Prohibition of Benami Property Transactions (Removal of Difficulties) Second Order, 2018 – Income Tax

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MINISTRY OF FINANCE
(Department of Revenue)
ORDER
New Delhi, the 31st October, 2018

S.O.  5602(E).—WHEREAS, section 71 of the Prohibition of Benami Property Transactions  Act, 1988 (45 of 1988) (hereinafter referred to as the Benami Act) states that the Central Government may, by notification, provide that until  the Adjudicating Authorities are  appointed and the Appellate Tribunal is established under the Benami Act, the Adjudicating Authority appointed under sub-section (1) of section 6 of the Prevention of Money-laundering  Act, 2002 (15 of 2003) (hereinafter referred to as the PML Act) and the Appellate  Tribunal  established under section 25 of  the PML Act may discharge the functions of  the Adjudicating Authority and Appellate Tribunal, respectively, under the Benami Act;

AND, whereas, the Central Government, in exercise of the powers conferred under section 71 of the Benami  Act has  appointed the Adjudicating  Authority and established the Appellate Tribunal under the provisions of the PML Act vide notification number S.O. 3288 (E), dated 25th  October,2016 with effect from 1st day of November, 2016;

AND, whereas, on appointment of the Adjudicating  Authority and establishment of the   Appellate Tribunal under the Benami Act, the Adjudicating Authority and the Appellate  Tribunal notified under section 71 of the Benami Act shall cease to discharge the functions under the Benami Act, and whereas, there shall  be a time gap between the appointment of    the Adjudicating Authority and  establishment of the Appellate Tribunal under the Benami Act and discharging the functions of  the said Authority and the said Appellate Tribunal under the Benami Act;

AND, whereas, a difficulty has arisen in respect of the reference and appeal filed under the Benami Act which are pending  before the Adjudicating Authority  and the Appellate  Tribunal  respectively  and in respect of receiving references from the Initiating Officer by the Adjudicating Authority and filing of appeal against the order of the Adjudicating Authority under the Benami Act, there is a need to remove the difficulty arising from the time gap between the appointment of the  Adjudicating Authority and establishment of  the Appellate Tribunal under the Benami Act and discharging the  functions of  the said Authority and the  said Appellate Tribunal under the  Benami Act;

AND, whereas, sub-section (7) of  section 26 of the Benami Act  provides that the  Adjudicating Authority shall not pass order after the expiry of one year from the end of the month in which the reference has been received  by it from the Initiating Officer and whereas,  on the date on which the Adjudicating Authority under the Benami Act shall discharge the functions under the Benami Act, there may be references pending before the Adjudicating  Authority notified under section 71 of Benami Act in which order under sub-section (3) of section 26 may be required to be passed in a short period of time;

AND, whereas, a difficulty has arisen in view of the fact that the Adjudicating  Authority appointed under the Benami Act may not have sufficient time for passing an order in respect of said references and there is a need to remove the difficulty arising from the availability of limited time for passing such order under the Benami Act;

NOW,  therefore,  in exercise of  the powers conferred by sub-section (1) of section 70 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) the Central Government hereby makes the following Order to remove the aforesaid difficulties, namely:-

1. Short title and commencement. (1)  This  Order may be called the Prohibition of  Benami Property Transactions (Removal of Difficulties) Second Order, 2018.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In section 71 of the Prohibition of Benami Property  Transactions Act, 1988, after the words “under this Act” occurring at the end, the words “for such period and in respect of such cases or class of cases as may be specified in the said notification” shall be inserted.

[F. No. 370149/194/2017-TPL]
PRAVIN RAWAL, Director (Tax Policy & Legislation)

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