedures] which includes the following:

• Procedure before Initiating Officer (IO) u/s 24 (responses to show cause notice & provisional attachment order)
• Procedure before Adjudicating Authority (AA) u/s 26 (rights of noticee to require material in possession of IO, based on which the IO attached the show caused property and made reference to the AA

[Analysis of Appellate, Revision and Rectification Remedies] is provided in this book

[Valuation Rules for Determining the Fair Market Value] of Benami property to levy fines under sections 53 and 54 as a percentage of fair market value

[Interaction with Other Laws] This book covers the relevant provisions of other laws, such as:

• Companies Act, 2013
• Fugitive Economic Offenders Act, 2018
• Income Tax Act, 1961
• Indian Penal Code, 1860
• Civil Procedure Code, 1908
• Criminal Procedure Code, 1973
• Prevention of Money-laundering Act 2022
• Transfer of Property Act, 1882
• Indian Trust Act, 1882

The detailed contents of the book are as follows:

• Preliminary
• Prohibition of Benami Transactions
• Authorities
• Attachment, Adjudication and Confiscation
• Appellate Tribunal
• Special Courts
• Offences and Prosecution
• Miscellaneous