What is the law regarding Notice and attachment of property involved in benami transaction? Section 24 of The BTP (Prohibition) Amendment Act 2016
(1) Where the Initiating Officer, on the basis of material in his possession, has reason to believe that any person is a benamidar in respect of a property, he may, after recording reasons in writing, issue a notice to the person to show cause within such time as may be specified in the notice why the property should not be treated as benami property.
(2) Where a notice under sub-section (1) specifies any property as being held by a benamidar referred to in that sub-section, a copy of the notice shall also be issued to the beneficial owner if his identity is known.
(3) Where the Initiating Officer is of the opinion that the person in possession of the property held benami may alienate the property during the period specified in the notice, he may, with the previous approval of the Approving Authority, by order in writing, attach provisionally the property in the manner as may be prescribed, for a period not exceeding ninety days from the date of issue of notice under sub-section (1).
(4) The Initiating Officer, after making such inquires and calling for such reports or evidence as he deems fit and taking into account all relevant materials, shall, within a period of ninety days from the date of issue of notice under sub-section (1),-
(a) where the provisional attachment has been made under sub-section (3), -
(i) pass an order continuing the provisional attachment of the property with the prior approval of the Approving Authority, till the passing of the order by the Adjudicating Authority under sub-section (3) of section 26; or
(ii) revoke the provisional attachment of the property with the prior approval of the Approving Authority;
(b) where provisional attachment has not been made under sub-section (3),-
(i) pass an order provisionally attaching the property with the prior approval of the Approving Authority, till the passing of the order by the Adjudicating Authority under sub-section (3) of section 26; or
(ii) decide not to attach the property as specified in the notice, with the prior approval of the Approving Authority.
(5) Where the Initiating Officer passes an order continuing the provisional
attachment of the property under sub-clause (i) of clause (a) of sub-section (4)
or passes an order provisionally attaching the property under sub-clause (i) of
clause (b) of that sub-section, he shall, within fifteen days from the date of
the attachment, draw up a statement of the case and refer it to the Adjudicating
Authority.
Section 21 Power to call for information
Section 22 Power of authority to impound documents
Section 23 Power of authority to conduct inquiry, etc
CHAPTER IV ATTACHMENT, ADJUDICATION AND CONFISCATION
Section 24 Notice and attachment of property involved in benami transaction
Section 25 Manner of service of notice
Section 26 Adjudication of benami property
Section 27 Confiscation and vesting of benami property
Section 28 Management of properties confiscated
Section 29 Possession of the property
CHAPTER V APPELLATE TRIBUNAL