Income Tax Department Empowered to Attach Assets Under Anti-Benami Law Even Without Identifying Beneficial Owner

The Income Tax Department now has expanded powers under the Benami Transactions (Prohibition) Act, allowing it to attach assets even without identifying the beneficial owner. Previously, the department could only attach assets once the beneficial ownership was established. However, with this change, the authorities can act more proactively against individuals involved in benami transactions, which involve assets held in someone else's name to conceal the true ownership. This move is expected to strengthen the fight against black money and illegal wealth accumulation, as it reduces the need for extensive investigations before taking action. The change is seen as a significant step towards curbing corruption and illegal financial practices in the country.