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Benami Transactions Act (Prohibition), 1988

2. Definitions. -

In this Act, unless the context otherwise requires, --

(a) "Benami transaction" means any transaction in which property is transferred to one person for a consideration paid or provided by another person:

(b) "prescribed" means prescribed by rules made under this Act;

(c) Property means property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property.

Comments: It may be noted that the Act is a piece of prohibitory legislation and it prohibits benami transactions

subject to stated exceptions and makes such transactions punishable and also prohibits the right to defenses against recovery of benami transactions as defined in S. 2(a) of the Act. The Parliament has jurisdiction to pass a declaratory legislation. As a result of the provisions of the Act all properties held benami at the moment of the Act coming into force may be affected irrespective of their beginning, duration and origin. This will be so even if the legislation is not retrospective but only retroactive. Mithilesh Kumari v. Prem Behari Khare AIR 1989 SUPREME COURT 1247

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