'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
The I-T Department has served notices of attachment of assets to Lalu's daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
Allowing the Centre's review of the August 23, 2022 verdict, a bench Chief Justice of India DY Chandrachud, Justices PS Narasimha and Manoj Misra recalled the judgement delivered by a three-judge bench headed by former CJI NV Ramana.
The Delhi high court on Monday asked the Centre to file reply on a plea seeking linking of immovable and movable property documents of citizens with their Aadhaar numbers to curb corruption, black money generation, and benami transactions.
The Delhi high court on Wednesday asked the Centre and the Delhi government to present their stand on a plea seeking recall of all currency notes above Rs 100, restricting cash transactions above Rs 10,000 and linking assets worth more than Rs 50,000 with Aadhaar to check corruption.
While the concerned property may be confiscated, a person indulging in such a transaction is liable to pay a fine up to 25 per cent of fair market value of the property
The complaint against CM's son Vaibhav Gehlot and a man described as the younger Gehlot's business associate seeks action under the Prevention of Money Laundering Act.
The ED had attached Sai Resort NX, constructed over the land located at Gut no: 446, Murud in Ratnagiri's Dapoli, in January.
The I-T dept has issued 87 notices under section 24 of the said Act
'Quite a few notices have been issued in both black money and benami transactions.'
Penalties for undisclosed foreign income and assets extend up to 300%.
As the government faces heat over corruption and black money, it is planning to bring a law to prevent the misuse of benami transactions, a key source of illicit funds.
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
Rules under Benami Transactions Act to be notified soon.
PMO asked income-tax department to submit report on action taken against identified benami owners
Pawar had told the media on the day of the raids that the tax searches were also carried out at the premises of his three sisters, one living in Kolhapur district and two in Pune district of Maharashtra.
The Budget has proposed a Benami Transactions (Prohibition) Bill.
Tax wing scanning cash deposits between Rs 5-10 lakh
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
The apex court issued notice to the Centre on the plea seeking re-examination of its verdict which upheld the ED's powers relating to arrest, attachment of property involved in money laundering, search, and seizure under the PMLA.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
The Bombay high court on Thursday said it would hear the application filed by a social activist seeking to make Union Home Minister Sushilkumar Shinde an accused in the Adarsh housing society scam after the Central Bureau of Investigation completes its probe into the alleged benami transactions.
Creating a record, the CJI headed apex court collegium meetings led to appointment of 11 Supreme Court judges with nine of them, including three women, appointed in one go.
The Union Cabinet is slated to discuss three major policy issues on Thursday -- from enactment of new legislation of benami transaction bill 2011, a Memorandum of Understranding with Pakistan on Drug Demand Reduction, and prevention of illicit trafficking in narcotic drugs.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
In fresh trouble for members of the scam-tainted Adarsh Housing Society, which is already under a probe by the Central Bureau of Investigation, the Enforcement Directorate has issued notices to the Society and its members, asking them to furnish information regarding payment towards the purchase of flats. The ED began its probe into allegations of money laundering and benami transactions after facing severe criticism from the Bombay high court.
Institutional investment in real estate jumped nearly 9-fold during the April-June quarter to $1.35 billion, mainly driven by the inflow of funds in the warehousing projects, according to property consultant JLL India. In its 'Capital Markets Update Q2 2021', JLL India reported that institutional investors deployed $1,357 million in real estate during the second quarter of the 2022 calendar year as against a mere $155 million in the year-ago period.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
As many as 120 questions have been put together by the experts and the CID team, which is trying ascertain if Satyam's founder Ramalinga Raju siphoned off the company's money through benami transactions. Sources in the CID said the questions were designed based on documents seized during raids at Raju's home and office on January 10 and 11. Raju, on January 7, disclosed that he had for years inflated Satyam's profits and created fictitious assets where none existed.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
The department wants opinion on whether the credit support given by Hutchison Telecom to Analjit Singh and Asim Ghosh (who hold 12.26 per cent in Hutch-Essar) can be considered a benami transaction.
The decks are being cleared for the acquisition of Hutch-Essar by Vodafone, with the department of legal affairs of the view that the 12.26 per cent stake held in Hutch-Essar by Asim Ghosh and Analjit Singh was in conformity with norms.
Weeks ahead of the Tamil Nadu assembly elections, V K Sasikala, expelled All India Anna Dravida Munnetra Kazhagam leader and close aide of late chief minister J Jayalalithaa, on Wednesday announced that "she will stay away from politics," but would pray for the "golden rule" of the late party supremo.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
When shares in the electronic form are available with the depositories, it acts as primary evidence for those who hold the shares.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
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