Attaching the Benami Transaction

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Attaching the Benami Transaction

Unread postby Admin » Sat Jul 22, 2017 7:38 am

Notice and Attachment of Property involved in Benami Transaction.
Under section 22 of the Benami Transaction (Prohibited) Act 2017
(1) Where the initiating officer on the basis of material in his possession has reason to believe that any person is a benamidar in respect of a property, he may after recording reason in writing issue a notice to such person to show cause, within such time as may be specified in the notice, as why such property should not be treated as benami property.
(2) The initiating officer shall serve copy of the notice issued under sub section (1) upon such other person who is beneficial owner.
(3) Where the initiating offer is of the opinion that the person in possession of the property held benami may alienate such property during the period specified in the notice, he may with the prior approval of the Approving Authority and by order in writing attach provisionally property in the manner as may be prescribed for a period not exceeding ninety days from the date of issue of notice under sub section (1),
(4) The initiating officer after making such inquires and calling for such reports or evidence as he deems fit and taking into account all relevant materials shall within a period of ninety days from the date of issue of notice under sub section (1).
(a) Where the provisional attachment has been made under sub section (3)
(i) Pass order continuing the provisional attachment of the property with the prior approval of the approving authority, till the passing of the order made by the adjudicating authority under sub section (3) of section 24 or
(ii) Revoke the provisional attachment or the property with the prior approval of the approving authority.
(b) Where provisional attachment has not been made under sub section (3_
(i) Pass an order provisionally attaching the property with the prior approval of the approving authority till the date of pass of the order by the adjudicating authority under sub section (3) of section 24 or
(ii) Decide not to attach the property as specified in the notice with the prior approval of the approving authority.
(5) Where the initiating offer passes an order continuing the provisional attachment of the property under sub clause (i) of clause(a) of sub section (4) or passes an order provisionally attaching the property under sub clause(i) of clause (b) of the sub section, he shall within sixty days form the dae of the attachment draw up a statement of the case and refer it to the Adjudicating Authority.
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