Benami Property
Transactions Act, 1988 has been amended by the Benami Transactions
(Prohibition) Amendment Act, 2016 (BTP Amendment Act). The rules and all the
provisions of the BTP Amendment Act shall come into force on 1st
November, 2016. After coming into effect of the BTP Amendment Act, the existing
Benami Transactions (Prohibition) Act, 1988 shall be renamed as Prohibition of
Benami Property Transactions Act, 1988 (PBPT Act).
2. The PBPT Act defines
benami transactions, prohibits them and further provides that violation of the
PBPT Act is punishable with imprisonment and fine. The PBPT Act prohibits
recovery of the property held benami from benamidar by the real owner.
Properties held benami are liable for confiscation by the Government without
payment of compensation.
3. An appellate mechanism
has been provided under the PBPT Act in the form of Adjudicating Authority and
Appellate Tribunal. The Adjudicating Authority referred to in section 6(1) of
the Prevention of Money Laundering Act, 2002 (PMLA) and the Appellate Tribunal
referred to in section 25 of the PMLA have been notified as the Adjudicating
Authority and Appellate Tribunal, respectively, for the purposes of the PBPT
Act.
4. A Joint / Additional
Commissioner of Income-tax, an Assistant / Deputy Commissioner of Income-tax
and a Tax Recovery Officer in each Pr. CCIT Region have been notified to
perform the functions and exercise the powers of the Approving Authority,
Initiating Officer and Administrator, respectively under the PBPT Act.
5. All the notifications
have been uploaded on the website of the Department at www.incometaxindia.gov.in.
(Meenakshi Goswami)
Commissioner
of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT