BENAMI TRANSECTION
AMAN
(Querist) 17 November 2009
This query is : Resolved
WHAT IS BENAMI TRANSECTION ...
Arul Kumar
(Expert) 17 November 2009
Benami Transaction is a transaction in fictitious name or on somebody else's name. It is to evade taxes and avoid or escape other statutory compliances.
adv. rajeev ( rajoo )
(Expert) 17 November 2009
trancation made in the name of another person
to avoid the tax and to convert the balck money into white.
AMAN
(Querist) 17 November 2009
THANK YOU...
A V Vishal
(Expert) 17 November 2009
(a) "Benami transaction" means any transaction in which property is transferred to one person for a consideration paid or provided by another person:
(I) The definition of "benami transaction " in clause (a) of section 2 is not restricted in its application to section 3 alone but also applies to Section 4 and 5 of Benami Transaction (Prohibition) Act, 1988. Parliament has conveyed its intention that the word benami transaction is not confined to one section alone and also that the definition would contain only one category tripartite of benami transaction. The parliament has choosen to confine the definition to one category only. The idea was to make the intention abundantly clear that parliament did not want to encircle the second category i.e. bipartite or sham transaction; Bhargavy P. Sumanthykutty v. Janaki Sathyabhama, AIR 1995 Ker 42.
