In a big relief to Bollywood superstar Shah Rukh Khan, an appellate authority in India has absolved the actor of charges of amassing real estate in the scenic beach town of Alibaug in Maharashtra by purchasing land in the name of a different entity with the intent of getting the rights transferred to his name in the future. The actor was also charged with buying the land under the pretext of agricultural activities but turning it into a luxurious property used for hosting parties and events.
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A division of the appellate authority comprising D Singhai and Tushar V Shah exonerated Khan and said: "We have come to the conclusion that the named properties, ie, agriculture land at village Thal, Taluka Alibaug bearing survey nos 188/A, 188/1B, 188/2, 188/3, 188/4, 187/1 and structure thereon are not a benami property (purchased in fictitious names) and hence the attachment made thereof by the investigating officer is revoked hereby".
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Benami Transactions (Prohibition) Act, 1988 defines a "benami" transaction as any transaction in which property is transferred to one person for a consideration paid by another person. Such transactions were a feature of the Indian economy usually relating to the purchase of property (real estate) and were thought to contribute to the black money problem. The act bans all benami transactions and gives the government the right to recover such property without paying any compensation.