The income tax (I-T) department has identified a large number of benami transactions and has registered 235 cases up until February and attached properties worth more than Rs 55 crore.
“Out of the benami transaction already identified, the units set up under prohibition of benami property transactions act have already issued show-cause notices for attachment of properties in 140 cases. Property worth Rs 200 crore are involved in such benami transactions,” a source said.
The benami properties attached include deposits in banks accounts, agricultural and other land, flat and jewellery. The Benami Transaction Prohibition Amendment Act of 2016 empowers authorities to provisionally attach benami properties which can eventually be confiscated.
If a person is found guilty of benami transaction, he shall be punishable with rigorous imprisonment for not less than one year. This may extend to seven years and liable to pay fine which may extend to 25% of the fair market value of the property.
The I-T department has undertaken a major drive to unearth undisclosed income after the demonetisation drive. The government has said it will act tough against violators. Stringent provisions of the Benami Transactions Act are being slapped after careful analysis of the violations and only when the illegalities are huge.