The value of properties under attachment is more than Rs 3,500 crore, including immovable properties of more than Rs 2,900 crore, the department said.
Stepping up its drive against black money, the Income-tax (I-T) Department on Thursday attached more than 900 benami properties including flats, shops, jewellery and vehicles worth over Rs 3,500 crore.
"Due to intensive efforts undertaken by the department, provisional attachment has been made in more than 900 cases of properties under the Act. These include plots of land, flats, shops, jewellery, vehicles, deposits in bank accounts, fixed deposits etc," according to an official statement.
The value of properties under attachment is more than Rs 3,500 crore, including immovable properties of more than Rs 2,900 crore, the department said.
The department is committed to continue its concerted drive against black money and action against benami transactions will continue to be intensified, it said. In five cases, the provisional attachments of benami properties, amounting to more than Rs 150 crore have been confirmed by the Adjudicating Authority.
In one such case, it was established that a real estate company had acquired about 50 acres of land, valued at more than Rs 110 crore, using the names of certain persons of no means as benamidars.
The action has been stepped up under the Prohibition of Benami Property Transactions Act, 2016. The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable.
It also allows for prosecution of the beneficial owner, the benamidar and the abettor to benami transactions, which may result in rigorous imprisonment up to 7 years and a fine of up to 25 per cent of fair market value of the property.
The department had set up 24 dedicated Benami Prohibition Units under its Investigation Directorates all over India in May, 2017 to ensure swift action, the statement added.
Action plan
- The value of properties includes immovable properties of more than Rs 2,900 cr
- The action has been stepped up under the Prohibition of Benami Property Transactions Act, 2016
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