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Report No. 57

2.5. Position as between real owner and third parties.-

As to the position between the real owner of the property and third parties, ordinarily the real owner will not have an occasion to make any assertions about title. If, however, such a situation does arise, then law will have regard to the reality, and (disregarding the ostensible title of the benamidar), the law will allow the real owner to assert his ownership, as a general rule.

2.6. Statutory modifications of general principles-The general position regarding benami transactions has been modified, or may, in practice, become modified, by reason of certain statutory exceptions, chief amongst which are the following:

(i) Section 66, Code of Civil Procedure, 1908;1

(ii) Sections 41 and 53. Transfer of Property Act, 1882;2

(iii) Section 281A, Income-tax Act, 1961, as inserted by the Taxation Laws (Amendment) Act, 1972 (45 of 1972).3

1. Chapter 4, infra. Also see 54th Report of the Law Commission.

2. Chapter 4, infra.

3. Para. 4.3, infra, relating to section 281A, Income-tax Act.

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