Section 3 Benami Transaction Prohibition Act 1988

 

Section 3 Benami Transaction Prohibition Act 1988: 

Prohibition of benami transactions.—

(1) No person shall enter into any benami transaction. 1[(2) Nothing in sub-section (1) shall apply to—

(a) the purchase of property by any person in the name of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the said property had been purchased for the benefit of the wife or the unmarried daughter;

(b) the securities held by a—

(i) depository as registered owner under sub-section (1) of section 10 of the Depositories Act, 1996

(ii) participant as an agent of a depository. Explanation.—The expressions “depository” and “Participants shall have the meanings respectively assigned to them in clauses (e) and (g) of sub-section (1) of section 2 of the Depositories Act, 1996].

(3) Whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.

(4) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), an offence under this section shall be non-cognizable and bailable.


Supreme Court of India Important Judgments And Leading Case Law Related to Section 3 Benami Transaction Prohibition Act 1988: 

Nand Kishore Mehra vs Sushila Mehra on 2 July, 1995

Canbank Financial Services Ltd vs The Custodian & Others on 3 September, 2004

G.Mahalingappa vs G.M. Savitha on 9 August, 2005

Mithilesh Kumari & Anr vs Prem Behari Khare on 14 February, 1989

Pawan Kumar Gupta vs Rochiram Nagdeo on 20 April, 1999

Mangathai Ammal (Died) Through vs Rajeswari . on 9 May, 2019

Sri Marcel Martins vs M. Printer & Ors on 27 April, 2012

M/S Fair Communciation And ... vs Surender Kardile on 20 January, 2020

Smt. Rebti Devi vs Ram Dutt & Anr. Etc on 19 November, 1997

R.Rajagopal Reddy vs Padmini Chandrasekharan on 31 January, 1995



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