How do I prove a transaction on benami?

How do I prove a transaction on benami?

To prove benami, the most important point is to examine the source of consideration and along with that there are certain other criteria which should be taken into account. Apart from the relationship between the parties, there must be some material or evidence to support the case of benami of the transaction.

Who is initiating officer under section 24 means?

Initiating Officer means an Assistant Commissioner(“AC”) or Deputy Commissioner (“DC”) as defined under clauses (9A) and (19A) respectively of section 2 of the Income-tax Act, 1961.

What is benami Act Pakistan?

Short title, extent and commencement. – (1) This Act may be called the Benami Transactions (Prohibition) Act, 2016. (2) It shall extend to the whole of Pakistan. (3) It shall come into force on such date as the Federal Government, may, by notification the official Gazette, appoint.

How do I become a benami?

To become eligible for reward under the scheme, the informant is required to provide specific details about the benami property in a prescribed manner to the Joint or Additional Commissioners attached with the Benami Prohibition Units (BPUs) in Investigation Directorates of Income Tax Department.

Is benami legal?

The act bans all benami transactions and gives the government the right to recover property held benami without paying any compensation. The act came into force on 5 September 1988. Although benami transactions are now illegal, the act had limited success in curbing them.

Is Benami legal?

What is difference between ostensible owner and Benami transaction?

Benami transactions are where the real ownership lies in another who pays the consideration, while the ostensible ownership lies in the benamidar who only lends his name to the title deeds.

Who is initiating officer under benami transaction?

Under Section 2(19) of the Act, Initiating Officer means Assistant Commissioner or a Deputy Commissioner as defined under clauses (9A) and (19A) respectively of section 2 of the Incometax Act, 1961.

Which section of TPA illustrates benami transaction?

The Benami Transaction (Prohibition) Act, 1988 Act defined benami under Section 2(A) means any transaction in which property is transferred to one person for a consideration paid or provided by another person. The definition, therefore, misses a great deal of instances that could come under the benami transaction.

How does Benami property work?

In a Benami transaction, a property is transferred or held by one person (Mr A, the ‘Benamidar’) and the consideration for such property is paid by another person (Mr B, the ‘beneficial owner’) for whose benefit such property is held.