Insertion of Section 55A in the Prohibition of Benami Property Transactions Act, 1988 (Amendments to the Prohibition of Benami Property Transactions Act, 1988)
24 July, 2024
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Immunity for benamidars: conditional immunity offered to encourage full disclosure, withdrawable for falsehood or concealment. Insertion of Section 55A permits the Initiating Officer, with previous sanction of the competent authority, to tender conditional immunity from penalty ... Summary
Prohibition Of Benami Property Transactions Act, 1988
Immunity for benamidars: conditional immunity offered to encourage full disclosure, withdrawable for falsehood or concealment.
Insertion of Section 55A permits the Initiating Officer, with previous sanction of the competent authority, to tender conditional immunity from penalty under section 53 to non-beneficial-owner persons involved in benami transactions in exchange for a full and true disclosure; accepted immunity renders them immune from prosecution and penalty to the extent tendered, but the Initiating Officer may record non compliance or falsehood and, with sanction, withdraw immunity, enabling prosecution and imposition of penalties for the offence or related offences.
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