The "Guide to Prohibition of Benami Property Transactions Act, 1988" is an authoritative and practical handbook that provides a clear understanding of the law relating to benami properties in India. It explains the provisions of the Act in a simplified manner, along with relevant rules, procedures, and case law to help professionals, legal practitioners, tax consultants, and property owners comply with the law.
This guide covers:
Evolution and background of the Benami law
Detailed analysis of the Prohibition of Benami Property Transactions Act, 1988
Key definitions: Benami property, Benamidar, beneficial owner, etc.
Identification of benami transactions and exceptions
Attachment, adjudication, and confiscation procedures
Powers of the Initiating Officer, Adjudicating Authority, and Appellate Tribunal
Penalties, prosecutions, and consequences of violation
Landmark judicial pronouncements and practical insights
Interaction of Benami law with Income Tax Act, Money Laundering Act, and Real Estate laws
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Historical perspective of benami transactions in India
Need for legislation against benami holdings
Evolution from Benami Transactions (Prohibition) Act, 1988 to amended law (2016)
Objectives and scope of the Act
Benami property and benami transaction
Benamidar and beneficial owner
Property, fiduciary capacity, and consideration
Exemptions under the Act (transactions not considered benami)
What constitutes a benami transaction
Legal consequences of entering into a benami transaction
Analysis of genuine transactions vs benami transactions
Initiating Officer: Powers and functions
Approving Authority
Adjudicating Authority: Composition and jurisdiction
Appellate Tribunal and appeal procedure
Role of Special Courts
Procedure for provisional attachment of benami property
Issuance of notices and hearing process
Confirmation and adjudication orders
Confiscation of property by the Central Government
Monetary penalties and imprisonment provisions
Liability of benamidar and beneficial owner
Burden of proof and evidentiary standards
Relationship with the Income Tax Act, 1961
Overlap with the Prevention of Money Laundering Act (PMLA)
Impact on Real Estate (Regulation and Development) Act (RERA)
Implications under Civil Procedure and Criminal Law
Identifying and reporting benami transactions
Safeguards for property buyers and investors
Best practices for professionals (lawyers, CAs, and tax practitioners)
Preventive measures to avoid violation
Appeal procedures before the Appellate Tribunal
Further appeal to the High Court
Stay orders and interim relief
Key Supreme Court and High Court judgments
Interpretation of "benami" in various contexts
Practical implications from case studies
Step-by-step process of proceedings under the Act
Flowcharts for attachment, adjudication, and confiscation
Common issues faced in enforcement
| CA. P.T. JOY Guide to Prohibition of Benami Property Transactions Act, 1988 |
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