Report No. 57

1.9. Essence of benami transaction.-

The various aspects of benami transactions, and the relevant statutory provisions, will be discussed in detail, later. At this stage, it is sufficient to state that the essence of benami transactions is the use of an alias in respect of the holding of property, usually, (but not always) with the object of concealing the real owner. Benami transactions are not confined to purchases, and can extend to other modes of transfer.