Definition
A transaction in which property is held by one person but the real beneficial owner is another — typically used to conceal assets from creditors or tax authorities. The Benami Transactions (Prohibition) Amendment Act, 2016 criminalises benami transactions and allows the Adjudicating Authority to confiscate benami properties.
Related Terms
Fraudulent TransferAsset StrippingPMLA
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates