Course of action to be followed in case of seizure of unaccounted stock held in benami names.

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....enami/fictitious names. The cases have come to the notice of the board where assets in the form of unaccounted stocks have been restrained/seized by the Department apparently held in benami names. In some cases, the bank accounts have also been discovered which were operated in the names of fictitious persons. Normally in such cases, attempt is made to link up these transactions with the real own....

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....rson such as port trust authorities, customs authorities, warehouses keepers etc., in whose custody the assets are lying at present. (iii) All the notices must be served by the Inspector only and no notice should be sent by Registered Post so that the acknowledgement/evidence of service by affixation is available. Proper formalities should be observed while serving the notice by affixation. (i....

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....e assessing officer. (vii) After the time given in the penalty notice has expired the penalty should be levied without giving any further opportunity. (viii) The TRO should immediately proceed to attach/auction on the assets which have been placed under restraint or have been seized by the department. (ix) No attempt should be made to transfer the jurisdiction to any officer except one who h....