IT Dept attaches Rs 3,500 crore Benami properties

NewDelhi Jan 11: The Union Government on Thursday has released some data regarding the benami properties.Finance minister Arun Jaitley has said that "Income Tax Department has attached properties worth more than Rs 3,500 crore, including immovable properties of more than Rs 2,900 crore, in 900 cases. These attachments include plots of land, flats, shops, jewelry, vehicles, deposits in bank accounts, fixed deposits etc."

These attachments of properties were made under the Amended under prohibitions of Benami Transactions law which is being enforced from Nov 1, 2016.

Thr press release contained details of these cases "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 ."

"In yet another case, a cash amount of Rs. 1.11 crore was intercepted from a vehicle with a person who denied the ownership of this cash".

"In another case, post demonetization, two assessees were found depositing demonetized currency into multiple bank accounts in the names of their employees, associates etc. to be ultimately remitted to their bank accounts. The total amount attempted to be remitted to the beneficial owners was about Rs. 39 crore".