I-T cracks down on benami assets: Dept attaches 900 properties in 1 year

In 5 cases, provisional attachments of benami properties totalling Rs 1,500 mn have been confirmed

More than 900 properties worth about Rs 35 billion have been attached under the Prohibition of Benami Property Transactions Act, which came into force on November 1, 2016. The attached properties included immovable assets like land, flats and shops worth Rs 29 billion, while jewellery, vehicles and bank deposits constituted the rest, the income-tax (I-T) department said on Thursday. 

The Act provides for provisional attachment and subsequent confiscation of benami properties — movable or immovable. It also allows prosecution of the beneficiary of such properties and the abettor to benami transactions, which may result in rigorous imprisonment up to seven years