TaxTMI 
TaxTMI 
Brief guidance note regarding the Prohibition of Benami Property Transactions Act, 1988, being implemented by the Income Tax Department
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....mber, 2016 To, All the Principal CCsIT, All the DsGIT(Inv.), The DGIT(I&Cl) Sub.: Brief guidance note regarding the Prohibition of Benami Property Transactions Act, 1988, being implemented by the Income Tax Department Madam/Sir, 1. As you are aware, the Benami Property Transaction Act, 1988 has been amended by the Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). T....
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....er section 2 of the Income-tax Act, 1961. 3 The Act defines benami property as any property which is the subject matter of a benami transaction and also includes the proceeds from such property [section 2(8)]. Benami property, inter-alia, includes movable or immovable property, tangible or intangible property, corporeal or incorporeal property [section 2(26)]. Section 2(9) defines benami transact....
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.... above and with a view to enable appropriate action under the Act expeditiously, the officers of the Investigation Directorates and Directorate of I&CI while conducting investigations under the Income-tax Act, 1961 which include searches, surveys, summons, etc. may also collect evidence/ information relevant for the proceedings under the Act, inter alia keeping in view the following: (a) Identif....
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....raceable or is Fictitious may also be classified as benami property. (g) Upon identification of a property as benami property or in case where the Investigating Officer has prima facie reason to believe that the property in question may be a benami property, the information, after the approval of the controlling officer, should be passed on to the Initiating Officer within a period of 60 days. T....