Tri­bunal to fast­track be­nami cases gets cab­i­net ap­proval

Cab­i­net ap­proves set­ting up an ad­ju­di­cat­ing au­thor­ity and an ap­pel­late tri­bunal

HT Estates - - FRONT PAGE - Asit Ran­jan Mishra asit.m@htlive.com

NEWDELHI: Cases re­lated to be­nami trans­ac­tions may be re­solved quicker in the fu­ture with the Union cab­i­net on Wed­nes­day ap­prov­ing the cre­ation of two bod­ies—an ad­ju­di­cat­ing au­thor­ity and an ap­pel­late tri­bunal.

The ap­proval is ex­pected to lead to ef­fec­tive and bet­ter ad­min­is­tra­tion of cases re­ferred to the ad­ju­di­cat­ing au­thor­ity and speedy dis­posal of ap­peals filed against the or­der of the au­thor­ity be­fore the ap­pel­late tri­bunal.

A be­nami trans­ac­tion is one where a prop­erty is held in one per­son’s name, but the funds for ac­qui­si­tion have been pro­vided by an­other per­son, for whose ben­e­fit the prop­erty is held. There­fore, the prop­erty is not held in the name of the real owner, but in some­body else’s name.

Be­nami trans­ac­tions are usu­ally un­der­taken by peo­ple who want to park their un­ac­counted cash in real es­tate, in or­der to dodge tax au­thor­i­ties.

In July this year, the fi­nance min­istry in­formed the Ra­jya Sabha that pro­vi­sional at­tach­ment has been made in more than 1,600 cases of prop­er­ties un­der the Be­nami Trans­ac­tions (Pro­hi­bi­tion) Act, 1988.

These in­clude plots of land, flats, shops, ve­hi­cles, de­posits in bank ac­counts, fixed de­posits, etc. “The value of prop­er­ties un­der at­tach­ment is more than ₹4,300 crore in­clud­ing im­mov­able prop­er­ties of more than

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