GyanGramWith reference to the ‘Prohibition of Benami Property Transactions Act, 1988 (PBPT Act) consider the followin…
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With reference to the ‘Prohibition of Benami Property Transactions Act, 1988 (PBPT Act) consider the following statements:
1. A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction.
2. Properties held benami are liable for confiscation by the Government.
3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism.
Which of the statements .given above is/are correct?
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• Correct Answer: B
• Under the PBPT Act, properties adjudged as benami are liable for confiscation by the Central Government without compensation.
• Lack of awareness by the owner is actually a criterion for identifying a benami transaction, not an exemption.
• The Act provides an appellate mechanism via the Appellate Tribunal and High Court, making statement 3 incorrect.
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