Intricacies of Benami Law in India - Taxsutra Reservoir

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Intricacies of Benami Law in India

Intricacies of Benami Law in India

Sagar Tilak
by Sagar Tilak
Course Expiry: 1 year
About Course:

Course Duration:
270 minutes (three episodes of 90 minutes each)


What’s in it for me?

This module will ensure that you are well equipped to decode, analyze and gain immense practical knowledge to better advise clients vis-à-vis “Benami Law” nuances.

What will the Module Cover?

In this module, Advocate Sagar Tilak has exhaustively dealt with the, (I) Background, Key Concepts & Definitions, (II) Important Procedures & Applicability of the Benami Law (i.e. whether retrospective or prospective, especially in the light of the recent SC judgment staying operation of HC-order holding 2016 amendment on 'benami' property confiscation, prospective) & (III) Case Studies, Interplay between Benami Law vis-à-vis Other Acts & Practical Considerations. 

Succinctly, the module will comprise of the following parts:

(a)    Part I : Background, Key Concepts & Definitions -  Evolution of Benami law along with the Key Definitions in the amended Benami Act [such as Property, Benami Property, Benamidar, Beneficial Owner, Benami Transaction under 2(9)(A), (B), (C), (D)] with various illustrations.

(b)   Part II : Advanced Concepts and Important Procedures - Prohibition, Restrictions on transfer of benami property under section 4, transactions between husband and wife , restrictions on re-transfer of benami property under section 6, authorities under Benami Act, Show Cause Notice, Attachment, Adjudication and Confiscation under the Benami Act, Protection to the bona-fide buyer of benami property under the Act, Burden of Proof , Confiscation, Penalties and Prosecution (Section 3, 5 and Chapter VII), Applicability of Benami Act- i.e. Retrospective or Prospective?

(c)    Part III: Case Studies and Practical Considerations - Interplay between Benami Act and other laws (including Income Tax Act, Prevention of Money Laundering Act and IBC) as also 14 Incisive Case studies dealing with ramifications of Benami Law  such as:

  • Impact of Benami Act on Corporate structures involving shell companies,     

  • Applicability of Benami Act to high share premium transactions.

  • Cash advances paid to employees by employer during demonetization period

  • Search and Seizure Operations carried out by IT-Dept. at the premises of an individual

  • An individual who is a partner in a partnership firm and has unaccounted cash

Who is this module for?

This series is intended for Chartered Accountants, Tax Practitioners, Advocates, Tax & Law Students, Corporate Professionals, Revenue Authorities, Academicians, Researchers etc. 

Categories: e-Learning, Legal Battlefield, Economic Offence Laws
Publisher: Taxsutra
About Publisher:

Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.

Taxsutra suite of portals : 

1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law 
6.  Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)

Author: Sagar Tilak
About Author:
Sagar Tilak :

Sagar Tilak is an Advocate and a Chartered Accountant. Prior to donning the gown full time in 2019, Sagar was a practicing Chartered Accountant for over a decade, specializing in tax advisory and tax litigation.

Ever since the dormant Benami Act got a radical facelift in 2016, Sagar has done extensive research in this area and gained practical experience by advising and representing clients in this new branch of law. Sagar has authored a book titled "Practical Guide to Prohibition of Benami Property Transactions Act" published by Oakbridge Publishers. Sagar specializes in the advisory and litigation relating to Taxation and Economic Offence Laws including Benami Act, Prevention of Money Laundering Act (PMLA), Prevention of Corruption Act, etc.

Sagar has delivered numerous lectures at seminars and conferences organized by the Institute of Chartered Accountants of India, Chamber of Tax Consultants, International Fiscal Association, etc. Sagar was specially invited to deliver a talk on Benami Law for the Benami Cell of Income Tax Department in 2018. Sagar has also authored articles for several publications and magazines including the CA Journal and leading tax portal taxsutra.com.

Sagar’s first love was cricket, another pitch on which he excelled,  representing the state of Maharashtra in Under-19 matches.


Similar Books

Ratings and Reviews

Overall Rating
Review
About Course:

Course Duration:
270 minutes (three episodes of 90 minutes each)


What’s in it for me?

This module will ensure that you are well equipped to decode, analyze and gain immense practical knowledge to better advise clients vis-à-vis “Benami Law” nuances.

What will the Module Cover?

In this module, Advocate Sagar Tilak has exhaustively dealt with the, (I) Background, Key Concepts & Definitions, (II) Important Procedures & Applicability of the Benami Law (i.e. whether retrospective or prospective, especially in the light of the recent SC judgment staying operation of HC-order holding 2016 amendment on 'benami' property confiscation, prospective) & (III) Case Studies, Interplay between Benami Law vis-à-vis Other Acts & Practical Considerations. 

Succinctly, the module will comprise of the following parts:

(a)    Part I : Background, Key Concepts & Definitions -  Evolution of Benami law along with the Key Definitions in the amended Benami Act [such as Property, Benami Property, Benamidar, Beneficial Owner, Benami Transaction under 2(9)(A), (B), (C), (D)] with various illustrations.

(b)   Part II : Advanced Concepts and Important Procedures - Prohibition, Restrictions on transfer of benami property under section 4, transactions between husband and wife , restrictions on re-transfer of benami property under section 6, authorities under Benami Act, Show Cause Notice, Attachment, Adjudication and Confiscation under the Benami Act, Protection to the bona-fide buyer of benami property under the Act, Burden of Proof , Confiscation, Penalties and Prosecution (Section 3, 5 and Chapter VII), Applicability of Benami Act- i.e. Retrospective or Prospective?

(c)    Part III: Case Studies and Practical Considerations - Interplay between Benami Act and other laws (including Income Tax Act, Prevention of Money Laundering Act and IBC) as also 14 Incisive Case studies dealing with ramifications of Benami Law  such as:

  • Impact of Benami Act on Corporate structures involving shell companies,     

  • Applicability of Benami Act to high share premium transactions.

  • Cash advances paid to employees by employer during demonetization period

  • Search and Seizure Operations carried out by IT-Dept. at the premises of an individual

  • An individual who is a partner in a partnership firm and has unaccounted cash

Who is this module for?

This series is intended for Chartered Accountants, Tax Practitioners, Advocates, Tax & Law Students, Corporate Professionals, Revenue Authorities, Academicians, Researchers etc. 

Categories: e-Learning, Legal Battlefield, Economic Offence Laws
Publisher: Taxsutra
About Publisher:

Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.

Taxsutra suite of portals : 

1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law 
6.  Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)

Author: Sagar Tilak
About Author:
Sagar Tilak :

Sagar Tilak is an Advocate and a Chartered Accountant. Prior to donning the gown full time in 2019, Sagar was a practicing Chartered Accountant for over a decade, specializing in tax advisory and tax litigation.

Ever since the dormant Benami Act got a radical facelift in 2016, Sagar has done extensive research in this area and gained practical experience by advising and representing clients in this new branch of law. Sagar has authored a book titled "Practical Guide to Prohibition of Benami Property Transactions Act" published by Oakbridge Publishers. Sagar specializes in the advisory and litigation relating to Taxation and Economic Offence Laws including Benami Act, Prevention of Money Laundering Act (PMLA), Prevention of Corruption Act, etc.

Sagar has delivered numerous lectures at seminars and conferences organized by the Institute of Chartered Accountants of India, Chamber of Tax Consultants, International Fiscal Association, etc. Sagar was specially invited to deliver a talk on Benami Law for the Benami Cell of Income Tax Department in 2018. Sagar has also authored articles for several publications and magazines including the CA Journal and leading tax portal taxsutra.com.

Sagar’s first love was cricket, another pitch on which he excelled,  representing the state of Maharashtra in Under-19 matches.

Similar Books

Ratings and Reviews

Overall Rating
Review
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