I-T department identifies 235 cases of 'Benami' transactions

| Updated: Aug 23, 2017 11:20 IST

New Delhi [India], Feb. 22 (ANI): The Income Tax Department has identified 235 cases for 'benami' transactions and properties till mid-February 2017. The I-T department has already issued show cause notices for attachment of 'benami' properties in 140 cases. Out of the 140 notices, 'benami' properties worth more than Rs. 55 crore have already been provisionally attached in 124 cases. Attached properties include deposits in bank accounts, agricultural and other lands, flats and jewellery. The 'Benami' Transactions (Prohibition) Amendment Act of 2016 empowers the specified authorities to provisionally attach 'benami' properties which can eventually be confiscated. Besides that, if a person is found guilty, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to seven years and shall also be liable to fine which may extend to 25 percent of the fair market value of the property. (ANI)