Question

    With reference to the ‘Prohibition of Benami Property

    Transactions Act, 1988 (PBPT Act)’, consider the following statements: 1. A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction. 2. Properties held benami are liable for confiscation by the Government. 3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism. Which of the statements given above is/are correct?
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 1 and 3 only Correct Answer Incorrect Answer
    D 2 and 3 only Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Act provides is an appellate tribunal, and they’re required to finish case within one year. B is most appropriate because IT dept (=therefore Government) can seize the benami properties.

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