25 August, 2022
9 Min Read
The Supreme Court recently overturned a part of the Benami Transactions (Prohibition) Act, 1988 that imposed a maximum three-year prison sentence, a fine, or both, as a penalty for engaging in Benami transactions.
About the recent judgment
In regards to the 1988 act:
Absence of retrospective application
Prohibition of Benami Property Transactions Act, 1988
Benami Transactions (Prohibition) Amendment Act, 2016
Any property (asset), whether mobile or immovable, tangible or intangible, physical or incorporeal, can be the subject of a Benami transaction.
What do the Authorities created by the Act do?
In accordance with the Act, the Central Government shall appoint the initiating officer, approving authority, administrator, and adjudicating authority.
Sanctions imposed by this Act
According to the Act, anyone found guilty of engaging in a Benami transaction is subject to harsh imprisonment for a term that must not be less than one year but may reach seven years, as well as a fine that may amount to up to 25% of the property's fair market value.
Demonetization, income tax legislation changes, and the 2015 implementation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act all work together to create a formidable barrier that corners corruption and makes it impossible for the corrupt to flee.
Also, Read - Post-retirement Allowances to Supreme Court Judges
Source: The Hindu
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