Question
Which of the following statements about benami
transactions is correct under the amended Benami Transactions (Prohibition) Act, 1988?Solution
Under the Benami Transactions (Prohibition) Amendment Act, 2016, benami properties can be: • Confiscated by the central government without payment of compensation, • The Initiating Officer can provisionally attach the property, followed by confirmation from the Adjudicating Authority. Punishment includes imprisonment and fine for those involved in benami transactions.
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