Law Relating to Prohibition of Benami Property Transactions Act 1988

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 & follows a '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 6^th Edition and has been amended by the Finance Act 2023. This book is authored by CA Srinivasan Anand G with the following noteworthy features:

• [Extensive Analysis with Case Laws (from 2016 to March 2023)] 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