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Section 5 – The Benami Transactions (Prohibition) Act, 1988

The Benami Transactions (Prohibition) Act

 

 

5. Property held benami liable to acquisition

 

 

(1) All properties held benami shall be subject to acquisition by such authority, in such manner and after following such procedure, as may be prescribed.

 

(2) For the removal of doubts, it is hereby declared that no amount be payable for the acquisition of any property under sub-section(1)

 

COMMENTS

 

Section 5 of the Benami Transactions (Prohibition) Act, 1988 applies only to tripartite or benami transactions and not to bipartite or sham transactions, for if it had been so, the property covered by bipartite transactions would also be liable to be acquired without compensation or payment of any amount and the Legislature too has not declared it as opposed to public policy and prohibit the same prospectively; Bhargavy P. Sumaathykutty v. Janaki Sathyabhama, AIR 1995 Ker 42.

 

 

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The Benami Transactions (Prohibition) Act

 

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