Law relating to Benami Property Transactions
- Year of Publication: 2022
- Edition: 1st
- ISBN: 978-93-93749-32-1
- No.of Pages: 681
Legal regime on benami transactions has radically changed after the enactment of the Prohibition of Benami Property Transactions Act, 1988 as amended by the Benami Transactions (Prohibition) Amendment Act, 2016 (43 of 2016), w.e.f. 1-11-2016. The Act provides a robust mechanism for the enforcement of the provisions of this Act. Under Section 3 of the Act, law absolutely prohibits a person to enter into any benami transaction and violation of this provision is an offence, punishable by law. So also, under section 4 of the Act, there is a prohibition of the right to recover benami property and no suit, claim or action to enforce any right in respect of property held benami can lie against the person in whose name the property is held or against any other person. Section 5 of this Act further provides that any property, which is subject matter of benami transaction, shall be liable to be confiscated by the Central Government. Similarly, under section 6 of the Act there is prohibition on re- transfer of property by benamidar to the beneficial owner or any other person acting on his behalf.
In Introduction Chapter of the book an elaborate discussion has been made of the legislative history of benami law; corresponding provisions of the English law; and of general principles of interpretation of statutes. As law on the subject continues to evolve with increased litigation, the provisions of the Act have been analysed and discussed exhaustively based on precedents under the Indian and English law. Chapter III of the book deals with the functions, powers and jurisdiction of authorities under the Act. The Adjudicating Authority, in discharge of its functions shall not be bound by the procedure laid down by the Code of Civil Procedure, 1908 but shall be guided by the principles of natural justice. The principles of natural justice being treated as part of common law relate to just, fair, and reasonable procedure as well as fair play in action. The Act provides for the establishment of Special Courts, for trial of an offence punishable under this Act. It also provides that provisions of Code of Criminal Procedure, 1973, shall apply to proceedings before the Special Court. A detailed discussion of the provisions relating to offences and prosecution under the Act, and of the miscellaneous provisions has been made in Chapter VII and VIII of the book.
The Book shall serve as a useful reference guide to Courts, Authorities, Appellate Tribunal, Advocates, Chartered Accountants, other professionals, litigants, researchers, and students of law.
V. S. Wahi, an Advocate, has a rich and diverse experience of more than forty years in the field of corporate laws and taxation. He is formerly an officer of Indian Revenue Service, and has served in various senior positions in Income Tax Department including Chief Commissioner of Income Tax-1 Delhi. Besides holding senior positions in the Income tax Department, he has also worked on deputation as Senior Manager (Finance & Tax) at National Thermal Corporation Ltd; Asstt Director General, Central Economic Intelligence Bureau, New Delhi; and Director & Secretary, Company Law Board in the Department of Company Affairs, Government of India. Post-retirement he also held the position of Member, Company Law Board, in the Ministry of Corporate Affairs, New Delhi.
During government service Mr Wahi has been member of several Government Committees including Member of the "Expert Group on Transfer Pricing" constituted by the CBDT, Department of Revenue, Ministry of Finance, New Delhi.
He obtained degree in B.Com (Hons) from SRCC, Delhi; LL.B from Faculty of Law, Delhi; MBA from FMS, Delhi and M Phil from Punjab University.
After retirement from IRS he joined legal profession and since then practicing law in the field of corporate taxation; international tax; transfer pricing; company law; and business and commercial laws. He was also a Senior Partner of Khaitan & Company, Advocates & Solicitors for about four years and has been advising several large and multinational companies in the field of corporate laws, international tax, transfer pricing; corporate taxation and other related business and commercial laws. He has also worked as Independent Director on the board of the SIDBI Venture Capital Company Limited, Mumbai. He is also Member of India Branch of International Fiscal Association, Rotterdam, Netherlands. Besides he has also been former Co-chairman of the Direct Tax Committee of PHD Chamber of Commerce and Industry, New Delhi; Member Steering Committee on DTC, of ASSOCHAM, New Delhi and Member Direct Tax Committee, ASSOCHAM, New Delhi.
Mr. Wahi has also contributed several papers and articles on International tax, transfer pricing, and corporate laws. He has also authored "Tax Laws Lexicon" and “Transfer Pricing”.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
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- Year of Publication: 2022
- Edition: 1st
- ISBN: 978-93-93749-32-1
- No.of Pages: 681
Legal regime on benami transactions has radically changed after the enactment of the Prohibition of Benami Property Transactions Act, 1988 as amended by the Benami Transactions (Prohibition) Amendment Act, 2016 (43 of 2016), w.e.f. 1-11-2016. The Act provides a robust mechanism for the enforcement of the provisions of this Act. Under Section 3 of the Act, law absolutely prohibits a person to enter into any benami transaction and violation of this provision is an offence, punishable by law. So also, under section 4 of the Act, there is a prohibition of the right to recover benami property and no suit, claim or action to enforce any right in respect of property held benami can lie against the person in whose name the property is held or against any other person. Section 5 of this Act further provides that any property, which is subject matter of benami transaction, shall be liable to be confiscated by the Central Government. Similarly, under section 6 of the Act there is prohibition on re- transfer of property by benamidar to the beneficial owner or any other person acting on his behalf.
In Introduction Chapter of the book an elaborate discussion has been made of the legislative history of benami law; corresponding provisions of the English law; and of general principles of interpretation of statutes. As law on the subject continues to evolve with increased litigation, the provisions of the Act have been analysed and discussed exhaustively based on precedents under the Indian and English law. Chapter III of the book deals with the functions, powers and jurisdiction of authorities under the Act. The Adjudicating Authority, in discharge of its functions shall not be bound by the procedure laid down by the Code of Civil Procedure, 1908 but shall be guided by the principles of natural justice. The principles of natural justice being treated as part of common law relate to just, fair, and reasonable procedure as well as fair play in action. The Act provides for the establishment of Special Courts, for trial of an offence punishable under this Act. It also provides that provisions of Code of Criminal Procedure, 1973, shall apply to proceedings before the Special Court. A detailed discussion of the provisions relating to offences and prosecution under the Act, and of the miscellaneous provisions has been made in Chapter VII and VIII of the book.
The Book shall serve as a useful reference guide to Courts, Authorities, Appellate Tribunal, Advocates, Chartered Accountants, other professionals, litigants, researchers, and students of law.
V. S. Wahi, an Advocate, has a rich and diverse experience of more than forty years in the field of corporate laws and taxation. He is formerly an officer of Indian Revenue Service, and has served in various senior positions in Income Tax Department including Chief Commissioner of Income Tax-1 Delhi. Besides holding senior positions in the Income tax Department, he has also worked on deputation as Senior Manager (Finance & Tax) at National Thermal Corporation Ltd; Asstt Director General, Central Economic Intelligence Bureau, New Delhi; and Director & Secretary, Company Law Board in the Department of Company Affairs, Government of India. Post-retirement he also held the position of Member, Company Law Board, in the Ministry of Corporate Affairs, New Delhi.
During government service Mr Wahi has been member of several Government Committees including Member of the "Expert Group on Transfer Pricing" constituted by the CBDT, Department of Revenue, Ministry of Finance, New Delhi.
He obtained degree in B.Com (Hons) from SRCC, Delhi; LL.B from Faculty of Law, Delhi; MBA from FMS, Delhi and M Phil from Punjab University.
After retirement from IRS he joined legal profession and since then practicing law in the field of corporate taxation; international tax; transfer pricing; company law; and business and commercial laws. He was also a Senior Partner of Khaitan & Company, Advocates & Solicitors for about four years and has been advising several large and multinational companies in the field of corporate laws, international tax, transfer pricing; corporate taxation and other related business and commercial laws. He has also worked as Independent Director on the board of the SIDBI Venture Capital Company Limited, Mumbai. He is also Member of India Branch of International Fiscal Association, Rotterdam, Netherlands. Besides he has also been former Co-chairman of the Direct Tax Committee of PHD Chamber of Commerce and Industry, New Delhi; Member Steering Committee on DTC, of ASSOCHAM, New Delhi and Member Direct Tax Committee, ASSOCHAM, New Delhi.
Mr. Wahi has also contributed several papers and articles on International tax, transfer pricing, and corporate laws. He has also authored "Tax Laws Lexicon" and “Transfer Pricing”.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
