Disputes

CRITICAL ANALYSIS OF BENAMI TRANSACTION ACT Deepanshi Choudhary, Student at UPES Dehradun, Uttarakhand. Download Manuscript doi.org/10.70183/lijdlr.2024.v02.1 The Benami Transactions Act is an Indian legal framework enacted to combat the practice of purchasing property in another person’s name to conceal ownership. In simple language, it deals with situations in which people hide their ownership of assets such as real estate, residences, or investments. This abstract provides a clear and brief description of the Benami Transactions Act’s critical examination. This critical examination delves deeply into the Act’s significance in the prevention of corruption and illegal financial activity. The Act prohibits a dishonest behaviour by defining what constitutes a benami transaction and imposing fines on those who are involved in this. The Act also empowers the government to take benami properties, so prohibiting their exploitation. The Benami Transactions (Prohibition) Act, 1988[1](Jaiswal, 2024), commonly known as the Benami Transactions Act, was introduced to curb the practice of holding property under false names and prevent tax evasion in India. This paper examines the development, policy and impact an act, 1988 has been amended. with special emphasis on its 2016 amendments, which significantly expand the scope and effectiveness of the law. It also examines implementation challenges, including identity issues, court complexity, and balancing enforcement and protection of legitimate interests Compared to circumstances pre- and post-reform. The paper further examines the challenges faced in the implementation of the Act, such as the burden of proof, retrospective application, and potential misuse by authorities. Therefore, the Benami Transactions Act is very crucial in order to prevent financial frauds and corruption[2] (gupta & Pandey, 2023). It is based on proper implementation and states how to overcome potential challenges. Individuals and the government can collaborate to maintain transparency and providing justice in property transfers by recognizing the scope and restrictions of this act. Type Information Research Paper LawFoyer International Journal of Doctrinal Legal Research, Volume II, Issue III, Page 01-13. Creative Commons Copyright This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Copyright © LIJDLR 2024