With reference to the 'Prohibition of Benami Property Transactions Act, 1988 (PBPT Act)', consider the following statements: 1. A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction. 2. Properties held benami are liable for confiscation by the Government. 3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism. Which of the statements given above is/are correct?

1. Statement 1 is incorrect. The Prohibition of Benami Property Transactions Act, 1988 (PBPT Act), particularly as amended in 2016, defines a benami transaction based on factors like the source of funds and the beneficiary, not necessarily the awareness of the person in whose name the property is held (the benamidar). A transaction can still be considered benami even if the nominal owner claims unawareness, especially if the beneficial owner is different and provided the consideration. 2. Statement 2 is correct. Section 5 and subsequent provisions of the amended PBPT Act explicitly state that any property which is the subject matter of a benami transaction shall be liable to be confiscated by the Central Government. 3. Statement 3 is incorrect. The amended PBPT Act provides for specific authorities for investigations and adjudication (Initiating Officer, Approving Authority, Administrator, Adjudicating Authority). Crucially, Chapter VII of the Act establishes an Appellate Tribunal to hear appeals against the orders of the Adjudicating Authority. Thus, an appellate mechanism is provided. 4. Therefore, only statement 2 is correct.