Guide to PROHIBITION OF BENAMI PROPERTY TRANSACTIONS ACT, 1988

by CA. P.T. JOY

Bharat?	5
Foreword	7
Preface to the Second Edition	9
About the Author	11

Division I

Prohibition of Benami Property Transactions Act, 1988 & Prohibition of Benami Property Transactions Rules, 2016

1. Prohibition of Benami Property Transactions Act, 1988	3
2. Prohibition of Benami Property Transactions Rules, 2016	49
3. Benami Transactions Informants Rewards Scheme, 2018	61

Division II

Analysis of the Act

Evolution of Benami Law	93
Comparison between the Benami Transactions Prohibition Act, 1988 and the Amended Act, 2016	94
Chapter 1 Benami Transactions (Prohibition) Act — A Study in Comparison	95
Chapter 2 Benami Transaction — Introduction	102
Chapter 3 Prohibition of Benami Transactions	131
Chapter 4 Authorities	136
Chapter 5 Attachment, Adjudication and Confiscation	146
Chapter 6 Appellate Tribunal	166
Chapter 7 Special Courts	186
Chapter 8 Offences and Prosecution	189
Chapter 9 Miscellaneous	193
Chapter 10 Notifications	204
Chapter 11 Removal of Difficulties Orders	219
Chapter 12 Prohibition of Benami Property Transactions (Conditions of Services of Members of Adjudicating Authority) Rules, 2019	223
Chapter 13 Application to Properties Located Outside	230
Chapter 14 Section 88 and Section 89 of Companies Act in Connection With Benami Transaction	231
Chapter 15 Section 187 of Companies Act 2013 — Investments of Company to be held in its Own Name	234
Chapter 16 Rule 9 of the Companies Management and Administration Rules, 2014 — Declaration in Respect of Beneficial Interest in any Shares	236
Chapter 17 Income Disclosure Scheme Connected With Benami Transaction and Its Consequences	237
Chapter 18 Correlation between Benami Transaction and Tax Evasion	241
Chapter 19 Income Tax Act, 1961 and the Benami Law	242
Chapter 20 How Aadhaar Linking Can Help Government to Catch Benami Properties	243
Chapter 21 How Prohibition of Benami Transaction Prevents Money Laundering	248
Chapter 22 Conclusion	250
Appendix 1 Benami Transactions (Prohibition) Amendment Act, 2016	252
Appendix 2 Amendments made by Finance (No. 2) Act, 2019	286
Appendix 3 Amendments made by Finance Act, 2021	290
Appendix 4 Amendments made by Finance (No. 2) Act, 2024	291
Appendix 5 57th Report of Law Commission on Benami Transaction	293
Appendix 6 130th Report of Law Commission on Benami Transaction	330
Appendix 7 The Second Schedule: Procedure for Recovery of Tax (To the Income-tax Act, 1961)	359
Appendix 8 The Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023	392
Appendix 9 Frequently Asked Questions of Benami Transactions	394