Taxmann's Law Relating to Prohibition of Benami Property Transactions Act 1988

Alphabetical Reckoner to Benami Law I-9 Benami Transactions in Shares Reckoner I-61 Section-wise Table of Cases I-63 CHAPTER I PRELIMINARY 1. 30 2. 43 CHAPTER II PROHIBITION OF BENAMI TRANSACTIONS 3. benami 328 4. benami 355 5. benami 399 6. benamidar 435 CHAPTER III AUTHORITIES 7. 439 8. to 17. [Omitted by the Finance Act, 2021, w.e.f. 1-7-2021] 440 18. 449 19. 472 20. 475 21. 477 22. 479 23. 484 I-5

Contents

CHAPTER IV ATTACHMENT, ADJUDICATION AND CONFISCATION 24. benami 487 25. 548 26. benami 550 27. benami 578 28. 583 29. 585 CHAPTER V APPELLATE TRIBUNAL 30. 588 31. 589 32. 592 33. 595 34. 596 35. 598 36. 601 37. 602 38. 604 39. 605 40. 606 41. 612 42. 613 43. 614 44. 616 45. 617 46. 619 47. 636 48. 645 49. 648 I-6

CHAPTER VI SPECIAL COURTS 50. 677 51. 680 52. 684 CHAPTER VII OFFENCES AND PROSECUTION 53. benami 685 54. 718 54A. 721 54B. 724 55. 727 CHAPTER VIII MISCELLANEOUS 56. 728 57. null void 731 58. 733 59. 734 60. 736 61. 737 62. 738 63. 744 64. 751 65. 752 66. 753 67. 757 68. 760 69. 763 70. 764 71. 766 72. 767 I-7

APPENDICES

APPENDIX 1 : BENAMI 771 APPENDIX 2 : BENAMI 781 APPENDIX 3 : 799 APPENDIX 4 : 822 APPENDIX 5 : 837 APPENDIX 6 : 838 I-8

2F: BENEFICIAL OWNER [CLAUSE (12) OF SECTION 2]

2F.1 WHO IS THE BENEFICIAL OWNER?

“Keep away from Benami Transaction” -

Ceramic (P.) Ltd. Initiating Officer

12 D

Iscon

S. 2 306

-i.e. 307 Para 2F.1

prima facie 12

2F.2 WHAT ARE THE OBLIGATIONS OF BENEFICIAL OWNERS IN BENAMI TRANSACTIONS IN SHARES?

-

i.e.

-

2 308

Form No. MGT. 4

S.

Form No. MGT. 5 (i) (ii) Form No. MGT. 4 Form No. MGT. 5 Form No. MGT. 6309 Para 2F.2

2F.3 WHAT ARE THE OBLIGATIONS OF THE COMPANY AS REGARDS BENEFICIAL OWNERSHIP OF ITS SHARES?

27 S. 2 310

Companies (Signiﬁcant Beneﬁcial Owners) Rules,

Explanation I (h)

Explanation II

-

2018 (h) (1)(i) (ii) (iii)(iv)Explanations (h) (h)

(i) (ii) (iii)

(i) (ii) 311 Para 2F.3

Explanation III

(i) (a) (b)(ii) (iii) (a) (b) (c)(iv) (a)(b) (c) (v) (a) (b) S. 2 312

Explanation IV

(i) (ii) -

(v) Explanation III,

(i) (ii) (iii)

(iv) Explanation III, Explanation V

Explanation VI.

(i)

(ii) (iii)

-

313 Para 2F.3

(a) (b) Provided (c) (d) (i) (ii) (iii)(e)(f)S. 2 314

(a) (b) (c)

(i) 315 Para 2F.3

(a) (b)

(ii) (a) (b) (c) (d) S. 2 316

20 (h) (a) (b) (c) -

317 Para 2F.3

2F.3-1 Provisions of section 90 of the Companies Act, 2013 shall apply to LLPs also, with effect from 1-4-2022

-

videS. 2 318

a bfvide Notification F. No.17/30/2018-CL-V, dated 11-02-2022, i ii iii iv 319 Para 2F.3

LAW RELATING TO PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT 1988

AUTHOR : SRINIVASAN ANAND G

PUBLISHER : TAXMANN

DATE OF PUBLICATION : APRIL 2023

EDITION : 6th Edition

ISBN NO : 9789356227224

NO. OF PAGES : 930

BINDING TYPE : PAPERBACK

DESCRIPTION

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 6th 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:

o Pleadings which are required to avail the exceptions/exclusions to Benami transactions

o Shell companies

o Civil asset forfeiture regime

o Nature of confiscation

o 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

o Case Laws of similar/identically worded provisions from other Laws such as:

• Income-tax

• Civil Procedure Code

o Valuation Rules and methods

• [Ready Reckoner] is provided for the following cases:

o In respect of the relatives in whose name property can be held without attracting the taint of Benami

o Benami Transaction in Shares Reckoner

o 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:

o Procedure before Initiating Officer (IO) u/s 24 (responses to show cause notice & provisional attachment order)

o 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:

o Companies Act, 2013

o Fugitive Economic Offenders Act, 2018

o Income Tax Act, 1961

o Indian Penal Code, 1860

o Civil Procedure Code, 1908

o Criminal Procedure Code, 1973

o Prevention of Money-laundering Act, 2022

o Transfer of Property Act, 1882

o Indian Trust Act, 1882 ORDER

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