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More than 400 benami transactions identified: Tax department

LiveMint logoLiveMint 24-05-2017 PTI

New Delhi: The Income Tax Department on Wednesday said it has identified more than 400 benami transactions under the new Benami Transactions (Prohibition) Amendment Act, 2016, which came into effect from 1 November 2016.

Under the Prohibition of Benami Property Transactions Rules, 2016, the I-T department has provisionally attached properties in over 240 cases. The market value of properties under attachment is reportedly Rs600 crore.

To implement the new law and identify benami transactions, the department has also set up 24 dedicated Benami Prohibition Units (BPUs) across India.

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