The Income Tax Department today said it has identified over 400 benami transactions and attached properties worth Rs 600 crore in about 240 cases. Keen to implement the new Benami Act to ensure “visible outcomes on the ground”, the tax department last week set up 24 dedicated Benami Prohibition Units (BPUs) all over India. The department started initiating actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November […]

The income-tax department has issued notices seeking ‘sources of income’ of hundreds of individuals and firms who have deposited huge amounts of cash in banks after the government’s announcement to scrap Rs 500 and Rs 1,000 notes on November 8. Officials said the department has initiated a country-wide enquiry under Section 133 (6) of the Income Tax Act (power to call for information). The notices were issued after banks reported […]