Section 53
Penalty for benami transaction. Repealed
The Prohibition of Benami Property Transactions Act, 1988
About this Act
An Act to prohibit benami transactions and the right to recover property held benami and for matters connected therewith or incidental thereto.
1[53. Penalty for benami transaction.--(1) Where any person enters into a benami transaction in
order to defeat the provisions of any law or to avoid payment of statutory dues or to avoid payment to
creditors, the beneficial owner, benamidar and any other person who abets or induces any person to enter
into the benami transaction, shall be guilty of the offence of benami transaction.
(2) Whoever is found guilty of the offence of benami transaction referred to in sub-section (1) shall be punishable with rigorous imprisonment for a term which shall not be less than one year, but which may extend to seven years and shall also be liable to fine which may extend to twenty-five per cent. of the fair market value of the property.]
(2) Whoever is found guilty of the offence of benami transaction referred to in sub-section (1) shall be punishable with rigorous imprisonment for a term which shall not be less than one year, but which may extend to seven years and shall also be liable to fine which may extend to twenty-five per cent. of the fair market value of the property.]
Notes
1. Ins. by s. 9, ibid. (w.e.f. 1-11-2016).