Insertion of Section 55A in the Prohibition of Benami Property Transactions Act, 1988 (Amendments to the Prohibition of Benami Property Transactions Act, 1988)

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..... s Act (PBPT) Act, 1988 , the offence of benami transaction is punishable with a penalty of rigorous imprisonment for minimum one year to maximum seven years along with fine extending to 25% of the fair market value of the benami property. This penalty is the same for a benamidar or a beneficial owner or any person who abets or induces any person to enter into a benami transaction. Due to same quan .....

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..... w section 55A in the PBPT Act, 1988 , to provide that the Initiating Officer may, with a view to obtaining the evidence of the benamidar or any other person as referred to in section 53, other than the beneficial owner, tender to such person immunity from penalty for any offence under section 53 , with the previous sanction of the competent authority as referred to in section 55 , on condition of .....

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..... referred to in section 55 , the immunity shall be deemed to have been withdrawn, and any such person may be tried for the offence in respect of which the tender of immunity was made or for any other offence of which he appears to have been guilty in connection with the same matter and shall also become liable to the imposition of any penalty under this Act to which he would have otherwise been lia .....

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