Penalty for Benami transaction.

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..... for Benami transaction. 53. (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, .....

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..... 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. Inserted vide Benami Transactions (Prohibit .....

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